Our Materials Price Index (MPI) fell 2.4% last week, the sixth consecutive weekly drop. The retreat was not widespread, with only five of the MPI's ten sub-components declining. With last week's drop, the MPI is now down 11.5% since the end of July. Steel making raw materials were again the main contributor to the MPI's decline last week. Our ferrous sub-index was down 7.7% as both iron ore and scrap steel prices fell. Iron ore prices dropped to $135 a tonne, the lowest since November 2020, after peaking at $219 in July. Scrap prices declined for a tenth consecutive week. Prices have fallen from $518 a tonne in late ... (full story)