Metallics prices have fallen in most global markets over the last month, driven by weak steel demand and improved metallics supply. Lower finished steel prices and EAF margins have weighed heavily on metallics prices across major markets. Scrap bids from key buyers have reduced further amid ample availability, while recent pig iron price cuts have […] The post CRU: Weak Demand Pushes Global Scrap Prices Down appeared first on Steel Market Update.
Domestic scrap prices continued to tumble this month on soft demand and strong inbound scrap flows, but the market could come into balance in July, sources said. “After this more-than-expected drop in prices for June, the market next month should be sideways at worst,” one source said. He noted that the export market remains firm and […] The post US Scrap Prices Sink in June on Weak Demand appeared first on Steel Market Update.
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Prices of steelmaking raw materials have been largely on the decline over the last 30 days, as they were the month prior, the exception being pig […] The post Steelmaking Raw Materials Update: Price Declines Continue appeared first on Steel Market Update.
On May 28, current Turkish President Recep Tayyip Erdogan won the Turkish presidential election in the runoff with 52.1% of the vote. We therefore expect the Turkish economy to maintain its current unorthodox macroeconomic course with a relatively loose monetary policy, although inflation is enormously high. The New Turkish Economic Model The Turkish economy, including […] The post CRU: What Erdogan’s Re-election Means for the Turkish Economy appeared first on Steel Market Update.
June is expected to be a weaker month for scrap prices, but there is still a lot of uncertainty, especially with the Turkish elections set for Sunday, according to scrap market sources. “The mood is generally bearish, but I think the bears are a little too far out over their skis with the prognostications for […] The post June Scrap Outlook Weak, Turkish Election Leads to Uncertainty appeared first on Steel Market Update.
Scrap price falls have continued, now affecting all major markets. Previously, the market weakness was due to macroeconomic concerns but is now due to weak steel demand. Turkish scrap buying has been underwhelming, while Chinese scrap consumption has been reeling back as the steel outlook turns sour. Poor Steel Demand and Production Weigh on Scrap […] The post CRU: Scrap Prices Fall as Demand Outlook Falters appeared first on Steel Market Update.
The spread between hot-rolled coil (HRC) and prime scrap prices narrowed in May from April after having widened since the beginning of the year, according to Steel Market Update data. Both SMU’s hot-rolled coil price average and busheling prices dropped this week. Our hot-rolled coil average slipped $15 per ton week over week to $1,105 per ton ($55.25/cwt) […] The post HRC, Prime Scrap Price Spread Narrows in May appeared first on Steel Market Update.
After surprising the market watchers of HR futures in the first week of May, the index finally gave back $40 per short ton (ST) in the second week, coming in just shy of $1,130/ST. Interestingly, the May futures settlement was almost unchanged from April 10 . While the market may be in a hurry for price […] The post Futures: The Slow Erosion of HR Prices appeared first on Steel Market Update.
US scrap prices fell across the board in May, and expectations are that June could move lower still on weaker global demand. “Domestic demand was generally decent aside from several mills in the Ohio Valley that had substantially reduced buy programs,” one scrap source said. “Ironically, Ohio is still home to the strongest ferrous scrap market […] The post US Scrap Prices Slip Again in May, June on Shaky Ground appeared first on Steel Market Update.
Domestic scrap prices are expected to fall in May, market sources told SMU. “Despite decent domestic demand, the recent and apparently continuing drop in the global scrap price will pressure US prices in May,” one market source said. “The global market for finished steel and semis is oversupplied, and Turkish demand is in a holding […] The post Lower Global Scrap Prices Seen Pressuring US Tags appeared first on Steel Market Update.