By CRU Analyst Alexander Ordosch Last week, Turkish scrap import prices increased by $8 /t to $233 /t CFR for HMS 80:20, based on one 40 kt deal from the U.S. Following a number of weeks of sizable deal volumes, the market quietened. This increase comes despite sharp falls in the U.S. domestic market again for October buys. The […] The post CRU: Turkish Scrap Import Price Rebound appeared first on Steel Market Update.
By CRU Principal Analyst Josh Spoores The North American sheet market has taken a turn for the worse. At a time when sheet demand and prices have already been stunted by a weaker trend of industrial growth and sheet demand, two recent events are only now starting to affect sheet prices: an on-going strike at […] The post CRU: Worst-Case Scenario in U.S.: GM Strikes as Scrap Costs Collapse appeared first on Steel Market Update.
SMU contributor Gaurav Chhibbar is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Gaurav’s previous role, he was a trader at Cargill spending time in […] The post Hot Rolled Futures: Activity Picking Up appeared first on Steel Market Update.
John Packard is traveling… Here’s what readers of Steel Market Update have learned this week. Steel prices continue to slide. By Steel Market Update’s calculation, the benchmark price for hot rolled steel now averages $515 per ton. That’s the lowest in 2019. Given the widespread reports of disappointing demand, worsened by the strike at GM […] The post Final Thoughts appeared first on Steel Market Update.
Lack of demand for ferrous scrap, especially in the Ohio Valley and Chicago market, forced prices down another $30-40/GT for October, on top of a similar decline in September, sources tell Steel Market Update. Scrap prices are their lowest in years, dropping eight out of the last 10 months. Shred prices today are around $215/GT, […] The post Ferrous Scrap Drops Another $30-40 Per Ton in October appeared first on Steel Market Update.
The following article discussing the global ferrous derivatives markets was written by David Feldstein. As an independent steel market analyst, advisor and trader, we believe he provides insightful commentary and trading ideas to our readers. Note that Steel Market Update does not take any positions on HRC or scrap trading, and any recommendations or comments […] The post Hot Rolled Futures: Seeking Support After Breaking Below $535 appeared first on Steel Market Update.
By CRU Analyst Alexander Ordosch After several weeks of steady Turkish scrap, import prices were stable last week at $225 /t CFR for HMS 80:20. We have assessed seven deals totaling about 274 kt, indicating a second week of strong scrap purchasing activity. Turkish scrap import prices have now reached a level that allows Turkish steel mills to export […] The post CRU: Turkish Scrap Import Price Stable, for Now… appeared first on Steel Market Update.
Raw materials prices were erratic in September with four of the five considered here experiencing price reversals since August. Table 1 summarizes the price changes through Sept. 25 of the five materials considered in this analysis. It reports the month / month, 3 months / 3 months and 12 months / 12 months changes on […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.
Editor’s note: The Chinese government currently bars exports of ferrous scrap to other parts of the world to assure China of an adequate domestic supply. As this analysis by CRU Principal Analyst Chris Asgill points out, China’s economy will eventually generate a scrap supply that far exceeds its scrap consumption, opening up the doors to […] The post CRU: Chinese Scrap Supply Surge Will be Utilized appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel A $17/ST drop in Midwest HR spot prices as reflected in the decline of the CME August HR average and the […] The post Hot Rolled Futures Prices Continue their Slide appeared first on Steel Market Update.