Market: Trade

On May 28, current Turkish President Recep Tayyip Erdogan won the Turkish presidential election in the runoff with 52.1% of the vote. We therefore expect the Turkish economy to maintain its current unorthodox macroeconomic course with a relatively loose monetary policy, although inflation is enormously high.  The New Turkish Economic Model The Turkish economy, including […] The post CRU: What Erdogan’s Re-election Means for the Turkish Economy appeared first on Steel Market Update.

In the race to lower emissions, both steel companies and countries are promoting greater use of domestic scrap, but this approach has two key weaknesses. Firstly, using more steel scrap in one country will have no impact on global carbon emissions – it will simply see scrap use move from one country to another. Secondly, […] The post CRU: Copper in Steel Scrap Will Constrain Domestic Use appeared first on Steel Market Update.

After surprising the market watchers of HR futures in the first week of May, the index finally gave back $40 per short ton (ST) in the second week, coming in just shy of $1,130/ST.  Interestingly, the May futures settlement was almost unchanged from April 10 . While the market may be in a hurry for price […] The post Futures: The Slow Erosion of HR Prices appeared first on Steel Market Update.

US scrap prices fell across the board in May, and expectations are that June could move lower still on weaker global demand. “Domestic demand was generally decent aside from several mills in the Ohio Valley that had substantially reduced buy programs,” one scrap source said. “Ironically, Ohio is still home to the strongest ferrous scrap market […] The post US Scrap Prices Slip Again in May, June on Shaky Ground appeared first on Steel Market Update.

CRU expects metallics prices to continue trending down in May 2023 as supply will continue to outpace demand in most markets.  In the US, obsolete scrap prices are expected to move lower as the inflow to scrap yards will pick up seasonally, and dealers get more inclined to sell. In Europe, the macroeconomic environment will […] The post CRU: Scrap Prices to Trend Further Down in May 2023 appeared first on Steel Market Update.

Commodity trader and mining company Glencore intends to partner two companies to tackle what it describes as one of the biggest medium- to long-term challenges in the battery sector: recycling lithium-ion batteries through establishment of a purpose-built plant.  The Switzerland-based group’s partners in Spain and Portugal will be industrial and commercial waste management company FCC […]

Directors of Canadian miner Teck Resources have unanimously turned down what it described as an “opportunistic acquisition proposal” from Glencore. The offer values the Canadian miner at around US$23 billion (€21 bn). Glencore made the move soon after Teck announced first copper production from the QB2 expansion at Quebrada Blanca, Chile. Teck’s CEO Jonathan Price […] The post CRU: Teck Rejects Glencore’s Unsolicited Offer appeared first on Steel Market Update.

March scrap prices have settled up across the board after extensive trading.  As previously reported, mills were resistant and prices were up. With prime scrap reportedly hard to obtain, March prices settled up nearly $100 per gross ton above February, market participants said. And it doesn’t appear this prime scrap rally is ending this month. […] The post March Scrap Prices Shoot Up, Prime Up Nearly $100/ton appeared first on Steel Market Update.

The steel industry in the US, and across much of the developed world, finds itself between two greens. On the one hand is the constant innovation towards sustainable, decarbonized “green” steel. And, on the other, is a more traditional green, the bottom line: money. The hope is to keep the two aligned, increasing profits while […] The post Final Thoughts appeared first on Steel Market Update.

By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor The CRU metallics price indicator (CRUmpi) for March rose by 7.4% month on month (MoM), to 357.7, which is its highest value since June 2022. Strong Turkish buying of scrap and pig iron since the second half of February is the key […] The post CRU: Turkish Rebuild Plans Boost Metallics Prices appeared first on Steel Market Update.