SMU is seeing ferrous scrap prices in the Chicago area trading down $10-$15 per gross ton with HMS at $200-$210 per gross ton, shredded at $230-$235 per gross ton and busheling at $240-$245 per gross ton. We received a note from one of our main ferrous scrap sources late last week that we thought would […] The post More Weakness in Ferrous Scrap Prices Expected appeared first on Steel Market Update.
Earlier this month the consensus of opinion among our ferrous scrap sources was that we had seen the bottom for scrap prices and, more than likely, prices would rise as we entered September negotiations. However, that was then, this is now. As we enter the negotiation period for September ferrous scrap buys by the domestic […] The post Scrap Prices for September Looking Sideways to Down $20 appeared first on Steel Market Update.
The following article on the Asian ferrous scrap markets was written by contributing writer, Damon Sun of Daido International: Over the past 3 weeks, there has been an uptick on prices of HMS (heavy melt scrap) containerized from a low of $165/metric ton CFR to this Monday at $185/metric ton CFR basis Taiwan. In the […] The post Asian Scrap Markets Update appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC), busheling scrap (BUS), iron ore and financial futures markets was written by Andre Marshall, CEO of Crunch Risk LLC and our Managing Price Risk I & II instructor. Here is how Andre saw trading over the past week: Financial Markets: Oh boy we had a 48 […] The post Hot Rolled Futures: Oh Boy! appeared first on Steel Market Update.
Over the weekend we received further updates on the status of the ferrous scrap markets in the United States. We learned that US Steel Granite City had no scrap buys in July and we are hearing that they are passing on offers that are $30 to $45 per gross ton lower than their last buys […] The post Have Ferrous Scrap Prices “Bottomed”? appeared first on Steel Market Update.
Steel Dynamics expressed concern about imports during the company’s second quarter earnings call. “On the trade front, we’re pleased the ITC has confirmed the flood of unfairly traded imports of corrosion-resistant sheets deal has materially reduced our shipments, pricing and profitability. I believe in fair trade, but the U.S. has become a dumping ground for […] The post Steel Dynamics Optimistic on Steel Pricing for H2 appeared first on Steel Market Update.
The following article on Asian ferrous scrap markets is written by Damon Sun of Daido International: Fear, insecurity, confusion, vulnerability… these are the psychological trauma resulting from the whipsaw in the China stock markets. Publicly listed Chinese stocks have pledged their companies stock as collateral for financing. As the stock market sharply declined, banks started […] The post China Volatility Affecting Asian Ferrous Scrap Markets appeared first on Steel Market Update.
A month ago one of our dealer sources echoed the views of many in the ferrous scrap business, he expected nothing worse than a sideways (no change) market for July scrap prices. He pointed to stronger demand at the steel mills and continued weak collection of obsolete scrap grades. We will hear more from him […] The post Scrap Prices Weaken Much More than Market Expected appeared first on Steel Market Update.
A little more than a week ago, Steel Market Update spoke at a Bank of America Merrill Lynch dinner in Chicago. In the audience were a couple of scrap companies who told us the mills in the Chicago area (ArcelorMittal in particular) have come back into the market to buy scrap after a lengthy absence […] The post Scrap Outlook for July: Sideways to Maybe Up $10 appeared first on Steel Market Update.
Ferrous scrap prices rose in June as obsolete flows continue to be weaker than normal and the domestic mills have come back into the market. The strength of the market has come as a surprise to dealers and mills alike. Number 1 Heavy Melt (HMS) ranged from $230 to $265 per gross ton with the […] The post Obsolete Scrap Flows Down 30%, June Prices Rise $20-$30 appeared first on Steel Market Update.