This morning in metals news, Indian crude steel production jumped 6.2% in 2017, a Swiss steel firm was chosen to buy a troubled French steelmaker and Novelis announced that its aluminum will be supplied for the 2018 Jeep Wrangler. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook Indian Crude Steel Production […]
Category: Non-ferrous Metals
This Morning in Metals: Trump Hits Solar Panels, Washing Machines with Tariffs
This morning in metals news, President Trump slaps import tariffs on solar panels and washing machines, year-to-date domestic raw steel production is down 3.2%, and copper prices continue to rise. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook Trump Adds Solar Panels, Washing Machines to Tariff Mix President Trump’s decision to […]
Section 232 Aluminum Report Moves on to President Trump
While it might not draw the same attention as its steel counterpart, the Trump administration’s Section 232 investigation of aluminum imports is just as important to the U.S. aluminum industry. Buying Aluminum in 2018? Download MetalMiner’s free annual price outlook Section 232 of the Trade Expansion Act of 1962 affords the president broad powers in […]
Copper Had a Big 2017, but What Does 2018 Hold?
The 2017 calendar year saw copper heat up in a big way. According to MetalMiner IndX data, LME primary cash copper was $5,512/metric ton on Jan. 1, 2017. It closed the year at $7,215/mt, good for a meteoric rise of 30.9%. Need buying strategies for copper in 2018? MetalMiner’s Annual Outlook has what you need […]
This Morning in Metals: Chinese Aluminum Output Rises in December
This morning in metals news, China ramped up its aluminum output in December, British police are looking into allegations of pension fraud against steelworkers and India considers a plan to have its steel ministry oversee iron ore and coal operations. Want to see an Aluminum Price forecast? Take a free trial! Chinese Aluminum Output in […]
This Morning in Metals: Rio Tinto Finds Copper at Grasberg for First Time Since 2014
This morning in metals news, Rio Tinto made a copper discovery at its Grasberg mine for the first time since 2014, automakers urge Trump not to withdraw from the North American Free Trade Agreement (NAFTA) and copper hits a 3 1/2-week low. MetalMiner’s Annual Outlook provides 2018 buying strategies for carbon steel Rio Makes Copper […]
Week in Review: Section 232 Report Moves to Trump, MMIs and Oil
Before we head into the weekend, let’s take a quick look back at the week that was here on MetalMiner: Need buying strategies for steel? Try two free months of MetalMiner’s Outlook This week we wrapped up the latest round of posts for our January Monthly Metals Index (MMI) — check out this week’s posts […]
This Morning in Metals: U.S. Steel Imports Rise 15.5% in 2017
This morning in metals news, U.S. steel imports rose significantly in 2017, Shanghai nickel hits a 2-month high and the Peruvian government is considering a $2.4 billion railway project in light of rising copper output. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook Steel Imports Up by 15.5%; 2017 Market Share […]
This Morning in Metals: China Issues Stricter Rules on New Capacity
This morning in metals news, China has issued stricter rules on building new steel capacity, Chinese steel production is expected to slow down in 2018 and LME copper rises as the dollar loses ground. Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up New Rules to Put the Squeeze […]
Aluminum MMI: Prices Rise and Trading Volumes Have Strong Showing
After last month’s drop, the Aluminum MMI (Monthly Metals Index) index increased by three points. The current Aluminum MMI index reads 98 points, 3.2% higher than the December reading. 
Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up
In December, MetalMiner anticipated a rise in aluminum prices … and that is exactly what happened.
Aluminum prices increased by 10.6% in December, reaching a more than two-year high.
[caption id="attachment_89629" align="aligncenter" width="580"]
Source: MetalMiner analysis of FastMarkets[/caption]
Trading volumes appear strong and accompany the current uptrend. Moreover, aluminum’s latest peak has climbed over previous ones, signaling strength in its latest market rally. Other macroeconomic indicators, such as a weaker U.S. dollar and a stronger CRB index driven by higher oil prices, may continue to support aluminum prices.
Moreover, the Department of Commerce’s Section 232 investigation should see a report released mid-January, which will also impact prices. The U.S. Department of Commerce announced a new self-initiated anti-dumping and countervailing duty investigation on imports of Chinese common aluminum alloy sheet at the end of November. The U.S. has launched several anti-dumping campaigns for aluminum products this past year.
Crude Oil
As oil prices serve as a critical part of the CRB index, together with other base metals, buying organizations need to monitor oil price trends.
Moreover, there are some base metals, such as aluminum, that are strongly influenced by oil prices.
[caption id="attachment_89630" align="aligncenter" width="580"]
Crude Oil prices. Source: MetalMiner analysis of Trading Economics[/caption]
Oil prices have increased again this month. Current oil prices remain above our bullish level signal, meaning that we could expect some more upward movement for oil.
Similarly, increasing oil prices will continue to provide support to base metals prices.
Aluminum Scrap
Chinese aluminum scrap prices increased sharply this month and appear in a long-term uptrend since 2016.
The latest rally in both LME and SHFE aluminum prices also results in a jump in aluminum scrap prices. Chinese scrap prices increased by 4.9% this month.
[caption id="attachment_89631" align="aligncenter" width="580"]
Source: MetalMiner data from MetalMiner IndX(™)[/caption]
What This Means for Industrial Buyers
Aluminum prices jumped sharply again this month. After sharp price increases, base metal prices sometimes pull back to digest the previous gains. Aluminum prices may lack some price momentum this month, although that continues signaling bullishness for the light metal.
Therefore, adapting the “right” buying strategy becomes crucial to reduce risks by knowing when to buy.
Free Sample Report: Our Annual Metal Buying Outlook
Actual Aluminum Prices and Trends
