Industrial Metals Prices Rose Again The Past Month
As Lisa Reisman, executive editor of MetalMiner wrote in the latest edition of MetalMiner Index, “Tariffs were once again the talk of the metals world this past month.” But they are not the whole story, as other factors are also driving up prices for industrial metals. Critically for foodservice equipment and supplies, the MMI Stainless Index jumped 8.3% in the June reading.
Of four metals most widely used in foodservice E&S, only copper prices held steady during the past month. Aluminum prices rose another 1% and raw steel prices were up 3.4%. U.S. prices for raw steels such as hot- and cold-rolled coil and galvanized, are running at seven-year highs, according to MMI data. Aluminum prices are being affected by sanctions on Russia that have limited supply from a huge Russian producer. While copper prices held steady, prices began to rise again during the first half of June and MMI warns that closures and mine disruptions are limiting supply as demand rises.
Stainless prices are rising as the price of nickel and chromium are both rising sharply. The increased price of the raw steel base is also a factor in the stainless increases.
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