The LME 3-month price is moving higher on the morning of 12 March and was last seen trading at $2,263 /t. The LME has increased by around $30 /t since the start of the week amid a softer dollar in anticipation of US CPI inflation data later today. SHFE aluminium was broadly stable today again. […]
Even though it’s the fifth of the month, there have been no confirmed purchases by domestic steelmakers. Rumors are circulating about how low prices will drop. Most of the scrap community is forecasting a $50/gt drop for #1 busheling, with shredded and P&S at perhaps $40/gt.
Algoma Steel is currently navigating a challenge as it deals with an unplanned outage at its blast furnace, but the company’s CEO is still bullish on its future as an EAF steelmaker. The post Tampa Steel: Garcia lays out Algoma Steel’s path forward appeared first on Steel Market Update.
The United Auto Workers (UAW) union has more leverage than the Detroit Three automakers in the current strike that started Sept. 15, according to Jason Schenker, president of Prestige Economics. The post UAW Has Upper Hand vs. Automakers: Schenker appeared first on Steel Market Update.
What’s perhaps most shocking about Cleveland-Cliffs starting the week up $100 per ton ($5 per cwt) on sheet and targeting $1,200 per ton for hot-rolled coil (HRC) is that many of you didn’t find it shocking. In early February, we got used to prices going up by $50 per ton from one week to the […] The post Final Thoughts appeared first on Steel Market Update.
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […] The post Ferrous Futures: Rangebound and Itching for a Big Move – Up or Down? appeared first on Steel Market Update.
By CRU Senior Economist Henry Hao and Principal Economist Alex Tuckett, from CRU’s Global Economics Outlook Since China rolled out the “three red lines” policies, China’s second-largest developer China Evergrande (EG) has grown to be the most indebted with more than RMB1.97 tn of liabilities. Market investors are concerned that Evergrande will collapse and default […] The post CRU: Evergrande—No Longer So Grand appeared first on Steel Market Update.
The 2021 SMU Steel Summit started with a bang on Monday morning. Turns out it was a transformer that blew. Just as the opening video and music was revving up and host John Packard was getting into his opening remarks, the Georgia International Convention Center was plunged into darkness save for some emergency lighting. Thinking […] The post Final Thoughts appeared first on Steel Market Update.
Today, the domestic steel mills in Detroit began buying ferrous scrap for June up $60 per gross ton on prime grades (busheling and bundles) and up $50 per gross ton on cut grades and shred. It is anticipated the rest of the country will follow the Detroit lead. One of the questions we are constantly […] The post Final Thoughts appeared first on Steel Market Update.
Stronger longer than many anticipated…. An interesting comment from a couple of service centers today, one in the South and another in the Midwest. These two companies agree that the last $100 to $150 per ton in price increases are from panicked buyers. Once those panic buyers are removed from the market…then what? I have […] The post Final Thoughts appeared first on Steel Market Update.