In the twelve months of 2014, ferrous scrap exports totaled 15,308,000 tonnes (metric tons), down by 17.1 percent from the same period in 2013. In the single month of December scrap exports were 1,056,570 tonnes, down 21.5 percent from November. Figure 1 shows that the three month moving average (3MMA) has been declining slightly for […] The post US Steel Scrap Exports Drop 17.1% During 2014 appeared first on Steel Market Update.
As we reported last week, prior to negotiations beginning for the month of February market players were predicting ferrous scrap prices would drop by $30-$50 and then $50-$70 per gross ton. Then we heard prices would drop by $100 per gross ton over the months of February and March combined. When the smoke cleared at […] The post Ferrous Scrap Pricing Drops $80 to $110 appeared first on Steel Market Update.
For some reason, we made an error when setting up this newsletter yesterday evening that stopped it from being published. We apologize for the delay in getting it to you. Earlier this week ferrous scrap pricing in Detroit settled at down $100 per gross ton on prime grades of scrap such as #1 busheling and […] The post Final Thoughts appeared first on Steel Market Update.
The domestic steel mills and their ferrous scrap suppliers traditionally negotiate pricing on scrap to be delivered during the first few days of the new month. This means the mills and their suppliers are deep into negotiations regarding February scrap purchases right now. Last week the word amongst the “scrappies,” as well as their mill […] The post Ferrous Scrap in Free Fall? appeared first on Steel Market Update.
Steel Market Update (SMU) ferrous scrap sources are advising us that the scrap market pricing have not settled yet. It seems that every periodical wants to fan the flames of scrap price collapsing (and we do our share as well I suppose) before the final numbers are locked in. Keep that in mind when evaluating […] The post Final Thoughts appeared first on Steel Market Update.
Steel Market Update thought it might be worthwhile to pick out some of the comments made by Steel Dynamics CEO Mark Millett during his earnings conference call with analysts late last week. We have focused on comments made about foreign steel, scrap, energy markets and the new Columbus facility. Each of the comments made are […] The post Steel Dynamics CEO Talks Imports, Scrap, Columbus and Energy Markets appeared first on Steel Market Update.
During Nucor’s earnings conference call the company’s CEO, John Ferriola told the analysts that scrap prices would drop “dramatically” during the 1st Quarter 2015. He told the analysts that steel prices have already gone down and scrap prices “have to” follow. Our scrap sources are telling us that lackluster demand at the steel mills, weak […] The post Ferrous Scrap Prices Poised for Sharp Downturn in February appeared first on Steel Market Update.
I was conversing with a consulting friend who reported to me that steel prices are taking a beating in Europe. He referenced hot rolled prices being offered out of Russia into Europe for 365 to 375 euros. He also reported that the sales of the Italian steel mill, ILVA would not succeed and the mill […] The post Final Thoughts appeared first on Steel Market Update.
A paradigm shift seems to be underway in the HRC futures market now that prices have broken through the critical support level of $600. The CRU is now at $584, which is down over 10 percent from around $665 just three months ago. With futures contracts trading at $580 per ton for the first half […] The post Hot Rolled Futures: Prices Move Lower in 2015 appeared first on Steel Market Update.
The following article comes to us from one of our Asian scrap sources, Damon Sun of Daido International. The Asian scrap market is a bit quiet and continued slow downtrend as scrap metal pricing tries to find parity with iron ore. A rough calculation of scrap to iron ore is a ratio of 3.5 to […] The post Asian Scrap Market Pricing Trying to Find Parity with Iron Ore appeared first on Steel Market Update.