Scrap Sources: Appliances

While the sale of aluminum scrap is declining, there's a surge in demand from consumers.

Ferrous scrap has been described as “the new precious metal,” as mills all over the world invest in scrap-fed electric arc furnaces as a means of lowering harmful greenhouse gas emissions. Indeed, prime scrap may prove to be even more rare and prized than most realize. In the United States alone, producers will add 5.3 […] The post Analysts: New EAF Capacity Will Make Scrap “a Precious Metal” appeared first on Steel Market Update.

By Michael Marley The mini sheet mills face a maxi problem, namely no additional supplies of prompt industrial scrap to feed their growing appetites for that raw material. As they move ahead with planned expansions of existing facilities and the construction of greenfield plants, electric arc furnace (EAF) steelmakers may be forced to rely on additional […] The post Prompt Industrial Scrap: A Big Shortage Decades in the Making appeared first on Steel Market Update.

Cleveland-Cliffs expects historically high steel prices and record profits to continue for the balance of the year. The integrated steelmaker forecasts that U.S. hot-rolled coil prices will average $1,100 per ton for the remaining three quarters the year, according to guidance released with first quarter earnings data on Thursday, April 22. That’s 21.5% below SMU’s […] The post Bigger Is Better, More Profitable for Cliffs: Goncalves appeared first on Steel Market Update.

Cleveland-Cliffs expects historically high steel prices and record profits to continue for the balance of the year. The integrated steelmaker forecasts that U.S. hot-rolled coil prices will average $1,100 per ton for the remaining three quarters the year, according to guidance released with first quarter earnings data on Thursday, April 22. That’s 21.5% below SMU’s […] The post Bigger Is Better, More Profitable for Cliffs: Goncalves appeared first on Steel Market Update.

Hot-rolled coil lead times at some mills are well into June, so steel buyers have to ask themselves now whether a year-long upswing in prices is sustainable. In short, can hot-rolled coil prices continue their record run upward? First a Look Back at Where We’ve Been Steel Market Update’s average hot-rolled coil price was $1,340 […] The post SMU Deep Dive: How High Can HRC Go? appeared first on Steel Market Update.

President Joe Biden has signed an executive order officially implementing a U.S. supply chain review for critical products such as semiconductors – a lack of which has led to widespread automotive production outages. “Recent shortages of automotive semiconductor chips have forced slowdowns at car manufacturing plants, highlighting how shortages can hurt U.S. workers,” the White House said […] The post Biden Signs Supply Chain EO Amid Fears of Q2 Chip Shortages appeared first on Steel Market Update.

Steel Dynamics’ CEO Mark Millett was upbeat on the prospects for steel demand in the fourth quarter and beyond. “You can clearly see what is happening in the marketplace through one’s order book—ours is in pretty good shape,” said Millett. Flat rolled demand and momentum remain strong, inventories are at historical lows, imports continue to […] The post Steel Dynamics: Order Books Indicate Healthy Recovery appeared first on Steel Market Update.

The trough for steel volume, particularly for flat rolled steel, has passed and the second half looks promising, said Steel Dynamics CEO Mark Millett. Back orders are strong and order intake rates have picked up due to increasing demand as businesses resume operations following COVID-19 shutdowns. “It is still not possible to determine the full […] The post SDI: Demand Saw Trough in Q2, Improvement Ahead appeared first on Steel Market Update.

Steel prices saw further declines this week, but not a dramatic collapse. The benchmark price of hot rolled now averages around $560 per ton, down $5 from last week and down $50 from the mid-January high of $610. Most of the steel buyers responding to Steel Market Update’s check of the market this week expect […] The post SMU Market Trends: Buyers Ponder Their Prospects in the Virus Crisis appeared first on Steel Market Update.