Steel Products
MetalMiner Rejoins Commodities Panel
Written by Tim Triplett
August 2, 2017
Bringing a different perspective to SMU’s Steel Summit Conference later this month will be Lisa Reisman, who will touch on the related topics of copper, zinc and aluminum. Reisman, co-founder and executive editor of MetalMiner, will make her third appearance as a speaker at SMU’s conference at 10:35 a.m. on Tuesday, Aug. 29, as part of the commodities panel.
Previewing her remarks at the conference, Reisman says MetalMiner has changed its outlook on zinc. “Although industrial metals as an asset class remain bullish, MetalMiner has shifted its long-term commodity outlook to bearish. Zinc prices, though they reached a three-month high in July, have not breached MetalMiner key resistance levels. Moreover, trading volumes do not appear to support buying sentiment (and therefore upward price momentum).”
MetalMiner sees some indicators that suggest aluminum may be forming a “price top” and may struggle to continue moving higher. Prices moved a bit sideways in July, despite some strong price moves for other base metals, Reisman notes.
Copper is poised for a correction, she predicts. “Despite the big increases in copper prices during the final days of July, MetalMiner sees a copper price correction in August or September. Buying organizations had a good opportunity to buy long-term forward in May. They can take a wait-and-see approach until the trend is clarified.”
Tim Triplett
Read more from Tim TriplettLatest in Steel Products
US rig count slips, Canada ticks higher
ncreases through September, according to the latest Baker Hughes rig count data.
CRU: EC to toughen steel safeguards
The European Commission proposes cutting its steel import quota by almost half, with volumes exceeding the limit facing 50% duties. The region’s steel industry welcomes the move, while other steel-producing nations fear the consequences. CRU published an insight before this announcement, noting that more restrictive trade policy could significantly raise the cost of marginal supply […]
US and Canadian rig counts stabilize
US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.
Plate market sources critique mill hikes amid current market conditions
Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."
Oregon Steel Mills lifts plate prices by $60/ton
Oregon Steel Mills has joined other producers in announcing a price increase of at least $60 per short ton on steel plate.