Metals & Mining


September 9, 2026

Metals & Mining Weekly: Lean, Not Loved — The Bull Case on the US Steel Tape Is a Freight Schedule, Not a Demand Story

By Gordon L. Johnson II

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…

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September 3, 2026

Metals & Mining Weekly: US Steel: Curve Repricing (Higher), Lean Channel, Lagged Realizations – Why Q3 Prints Higher Than Consensus

By Gordon L. Johnson II

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%…

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August 21, 2026

Metals & Mining Weekly: Canada Tariff Cut: Psychology Over Physics – Channel Check Points to ~+50kt/Month of Sheet, Not a Flood; the Equity Market Priced a Flood

By Gordon L. Johnson II

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…

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August 5, 2026

Metals & Mining Weekly: No Steel to Be Had — Nucor Hikes Again + HRC Prints 4-Yr High of $1,180/st as Sheet Inventories Crater -24% Y/Y to 2.0 Months + Lead Times Stretch to ~9 Weeks + the 50% Tariff Wall Prices Europe OUT + ISM Inflects +2.3pts = is the Squeeze (higher) Just Getting Started?

By Gordon L. Johnson II

LME Metal Prices Mostly Higher vs. Previous Close: Today, Copper +1.53% to $6.43/lb; aluminum -0.08% to $1.59/lb; nickel -2.13% to $8.80/lb; zinc +1.16% to $1.69/lb; lead +2.12% to $1.05/lb; gold +1.85% to $4,153/oz; silver +3.00%…

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July 8, 2026

US Steel Industry Channel Check — Boots on the Dock: Majestic Steel on 22 Hikes, Two Weeks of Silence, and Whether the Cycle Has Legs

By Gordon L. Johnson II

Q&A with Majestic Steel | Corroborated against SMU, Mysteel & CRU-settled market data The Bottom Line. We went back to the channel. After twenty-two consecutive weekly Nucor HRC price hikes — not a typo (Ex….

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July 7, 2026

Metals & Mining Weekly: Rising Imports + Widening Import Arbitrage + 2nd Straight Week Nucor Pauses Prices (After 23 Straight Weeks of Hikes) = N-Term Sentiment Drag

By Gordon L. Johnson II

LME Metal Prices Mostly Higher vs. Previous Close: Today, Copper -0.03% to $6.06/lb; aluminum +0.34% to $1.53/lb; nickel +0.16% to $8.54/lb; zinc +0.97% to $1.65/lb; lead -0.18% to $1.06/lb; gold +0.07% to $4,168/oz; silver -1.07%…

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June 23, 2026

Metals & Mining Weekly: Nucor Hits Pause After 22 Straight Weeks of Hikes — Is the Top In?

By Gordon L. Johnson II

LME Metal Prices Mostly Higher vs. Previous Close: Yesterday, Copper -0.70% to $6.15/lb; aluminum +0.43% to $1.61/lb; nickel -2.05% to $8.98/lb; zinc -0.68% to $1.65/lb; lead -0.66% to $1.09/lb; gold +0.86% to $4,191/oz; silver +0.45%…

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May 20, 2026

Metals & Mining Weekly: Fortress Europe, Build America – Twin Policy Tailwinds Meet a Wobbling Demand Signal

By Gordon L. Johnson II

LME Metal Prices Mostly Higher vs. Previous Close: Today, Copper -1.09% to $6.07/lb; aluminum +0.30% to $1.63/lb; nickel +1.05% to $9.56/lb; zinc -0.19% to $1.63/lb; lead -0.01% to $1.10/lb; gold +1.39% to $4,545/oz; silver +3.47%…

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April 15, 2026

Metals & Mining Weekly: Nothing Can Stop the “US HRC Spot Price Momentum Train”… at Least for Now

By Gordon L. Johnson II

LME Metal Prices Surge Higher vs. Previous Close: Yesterday, Copper +2.16% to $6.02/lb; aluminum +1.19% to $1.65/lb; nickel +3.03% to $9.25/lb; zinc +0.72% to $1.57/lb; lead +0.09% to $1.10/lb; gold +2.14% to $4,842/oz; silver +5.22% to…

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March 31, 2026

Metals & Mining Weekly: Supply Tightness Peaking, War Premium Enters the Equation

By Gordon L. Johnson II

LME Metal Prices Mostly Higher Today vs. Previous Close: Today, Copper +0.94% to $5.57/lb; aluminum +0.94% to $1.62/lb; nickel -0.39% to $9.02/lb; zinc +0.66% to $1.55/lb; lead +0.35% to $1.08/lb; gold +3.70% to $4,678/oz; silver +7.22%…

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March 11, 2026

Metals & Mining Weekly: Framing the Setup Into 1Q’26 Steel Earnings Results

By Gordon L. Johnson II

LME Metal Prices Mixed Today vs. Previous Close: Today, Copper +1.34% to $5.92/lb; aluminum +2.25% to $1.66/lb; nickel -1.29% to $9.32/lb; zinc +0.11% to $1.61/lb; lead -0.17% to $1.10/lb; gold -0.23% to $5,180/oz; silver -1.90% to…

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March 2, 2026

Metals & Mining Weekly: Nucor Spot Prices Tops $1,000/ton; US Supply Surges to >4yr High

By Gordon L. Johnson II

LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -1.92% to $5.92/lb; aluminum +0.94% to $1.57/lb; nickel -2.00% to $9.32/lb; zinc -0.48% to $1.61/lb; lead -0.35% to $1.10/lb; gold +0.60% to $5,311/oz; silver -6.52% to…

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February 18, 2026

Metals & Mining Weekly: U.S. Mills Maintain the Upper Hand, But Price Hikes Slow to Stick

By Gordon L. Johnson II

LME Metal Prices Flat-to-Higher vs. Previous Close: Today, Copper +2.35% to $5.83/lb; aluminum flat at $1.53/lb; nickel flat at $9.20/lb; zinc flat at $1.59/lb; lead +0.86% to $1.09/lb; gold -0.23% to $5,046/oz; silver +6.24% to $78.11/oz;…

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February 10, 2026

Metals & Mining Weekly: U.S. Mills Keep Pushing – But Spreads Are Doing the Talking

By Gordon L. Johnson II

LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -0.36% to $5.92/lb; aluminum -0.28% to $1.54/lb; nickel -0.39% to $9.16/lb; zinc -0.89% to $1.60/lb; lead +0.86% to $1.09/lb; gold -0.23% to $5,046/oz; silver -1.60% to…

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February 2, 2026

Metals & Mining Weekly: U.S. HRC Lead Times Edge Lower w/ U.S. HRC Spot Prices Near Multi-Month High = Seasonality ‘Headwinds’ Nearing?

By Gordon L. Johnson II

LME Metal Prices Mostly Lower vs. Previous Close: Today, Copper -3.41% to $5.94/lb; aluminum -5.12% to $1.55/lb; nickel -3.8% to $9.15/lb; zinc -3.92% to $1.63/lb; lead -1.4% to $1.09/lb; gold -4.45% to $4,676/oz; silver -8.26% to…

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