The construction MMI (Monthly Metal Miners Index) traded flat, dropping slightly by 0.07%. General volatility in metal prices remains a major issue for the index.
The nearly flat index contrasts sharply with the downward trend in 2022. In addition to metal price volatility, the integrity of the industry is being tested by a number of other issues. These include rising interest rates, labor shortages, global energy shortages and the absence of COVID.
For the month, most fuel surcharges in pubs continued to trend sideways. This has been the case over the past few months. The only exception was the weekly Midwest, which rose sharply ($0.16 per mile). At the same time, the price of commercial 1050 aluminum sheets in Europe has also risen significantly. This is mainly due to the ongoing lack of energy and the onset of cold weather. These complex issues slowed down production in Europe.
However, rebar prices in China have risen sharply. The channel could be fueled by uncertainty over COVID zero restrictions and fears that Chinese steel production could be cut.
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High interest rates will heavily impact construction in 2022. However, experts believe that the US construction industry will develop steadily in the long term, especially in the next 5-10 years. However, the question remains: can the supply chain keep up? Supply chain problems can affect not only metal prices, but the entire industry.
A recent article outlines how the pandemic is forcing many people to move out of cities and into more suburban areas in search of cheaper housing. This eventually stimulated a massive influx of housing construction. These homes will no doubt be in need of repairs and upgrades over the next few decades.
However, global supply chains are unlikely to recover easily as they have been disrupted by the pandemic, energy shortages and the ongoing situation in China. In fact, they can take years to recover. Obviously, this poses a serious problem. In fact, building materials such as steel rebar and aluminum panels are already under zero COVID pressure. As a result, the US construction industry is likely to remain tight in the short term.
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MetalMiner’s Raw Steel MMI’s December report discusses various steels that could hit rock bottom. The steel market remains uncertain for most grades and shapes. Prices for some metals continued to rise as China considered easing restrictions related to zero COVID-19. At the same time, concerns about metal extrusion can also lead to situations such as rebar kickback. The question is, how long will the rebar uptrend last?
It looks like the market is being pulled down by both bullish and bearish factors. More importantly, the world remains unsure whether China can bring COVID to zero, and if so, when. This put strong pressure on the steel and rebar market for purchases in China. The short-term trend for rebar remains unclear, although building materials in the US have recently experienced a shortage in demand due to high construction costs.
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Headings: Carbon steel, Commodities, Exports, Ferrous metals, World trade, Imports, Stock levels, Metal prices, Metal prices, Supply and demand
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Post time: Dec-27-2022