Final Thoughts

Multiple sources are advising SMU that California Steel (CSI) has announced a $30 per ton ($1.50/cwt) increase for production orders during the first two weeks of July. After that they will evaluate pricing and make a further announcement. We will investigate this further over the next couple of days and advise our readers what this means.

According to SMU scrap sources, on Friday of last week Nucor and Steel Dynamics (SDI) cancelled the remaining open ferrous scrap orders they had with dealers for delivery during the month of May. Other mills only cancelled shredded scrap orders. The bottom line being the domestic steel mills are expecting ferrous scrap pricing to drift lower as negotiations get going in earnest for the month of June delivery.

On Monday morning we will begin our early June flat rolled steel market trends analysis. If you receive an invite please click on the button contained in the message and spend a few moments helping us to better understand what is happening in the flat rolled markets.

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

John Packard, Publisher