US-based Nucor says it is exploring potential sites in the Pacific Northwest to build a new rebar micro-mill with 650,000 s.tons/y of capacity. Subject to directors’ approval, it would be the group’s fourth such plant, joining existing micro-mills in Missouri and Florida and the one under construction in home state North Carolina. The new mill […]
Domestic scrap prices for shredded and HMS were sideways in September vs. August. However, busheling fell precipitously during the month, according to scrap sources surveyed by SMU. The post Prime Scrap Tags Sink in September, Shredded and HMS Flat appeared first on Steel Market Update.
Indian conglomerate Essar has signed a letter of intent (LoI) with Bahrain Steel for delivery of 4 Mt/y of direct-reduced (DR) grade iron ore pellets for the group’s proposed integrated steel plant in Ras Al Khair, Saudi Arabia. The deal secures half of the plant’s required pellet supply, said Naushad Ansari, who heads Essar operations […]
August could see US scrap prices stabilizing, or even rising, depending on the grade or region, scrap sources told SMU. The post Domestic Scrap Tags Could Rebound in August: Sources appeared first on Steel Market Update.
Second-quarter net income decreased year-on-year for US steel producers Nucor and Cleveland-Cliffs as prices and turnover fell. Nucor is bracing for lower profits; Cleveland-Cliffs is looking forward to higher shipments. North Carolina-based Nucor said it expects company earnings in Q3 will be less than the $1.46 bn (€1.32 bn) achieved in Q2 because of decreased profitability […]
West Virginia’s environmental protection department has given longs producer Commercial Metals Company (CMC) permission to begin construction of a micro-mill near Martinsburg, Berkley County. “With the permit in hand, and land purchase completed, we can now begin construction to achieve our targeted commissioning date in calendar 2025,” said CEO and chairwoman Barbara Smith. The plant […]
BlueScope-owned New Zealand Steel is to replace its blast furnace (BF) with an electric arc furnace (EAF). The cost is estimated at NZ$300 M (US$188 M, €174 M), with the government funding up to NZ$140 M. The investment will cut the Glenbrook works’ carbon footprint by 800,000 t, equivalent to taking around 300,000 cars off […]
In the race to lower emissions, both steel companies and countries are promoting greater use of domestic scrap, but this approach has two key weaknesses. Firstly, using more steel scrap in one country will have no impact on global carbon emissions – it will simply see scrap use move from one country to another. Secondly, […] The post CRU: Copper in Steel Scrap Will Constrain Domestic Use appeared first on Steel Market Update.
Steel market participants are bracing for prime scrap prices to rise in March, according to SMU’s most recent survey data. Approximately 82% of survey respondents think prime scrap prices will increase when prices settle later this month. Prices for obsolete grades are heating up as well, according to scrap sources contacted by SMU. One scrap market source […] The post March Scrap Tags Expected To Rise Significantly appeared first on Steel Market Update.
Members of the Association of Builders and Developers in Pakistan are refusing to unload steel bars on to construction sites for a week in protest at a sharp price increase. They will review the situation on 15 February, association chairman Altaf Tai said. Builders face having to pay up to an “unprecedented” PKR303,500 /t ($1,116 […]