In the near term, ferrous scrap prices are heading down. But in the long term – with the proliferation of electric arc furnace (EAF) steelmaking around the globe putting added pressure on scrap supplies – the price trend for scrap is definitely pointing upward. The cost of scrap and other metallics is of high interest […] The post Ferrous Scrap Trends: Lower in September, But Higher Long Term appeared first on Steel Market Update.
Steel Dynamics’ top executive said he remains very optimistic about the market’s outlook, especially for the balance of 2021, but expects the trend to carry well into 2022. “I’m really bullish,” said Mark Millett, SDI’s president and CEO, during a fireside chat at SMU’s 2021 Steel Summit on Tuesday in Atlanta. “We’re booking for December […] The post SMU Steel Summit: Millett Sees “Good Times Ahead” for the Industry 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 While the hot rolled index continues to grind higher, coming in at just under $1,900/ST, HR futures prices also moved […] The post Hot Rolled Futures: Increasing Headwinds appeared first on Steel Market Update.
Settling on the direction of SMU’s Price Momentum Indicators has been an easy task for the past year. Prices on all products were clearly moving upward week after week as demand continued to outstrip supplies. Today, the market is changing, and the trend is less clear. Determining price momentum is considerably trickier. SMU does not […] The post Final Thoughts appeared first on Steel Market Update.
The 2021 SMU Steel Summit started with a bang on Monday morning. Turns out it was a transformer that blew. Just as the opening video and music was revving up and host John Packard was getting into his opening remarks, the Georgia International Convention Center was plunged into darkness save for some emergency lighting. Thinking […] The post Final Thoughts appeared first on Steel Market Update.
BlueScope Steel Ltd. posted record earnings in its 2021 fiscal year thanks to strong demand and record metal spreads. All told, the Australian steelmaker – the parent company of Delta, Ohio-based North Star BlueScope – recorded net profit of Australian $1.19 billion ($870 million U.S.) in its fiscal year ended June 30, 2021, up more […] The post BlueScope Posts Record Profits, North Star Benefits from Ballooning Spreads appeared first on Steel Market Update.
By CRU Senior Editor Ryan McKinley, from CRU’s Steelmaking Raw Materials Monitor The CRU metallics price indicator (CRUmpi) fell by 4.8% in August to 393.8, making it the first reading below the 400 level since May. Price falls for scrap and HBI were similar in scale, but pig iron prices have moved notably lower. Demand […] The post CRU: Falling Demand Weighs on Global Metallics Prices appeared first on Steel Market Update.
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor Prices fell w/w in southern Europe and China but were stable in Asia and up somewhat in India. Prices in the U.S. again were the outlier this week, rising by three times as much as anywhere else. In fact, the differential between U.S. […] The post CRU: Sheet Price Direction Split Depending on Import Exposure appeared first on Steel Market Update.
As scrap prices for August were settling today, obsolete grades generally traded down $20/GT, while prime grades traded sideways, sources tell Steel Market Update. Late reports indicated busheling may be down $10 in the South. Ferrous scrap prices factor into the mills’ costs and how much they charge for finished steel products. The drop in […] The post Ferrous Scrap: Down $20 for Obsoletes in August appeared first on Steel Market Update.
Looking for Signs One year ago, benchmark hot rolled prices bottomed at $440 per ton ($22.00/cwt). Since then, steel prices have been on a tear with spot hot rolled more than four times higher at nearly $1,900 per ton ($95.00/cwt). The net result from this 52-week march higher is the way steel buyers view the […] The post SMU CEO Discusses Signs That Will Point to Lower Steel Prices appeared first on Steel Market Update.