Category: Market

Schnitzer Steel Industries, Inc., posted its best results in more than a decade in its fiscal third quarter thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $63.6 million in the third quarter after losing approximately $5 million […] The post Schnitzer Profits Soar; Cascade Returning After Fire appeared first on Steel Market Update.

Though he admits it was not the original plan, Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves said Wednesday at AISTech that his company no longer intends to produce merchant pig iron for sale to competitors, as has been widely speculated. In the past two years, Cleveland-Cliffs has purchased AK Steel and ArcelorMittal USA, making it the largest […] The post Goncalves: Cliffs Has No Plans to Produce Merchant Pig Iron appeared first on Steel Market Update.

The dilemma is global warming, CO2 is just the proxy, Cleveland-Cliffs Inc. President and CEO Lourenco Goncalves said during the opening keynote speech at CRU’s Steel Decarbonization Strategies 2021 Virtual Conference. Cliffs’ top executive took a strong stance during his talk—which opened the first major event devoted exclusively to the topic of decarbonization in the […] The post Goncalves: Carbon Border Mechanism Could Replace Section 232 appeared first on Steel Market Update.

The dilemma is global warming, CO2 is just the proxy, Cleveland-Cliffs Inc. President and CEO Lourenco Goncalves said during the opening keynote speech at CRU’s Steel Decarbonization Strategies 2021 Virtual Conference. Cliffs’ top executive took a strong stance during his talk—which opened the first major event devoted exclusively to the topic of decarbonization in the […] The post Goncalves: Carbon Border Mechanism Could Replace Section 232 appeared first on Steel Market Update.

Ferrous scrap prices, like finished steel prices, have been on the rise for most of the year (see chart), but could see a pause in August. Sources tell Steel Market Update they expect obsolete grades to trade $20/GT lower next month, while prime prices will most likely remain unchanged. “Obsolete grades should trade in the […] The post Scrap Price Increases Likely to Pause in August appeared first on Steel Market Update.

Ferrous scrap prices rose by $20/GT for prime grades, but were unchanged for obsoletes, in trading for July. Prime supplies were influenced by the slowdown in automotive production, while obsolete prices reflect stable export demand. Sources tell Steel Market Update that prices in the Ohio Valley settled around $505-514/GT for shred, $500-510/GT for plate and […] The post Prime Scrap Sees $20 Increase in July appeared first on Steel Market Update.

Ferrous scrap prices are likely to rise again in July on top of the $50-60 per gross ton increase in June – but just how much remains unclear, according to Steel Market Update sources. “July expectations vary greatly,” said one dealer in the Northeast. “Most consumers are conceding prices will be up $20-50/GT depending on grade and […] The post Another Increase for Ferrous Scrap in July? appeared first on Steel Market Update.

Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Prices for all but one of the steelmaking raw materials tracked in this SMU analysis increased from May to June, with most products following large gains seen in […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.

By Michael Marley The mini sheet mills face a maxi problem, namely no additional supplies of prompt industrial scrap to feed their growing appetites for that raw material. As they move ahead with planned expansions of existing facilities and the construction of greenfield plants, electric arc furnace (EAF) steelmakers may be forced to rely on additional […] The post Prompt Industrial Scrap: A Big Shortage Decades in the Making 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 In June, HR futures prices have continued to push higher on an average daily volume of just over 17,000 ST […] The post Futures: HR, Busheling Prices Continue Slow March Higher as Capacity Issues Linger appeared first on Steel Market Update.