Despite reporting the third highest quarterly revenues in its history, Greenwave Technology Solutions still posted a loss for the quarter ended June 30. The post Greenwave Posts Loss, Foresees ‘Aggressive Consolidation’ in Industry appeared first on Steel Market Update.
Second-quarter net income decreased year-on-year for US steel producers Nucor and Cleveland-Cliffs as prices and turnover fell. Nucor is bracing for lower profits; Cleveland-Cliffs is looking forward to higher shipments. North Carolina-based Nucor said it expects company earnings in Q3 will be less than the $1.46 bn (€1.32 bn) achieved in Q2 because of decreased profitability […]
West Virginia’s environmental protection department has given longs producer Commercial Metals Company (CMC) permission to begin construction of a micro-mill near Martinsburg, Berkley County. “With the permit in hand, and land purchase completed, we can now begin construction to achieve our targeted commissioning date in calendar 2025,” said CEO and chairwoman Barbara Smith. The plant […]
Companies should keep a watchful eye on pricing and lead times, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the June 27 meeting of its Sheet Metal/Air Handling Council. During May’s meeting, most HARDI participants thought that prices would continue to drop. Over half of the individuals thought it […] The post HARDI Members on Sidelines, Cautiously Watching Market appeared first on Steel Market Update.
Turkish scrap import prices continued to fall last week. Subsequently CRU’s assessed Turkish scrap price for HMS1/2 80:20 is $415 per metric ton FOB Turkish port, down $11 per metric ton week-on-week and $28 per metric ton month-on-month. This is based on several deals concluded before and sooner after the Eid holidays. Turkish scrap deals […] The post CRU: Turkish Scrap Prices Fall Amid Weakening Lira 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.
US steel mill shipments declined 3.2% in February vs. January, and were off 4.4% from February 2022, the American Iron and Steel Institute (AISI) reported on Wednesday. Domestic steel mills shipped 6,917,842 net tons in February, compared with 7,148,270 tons in January and 7,232,679 tons in the same month a year earlier. AISI said that shipments […] The post US Steel Shipments Fall in February: AISI 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.
Members of the Association of Builders and Developers in Pakistan are refusing to unload steel bars on to construction sites for a week in protest at a sharp price increase. They will review the situation on 15 February, association chairman Altaf Tai said. Builders face having to pay up to an “unprecedented” PKR303,500 /t ($1,116 […]
Current Steel Buyers Sentiment ticked up this week, while Future Steel Buyers Sentiment edged down, according to SMU’s most recent survey data. SMU’s Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s ability to be successful in the current market, as well as three to six months down the road. Every other […] The post SMU Buyers Sentiment Indices Mixed appeared first on Steel Market Update.