Pete Meyers, Vice President of Ferrous Scrap Sales & Marketing for Metalico advised Steel Market Update this morning as to what they saw for trading for the month of February: “The Feb scrap market has indeed traded sideways. There were instances of higher sales based on individual mills having to reach remote tons, and mills […] The post February Ferrous Scrap Market Trades Sideways appeared first on Steel Market Update.
Dealers are predicting (positioning?) that ferrous scrap prices will move sideways as we move into the month of February. We have been told Turkey is not buying much scrap as they have scaled back production levels to about 70 percent. The current market is a supply driven market (as opposed to demand from the steel […] The post Final Thoughts appeared first on Steel Market Update.
On Thursday evening’s issue of Steel Market Update we published an article about raw material prices. In the article, Peter Wright, a metallurgist, marketing specialist, contributing writer and Steel 101 instructor for Steel Market Update, referenced the relationship between WTI oil and scrap pricing. He said, “There is a close non causal relationship between the […] The post Oil vs. Scrap Correlation – An Explanation appeared first on Steel Market Update.
The last couple of days have been hectic as we worked through the articles seen in tonight’s newsletter as well as numerous articles that we are working on various topics. The two headline articles are, of course, the next round of flat rolled price increases. The Nucor $20 hot rolled and $30 cold rolled and […] The post Final Thoughts appeared first on Steel Market Update.
I will be in our home office all week this week (a rarity lately). Next week we will be in Starkville, Mississippi to conduct our Steel 101 workshop. Thank you again to Steel Dynamics Columbus for working with SMU and allowing our group to tour the Columbus facility. We remind everyone who has been thinking […] The post Final Thoughts appeared first on Steel Market Update.
The scrap markets are still sorting themselves out as the domestic steel mills and dealers jostle for position with the dealers looking like they will be the victors in this go-around for January deliveries. We are hearing early trades in Chicago as being done at up $20 per ton with one of our sources telling […] The post Steel Mills Need to Buy Ferrous Scrap Pushing Prices Higher by $5-$20 appeared first on Steel Market Update.
Scrap dealers are optimistic that ferrous scrap prices have bottomed in all regions of the country and will rise as we move into negotiations for the month of January. A rising scrap market is a harbinger of good things for the steel mills as they attempt to collect the increases already announced and perhaps add […] The post Scrap Prices Expected to Rise $10-$20 in January appeared first on Steel Market Update.
Ferrous scrap prices are one of the key indicators to watch as the market determines if we have reached the bottom in the slide in flat rolled prices and, if prices will rebound from here. The thought process has been that a move higher in scrap will help change the psychology of the market and […] The post December Scrap Prices: Sideways to Up $20 appeared first on Steel Market Update.
Last week we received information about the expectation for ferrous scrap price negotiations between the domestic mills and their scrap suppliers for the month of December. Over the weekend one of our east coast scrap sources provided us more details as to what they expect this week as negotiations begin in earnest: I am not […] The post Shredded Scrap Poised to Rise in East, Sideways Elsewhere? appeared first on Steel Market Update.
We learned late this afternoon that two domestic steel mills are offering to pay higher prices for shredded scrap from east coast dealers. Shredded scrap buy offers have been made at $180-$185 per gross ton up $10 to $15 per gross ton higher than November numbers (and higher than October numbers since November prices moved […] The post December Scrap Pricing: Next Move is Up appeared first on Steel Market Update.