Category: Prices

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.

When the books are written on a historic year for steel prices, we will probably look back at August and September as the months when things started falling apart. Why? Because that’s when the extraordinay gaps – between U.S. steel prices and those abroad, between steel prices and scrap prices, and between market senitment and […] The post Final Thoughts appeared first on Steel Market Update.

Cleveland-Cliffs Inc. has agreed to acquire Midwestern scrap recycler Ferrous Processing and Trading Co. (FPT) for $775 million. The deal means the Cleveland-based steelmaker has secured its own reserves of prime scrap, which Cliffs Chairman, President and CEO Lourenco Goncalves has previously characterized as a “precious metal.” FPT recorded earnings before interest, taxes, depreciation and amortization […] The post Cliffs Enters Scrap in a Big Way with $775M Deal for FPT appeared first on Steel Market Update.

Cleveland-Cliffs Inc. has agreed to acquire Midwestern scrap recycler Ferrous Processing and Trading Co. (FPT) for $775 million. The deal means the Cleveland-based steelmaker has secured its own reserves of prime scrap, which Cliffs Chairman, President and CEO Lourenco Goncalves has previously characterized as a “precious metal.” FPT recorded earnings before interest, taxes, depreciation and amortization […] The post Cliffs Enters Scrap in a Big Way with $775M Deal for FPT 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 The hot rolled futures market was interesting this week as a strong reported decline in spot HR prices surprised many. The […] The post Hot Rolled Futures: Market Pauses to Read the Tea Leaves appeared first on Steel Market Update.

Schnitzer Steel Industries, Inc., expects to deliver its best fiscal fourth quarter operating performance since 2011 thanks to high prices and strong demand for both ferrous and nonferrous scrap, as well as strong demand for finished steel products. The Portland Ore.-based scrap recycler and long steel producer announced preliminary results for its fourth quarter and […] The post Schnitzer Expects Best FYQ4 Results in a Decade appeared first on Steel Market Update.

By CRU Senior Editor Ryan McKinley, from CRU’s Steel Sheet Products Monitor Sheet prices outside of the USA fell markedly this week as demand declines and inventories build. The largest of these declines occurred in Europe, as lower-priced imports forced Italian domestic prices to fall below the €1,000 /t mark for the first time since […] The post CRU: Price Declines Outside of the USA Accelerate appeared first on Steel Market Update.

Price dynamics in the steel market are starting to resemble an inverted yield curve, and market participants should treat the situation with appropriate caution. Plate mills and tube producers have announced significant price increases: $75 for tubular products ($3.75 per cwt), $80 per ton for plate and as much as $240 per ton for quenched and […] The post Final Thoughts appeared first on Steel Market Update.

After a small decline in October, ferrous scrap prices are expected to strengthen in November and beyond on strong export demand and tightening seasonal supplies, sources tell Steel Market Update. CRU Senior Analyst Ryan McKinley sees upward momentum for scrap prices in the weeks and months ahead. Export demand is increasing, he said, pointing to […] The post Ferrous Scrap Prices Likely to Rise in November appeared first on Steel Market Update.

With trading still winding down today, it appears ferrous scrap prices for October will settle down $20/GT on prime grades and sideways for obsoletes. Most Steel Market Update sources expect scrap prices to start moving higher in the months ahead. “After Cleveland-Cliffs bought busheling last week basically sideways, the U.S. mills stubbornly waited a week […] The post Prime Scrap Trades Down $20/GT in October appeared first on Steel Market Update.