Steel prices endured long-term declines throughout 2022. However, with so many geopolitical events and supply chain pinches, it is important to note that the market in general was quite volatile. Steel Prices: Q1 of 2022 Raw steels started the year with a huge bang, rising over 12% between January and February. China’s climate efforts caused […]
Tag: Steel
Destroyed Ukrainian Energy Grids Impact Steel Production
Steel production in Ukraine took a hit this past week due to the ongoing conflict with Russia. Industry watchers told MetalMiner that several Ukrainian steelmakers are facing production and rolling issues. Energy suppliers are rationing power distribution to major consumers. The rationing is the direct result of missile attacks and other military actions by Russian […]
China Reacts Strongly to WTO’s Ruling of Trump Administration Metal Duties
In the latest US steel news, a WTO ruling has sparked a new war of words between the United States and China. Last weekend, the WTO finally ruled on the 25% taxes on global steel imports and 10% import tariffs on aluminum imposed under former US President Donald Trump. The WTO dispute settlement panel ruled […]
Construction MMI: Aluminum Plate and Steel Rebar Reverse
The Construction MMI (Monthly MetalMiner Index) flatlined sideways, moving downward by a meager 0.07%. The overall volatility of metal prices remains a primary challenge to the index. The near-stationary index contrasts starkly with the downward 2022 trend. Aside from fluctuating metal prices, the industry also had its integrity tested by several other problems. These included […]
Mastering Metal Prices: 5 Sourcing Strategies That Only Pros Know
“It is a fact researchers have settled on – the 10,000-hour rule is a definite key in success.”– Malcolm Gladwell, ‘Outliers.’ For those of you who have not read Gladwell’s “Outliers,” no worries. Essentially, the key theme of the book involves the concept of practice. It states that those who dedicate 10,000 hours or more […]
Could Macroeconomics Cause a Steel Price Reversal?
Uncertainty regarding China’s stance on zero-COVID, when restrictions might ease, and riots within China throughout recent weeks have all contributed to more flat steel prices. What’s more, recession fears are starting to notably impact commodities. Yet another contributing factor? Fears of a railroad strike. With the cut-off date for meeting railroad unions’ terms fast approaching, […]
India Revokes Export Duties on Steel and Iron Ore
The Indian Government recently decided to scrap export duties on steel products and iron ore. The domestic industry has thus far hailed the move, but some worry it may not boost exports in the short term. The export tax on iron ore lumps, fines, and pellets is now gone. Last Saturday, India officially scrapped an […]
Raw Steels MMI: Steel Price Downtrend Resumes While Plate Prices Hold Flat
The Raw Steels Monthly Metals Index (MMI) fell by 5.08% from October to November. A number of factors played into steel prices dropping. After U.S. steel prices appeared to flatten, the descent for hot rolled coil, cold rolled coil, and hot dipped galvanized prices accelerated throughout October. Hot rolled coil prices now sit at their […]
Construction MMI: Construction Industry Battles Labor Shortages & High Building Costs
The November Construction MMI (Monthly MetalMiner Index) dropped by 4.16%. The trend over the past 3-4 months reflects a more sideways market than a bullish one. However, October to November proved a particularly volatile month for the construction index. Meanwhile, fluctuating steel prices have put all eyes on China. The market remains plagued with widespread […]
ArcelorMittal Steel Manufacturing Suffers More Shutdowns
As markets prepare for more bad steel news, ArcelorMittal plans to idle one of two blast furnaces at its Fos-sur-Mer site in southern France. The Luxembourg-headquartered group stated on November 4 that the move was a direct response to current market conditions. “In a sharply deteriorated macro-economic context, coupled with a major impact from soaring […]
