Industrial Metal News

MetalMiner: Raw Steels MMI: Steel Prices Flatten Despite Bearish Conditions The Raw Steels Monthly Metals Index (MMI) moved sideways, with a 1.15% decline from July to August. U.S. #steelprices remained in search of a new bottom by the close of July. #HRC prices dropped a total of 8.26% during the month, pushing them to their lowest level since December 2022. However, prices appeared to stabilize by the first week of August as mills attempted to invert the bear trend with the announcement of higher prices. Rumors of a Bottom Echo April Warnings Despite seemingly bearish market signals, rumors began to emerge in late July that U.S. #steel prices were on the verge of a bottom. HRC prices have largely held within a steady downtrend since prices found a peak at the close of 2023, followed by a nearly 40% decline throughout 2024. The lone exception to otherwise bearish steel prices occurred at the close of March. Ahead of planned maintenance, mills warned of higher prices ahead. Meanwhile, World Steel Dynamics reported that large-volume buyers were “ready” to enter the market, just as mill capacity faced temporary cuts.  Continue reading: https://lnkd.in/gmqimV88

Recycling Today: Novelis increases rolled product shipments adjusted EBITDA in Q1 of its 2025 fiscal year #Aluminum rolling and recycling company #Novelis Inc., headquartered in Atlanta, says its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the first quarter of its 2025 fiscal year totaled $500 million, a 19 percent year-over-year increase, while its rolled product shipments grew by 8 percent to 951,000 metric tons. The company also reports adjusted EBITDA per metric ton shipped of $525, a 10 percent increase year over year. "Novelis delivered meaningful year-over-year improvement across a number of financial metrics in the quarter, led by a double-digit increase in beverage packaging shipments benefiting from normalized demand, our broad global presence and solid customer relationships," says Steve Fisher, president and CEO of Novelis Inc. "I commend our teams for staying focused on driving operational efficiencies and serving our customers, while at the same time continuing to advance organic growth projects underway as we strategically invest to capture strong mid- to long-term growth trends." Quarterly highlights Net sales of $4.2 billion increased 2 percent versus the prior-year period thanks in part to higher average #aluminumprices and higher total shipments, Novelis says. However, net income attributable to the company’s common shareholder decreased 3 percent versus year over year to $151 million given initial charges associated with flooding at its Sierre, Switzerland, plant at the end of June, as well as higher restructuring and unfavorable metal price lag, largely offset by higher adjusted EBITDA. Net income attributable to our common shareholder, excluding special items, was up 32 percent year over year to $204 million, while adjusted EBITDA increased 19 percent to $500 million, primarily driven by higher volume and favorable product pricing, partially offset by less favorable product mix and higher cost. Continue reading: https://lnkd.in/g_9xrUum

MetalMiner: Europe’s Answer to China’s Rare Earth Monopoly #Rareearth elements and #semiconductors have taken on that critical national development role once occupied by oil and petroleum products. Despite the ongoing U.S.-China competition, the latter country controls a full 90% of the global #rareearths supply, transforming these elements into potential political weapons. With regard to semiconductors, China’s Civilian-Military Integration Strategy aims to develop more advanced technology, circumvent U.S. sanctions, and use rare earths to disrupt the #manufacturing #supplychain. This goes against the interests of many countries, including the U.S. and the European Union. Because of China’s tight-fistedness, countries must scout for rare earths within their borders or establish other sources of supply. Amid all the rush to find divergent supply sources, the Belgian chemicals group Solvay has now provided assurances that it will soon be able to supply those rare metals used in permanent magnets and electric vehicles to Europe – at least, in part. Europe’s Solvay Hopes to Provide Relief continue reading: https://lnkd.in/gRGeHNMV

MINING.com: Copper price hovers above 4-month low struck during global rout #Copper steadied in a mixed session for metals on Tuesday, with prices hovering slightly above a four-month low hit a day earlier as commodities got caught up in a tumultuous global selloff of risk assets. #Aluminum ticked up while #zinc extended losses, after a frenzied opening day of the week that wiped out billions across global markets. Investors are now tracking whether Monday’s drama — ending with copper at its lowest since March — points to deeper troubles ahead. The main headwind for metals over recent months has been China, where subdued manufacturing and a grim housing market have hammered confidence. There now appear to be growing concerns about a hard landing for the US economy. Broader financial markets were calmer on Tuesday, with Japan’s two main share gauges up sharply and US stocks bouncing back after three days of losses. Copper was little changed at $8,899.00 a ton as of 3:43 p.m. on the London Metal Exchange. Zinc dropped 1%, #nickel declined 0.1%, and #tin gained 1.2%. Continue reading: https://lnkd.in/gUWPYExa

MetalMiner: Automotive MMI: EV Demand Failing to Boost Overall Metal Demand The Automotive MMI (Monthly #Metals Index) maintained a steady sideways trend month-over-month, only moving down 2.53%. Overall steel demand remains tepid, which left little bullish sentiment for hot-dipped galvanized #steel. Meanwhile, other metals prices, including #copper, dropped after their speculative rallies cooled off in July. Overall, the components of the automotive index had little to show in terms of bullish price action, leaving metals prices fairly level. The automotive market has only managed to add a little support to most metals, with demand as a whole remaining quite weak. As #EVs continue to fail to meet estimates, metals like copper and #rareearths elements can not get the boost they need. Metals Prices Lower than Expected Amid Weakening EV Demand In recent years, experts projected that the “electric vehicle revolution” would increase both metal demand and metal prices, especially when it comes to rare earth elements and crucial raw materials like lithium, cobalt, and nickel. However, the U.S. metal markets continue to suffer from lower-than-expected EV demand. Several variables prevented the expected boom in EV adoption from happening at the predicted rate. The high cost of EVs continues to hinder the market’s growth, as does the lack of a widespread infrastructure for charging them and persistent consumer anxiety regarding range. All in all, consumer acceptance of electric vehicles has not kept up with the output of automakers like Tesla, Ford and General Motors. Continue reading: https://lnkd.in/gfjAVrzR

MetalMiner: Rare Earths MMI: China’s Metal Demand Weakens: What It Means for U.S. #RareEarth Buyers The bears continued to make their way into the #RareEarths MMI (Monthly #Metals Index), with yet another drop in price action, this time by 6.93%. Many factors pulled at rare earths prices overall, including oversupply, weak demand for metals within China and shifting dynamics in global rare earths supplies. It seems China’s over-production of rare earths continues to contribute to a massive supply glut, leading to cheaper prices and bearish sentiment. China’s Metal Demand Weakens: What It Means for U.S. Rare Earths Buyers As the world’s biggest producer and consumer of several metals, any change in China’s domestic metal demand significantly impacts global supply chains. For this reason, there are concerns about the possible effects of recent reports showing a notable decline in China’s demand for metals on U.S. buyers of rare earths. Continue reading: https://lnkd.in/g7n_RRQz

Reuters: #Copper producer #Aurubis slides after Q3 earnings miss Shares in Aurubis fell as much as 8.8% on Monday after third-quarter earnings at Europe's largest copper producer missed expectations. The group's quarterly earnings before tax (EBT) rose five-fold to 90 million euros ($98 million) from the same period last year, which was affected by a major metals theft at its smelting business. But that missed analysts' average forecast of 99 million euros in a company-provided poll. Compared to two years ago, earnings were down 13%. Third-quarter EBT at Aurubis's custom smelting and products business was 82 million euros, also down 13% from fiscal 2021-22, the last comparable year after the company revised down last year's results for the segment. Revenue for the smelting business was down 7% on the same time in 2021-22. One trader said the results left analysts' EBT expectations for the year of 467 million euros looking "rather optimistic". Continue reading: https://lnkd.in/gm86USR2 #copperprices

MINING.com: Did the #EVbattery #metals industry peak in 2022? The promise of electric cars has occupied the mining industry (and these pages) going on seven years now. Recall when Glencore heralded a new dawn for mining thanks to #EVs – telling the audience at its 2017 investors day that “as early as 2020, when electric vehicles would still make up only 2% of new vehicle sales, related #metaldemand already becomes significant.” That prediction proved conservative – global penetration reached over 5% in 2020. The data is still trickling in, but the second quarter of this year is on course to set a new record for the electrification of the global car parc with 26% of passenger vehicle sales either full electric, plug-in or conventional hybrids.  Traditional hybrids remain a meaningful source of #batterymetals demand (thanks to large volumes and the widespread use of nickel metal hydride batteries) and even when stripping out Priuses (Pria?) with new owners, nearly one in five vehicles sold worldwide in Q2 was electrified.  Continue reading: https://lnkd.in/geZu9Fj6

MetalMiner: Global #SteelPrices Plunge as China Floods Market with Excess Supply Would it be an exaggeration to say that the world’s steel narrative is unfolding in China? Everywhere one looks, there are #steel industry experts complaining about Chinese steelmakers unloading their excess steel products. Take this report published at nikkei.com, which predicts that China could end the calendar year with a record-high export total, somewhere over 110 million tons (MT). If true, this would be the highest figure since 2015. As the report points out, the country already shipped 53 MT of steel in the first half of 2024, marking a 24% increase over the same period last year. How China’s Falling Domestic Demand is Flooding Global Markets Some say that this export volume is but a drop in the well compared to China’s overall crude #steelproduction, which hit about 1 billion tons last year. However, this is the whole problem. When China’s domestic consumption falls, the backlash affects #steelindustry players worldwide, all of whom have to start competing against the cheap Chinese steel products flooding their markets. Continue reading: https://lnkd.in/g4hnh5A9

Recycling Today: #Nucor earnings drop in Q2 Recycled-content #steelmaker sees its earnings per share drop by more than 50 percent compared with one year ago. Charlotte, North Carolina-based electric arc furnace (EAF) steelmaker Nucor Corp. has reported second-quarter 2024 results that show a 53.8 percent drop in earnings per share compared with the second quarter of last year. The company, which also operates the David J. Joseph (DJJ) network of metals recycling facilities, reports net earnings of $645.2 million from April through June, representing a 23.6 percent drop from the $844.8 million earned in the prior quarter and a 55.8 percent decline compared with the $1.46 billion earned in the second quarter of 2023. “While market conditions have softened compared to recent record-setting years, Nucor remains focused on its long-term growth strategy and has returned more than $1.7 billion to investors through June,” Nucor President and CEO Leon Topalian says. Throughout this decade, Nucor has been acquiring downstream steel products and fabricating companies. Although its earnings are down, Topalian says that strategy is succeeding. Continue reading: https://lnkd.in/g2-eNDQs #steel #steelprices