The Raw Steels Monthly Metals Index (MMI) increased by nearly 4.7% this month. High expectations for steel demand recovery In late March, steel demand was hit hard by the decline in automotive sales amid the COVID-19 pandemic. As automakers began to restart their operations in early May, steel prices have seen some slight improvement, as […]
Category: Metal Prices
This Morning in Metals: Federal Reserve maintains federal funds rate at 0-0.25%
This morning in metals news, the Federal Reserve on Wednesday opted to maintain the federal fund interest rate at 0-0.25%, the Producer Price Index for final demand rose 0.4% in May and Chinese rebar futures fell Thursday.
Aluminum MMI: Aluminum price climbs despite overwhelming supply
The Aluminum Monthly Metals Index (MMI) increased by nearly 1.4% this month.
World Steel Association forecasts 18% decline in Indian steel demand
Various agencies have pegged the contraction of Indian steel demand to come in anywhere between 14-18%. A new report by the World Steel Association has said India’s steel demand would fall by 18% in 2020, even as global steel demand was expected to drop to 6.4% because of the COVID-19 pandemic, the Financial Express reported.
Europe’s steel industry faces an unprecedented threat
President Donald Trump had scant regard, nor interest, in the impact his decision in 2018 to impose 25% import duties on steel products would have on other markets around the world — his focus was, reasonably enough, purely on the U.S.
This Morning in Metals: Aluminum Extruders Council demands end to aluminum import tariffs
This morning in metals news, the Aluminum Extruders Council has released a statement calling for the U.S. to rescind its aluminum import tariffs, U.S. raw steel production came in at a capacity utilization rate of 53.3% for the week ending June 6 and Thyssenkrupp plans to partners with RWE on technology aimed at curbing emissions […]
Global Precious MMI: Gold prices remain above $1,700/oz as U.S. states roll back COVID-19 restrictions
The Global Precious Monthly Metals Index (MMI) gained 1.7% this month.
Nickel price slow to follow the rest of the metals complex
As much of the rest of the base metals were lifted this week, nickel remained subdued. This comes despite an announcement by the Indonesian government that it would relax exports of many minerals but keep in place a ban on nickel ores.
Copper MMI: Copper price rally continues, rises to pre-coronavirus levels
The Copper Monthly Metals Index (MMI) increased 3.0% this month based on an increase in prices globally. LME copper prices continued to increase throughout May. The price finally broke $5,000/mt on June 5, meaning it, along with zinc and lead prices, is back to pre-pandemic levels.
Rare Earths MMI: DoD reverses decision to fund two U.S. rare earths separation facilities
The Rare Earths Monthly Metals Index (MMI) ticked up 4.8% this month.
