The December Monthly Metals Index (MMI) report is in the books.
While a few sub-indexes saw some gains from November to December — Copper, Global Precious Metals and Automotive MMIs, among them — the real story seemed to be the decline in Raw Steels and Stainless MMIs as we head into the new year.
Several highlights from this month’s report:
- U.S.-China trade relations still have outsize influence on what’s happening in metals and commodities markets. The U.S. has agreed to hold off on a scheduled tariff hike — from 10% to 25% as of Jan. 1 on $200 billion worth of tariffs imposed in September — as the two parties have launched a 90-day negotiating period.
- One of the biggest losers was the Raw Steels MMI, dropping 4.6% for the month. The recent slowdown in domestic steel price momentum led to the decline. Domestic steel prices recently decreased sharply on the back of slower demand and softer Chinese prices.
- LME nickel prices traded lower in November, continuing the six-month downtrend that started back in June 2018, and driving the Stainless MMI down for the month of December.