MetalMiner

Ukraine regained some of its mojo since war broke out with Russia almost two years ago, at least as iron ore is concerned. In fact, it is possible this will have significant repercussions for iron ore prices.

Overall, the Copper Monthly Metals Index (MMI) retraced to the downside, with a 3.56% decline from October to November.

The November Automotive MMI ( Monthly Metals Index ) found slightly more upward momentum than the prior month. While the index remained sideways, price action rose by 2.33%. That said, the US automotive market could witness headwinds from a combination of factors. First, Donald Trump`s win in the US election could mean incoming tariffs that will impact the overall automotive market.

The Aluminum Monthly Metals Index (MMI) steadied, with a 1.38% rise from October to November.

The Construction MMI ( Monthly Metals Index ) managed to break out of its sideways trend, moving up by 6.73%. Construction news indicates that the market could see more bullish sentiment if the Fed continues its dovish stance on interest rates, dropping them steadily (get weekly updates on macroeconomic news impacting your metal buy with our weekly newsletter).

Are we seeing the first offshoots of a recovery in China’s steel industry? Some media outlets report that Chinese steel output turned positive for the first time in four months. This comes in the wake of the government’s efforts to restart the domestic economy, coupled with an improvement in demand for steel.

The Global Precious Metals MMI ( Monthly Metals Index ) witnessed considerable bullish sentiment once again. Month-over-month, the index rose 6.48%. After the election, precious metals prices quickly responded to the outcome and the expected policy directions of the new Trump administration. While the index had been rising in the prior two months, prices began to decline once the election results came in.

Big changes seem to be coming for the steel industry in Europe and the U.S. The European Commission, the executive arm of the EU, recently put forth a masterplan for a new industrial strategy in the 27-member bloc. Mainly the work of former Italian Prime Minister Mario Draghi, who now serves as special adviser to EC President Ursula von der Leyen, the plan hopes to boost HRC demand.

As President-elect Donald Trump prepares to assume office in January 2025, the industrial metals market is poised for a number of shifts. His proposed policies, particularly concerning tariffs and infrastructure development, are expected to influence metal prices both positively and negatively.

Global bauxite and aluminum prices have surged to a five-month high this month, driven by economic growth, growing supply concerns, a dip in the value of the U.S. dollar and the “China factor.” Currently, analysts predict that prices could rise further from current levels.