The CRUmpi declined by 1.1% m/m to 330.7 in January, compared to a 5.5% m/m increase in January 2023. Metallics prices typically rise in January due to tighter supply of both prime and obsolete grades of scrap. However, steady automotive production and a milder winter thus far in most major supply markets resulted in greater […]
I expected that we’d start off January with prime scrap prices modestly up if for no other reason than industrial activity typically slows down over the holidays. And mills’ appetite for scrap typically increases in anticipation of stronger Q1 order activity. The post Final thoughts appeared first on Steel Market Update.
Metallics demand and prices picked up in December on the back of delayed restocking and seasonal supply tightening. We expect the trend upwards to continue in the short term, but m/m price movements to be thinner in comparison with the high increases of December. In the USA, prices are expected to continue increasing. Supply will […]
Buffeted by the cold winds of adverse steel market conditions, ArcelorMittal plans to close down its integrated-based longs business in South Africa. But the company will first conduct due diligence and hold discussions with unions and other stakeholders. Up to 3,500 jobs, including contractors’, are at risk. Aggressive cost savings, improved raw material terms, asset […]
Emirates Global Aluminium (EGA) has started construction of a 170,000 t/y aluminium recycling plant next to its Al Taweelah smelter in the UAE. The unit will process post-consumer scrap, such as used window frames, as well as pre-consumer material from extrusion production into low-carbon aluminium billets. “Aluminium recycling is key to our metal achieving its […]
Russia’s Rusal says it has now taken use of aluminium scrap in cast alloys made for the automotive industry up to 30%. “By introducing end-of-life scrap into production of foundry alloys, Rusal creates new opportunities for companies to strengthen their potential in a low-carbon circular economy,” said Rusal’s sales and marketing director Roman Andryushin. Starting […]
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.