Our Research

Nucor and Steel Dynamics just missed on the three things Cleveland-Cliffs doesn’t have. Read the releases, not the tape. Bottom Line After the close, NUE and STLD guided 3Q26E earnings below consensus. The market’s reflex…

Siemens Energy at Laguna: delivery slots, capacity discipline, the service tail nobody was asking about, and why a rocket company wants to make turbine vanes. Notes from the session, which GLJ was privileged to join…

Polysilicon Futures Spot Contract Price (CNY$36,835/ton = $5.27/kg) – down 2.07% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 9/16/2026 Note: EnergyTrend discontinued slurry saw price…

A resale market for gas-turbine delivery slots has opened. The first price tells us the line is real. The sellers tell us how the “night is going to go”. Bottom Line Someone just sold their…

A Democratic sweep in November gets residential solar a bill, not a law. Meanwhile the IRS has found the industry’s soft spot. What our latest Washington check means for RUN, ENPH and SEDG. Bottom Line…

A cyclical gas-turbine manufacturer priced as a secular compounder. The 2027 vintage disappoints, the 2029-30 capacity wave lands on the richest backlog, and the free cash flow the market is paying 39x EBITDA for belongs…

We ran a check with a top-tier national flat-rolled service center to pressure-test the +36% HRC melt-up. The read: this rally is built on lean inventories, import displacement and mill discipline — not end-demand. It…

Polysilicon Futures Spot Contract Price (CNY$37,615/ton = $5.38/kg) – up 1.90% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 9/9/2026 Note: EnergyTrend discontinued slurry saw price…

The vehicle went into service in Austin last night, which is not nothing. Everything the stock was waiting for (how many, at what price, under whose rules) went unanswered. Sell-the-news. The Short Version We’ve learned…

LME Metal Prices Mostly Higher vs. Previous Close: Yesterday, Copper -0.70% to $6.50/lb; aluminum +0.92% to $1.64/lb; nickel +2.14% to $8.78/lb; zinc +0.28% to $1.80/lb; lead -0.02% to $1.09/lb; gold +2.56% to $4,494/oz; silver +2.89%…

Polysilicon Futures Spot Contract Price (CNY$36,900/ton = $5.26/kg) – down 2.0% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 9/2/2026 Note: EnergyTrend discontinued slurry saw price…

Twelve deals are through their loss triggers; mark the 90+ pipeline at zero recovery and it is twenty-four. None of them are Sunrun’s, which is the point — this file sets the price of residential…

Polysilicon Futures Spot Contract Price (CNY$37,645/ton = $5.37/kg) – down 0.4% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 8/26/2026 Note: EnergyTrend discontinued slurry saw price…

CLF -12.8%, NUE -11.8%, STLD -15.2% in three sessions on the Section 232 headline, while HRC futures fell -0.2% and Nucor’s CSP held an 11-month-high $1,170/ton. We reconcile the gap with a proprietary channel check…

A record backlog does not pay anyone until it ships. Fluence has to put 47% of its fiscal year through one quarter, out of two factories that just failed, and our rebuilt model says doing…