After a holiday period that saw HR futures volumes somewhat muted in December, the first week of January brought with it increased interest reflected in higher volumes. The post HRC futures: Ferrous indexes do not reflect future price expectations appeared first on Steel Market Update.
US scrap prices for January remained unsettled as of early Thursday afternoon, according to market sources. The post January scrap tags on wild ride in still unsettled market appeared first on Steel Market Update.
European scrap prices were stable to down m/m in January. Market participants slowly began to return to the market after the holidays, while sales stay slow. Scrap quotes currently range between €355 /t–€390 /t depending on the grade and country. European scrap market participants cited weak demand as buyers and sellers were gradually returning to […]
Pig iron prices rose m/m in all major regions aside from Europe on improved buying. Demand in the US remains robust while market participants report that availability of Brazilian material increased after tightening a month prior. Meanwhile, Ukrainian export capacity increased due to greater access to temporary sea corridors. In the CIS, pig iron prices […]
The CRUmpi declined by 1.1% m/m to 330.7 in January, compared to a 5.5% m/m increase in January 2023. Metallics prices typically rise in January due to tighter supply of both prime and obsolete grades of scrap. However, steady automotive production and a milder winter thus far in most major supply markets resulted in greater […]
Scrap prices rose m/m in South Korea and China due to mills' restocking purchase while these stayed unchanged in Southeast Asia and Japan because of slow market activity. Chinese scrap prices rose to RMB3,060 /t in early January, recording a 150 /t m/m growth. This was mainly due to mills' winter restocking purchase for scrap […]
The US scrap trade was still being finalised at the time of writing, and the tug-of-war between mills and dealers left the market in limbo for several days. Detroit and Midwest mills initially entered the market with bids lower m/m for both prime and secondary grades, but dealers were pushing to keep prices flat. Ultimately, […]
I expected that we’d start off January with prime scrap prices modestly up if for no other reason than industrial activity typically slows down over the holidays. And mills’ appetite for scrap typically increases in anticipation of stronger Q1 order activity. The post Final thoughts appeared first on Steel Market Update.
Suez Canal disruption keeps scrap local in Europe There has been an increase in freight rates and shipping times as a result of hostilities in the Red Sea which has forced shipments between Europe, the Middle East and Asia to take longer routes around South Africa. This has led to improved availability of scrap in […]
I’d have been surprised if anyone told me just last week that the January scrap market might move lower. What we saw on Friday were offers. Not settlements. And no doubt there are still some twists and turns in store before we can say for sure which way scrap will go. The post Final thoughts appeared first on Steel Market Update.