Metals & Mining


January 27, 2026

Two of the “Big Three” U.S. Steel Mills Reported Earnings Yesterday… and Wall Street Appears Worried

By Gordon L. Johnson II

Bottom Line: Yesterday, before the open, Steel Dynamics (STLD; NC) reported results that missed on the top line and generated just $84mn of Q4 free cash flow – far short of the ~$210mn the market…

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January 22, 2026

Metals & Mining Weekly: Metals Mostly Firmer as U.S. Sheet Tightens, Plate Lags, and Iron Ore Slips

By Gordon L. Johnson II

LME Metal Prices Mostly Higher vs. Previous Close. Copper +0.17% to $5.79/lb; aluminum +0.32% to $1.56/lb; nickel +0.31% to $9.49/lb; zinc +0.61% to $1.58/lb; lead +0.11% to $1.11/lb; gold -0.20% to $4,822/oz; silver +0.58% to $93.59/oz;…

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January 15, 2026

Metals & Mining Weekly: HRC vs. Prime Spread Widens Further in January

By Gordon L. Johnson II

LME Metal Prices Surged Higher Yesterday. Copper -0.13% to $6.00/lb; aluminum +1.22% to $1.61/lb; nickel +0.59% to $9.56/lb; zinc +0.67% to $1.59/lb; lead +0.33% to $1.13/lb; gold +0.87% to $4,626/oz; silver +6.70% to $92.78/oz; platinum +2.57%…

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January 8, 2026

Metals & Mining Weekly: Prices Up, Reality Down – Markets Bid on Hope, Not Demand

By Gordon L. Johnson II

LME Metal Prices Mostly Higher Yesterday. Copper -2.55% to $5.86/lb; aluminum +1.20% to $1.58/lb; nickel +4.76% to $9.85/lb; zinc +0.06% to $1.57/lb; lead +0.55% to $1.14/lb; gold -0.79% to $4,459/oz; silver -3.34% to $78.55/oz; platinum -5.67%…

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December 19, 2025

Metals & Mining Weekly: US HRC Steel Prices Hold Firm Near $900/st as Mill Discipline Keeps Lead Times Steady

By Gordon L. Johnson II

LME Metal Prices Mostly Higher Yesterday. Copper +1.28% to $5.33/lb; aluminum +0.40% to $1.41/lb; nickel +1.24% to $7.53/lb; zinc +0.53% to $1.48/lb; lead +0.27% to $1.08/lb; gold -0.21% to $4,329/oz; silver -1.39% to $65.34/oz; platinum +1.28%…

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December 11, 2025

Metals & Mining Weekly: Our Take Heading Into Next Week’s Q4 Steel Updates, HRC vs. Prime Scrap Spreads Widen Further, & Import Arbitrage Risk Back “in Play”

By Gordon L. Johnson II

LME Metal Prices Mostly Higher vs. Yesterday’s Close. Copper +0.74% to $5.29/lb; aluminum +0.47% to $1.41/lb; nickel -0.02% to $7.66/lb; zinc +0.10% to $1.48/lb; lead +0.82% to $1.10/lb; gold -0.40% to $4,212/oz; silver +0.71% to $62.25/oz;…

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December 4, 2025

Metals & Mining Weekly: U.S. Plate Market Celebrates Producer Price Increases & HRC “Price Hike Parade” Appears Set to Continue (bullish)

By Gordon L. Johnson II

LME Metal Prices Mostly Lower vs. Yesterday’s Close. Copper -1.15% to $5.19/lb; aluminum +0.72% to $1.41/lb; nickel +0.02% to $7.75/lb; zinc +0.42% to $1.46/lb; lead +0.07% to $1.10/lb; gold -0.11% to $4,198/oz; silver -1.66% to $57.53/oz;…

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November 26, 2025

Metals & Mining Weekly: Prices Likely Have Further Upside from Here on Lackluster Imports + Seasonal Maintenance (steel stocks likely to continue to outperform)

By Gordon L. Johnson II

Bottom Line Current Situation. Over the last two weeks, spot HRC has done exactly what the setup suggested – it’s drifted higher, up roughly 5%, with today’s +5.4% d/d surge to $900/st marking the strongest…

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November 21, 2025

Metals & Mining Weekly: Does Surge in SMU Mill Order Index + Rising US HRC Lead Times = Light at the End of the ‘Steel Fundamentals Tunnel’?

By Gordon L. Johnson II

LME Metal Prices Mixed vs. Yesterday’s Close. Copper -0.06% to $4.87/lb; aluminum +0.15% to $1.37/lb; nickel +0.37% to $7.54/lb; zinc +0.01% to $1.43/lb; lead +0.13% to $1.10/lb; gold -0.02% to $4,077/oz; silver -1.35% to $50.66/oz; platinum…

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November 13, 2025

Metals & Mining Weekly Update: US Spot HRC Prices Are Edging Higher; Yet Higher Domestic Output & Weak Demand Suggest Typical Seasonal Upside will be “Capped”

By Gordon L. Johnson II

LME Metal Prices Mostly Higher vs. Yesterday’s Close. Copper +0.22% to $4.91/lb; aluminum +0.44% to $1.38/lb; nickel -0.57% to $7.71/lb; zinc -0.18% to $1.44/lb; lead +0.48% to $1.12/lb; gold +1.66% to $4,195/oz; silver +3.96% to $53.25/oz;…

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November 6, 2025

Metals & Mining Weekly Update: US Sheet Demand Remains a “Problem” and Industry Insiders Remain Skeptical Headed into 2026E

By Gordon L. Johnson II

LME Metal Prices Mostly Higher vs. Yesterday’s Close. Copper +0.24% to $4.84/lb; aluminum +0.89% to $1.37/lb; nickel flat at $7.68/lb; zinc +0.14% to $1.44/lb; lead -0.49% to $1.11/lb; gold +0.22% to $3,988/oz; silver +0.56% to…

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September 24, 2025

Metals & Mining Snapshot (“The Daily Smelt”): September 24

By Gordon L. Johnson II

LME metal prices mostly lower vs. previous close. Copper flat at $4.50/lb; Nickel +0.19% to $7.73/lb; Aluminum -0.19% to $1.32/lb; Zinc -0.35% to $1.39/lb; Lead -0.46% to $1.08/lb; Gold -0.07% to $3,762/oz; silver -0.33% to $44/oz;…

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September 15, 2025

Metals & Mining Snapshot (“The Daily Smelt”): September 15

By Gordon L. Johnson II

Our Inaugural Metals & Mining Daily Snapshot. Welcome to the first edition of our Metals & Mining Daily Snapshot. Starting tomorrow, you’ll have this in your inbox at 7am every morning – think of it…

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September 4, 2025

Steel Industry Monitor: Waiting for an ‘Upturn’, While Reality Keeps Delivering ‘Flatlines’

By Gordon L. Johnson II

What’s Inside? Twenty-three exhibits capturing the core industry trends that will likely dictate North American steel pricing in the months ahead. Conclusion. Spot HRC prices have held mostly steady over the past two weeks, but…

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December 28, 2023

GLJ Macro Weekly – What if the Same “Catalyst” that Sparked the Record 4Q23 Stock Market Surge is Set to Force the Fed’s Hand on Resetting Rate Cut Expectations (Meaning a Sell-Off is Near)?

By Gordon L. Johnson II

Did Janet Yellen Intentionally Squeeze the Long-Duration Bond Shorts with her 10/31/23 Quarterly Refunding Announcement (“QRA”), and is it About to Make the Fed’s Job a Lot Harder? By way of background, we remind our…

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