You don’t need SMU pontificating about how the Russia-Ukraine conflict marks the end of the post-WWII order. Suffice it to say the world we woke up to today is vastly different from the one we reported on in our last edition. We’re also getting used to thinking about things we haven’t had to think about […] The post Final Thoughts appeared first on Steel Market Update.
The Tampa Steel Conference has wrapped up, and I thank all of you who attended and who took the time to catch up with me on stage or along the sidelines. Below are five themes that I took away from the event. If I were to sum it up in a sentence, it’s this: Steel […] The post Final Thoughts appeared first on Steel Market Update.
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.
Cleveland-Cliffs Inc. might shut a blast furnace this year, the company’s top executive said. “When we make a move, we make a move. … You might see a blast furnace going down for good still in 2022,” Cliffs Chairman, President and CEO Lourenco Goncalves said during a fireside chat at the Tampa Steel Conference this […] The post Cliffs Could ‘Stretch’ Hot Metal and Take Down a Blast Furnace in ’22: Goncalves appeared first on Steel Market Update.
Cleveland-Cliffs Inc. could join other steel producers in adding electric-arc furnace (EAF) capacity, the company’s top executive said. The Cleveland-based steelmaker is considering that because the cost of relining a blast furnace – and investing in the supply chains needed to feed it – are roughly the same as those for of building a new EAF. […] The post Cliffs Considers Converting BF to EAF Amid Mine Idling, Coke Plant Closure: CEO appeared first on Steel Market Update.
Ferrous scrap prices declined again in February after an unexpectedly big drop in January. Prime scrap traded down $35/GT in most regions, while obsolete grades traded sideways, sources tell Steel Market Update. That puts the February price for busheling at around $525-535/GT, shred at $470-480/GT and HMS at $430-440/GT. “Tepid demand is being offset by […] The post Prime Scrap Price Drops Again in February, Bottom in Sight? appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled For obvious reasons 2021 was a very active year for HR futures – the runaway rise in prices helped bring […] The post Hot Rolled Futures: 2021, a Very Active Year for HR Trading appeared first on Steel Market Update.
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor, Feb. 10 The CRU metallics price indicator (CRUmpi) rose in February m/m by 2.4% to 392.9, gaining back some of the ground lost during January’s unusually bearish market. This slight upward trend was driven primarily by supply scarcity for obsolete grade scrap and pig iron, […] The post CRU: Metallics Prices Stabilize in Most Regions of the World appeared first on Steel Market Update.
First the takeaway: Don’t overthink it on the way down. Prices are falling, like it or not. The good thing, demand is still good – so don’t let falling prices ruin your holidays. Now, let’s overthink it a little. We’ve seen some chunky declines in recent weeks: SMU’s hot-rolled coil price fell $70 per ton […] The post Final Thoughts appeared first on Steel Market Update.
Steel Dynamics Inc. (SDI) has joined competitor Nucor in predicting another quarterly earnings record for the last quarter of 2021. The Fort Wayne, Ind.-based steelmaker predicted fourth-quarter earnings in the range of $5.46 to $5.50 per diluted share, according to guidance released on Thursday, Dec. 16. That’s up from $4.85 per diluted share in the […] The post SDI to Close Book on ’21 with Record Quarterly Profits appeared first on Steel Market Update.