Steel prices are as unpredictable as the spread of a rogue virus, but one symptom of COVID-19 is likely to be lower steel prices. As of this writing on March 13, the price of flat rolled steel products had yet to see much effect from the global panic over the coronavirus. Steel Market Update’s latest […] The post What Will the Coronavirus Do to Steel Prices? appeared first on Steel Market Update.
By CRU North America Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 7.9 percent m/m to 211.1 (see chart) following price increases in nearly every market. Pervasive market tightness caused by adverse weather and higher domestic demand in major exporting markets forced buyers in import-reliant markets to accept higher […] The post CRU: Seasonal Supply Constraints and Firm Demand Lift Prices appeared first on Steel Market Update.
By CRU Principal Analyst Chris Asgill There has been a marked rise in Chinese imports of pig iron and HBI this year. This has been primarily due to limited domestic scrap supply that cannot be offset by external supply due to restrictions in scrap imports. Limited scrap supply relative to demand has meant that scrap prices in […] The post CRU: Chinese Pig Iron Imports Lift as High Local Scrap Costs Persist appeared first on Steel Market Update.
Steel prices continued their decline in October to an average hot rolled price below $500 per ton, prompting a $40 per ton price increase announcement by the flat rolled mills late in the month. With a price change in play, Steel Market Update switched its Price Momentum Indicator to Neutral. Widespread concerns about the declining […] The post October at a Glance appeared first on Steel Market Update.
By CRU Principal Analyst Josh Spoores The North American sheet market has taken a turn for the worse. At a time when sheet demand and prices have already been stunted by a weaker trend of industrial growth and sheet demand, two recent events are only now starting to affect sheet prices: an on-going strike at […] The post CRU: Worst-Case Scenario in U.S.: GM Strikes as Scrap Costs Collapse appeared first on Steel Market Update.
The wait is over—Steel Dynamics has announced it will build its new $1.9 billion flat rolled steel mill in Sinton, Texas, 30 miles northwest of Corpus Christi. The new steel mill will serve the four-state Texas area, the western U.S. and Mexico market regions, representing approximately 27 million tons of relevant flat rolled steel consumption—7 […] The post SDI Chooses Sinton,Texas, for New Flat Rolled Mill appeared first on Steel Market Update.
Steel Dynamics is expecting modest growth for steel consumption in the second half of 2019 supported by the end of steel inventory destocking and further reduction of steel imports. “The team delivered a solid second-quarter performance in a challenging steel pricing environment,” said SDI President and CEO Mark Millett. “A weakening scrap price environment coupled […] The post SDI Expects Steel Demand to Grow in the Second Half appeared first on Steel Market Update.
Ferrous scrap prices for July settled down $10 per ton in the Western Pennsylvania/Ohio/Indiana markets, stayed sideways in the southern markets, and saw a combination of the two at points west, reported Steel Market Update sources. “This is a far cry from recent expectations of down $20-30/GT and represents what I believe is the bottom […] The post July Scrap Down Just $10—Is This the Bottom? appeared first on Steel Market Update.
By Chris Houlden, CRU Research Manager CRU held its annual Steel Briefing in New York City on June 17. This Insight summarizes the key takeaways from papers presented by CRU North America market specialists Josh Spoores and Ryan McKinley. • Up to 20 Mt of new hot-rolling and over 8 Mt of steelmaking capacity could come […] The post CRU: Excess Steel Supply Looms in the USA appeared first on Steel Market Update.
By CRU Principal Analyst Chris Asgill Scrap supply has continued to outpace demand in most of the key scrap supply markets and CRU’s metallics price indicator (CRUmpi) has fallen a further 4.2 percent m/m to 231.2 (see chart). This is the lowest level for the indicator since June 2017. The depth of U.S. scrap price weakness surprised the […] The post CRU: Softer Steel Markets Weaken Metallics Demand appeared first on Steel Market Update.