Ferrous scrap prices saw an unexpectedly big jump in November, with shredded scrap selling as high as $75/GT above October levels. Prime scrap rose $20/GT, sources tell Steel Market Update. Observers were expecting higher prices in November on strong export demand and some seasonal tightening of supplies, but were surprised by the size of the […] The post Ferrous Scrap Prices See Big Bump in November appeared first on Steel Market Update.
BlueScope Steel plans to acquire U.S. ferrous scrap recycler MetalX LLC for $240 million. MetalX is the leading scrap supplier to North Star BlueScope, the Australian steelmaker’s electric arc furnace (EAF) sheet mill in Delta, Ohio. The deal is expected to close by the end of December, BlueScope said in a press release. MetalX operates […] The post BlueScope to Buy MetalX as Mills’ Scrap Acquisition Spree Accelerates appeared first on Steel Market Update.
Algoma Steel Group Inc. and Triple M Metal LP have formed a joint venture – ATM Metals Inc. – to source prime scrap and other iron units for the Canadian flat-rolled steelmaker. The tie up between Triple M, one of North America’s largest private scrap recyclers, and Sault Ste. Marie, Ontario-based Algoma comes as the latter is […] The post Algoma and Triple M Form Prime Scrap Sourcing JV appeared first on Steel Market Update.
With record third-quarter earnings of $2 billion in the bank, U.S. Steel President and CEO David Burritt offered a bullish outlook for the steel industry and his company in 2022. Highlights of the company’s earnings call on Friday included an update on the steelmaker’s progress in finding a site for its new electric arc furnace […] The post U.S. Steel Eyes New Pig Iron Plant at Gary, New Coating Line at Big River appeared first on Steel Market Update.
Cleveland-Cliffs Inc. has restarted the No. 7 blast furnace at its Indiana Harbor steel mill in northwest Indiana following a reline. “We just concluded the repair of Indiana Harbor No. 7. … We finished 24 hours ahead of schedule,” company Chairman, President and CEO Lourenco Gonvalves said during a conference call with analysts on Friday, […] The post Cliffs Completes Reline at Indiana Harbor No. 7, Pulls Other Outages to Q4 appeared first on Steel Market Update.
Cleveland-Cliffs Inc.’s earnings skyrocketed higher in the third quarter, and the steelmaker predicted that higher priced contract deals would protect it from any slip in spot prices in future quarters. The Cleveland-based steelmaker recorded net income of $1.28 billion in the third quarter of 2021, up from a mere $2 million in the same quarter […] The post Cliffs Q3 Earnings Surge Higher, Contracts Seen as Buffer to Spot Declines appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Three minutes of weightlessness before gravity takes hold! This month has been a mixed bag in HR futures. Lack of a […] The post Hot Rolled Futures: Mixed Bag Leaves Market Divided appeared first on Steel Market Update.
Prices for four of the seven steelmaking raw materials tracked in this SMU analysis increased over the last 30 days. Through Oct. 20, zinc prices shot up 24% over one month prior, iron ore prices rebounded 18% in one month’s time, aluminum prices rose 9%, and coking coal prices increased 8%. In that same time […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.
Steel Dynamics’ President and CEO Mark Millett expects “transformational change” from SDI’s new electric arc furnace mill nearing completion in Sinton, Texas. “We are not simply adding flat rolled steel production capacity. We have a differentiated product offering, a unique regional supply chain solution, a significant geographic lead time advantage and offer a sustainable alternative […] The post SDI Expects “Transformational Change” from New Sinton Mill appeared first on Steel Market Update.
Steel Dynamics Inc. (SDI) posted yet another new quarterly profit record on record-high flat-rolled steel prices. And the Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker thinks that the record times could roll into the fourth quarter as well. “Domestic steel demand remains solid in our automotive, construction, and industrial end markets. We believe this […] The post SDI Posts Record Profits (Again!) in Q3 on High Steel Prices appeared first on Steel Market Update.