Industrial Metal News

MetalMiner: Aluminum MMI: Aluminum Market Sees Mixed Headwinds The #Aluminum Monthly #Metals Index (MMI) rose 3.16% from September to October. #Aluminumprices continued to rise throughout September, with a 5.31% increase. By October 4, the uptrend found at least a short-term peak as the price of aluminum hit its highest level since June, followed by a modest decline. Aluminum Prices: Funds Pull Back After Port Strike As with other base metals, the combined headwinds of September’s rate cut, China’s stimulus announcement and the since-resolved port strike boosted bullish sentiment for Aluminum during the month. Investment funds, whose large positions offer strong influence over price, built up long positions during September following a pullback after prices peaked in late May. Data from the LME showed long bets from investment funds rose nearly...continue reading: https://lnkd.in/gNsBks63

GMK Center: Nucor is cutting #HRCprices for the first time since early July American steel producer Nucor announced a decrease in the weekly spot price (CSP) for hot-rolled coil (#HRC) by $10/t compared to the previous week – to $720 per short ton. This is evidenced by the company’s data. #Nucor’s HRC offers decreased for the first time since the beginning of July this year. On July 15, the company announced that CSP is down by $20/t compared to July 8, to $650/t. Since then, #steelprices have gradually increased, reaching $690-700/ton at the end of August. At the beginning of September, offers increased to $730/t and stabilized. #Steel prices fell against the background of uncertainty in the market. Although demand is sufficient, continue reading: https://lnkd.in/gRpVxR3E

MetalMiner: Nickel Prices Surge Past $18K: Is a #Stainless #Steel Rebound Finally on the Horizon? Of late, #nickel prices have been on the rise. More recently, nickel hit a new three-month high on the London Metal Exchange (#LME), surging past US $18,000 per metric ton. The price of this material, which is crucial for making stainless steel, has been under pressure for months. Now, it seems to be showing strong signs of a potential rebound. Analysts attribute the uptick to several factors, one of them being the recent U.S. interest rate cuts. #Nickelprices began climbing after the U.S. Federal Reserve cut interest rates by 0.5% on September 18, the first reduction since 2020. The fear of earlier limitations on Russian nickel exports is also fading since large volumes of Russian nickel remain stored in LME warehouses, despite ongoing sanctions. Continue reading: https://lnkd.in/g82_X9PQ

MINING.com: Inside China’s bid to build sway over global #metalspricing -#ShFE aims to rival #LME pricing benchmarks -Plan hinges on lining up international metals warehouses -ShFE #copperfutures volume drops as US COMEX gains share -Yuan currency controls may deter international investors -State intervention fears also pose challenge China is locking in steps to shape the pricing of the vast quantities of #industrialmetals it produces and consumes, with moves to attract foreign firms to trade on Shanghai’s futures exchange, which would eventually fragment global markets. After buying mining assets around the world over the past two decades to secure metals needed for industrialisation and more recently to meet its carbon emissions targets, China now wants a bigger say in how prices of those metals are determined. But it has lost market share in metals futures trading and needs to persuade international investors to use the Shanghai Futures Exchange (ShFE), according to interviews with more than 10 brokers, traders, analysts, risk managers and consultants with direct knowledge of ShFE’s plans. If successful, the push would help give Shanghai’s contracts benchmark status and upend the system for reference prices of industrial metals in place since 1877 when the London Metal Exchange (LME) started life above a hat shop in London. ShFE benchmarks would eliminate the need for CONTINUE READING: https://lnkd.in/g4gZVYwp #commodities #metalprices #procurement

MetalMiner: Copper MMI: #CopperPrice Optimism Dips Amid Challenges Overall, the Copper Monthly Metals Index (MMI) accelerated from the previous month, with a 6.4% rise from September to October. Comex copper prices outperformed other base metals during September, as the price of copper rose 9.55% to close the month above the $10,000 per metric ton mark. By October 4, prices found at least a short-term peak followed by a modest retracement in the following week. Copper and other commodity markets are constantly shifting. Get all of the latest updates with MetalMiner’s weekly newsletter. The Price of #Copper Loses Luster Following September Rally #Copperprices embarked on a rebound throughout September, which saw them challenge their early July peak by October 3. Supported by an over 43% increase in long bets from investment funds between late August and early October, prices rose almost 15% from their September low as they broke above their short-term range. Investors were quick to respond to September’s 50-basis-point cut from the Federal Reserve, the port strike and Chinese stimulus, all of which helped boost bullish sentiment.  Continue reading: https://lnkd.in/geqtHNQX #procurement #metalprices

Reuters: China #copper, #ironore stay stimulus believers, but others sceptical Western and Chinese investors had different reactions to the latest #stimulus pronouncements by Beijing, and it's likely that both groups are somewhat missing the point. At what was a highly anticipated press conference on Saturday, the Ministry of Finance said it was ready to significantly boost spending, but didn't put a yuan figure to its thinking. It appears that Western investors were disappointed that they didn't get an amount, while their Chinese counterparts took the view that Beijing remains determined to lift the world's second-largest economy out of its growth funk. Continue reading: https://lnkd.in/gZQzf6K7 #copperprices #metalprices #commodities

MetalMiner: #ThyssenKrupp #Steel Warns of Cuts on Poor Steel Market German steel industry leader ThyssenKrupp Steel (TKS) recently warned that workers at the Duisburg-headquartered company face deep cuts due to a declining European steel market. On September 28, German media quoted Dennis Grimm, executive board spokesperson for TKS, as saying, “The current market situation has deteriorated again in recent months, and unfortunately, there is no recovery in sight.” Grimm noted that the flats producer is now developing a new business plan. While he declined to quantify prospective job losses resulting from the new plan, Grimm noted that there would be “fewer than today.” In total, TKS employs about 27,000 people across Europe. German Steel Industry Declines Tied to Reliance on Russian Resources #Hotrolledcoil has steadily declined in Europe throughout 2024 due to poor economic situations and higher interest rates by the European Central Bank, which put significant pressure on demand. Continue reading: https://lnkd.in/g77TKsYC #steelprices #procurement #metalprices

Barron's: Copper Stocks Are Slumping. It’s China. Chinese stocks plummeted in Tuesday trading, dragging down some U.S.-listed shares that rely on demand from the second-largest economy in the world. On Tuesday, Chinese stocks started trading again after a week-long holiday. The Shanghai Composite Index spiked about 10% at the opening of trading, then slid from there, ending up 4.6% on the day. Hong Kong’sHang Seng Index, however, which has been open this past week, dropped 9.4%. Investors appear disappointed that China’s government officials didn’t offer additional stimulus to boost economic growth. Despite the disappointment and the dip, the Hang Seng Index was still up about 22% over the past month. The Shanghai Composite was up about 28%. Prior stimulus measures announced by Chinese officials have boosted investor sentiment. The potential for faster Chinese economic growth has boosted many stocks, including shares of commodity producers. China remains the largest producer and consumer of several key #commodities including #copper, #steel, and #aluminum. Continue reading: https://lnkd.in/gSPEqr8P

CBC: Canada could offer firms relief from #tariffs on imported China #steel, #aluminum Separately, credit card transaction fees to be reduced for small businesses by up to 27 per cent Canada could offer firms some relief from a 25 per cent surtax that is due to be imposed later this month on imports of Chinese steel and aluminum, Finance Minister Chrystia Freeland said on Tuesday. Canada announced the measures in late August, citing China's intentional, state-directed policy of over-capacity. Freeland said Ottawa had heard concerns from some stakeholders about their ability to adjust supply chains before the measures come into effect on Oct 22. "The government intends to implement a framework to consider requests for tariff relief. Potential factors that may be included in the framework are situations of short supply … and other exceptional circumstances," she said. Continue reading: https://lnkd.in/g49dwNBx

MetalMiner: European #SteelPrices Slump as German Growth Wanes – Is a Rebound Possible? Sources say sluggish growth in Germany and declines in input prices have seen European #hotrolledcoil #steel prices continue to fall, extinguishing hopes of a rebound after the summer. Cold rolled coil, a downstream product of hot rolled coil, carries an average premium of €100 ($110) per metric ton over the latter. “Demand is very low,” one market watcher told MetalMiner. The source also noted that high stocks against lower consumption have also put downward pressure on prices. Continue reading: https://lnkd.in/gWKgVhHq