Month-over-month, the Automotive MMI (Monthly Metals Index) slid downward by 3.42%. Steel prices within the index, like hot-dipped galvanized, trended sideways. However, copper and lead fell, introducing bearish pressure. Overall, the U.S. automotive industry witnessed some dynamic changes month-over-month. More robust demand for personal transport continues to emerge as supply chains regain strength. This will […]
Tag: Steel
Tata’s Port Talbot Steel Manufacturing Plant Faces Uncertain Future, UK Pledges £500 Million Lifeline
The British government and Tata Steel remain in discussion regarding the future of the Port Talbot steel manufacturing plant. Recently, the government said they may pledge a substantial £500 million (approx. U.S. $629 million) in financial support for the South Wales facility. This may be in addition to Tata Steel India’s planned investment of £700 million […]
Steel Industry Disruption: Cleveland-Cliffs’ Jaw-Dropping Bid to Acquire US Steel Makes Waves
Late Sunday night, the Wall Street Journal reported that U.S. Steel had rejected an unsolicited offer from Cleveland-Cliffs for the company, valuing it at $7 billion. According to the report, Cliffs offered $17.50/share in cash plus 1,023 shares of Cliffs stock. U.S. Steel promptly rejected the offer and indicated that it would seek alternative proposals. […]
Automotive MMI: Consumer Demand Still Up, Sideways Steel Prices Helping Automotive Industry
Compared to other metal industries, components of the automotive industry still remain somewhat strong, despite the Automotive MMI (Monthly Metal Index’s) sideways movement over the past seven months. Pent-up consumer demand still runs strong in the industry. However, it still continues to battle high interest rates and falling steel prices due to slumping demand. There […]
Chinese Exports, Steel Prices Trigger Crisis for Indian Producers
India may be the world’s second-largest steel producer, yet it continues to grapple with reliance on steel imports. In the last few months, China has emerged as a major steel exporter to India, leading to protests from India’s domestic sector. Indeed, India’s June 2023 steel imports rose by 5.9% month-on-month and 7.6% year-on-year. Alongside China, the country also […]
Ukraine’s Metinvest to Build Steel Plant in Italy
Ukraine’s Metinvest plans to build a new steel manufacturing facility in Italy. Indeed, an official for the group recently confirmed reports of plans to build a plant in either that country or Bulgaria. “Many people talked about the fact that we are considering the possibility of building a new plant in Italy. Indeed, this is the […]
Liberty Steel Victorious, Acquires Hungary’s Dunaferr for $61 Million
Liberty Steel recently won a bid to take over Hungary’s Dunaferr. According to Hungary’s Ministry of Economic Development, a local court put the integrated flats producer into liquidation in late 2022. Liberty will pay €55 million ($61 million) for the Dunaferr plant, beating out India’s Vulcan Steel, Ukrainian group Metinvest, Swiss-based Trasteel Trading, and local […]
Chinese Mills Brace for Tough H2 Amid Insufficient Consumption, Falling Steel Prices
China’s major steelmakers recently warned of a “very challenging” H2 that could impact steel prices. As noted in news reports quoting the China Iron & Steel Association (CISA), this goes against earlier expectations of improvement in the sector. According to a June 30 report from Bloomberg, officials from China Baowu Steel Group, Ansteel Group, Hesteel, […]
Chinese Steel Manufacturing Sounds the Alarms
This past weekend, China’s primary steel manufacturing companies released a cautionary statement regarding their profits. In the statement, the manufacturers acknowledged a series of obstacles they expect to encounter in the latter half of the year. They also attribute disappointing demand, dwindling profitability, and cost reduction pressures as the primary factors exacerbating these challenges. The China […]
Most Indian Steel & Aluminum Imports to Be Excluded From U.S. Tariffs
Indian Prime Minister Narendra Modi recently visited the United States. During his stay, the two nations agreed to resolve six long-standing disputes at the World Trade Organization (WTO). U.S. steel news outlets watched this exchange particularly closely. This is because one of the subjects of debate was India’s imposition of retaliatory tariffs on U.S. products, […]
