There is no joy in Mudville in the middle of March, the scrap market is dead and no mills are looking to add to their inventories. For that matter the dealers have very little to offer as the weather has yet to clear up north and the big move lower in scrap prices in February […] The post Ferrous Scrap Prices Poised to Move Sideways as we Get into April Negotiations? appeared first on Steel Market Update.
As Steel Market Update has discussed in previous articles on the subject of scrap pricing, the original projections by buyers of scrap were for prices to drop $20 per gross ton on all products for the month of March. The projected March reduction would have been on the heels of an $80 to $110 per […] The post Ferrous Scrap Update: April Bounce Ahead (Dead Cat or Otherwise)? appeared first on Steel Market Update.
Warning: You can drown reaching for the bottom…! Steel Market Update (SMU) is learning that the ferrous scrap deals which were done earlier this week in Detroit and in northern Ohio were done at sideways pricing on obsolete grades (such as heavy melt and shredded scrap) while primes grades (Busheling/bundles) dropped $20 per ton. However, […] The post Early Reports Have Obsolete Scrap Sideways While Primes Down $20 appeared first on Steel Market Update.
After negotiations were completed for February scrap pricing, the word being spread around the industry was to expect another drop in March, perhaps down $20 on most grades. However, the weather got brutal during the month and we are hearing that many dealers will not be able to complete deliveries on obsolete grades of ferrous […] The post March Scrap Negotiations May Take Awhile appeared first on Steel Market Update.
Have I mentioned lately that our next Steel 101 workshop will be held in the Chicago area and will include a tour of the NLMK Indiana mini-mill? Details are on our website or you are welcome to contact our offices at: 800-432-3475 or info@SteelMarketUpdate.com. We believe this will be another excellent program as we bring […] The post Final Thoughts appeared first on Steel Market Update.
There appears to be a lot of uncertainty in the ferrous scrap and pig iron markets as we move into the second half of February and start taking a peak into what March scrap and pig iron pricing may look like. One of our pig iron sources advised SMU that many of the Brazilian pig […] The post Pig Iron and Ferrous Scrap Markets Still Under Pressure appeared first on Steel Market Update.
As we reported last week, prior to negotiations beginning for the month of February market players were predicting ferrous scrap prices would drop by $30-$50 and then $50-$70 per gross ton. Then we heard prices would drop by $100 per gross ton over the months of February and March combined. When the smoke cleared at […] The post Ferrous Scrap Pricing Drops $80 to $110 appeared first on Steel Market Update.
Steel Market Update (SMU) ferrous scrap sources are advising us that the scrap market pricing have not settled yet. It seems that every periodical wants to fan the flames of scrap price collapsing (and we do our share as well I suppose) before the final numbers are locked in. Keep that in mind when evaluating […] The post Final Thoughts appeared first on Steel Market Update.
During Nucor’s earnings conference call the company’s CEO, John Ferriola told the analysts that scrap prices would drop “dramatically” during the 1st Quarter 2015. He told the analysts that steel prices have already gone down and scrap prices “have to” follow. Our scrap sources are telling us that lackluster demand at the steel mills, weak […] The post Ferrous Scrap Prices Poised for Sharp Downturn in February appeared first on Steel Market Update.
The following article comes to us from one of our Asian scrap sources, Damon Sun of Daido International. The Asian scrap market is a bit quiet and continued slow downtrend as scrap metal pricing tries to find parity with iron ore. A rough calculation of scrap to iron ore is a ratio of 3.5 to […] The post Asian Scrap Market Pricing Trying to Find Parity with Iron Ore appeared first on Steel Market Update.