Ferrous scrap prices settled in Detroit with prime grades (bundles/busheling) settling at $360 per gross ton. At the same time there is Chinese auto bundles for sale at very low prices FOB China. Chinese scrap exports are new for the Chinese and there are issues that need to be overcome before they become major suppliers […] The post How Soon Before Chinese Scrap Makes its Way to USA? appeared first on Steel Market Update.
Correction: In last Thursday’s issue of Steel Market Update we mistakenly referenced earnings from a previous period instead of the 1Q 2017 report. Here is what Steel Dynamics had to say in their announcement on April 19, 2017: FORT WAYNE, Ind., April 19, 2017 /PRNewswire/ — Steel Dynamics, Inc. (NASDAQ/GS: STLD) today announced first quarter […] The post Correction: SDI Earnings for 1Q 2017 appeared first on Steel Market Update.
Steel Market Update is asked many times where we think flat rolled steel prices are heading. Our current SMU Price Momentum Indicator is at “Neutral” which means we believe the market to be in transition and, prices could move in either direction from this point. We adjusted our indicator just recently from Higher to Neutral […] The post Flat Rolled Steel Market “Sloppy” appeared first on Steel Market Update.
Steel Dynamics expects a meaningful increase in first quarter profits. Earnings per diluted share are expected to be in the range of $0.77 to $0.81 compared to $0.08 per diluted share in Q4 2016 and $0.26 per diluted share in Q1 2016. In first quarter guidance comments, SDI attributed stronger results to higher shipments and […] The post Steel Dynamics Expecting Stronger Q1 appeared first on Steel Market Update.
The rumors about March ferrous scrap prices have been flying ever since prices rebounded early in February from the initial down $10-$30 per gross ton we saw in the early negotiations. As the month of February continued scrap prices rebounded and, in some cases, returned to levels seen in January. As we prepared for March […] The post Ferrous Scrap Prices to Jump by How Much & Why are the Questions appeared first on Steel Market Update.
AK Steel and NLMK USA raised flat rolled steel prices by $40 per ton ($2.00/cwt) on all new spot sales of flat rolled steels (hot rolled, cold rolled, galvanized). At the same time, SMU understands that Steel Dynamics has opened their order books for February and are quoting prices that are approximately $40 per ton […] The post Steel Buyers Weigh in on Domestic Spot Price Increase Announcements appeared first on Steel Market Update.
January scrap negotiations have begun between the domestic (USA & Canada) steel mills and their scrap suppliers. As one large scrap company put it, “Things are slow to develop today, but I’m anticipating some movement by day’s end. This market has been sort of like a junior high dance at this point, with the reluctant […] The post Scrap Negotiations Ongoing, Early News Pointing Toward +$30-$40 appeared first on Steel Market Update.
If you are a steel buyer thinking that this rash of price increase announcements has run its course you may want to re-think the market forces again. One of the major scrap exporters booked a cargo of 80/20 mix to Turkey at $296 per metric ton delivered. They also sold shredded scrap at $301 delivered. […] The post Turkey Export Order a Sign of Higher Scrap Prices Come January appeared first on Steel Market Update.
Steel Market Update went out to a couple of hundred steel buyers and executives today as we probe for information about flat rolled steel prices. At the same time we asked questions about price direction and demand. Tonight we will cover price direction (prior to AM increase announcement) and on Thursday we will cover their […] The post Service Centers/End Users Comment on Price Direction from Here appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC) and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel – HR futures The Hot Rolled futures market this past week has been characterized by limited trading activity. There have been numerous […] The post Hot Rolled Futures: Limited Trading Activity appeared first on Steel Market Update.