Articles in Category: Premium

The GOES M3 spot price index fell by 4% in October while no action has been taken on the Section 232 steel import investigation.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

China has gone on the offensive, specifically calling foul on the U.S.’s decision not to grant China MES (market economy status). This and the Section 232 investigations have real implications for GOES markets and specifically the sole domestic producer AK Steel.

AK Steel missed its most recent earnings estimates, blaming lower automotive demand and shipments, lower average sales prices during Q3 and rising GOES imports, according to Market Realist.

But AK also cited higher LIFO charges and rising raw material costs.

According to AK Steel CEO Roger Newport in the company’s most recent earnings call Oct. 30, “Yet as the only steel manufacturer Grain Oriented Electrical Steel in United States, we’re battling some of the highest import levels in years. Imports of Grain Oriented Electrical Steel or GOES have increased by more than 260% year-over-year and these imports are coming primarily from South Korea, China and Japan.” He added imports had flooded the market in anticipation of the Section 232 process.

Source: U.S. International Trade Administration

In reality, as reported by MetalMiner previously, the import surge has come largely from Japan which supplies the U.S. with grades of GOES not currently produced by AK Steel. Moreover, for the past two years, it’s hard to see an import surge from either Korea or China.

Meanwhile, from a demand perspective, ABB has shifted its manufacturing footprint by shuttering power-transforming production in St. Louis and investing instead in its South Boston and Crystal Springs locations.

Free Sample Report: Our Annual Metal Buying Outlook

Exact GOES Coil Price This Month

For full access to this MetalMiner membership content:
Log In |

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

Here’s What Happened

  • MetalMiner’s Global Precious MMI, tracking a basket of precious metals from across the globe, ticked back up a point to 87 for the November reading, a 1.2% increase. After a sizable dropoff last month, it looks as though this sub-index is crawling back toward the 2017 high of 89 reached this past September.
  • Palladium forged ahead, hitting a new high this year and landing a bit shy of the $1,000 per ounce mark. The platinum group metal’s U.S. bar price has jumped a whopping 44% since the beginning of the year.
  • Platinum rose marginally over the last month, staying just above the $900 per ounce level. It has receded from its most recent high of March 2017, when it landed above $1,000 per ounce. Notably, this is the second straight month in which palladium is priced at a premium to platinum.
  • After breaking and holding above the $1,300 per ounce threshold at the beginning of September for the first time since October 2016, the U.S. gold price is in its third straight month of retracement, ending up $9 per ounce lower than last month.

What’s Going On in the Background?

  • Why has palladium been trading at a premium to platinum? First, a bit of history.
  • “Palladium has traded at a discount to platinum because of platinum’s greater cost of extraction and its wider scope of applications,” MetalMiner’s editor at large Stuart Burns recently wrote. “But one application in which palladium does excel is catalytic converters for petrol engines. The diesel engine’s relative loss of favor over the last 12 to 18 months to the petrol engine has boosted demand for palladium, driving up the price to the point that it exceeded that of platinum for the first time in 16 years.”
  • Burns quotes analysts from UBS and SP Angel as saying they anticipate both palladium and platinum production to fall.

What Metal Buyers Should Look Out For

  • In the short term, keep an eye out on car sales. “With car sales growth featuring more in petrol-engine-dominated American and Chinese markets, and less in diesel markets like Europe, the demand bias has been for palladium, rather than platinum,” Burns writes. “But even within Europe there is gradual shift from diesel to petrol.” In fact, according to industry research group LMC, sales of diesel cars in western Europe fell from 45.1% of the market to 42.7% this year.
  • In the long term, the Rise of the Machines — electric vehicles, specifically — could really dent platinum and palladium demand.

Free Sample Report: Our Annual Metal Buying Outlook

Key Price Movers and Shakers

For full access to this MetalMiner membership content:
Log In |

The Aluminum MMI increased two points this month, reaching 99 points.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

Stronger LME and Chinese primary cash prices led to the jump. This month’s index reading brings the highest MMI reading of any index since January 2012, when MetalMiner launched the MMI series of indexes.

Source: MetalMiner analysis of FastMarkets

Upward price momentum may have slowed slightly, but the bullish run appears sustainable. We could expect additional upward movements.

The U.S. Department of Commerce imposed preliminary duties against aluminum foil imports from China. These duties range from 96.81-162.24% and apply to all aluminum foil products from China. The Chinese government requested consultation with the World Trade Organization (WTO) on  Nov. 3, claiming that the U.S. is using an expired 2001 clause.

China’s Ministry of Commerce said on Tuesday: “Regrettably, the United States has ignored the expiration of Article 15 … and still persists in its erroneous practice of continuing to use the ‘third country’ method in its anti-dumping investigations on imported products of China in violation of its obligation to WTO rules.”

Of course, China does not have market economy status, so the Department of Commerce will likely not agree with China’s Ministry of Commerce.

Oil, Gasoline Prices

Oil prices have already jumped in November, moving above levels that signal a bull market to MetalMiner. Oil prices hit a two-year high and currently trade over $55/barrel. The latest uptrend reveals strength in the latest oil rally.

Source: MetalMiner analysis of StockCharts

Since oil prices serve as one of the most important contributors to the CRB (commodities) index, we expect continuous upward movements for the index. Therefore, the case for a bullish commodity  — and industrial metals market, too — appears to have strengthened despite the latest short-uptrend of the U.S. dollar (dollars and commodities tend to move inversely).

Gasoline prices also increased with oil prices. MetalMiner previously analyzed the correlation between gasoline prices (and oil prices) and increasing base metal prices, specifically aluminum. When oil (and gasoline) prices increase, aluminum prices tend to follow. The degree of the increases does not always correlate, but aluminum prices tend to move together with the commodity.

Source: MetalMiner analysis of StockCharts

What This Means for Industrial Buyers

Aluminum showed resilience this month, maintaining its trend in the bullish market. Increasing oil prices also support the bullish case for aluminum. Therefore, adapting the right buying strategy becomes crucial for reducing risks.

MetalMiner released its longer-term annual outlook back in October. Readers can grab a free copy here.

Free Sample Report: Our Annual Metal Buying Outlook

Actual Aluminum Prices and Trends

For full access to this MetalMiner membership content:
Log In |

The Rare Earths MMI dropped for the second consecutive month, losing a point to hit 21. The November reading of 21 marks the lowest reading since June, when it also hit 21.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

This basket of metals, dominated by China, featured heavier hitters like yttrium and dysprosium oxide posting price increases.

However, europium oxide, terbium oxide and terbium metal all dropped for the month. The biggest drop of the bunch came from neodymium oxide, which fell 14.1%.

Rising Demand

Rare-earth metals are used in a number of high-tech capacities: smartphone, laptops and electric vehicle (EV) batteries, among other things.

Cobalt, which is drawing increasing demand in the EVs sector, is one of those metals. As our Stuart Burns reported earlier today, the metal is heating up.

“Plug-in vehicle sales grew 20 times faster than the overall market, justifiably causing concern that cobalt supply could be strained by this one market application,” Burns wrote. “Worryingly for cobalt, the fastest-growing market is also the largest.

“Driven by government subsidies, the Chinese market, at some 351,000 units last year, also grew at 84% over 2015. The switch to EV and PHEV cars is part of Beijing’s drive against pollution, so incentives are not likely to be relaxed anytime soon. Growth of this magnitude dwarfs the 13% and 36% growth rates in Europe and the U.S., respectively.”

Growth of the U.S. Market

While it is indeed true that China overwhelmingly dominates the global rare-earths market, the U.S. is working to increase its presence in the global market vis-a-vis rare earths.

According to a Wards Auto report, research at Purdue University could boost U.S. extraction of rare-earth elements (REEs) while also recycling the U.S.’s 1.5 billion tons of accumulated coal ash.

“REEs have many important applications in things such as permanent magnets in power generation and electric cars, batteries, petroleum refining catalysts, phosphors in color televisions, and many electronics including cellphones,” said Linda Wang, inventor of the technology and Purdue’s Maxine Spencer Nichols Professor of Chemical Engineering, in a Purdue University release. “The demand for REEs is predicted to grow dramatically over the next several decades. REEs used in the U.S. are primarily imported from China, which controls over 90 percent of the supply, with wide implications on the U.S. economy and national security.”

Wang underscored the importance of developing the domestic market as a means of weathering the volatile rare-earths market.

“For example, after China reduced the export quotas in 2010, the costs of rare earth magnets for one wind turbine increased from $80,000 to $500,000,” she added. “After China relaxed the export restrictions 18 months later, the prices returned to lower levels than in 2010. It’s highly desirable to develop the capacity to produce REEs in the U.S. and to become independent of foreign suppliers.”

Free Sample Report: Our Annual Metal Buying Outlook

Actual Metal Prices and Trends

For full access to this MetalMiner membership content:
Log In |

The Automotive MMI was stuck in park for the month, holding at 93 for the second consecutive month.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

It was an up-and-down month for the automotive basket of metals. Chinese primary lead dropped 12.1%, while LME copper shot up 4.6%.

Bucking historical trends, palladium continued to be hotter than its fellow platinum-group metal, platinum. Palladium rose 5.1% on the month, while platinum posted a modest 0.8% gain.

Ford Drives October Sales

Ford Motor Co. led the way this past month, according to sales data released by Autodata Corp.

Ford’s October sales rose 6.4% year-over-year, although year-to-date sales through the month are down 1.9% compared to the same time frame last year.

General Motors, meanwhile, saw a 2.3% year-over-year dip in October with 252,614 units sold in the U.S. market. In the year to date, GM’s sales are down 1.0%.

Despite the drops in year-to-date sales, both GM and Ford are doing well in one particular market: trucks.

While there is increasing momentum behind electric vehicles (EVs) and greener energy, in general, light truck sales for both GM and Ford are up, 6.6% and 3.6%, respectively, through the first 10 months of the year. Across all automotive brands, light trucks sales were up 3.6% year-over-year in October, and are up 4.3% through the first 10 months of the year.

Even so, as our Stuart Burns wrote last week, the big brands are preparing for the future.

“The auto industry is certainly going through challenging times. In some quarters there is an expectation the established old order will be swept away by new challengers, such as Tesla,” he wrote. “The fact is, however, the incumbents have a huge depth of experience in supply chains, manufacturing, marketing and distribution.

“After an arguably slow start, they are moving swiftly to both develop new technologies in-house and to buy smaller firms in areas they recognize they lack the skills or expertise.”

Down the sales list, Fiat Chrysler saw a 13.2% year-over-year drop in October. Fiat sales are down 8.4% in the year to date.

Speaking of EVs, it wasn’t the best month for Tesla. Again, small sample sizes notwithstanding, Tesla’s October sales were down 15.9% year-over-year (although they’re up 18.5% for the year to date).

Meanwhile, Toyota (up 1.1%), Honda (up 0.9%), Nissan (up 8.4%) and Volkswagen (up 10.7%) all posted sales in October.

BMW Recalls 1 Million Vehicles

In general automotive news, BMW announced Friday it was recalling 1 million vehicles in North America, Reuters reported.

According to the report, the recalls — most of which are in the U.S. — are related to two separate vehicle fire risks. Per BMW spokesman Michael Rebstock, the vehicle recalls could expand to other countries.

Free Sample Report: Our Annual Metal Buying Outlook

Actual Metal Prices and Trends

For full access to this MetalMiner membership content:
Log In |

The Stainless MMI shot up 7 points this month, reaching summer 2015 levels. Skyrocketing nickel prices across all markets led to the jump.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

Stainless steel surcharges have decreased for this month after increasing two consecutive months in August and September.

Source: MetalMiner data from MetalMiner IndX(™)

Stainless buying organizations will also want to review the potential impact of the latest electrode surcharge for stainless steel products.

Stainless Steel Market

Meanwhile, crude stainless steel output could hit 47.5 million tons for 2017. 2017 forecasted output would represent an increase of 3.8% compared to last year’s reading, also a record.

Domestic stainless steel output will likely have grown by 10% this year, totaling 2.75 million tons in 2017. In addition, the U.S. International Trade Commission (ITC) announced in October the continuation of dumping and subsidization of stainless steel flanges from China and India. The estimated dumping margins range from  99.23-257.11% for China and 78.49-145.25% for India. Moreover, mills announced higher base prices starting in November.

2017 Chinese forecasted output will likely come in lower than expected due to capacity curtailments. However, recent data point to higher production during the summer months.

LME Nickel Skyrocketing

Sharp nickel price increases will directly impact stainless steel prices.

Source: MetalMiner analysis of FastMarkets

“Volatile” best describes nickel prices this year.

Recently, nickel prices rallied over the previous peak. MetalMiner pegged $12,380/mt as the upper level limit for nickel prices. However, nickel prices closed October over that level, with sharp increases in both prices and volumes. The latest price movement bolstered the nickel rally after the price pullback in September.

What This Means for Industrial Buyers

Stainless steel momentum may have taken a breather, just as all the other forms of steel did.

However, stainless steel prices appear to have additional momentum triggered by strong demand.

To understand how to adapt buying strategies to your needs, dive deeper into our Monthly Metal Buying Outlooks or you can take a free trial now.

To read more about longer term stainless steel price trends, download the free Annual Outlook.

Free Sample Report: Our Annual Metal Buying Outlook

Actual Stainless Steel Prices and Trends

For full access to this MetalMiner membership content:
Log In |

The Raw Steels MMI decreased again this month, falling two points down to 77. Steel prices seem to have lost momentum and fell this month both domestically and internationally. However, mills have announced price hikes for November.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

Prices in October fell for all forms of steel, although HRC and plate prices increased slightly at the end of the month.

Source: MetalMiner data from MetalMiner IndX(™)

However, historical Q4 price trends generally suggest rising  prices and increasing demand. In addition, industrial metals remain solidly in a bull market.

Will steel prices see a bump too? Let’s take a look at the market indicators.

Domestic Steel Market

Domestic steel prices fell this month after trading flat (sideways) for the last few months. Steel price momentum has declined but Q4 increases often come in November and later. Service centers still report steady demand, despite significant steel price drops in October.

Lead times increased for all forms of steel. Increasing lead times generally support rising steel prices.

Let’s Not Forget About China

Curtailed Chinese capacity has supported steel prices during most of the year (particularly during Q3).

However, no real shortage exists, as China increased production in the summer to meet heavier winter demand.

In October, the  Chinese Steel PMI fell to a 6-month low, though it remains above 50, which still signals growth.

Source: MetalMiner data from MetalMiner IndX(™)

During the first few days of November, Chinese CRC prices held steady while HRC prices fell slightly. As HRC and CRC prices commonly move in tandem, prices will likely adjust during the month. Buying organizations should watch Chinese prices for signals of a price rebound.

Raw Materials and Scrap

Scrap prices fell together with steel prices this month. Scrap prices held somewhat steady during 2017 (as have steel prices).

Source: MetalMiner data from MetalMiner IndX(™)

Raw material price dynamics tend to correlate with steel prices. Steel prices decreased in October, following iron ore’s September price falls. Coal prices traded sideways in October, despite the short-term uptrend that began in April. Early November iron ore prices appear flat, while coal prices increased to the $100 level. Increasing raw material prices may create some upward movement for steel prices.

What This Means for Industrial Buyers

Steel price dynamics continued to lose momentum this month.

However, buying organizations will want to pay close attention to Chinese price trends, lead times and whether domestic mill price hikes stick.

To read more about our longer term steel price trends download our free Annual Outlook.

To understand how to adapt your buying strategy this season, take a free trial now or subscribe to  the Monthly Outlook for a short-term analysis.

Free Sample Report: Our Annual Metal Buying Outlook

Actual Raw Steel Prices and Trends

For full access to this MetalMiner membership content:
Log In |

christian42/Adobe Stock

The Construction MMI dropped a point for the second consecutive month, falling from 90 for a November reading of 89.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

There were not many significant movements in either direction within the basket of metals. Chinese rebar rose in price, while Chinese H-beam steel dropped. U.S. shredded scrap, meanwhile, fell 6.3%. European commercial 1050 sheet aluminum also fell, dropping 1.3%.

Total Construction Spending

According to U.S. Census Bureau data released Nov. 1, total spending for September amounted to an estimated $1,219.5 billion, up from the revised August total of $1,216 billion.

September spending was up 2.0% from the September 2016 estimate of $1,195.6 billion. As for the year to date, during the first 9 months of this year construction spending amounted to $917.0 billion, which was up 4.3% from the $879.6 billion spent during the first nine months of 2016.

Spending on private construction amounted to a seasonally adjusted annual rate of $942.7 billion, or 0.4% below the revised August estimate of $946.2 billion. Residential construction was at a seasonally adjusted annual rate of $515.4 billion in September, only slightly lower than the revised August estimate ($515.6 billion). Nonresidential construction was at a seasonally adjusted annual rate of $427.3 billion in September, 0.8% below the revised August estimate ($430.6 billion).

Public construction, however, was up for the month.

In September, the estimated seasonally adjusted annual rate of public construction spending was $276.8 billion, 2.6% above the revised August estimate of $269.8 billion. Within the public construction umbrella, educational construction was at a seasonally adjusted annual rate of $71.9 billion, or 5.2% above the revised August estimate of $68.3 billion. Highway construction was at a seasonally adjusted annual rate of $84.3 billion, 1.1% above the revised August estimate of $83.4 billion.

ABI Shows ‘Modest Slowdown’ in Billings

According to the most recent Architecture Billings Index (ABI), put out by The American Institute of Architects, billings slowed down in the month of September.

The ABI posted a 49.1 for the month (a reading of 50 indicates no growth, while anything below 50 indicates a drop in billings). The September figure broke a multimonth streak of billings growth.

However, the ABI report cautions against hasty reactions to the relatively down month.

“Billings have been growing at a strong pace in recent months, so it is too early to determine whether this is a new trend or just a modest course correction,” the report states.

The impact of Hurricanes Irma and Harvey, which rocked Florida and Texas, respectively, also showed in this month’s batch of data.

“The general economy showed more signs of the impact of the hurricanes in September, with nonfarm payroll employment posting its first monthly decline in seven years,” the ABI report states.

Nonetheless, in this month’s ABI survey questions, a majority of construction firms indicated either it was still early to ascertain the scope of any potential impacts to projects as a result of the hurricanes or that they had not seen any impacts to date.

According to the survey results, three-fourths of respondents said they have not seen any hurricane-related impacts on their projects (49%) or that it was too early to tell (26%).

Probing into the results further: 12% of respondents indicated they have seen higher construction materials prices from companies impacted by the hurricane; 8% have seen higher energy prices due to refineries affected by the hurricanes; 7% have seen labor shortages due to increased demand from areas affected by the hurricanes; and 6% have seen construction material shortages due to increased demand from areas affected by the hurricanes.

On the other hand, only 5% of firms nationally said they had to cancel or delay projects due to the hurricanes (unsurprisingly, that figure rises to 12% when focusing specifically on firms based in the South region).

Broken down by region according to billings from September 2016-September 2017, the Northeast led the way with a ABI reading of 56.9, followed by the South (54.0), the Midwest (50.4) and the West (48.4).

The Housing Market

As always, the U.S. housing market is something to keep an eye on.

According to Census Bureau data released last month, privately owned housing starts in September dropped 4.7% below the revised August estimate. Single-family housing starts were down 4.6% for September from the previous month.

The next new residential construction report is scheduled to be released Nov. 17.

As for existing-home sales, the National Association of Realtors (NAR) put out a rosy outlook for 2018.

The NAR’s chief economist, Lawrence Yun, estimated existing-home sales will finish at a pace of 5.47 million, which would be the best number since 2006 (6.47 million). However, that number would represent a 0.4% uptick from from 2016 (5.45 million).

In 2018, sales are forecast to rise 3.7% to 5.67 million, according to the NAR.

Actual Metal Prices and Trends

For full access to this MetalMiner membership content:
Log In |

The Copper MMI inched four points higher this month, returning to September levels. This comes as no surprise, as copper outperformed other base metals again.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

Source: MetalMiner analysis from FastMarkets

Copper prices look strong as they twice breached the $7,000/metric ton ceiling in October. Moreover, copper prices climbed over the previous peak (during the beginning of September, yet  below the $7,000/mt ceiling), which signals the continuation of the bullish sentiment.

Even if price pullbacks occur, the uptrend appears sustainable. Readers may notice the green dotted line in the chart above, which signals the start of the sharp copper rally. Copper prices today stand about $1,000/mt higher than prices in July.

Supply and demand indicators also point to a continuation of the copper rally. The International Copper Study Group forecast a of 151,000-ton deficit for this year. The deficit may continue next year, which would support copper prices.

What is the U.S. Dollar Doing?

Copper is commonly treated as an economic indicator (often referred to as Dr. Copper). Copper prices remain linked to the U.S. dollar. As with many other dollar backed  commodities, if the U.S. dollar is strong, copper prices often fall. In other words, copper prices and the U.S. dollar have a negative correlation.

The U.S. dollar in black. Copper prices (EOD) in blue. Source: MetalMiner analysis from StockCharts

Based on the chart above, for much of last year, the opposite dollar/copper correlation did not hold true. Copper prices, however, appear to fluctuate with dollar movements on a daily basis (when the dollar increases one day, copper prices decrease too, and the opposite also holds true), as well as on a long-term trend basis.

However, it may take some time for both to correlate negatively again.

Despite the latest short-term uptrend of the U.S. dollar, MetalMiner remains hesitant to call a bull market for the U.S. dollar.

Copper Scrap vs. LME Copper

The latest copper price increase came as a result of a Chinese copper scrap ban, hence the need to also analyze copper scrap prices.

Source: MetalMiner data from MetalMiner IndX(™)

Scrap prices increased this month by 3.2%, compared to a copper price increase of 4.6%. The Chinese government has imposed tougher copper scrap import requirements. The ban may result in tighter supply of copper scrap, forcing China to import more refined copper. Even if the percentage increase in prices between scrap and LME copper remains unequal, we expect them to still trend together.

What This Means for Industrial Buyers

As copper prices continue increasing, buying organizations may want to “buy on the dips.”

For LME copper prices, buying organizations can also read more about longer-term copper price trends with our free 2018 Annual Outlook, or take a free trial now.

You can also subscribe to the Monthly Outlook for a short-term analysis. Reacting to short-term movements in the market will reduce purchasing risks.

Free Sample Report: Our Annual Metal Buying Outlook

Actual Copper Prices and Trends

For full access to this MetalMiner membership content:
Log In |

The Renewables MMI dropped a few points this month, falling from 83 for a November reading of 80.

Benchmark Your Current Metal Price by Grade, Shape and Alloy: See How it Stacks Up

The sub-index dropped for the second consecutive month after hitting a 2017 high of 84 for the September reading.

Within the basket of metals, Japanese steel plate, Korean steel plate, U.S. steel plate and U.S. grain-oriented electrical steel (GOES) coil all posted price drops. Chinese steel plate, however, posted a slight price increase.

Cobalt in Cobalt

As demand for electric vehicles (EVs) increases, so, too, will demand for that rare but vital metal: cobalt.

Most of the world’s cobalt is mined in the Democratic Republic of Congo — political instability there this year has led to production slowdowns and skyrocketing prices, leading some batterymakers to recalibrate their battery formulas to make their batteries less dependent on cobalt.

Speaking of cobalt, one aptly named town is experiencing a boom related to the metal.

Bloomberg earlier this week reported on the town of Cobalt in Canada’s Ontario province.

Ironically, the town was built on another metal — silver — but a recent “cobalt rush,” in line with growing global demand for cobalt, has breathed new life into the small town, Bloomberg reported.

While the DRC produces a majority of the world’s cobalt, Canada sits at third in cobalt production behind China, contributing about 6% of global supply. As the Bloomberg report indicates, political instability in the DRC could lead to growing demand from other sources, like Canada, where the business climate is more predictable.

“This area’s seen more airborne surveys in the last year than in the last hundred,” said Gino Chitaroni, a local prospector and geologist, to Bloomberg. “Two years ago, if you had a cobalt property you couldn’t give it away. All of a sudden, within six months, everything changed.”

Cobalt, Ontario, is just one example of a town experiencing such a boom. As EVs become more and more prevalent, there’s no doubt others will follow in its footsteps.

The Kobe Steel Saga

Kobe Steel, Japan’s third-largest steelmaker, has been in the news in recent weeks because of the firm’s quality data falsification scandal.

Of relevance here, as reported by Reuters, is the fact that steel plate is included in the scope of the problems for Kobe.

According to Reuters on Oct. 19, Kobe Steel Executive Vice President Naoto Umehara said the company had found a new case of falsification of data at a unit that cuts and processes steel plate.

Free Sample Report: Our Annual Metal Buying Outlook

Actual Metal Prices and Trends

For full access to this MetalMiner membership content:
Log In |