SMU scrap sources are all telling us that the recent transactions with Turkey have “surprised” dealers, the net result may well be a much weaker domestic scrap market than anticipated as we move into February negotiations next week. A weaker scrap market, especially if it were to drop $35-$40 per gross ton would dampen price […] The post February Scrap Pricing Now Poised to Drop $20-$40 appeared first on Steel Market Update.
Are cracks starting to develop in the floor of steel prices? Are any cracks a harbinger to a reversal of flat rolled steel prices? It is too early to tell. However, buyers and sellers of steel need to be aware of that the markets may be in the early stage of change. Since the beginning […] The post Cracks Developing in the Steel Pricing Floor? appeared first on Steel Market Update.
AK Steel and NLMK USA raised flat rolled steel prices by $40 per ton ($2.00/cwt) on all new spot sales of flat rolled steels (hot rolled, cold rolled, galvanized). At the same time, SMU understands that Steel Dynamics has opened their order books for February and are quoting prices that are approximately $40 per ton […] The post Steel Buyers Weigh in on Domestic Spot Price Increase Announcements appeared first on Steel Market Update.
On Friday, January 6, 2017, AK Steel became the first U.S. steel mill to increases flat rolled steel spot prices. The mill announced an increase of $40 per ton ($2.00/cwt) effective immediately on all flat rolled, which for them includes hot rolled, cold rolled and galvanized steel products. This is now the fifth (5th) price […] The post AK Steel Raises Spot Prices by $40/Ton appeared first on Steel Market Update.
Ferrous scrap price negotiations for January were slow to develop but by late Thursday and into Friday prices firmed and deals between the domestic steel mills and the scrap dealers were getting done. The two largest scrap buyers, David J Joseph (Nucor) and Omnisource (Steel Dynamics), entered the market late during the week at $30 […] The post Will Ferrous Scrap Prices Peak in January? appeared first on Steel Market Update.
Welcome back to any of you who managed to extend your New Year Holiday until the 9th of January. The year started slow but increased speed once we got toward the end of this past week. Ferrous scrap prices are up $30-$45 per gross ton and AK Steel has started the ball rolling with a […] The post Final Thoughts appeared first on Steel Market Update.
January scrap negotiations have begun between the domestic (USA & Canada) steel mills and their scrap suppliers. As one large scrap company put it, “Things are slow to develop today, but I’m anticipating some movement by day’s end. This market has been sort of like a junior high dance at this point, with the reluctant […] The post Scrap Negotiations Ongoing, Early News Pointing Toward +$30-$40 appeared first on Steel Market Update.
The engines are warming up and the expectation is for a better 2017 than 2016. The data we collected today was not significantly different than what we were seeing one week ago. Many mills are telling their customers they are on an “inquire only” basis when it comes to new spot orders. We are also […] The post SMU Price Ranges & Indices: Gentlemen Start Your Engines appeared first on Steel Market Update.
Since Tuesday Steel Market Update has received more input regarding the ferrous scrap markets and what we may be looking at regarding negotiations as we head into the month of January. We asked a couple of questions to World Steel Dynamic’s scrap guru, Mike Markley and this is what he told us: Initial thoughts are […] The post Ferrous Scrap Availability Could be “Tight” if Turkish Mills Enter Market appeared first on Steel Market Update.
If you are a steel buyer thinking that this rash of price increase announcements has run its course you may want to re-think the market forces again. One of the major scrap exporters booked a cargo of 80/20 mix to Turkey at $296 per metric ton delivered. They also sold shredded scrap at $301 delivered. […] The post Turkey Export Order a Sign of Higher Scrap Prices Come January appeared first on Steel Market Update.