Month-on-month, rare earths prices exhibited sharp downward movement. While weaker downstream demand could potentially prove one culprit in the dropping prices, another potential factor is an increase in global rare earth production outside of China. If true, China could find itself bumped down the totem pole in terms of rare earth magnets dominance. Meanwhile, China’s […]
Category: Metal Pricing
Stainless MMI: Stainless Steel Prices, a Bearish Market, Outokumpu Expects Quarterly Improvement
The downtrend for nickel prices showed signs of exhaustion, with significant potential to impact stainless steel prices. Nickel moved sideways throughout January with a modest 1.60% decline. While directional momentum remained slow, prices continued to edge lower during the first weeks of February and now sit at their lowest level since April 2021. Overall, the […]
Copper MMI: Copper Prices Remain Sideways as China Uncertainty Looms
Copper prices today remain trapped in a sideways range. Prices lack enough bearish or bullish momentum to establish a strong trend in either direction. Prices declined during the first weeks of January, falling to their lowest level since November. However, they rebounded in the second half of the month. This brought them a mere 0.52% […]
Automotive MMI: Hot-Dipped Galvanized Prices Flatten, EV Market Moving Too Quickly?
All components of the Automotive MMI moved sideways or down month-on-month. Moreover, January saw prices flatten out across the steel market, causing hot-dipped galvanized steel prices to trend close to support zones. Meanwhile, China’s wavering economy continues to prove a concern for global markets because the country is such a large steel demand driver. Many […]
Copper MMI: Deep Market Contango, Index Moves Sideways
Copper prices saw a 1.90% increase during the final month of the year. By late December, this managed to bring them to their highest level since August, leading to mixed copper price forecasts for 2024. However, prices began to retrace from their 5-month peak by the start of 2024. By mid-January, they remained trapped within […]
Renewables/GOES MMI: U.S. Transformer Shortage Pain Continues into 2024
The Renewables index began 2023 fairly sideways. However, it broke that trend in Q3 and Q4 when it edged downward. Numerous components of the index, including silicon and cobalt, experienced market oversupply. This caused prices to drop and pulled the index down with it. Grain oriented electrical steel also experienced market volatility in Q3 and […]
Global Precious Metals MMI: Index Rises, But Long-Term Forecasts Remain Bearish
The Global Precious Metals MMI (Monthly Metals Index) ended 2023 by breaking out of its sideways trend and rising 3.64%. However, most precious metals still lack strong bullish action. All precious metals retracted in January after experiencing rallies throughout December. Currently, precious metals prices, for the most part, lack the strength needed to break out […]
Aluminum MMI: U.S. Demand Muted, Russian LME Stocks Hit 90%
Following a more than 8% month-over-month increase in December, aluminum prices retraced during the first weeks of January, returning to their sideways trend. Markets appeared to shake off alumina supply jitters that saw prices spike at the end of 2023, as global demand remains muted. Nonetheless, there remains no expert consensus as to the overall […]
Construction MMI: Construction News Puts Infrastructure on Top for 2023
After a mostly sideways 2023, the Construction MMI (Monthly Metals Index) also entered 2024 sideways with only a small 2.5% increase. Furthermore, all index components except for European aluminum commercial 1050 sheet and shredded scrap steel moved in a sideways price trend. Meanwhile, construction news sources indicate that infrastructure projects proved to be the top-performing […]
Raw Steels MMI: Steel Prices Weak Amid Backwardation
The Raw Steels Monthly Metals Index (MMI) rose 3.25% from December to January. U.S. flat rolled steel prices closed the year decidedly bullish. A nearly 14% month-over-month rise saw HRC prices easily outperform all base metals both during the month and throughout 2023 as a whole. Meanwhile, plate prices saw an upside correction after prices […]
