Section: News

CHARLOTTE, N.C., May 25, 2017 /PRNewswire/ — Nucor Corporation (NYSE: NUE) announced today that it is investing an estimated $176 million to build a hot band galvanizing and pickling line at its sheet mill in Ghent, Kentucky. The new galvanizing line will expand Nucor Steel Gallatin’s product capabilities and have an annual capacity of 500,000 […] The post Nucor to Build Galvanizing Line at its Kentucky Sheet Mill appeared first on Steel Market Update.

Steel Market Update has begun to ask our scrap sources to provide some color as to what we can expect. Early indications from our sources are to expect ferrous scrap prices to trade “sideways” (unchanged) from the levels reported at the beginning of May. One of our sources told us, “The June market looks to […] The post June Ferrous Scrap Pricing Expected to Move Sideways appeared first on Steel Market Update.

Steel Market Update (SMU) first reported that the Chinese were exporting ferrous scrap in an article on April 19, 2017. With the forced shut-downs of induction and electric arc furnaces by the Chinese equivalent of our EPA, the net result is that there is an abundance of ferrous scrap needing a home. Some of that […] The post Chinese Ferrous Scrap Slowly Making its Way to Market appeared first on Steel Market Update.

The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel We have seen some evidence late this week of participants “buying the dips” in what has been a rather thin and […] The post Hot Rolled Futures: Buying the Dips appeared first on Steel Market Update.

It is the first week of May and the negotiations between the long and flat rolled steel mills have been in full swing all week. By late today (Thursday) word of how the scrap dealers had fared has been coming into our offices. The first region to settle was Detroit which was up $10 on […] The post Ferrous Scrap Pricing for May “Strong Sideways” to Slightly Higher appeared first on Steel Market Update.

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.

The domestic steel mills did not cancel scrap orders for April delivery that had not yet arrived. This is a sign that the steel mills believe prices will be sideways to slightly higher for May delivery than what they negotiated for April. All is quiet as the steel mills and their scrap suppliers jockey for […] The post Final Thoughts appeared first on Steel Market Update.

SMU sources are expecting scrap prices to remain somewhat range-bound as the scrap dealers begin negotiations with the domestic steel mills for the month of May. Most dealers are forecasting May settlement prices to be within $10 per ton of what we saw in April and this can vary from region to region. We understand […] The post Ferrous Scrap Prices for May Expected to Trade Sideways appeared first on Steel Market Update.

The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel With the exception of HR spot not much has changed this past month in the HR futures curve. When you compare […] The post Hot Rolled Futures: Not Much Change to Forward Curve appeared first on Steel Market Update.

We have an unusual market. What Steel Market Update is seeing is confidence by most of the steel mills. They feel there may be some minor adjustments in spot pricing as a few mills jockey to maintain their order books. At the same time, most steel buyers are being supportive of the price levels we […] The post SMU Price Ranges & Indices: Moving Lower from Here? appeared first on Steel Market Update.