Final Thoughts

Steel mills are still scrounging for ferrous scrap with little luck. We are hearing from our scrap sources that prices could be up as much as $30 per ton and we have even heard some numbers higher than $30. The net result will be more pressure on steel and steel prices as the mills scramble to keep their scrap pipelines full.

A reminder that I will be attending the Association of Steel Distributors (ASD) meeting in Naples, Florida at the end of next week. If you would like to meet with me during the ASD meeting please shoot me an email: John@SteelMarketUpdate.com or a text to: 770-596-6268.

Everyone thought iron ore prices would drop back to $40/dmt on 62% Fe fines into China. That has not happened. According to The Steel Index (TSI) iron ore was trading at $57.9/dmt this morning. In the last four weeks ore is up +14.7 percent.

Zinc has been trading higher over the past 60 days having moved from $0.70 per pound to $0.8441 per pound. Aluminum, however, is back to $0.6707 per pound about the same price as 60 days ago.

Another reminder to “Save the Dates” of August 29-31, 2016 for our 6th Steel Summit Conference. We added another speaker today: Tony Taccone of First River Consulting. I have heard Tony speak on a number of occasions and I think he will be well received by our attendees. If you can’t make it – send someone else from your company or at least tell your friends, customers and suppliers. We have a tremendous program this year. You will not be disappointed. More information can be found on our website.

As always your business is truly appreciated by all of us here at Steel Market Update.

John Packard, Publisher