Contributor: Tim Triplett

By CRU Analyst Ryan McKinley Domestic scrap prices in the U.S. fell by $30-40 /l.ton in September depending on region and grade—by about $20 /l.ton lower than was generally expected by the market. The steeper-than-expected decline was caused by a confluence of factors including ample supply, mill outages and a weakening export market. Obsolete prices were […] The post CRU: Oversupply and Outages Push U.S. Scrap Prices Lower Than Expected appeared first on Steel Market Update.

By CRU Principal Analyst Chris Asgill The pervasiveness of steel market weakness came to the fore this month, particularly for steel long products, leading to a sharp drop in scrap prices in almost every market we assess. Consequently, the CRU metallics price indicator (CRUmpi) dropped by 8.3 percent m/m to 209.4 (see chart), the lowest level since November […] The post CRU: Scrap Prices Collapse Amid Weak Steel Markets appeared first on Steel Market Update.

Following on a small $20 increase in August, ferrous scrap prices for September are down $30 to $40 per ton as U.S. mills adjusted to lower demand and planned for upcoming fall shutdowns. “Prices fell this month amid a confluence of factors including ample supply, a weakening export market and mill outages,” reported CRU North […] The post Ferrous Scrap Drops $30-40 Per Ton in September appeared first on Steel Market Update.

By CRU Analyst Iris Speelmanns Last week, Turkish scrap prices slid further, dropping by $9 /t w/w to $281 /t CFR for HMS 80:20, based on one 40 kt deal from Europe. This new price level is the lowest level since the brief drop in mid-June and before that the distinct, though brief, weakness last winter. Weaker global […] The post CRU: Turkish Scrap Prices Fall appeared first on Steel Market Update.

Steel Market Update sources report that ferrous scrap prices have turned around after repeated declines in the first half of the year and are settling up $20/GT for August, lending support to recent price increases on finished steel. “Demand is about the same for August as it was in July, there is just a little […] The post Ferrous Scrap Prices Up $20 in August appeared first on Steel Market Update.

Demand for HVAC products remains relatively strong in an otherwise lukewarm steel market, but members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) say they are challenged by declining galvanized steel prices and rising intensity from the competition. Polled six weeks ago, nearly all the HARDI members expected galvanized steel prices to stay […] The post HARDI Members Surprised by Declining Galvanized Steel Prices appeared first on Steel Market Update.

Domestic steelmakers showed solidarity this week in their pursuit of higher flat rolled steel prices with most major mills announcing their third $40 increase in just the past month. U.S. Steel and USS-POSCO Industries (UPI) were the latest to notify customers of their price change on Tuesday, following on announcements Monday by Nucor and ArcelorMittal […] The post Mills Seek Third $40 Price Hike in the Past Month appeared first on Steel Market Update.

Ferrous scrap prices are widely expected to move up in August anywhere from $10 to $30 per ton, lending support to higher finished steel prices. “Most of the trade on both sides of the aisle are expecting the August market to strengthen, though there is debate on how much,” said one Steel Market Update source. […] The post Steel Prices Likely to Get Support from Higher Scrap in August appeared first on Steel Market Update.

Ferrous scrap prices for July settled down $10 per ton in the Western Pennsylvania/Ohio/Indiana markets, stayed sideways in the southern markets, and saw a combination of the two at points west, reported Steel Market Update sources. “This is a far cry from recent expectations of down $20-30/GT and represents what I believe is the bottom […] The post July Scrap Down Just $10—Is This the Bottom? appeared first on Steel Market Update.

The steel price increases announced by the major mills have not had much effect on the HVAC sector yet, but members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) are hopeful the market has bottomed and the value of their inventories has stabilized. “There hasn’t been much change in behavior on the street […] The post HARDI: “We Feel the Floor Has Been Hit” appeared first on Steel Market Update.