Steel Market Update (SMU) has adjusted our Price Momentum Indicator to reference spot prices as moving higher from this point over the next 30 days. Our decision to move our indicator is due to the continued high prices for steel mill inputs, such as 62% Fe iron ore fines in China being sold at $91.50/dmt […] The post SMU Price Momentum Indicator Moved to Higher from Neutral 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.
We are moving into another exciting week for the flat rolled steel industry. Ferrous scrap negotiations will begin this week and how they are resolved will determine whether flat rolled steel prices roar higher from here or wander around looking for a soft landing. We will be watching and listening for clues about scrap prices […] The post Final Thoughts appeared first on Steel Market Update.
Scrap, scrap, scrap, scrap and scrap…that is what everyone is going to be talking about for the next week to ten days. David Feldstein in tonight’s HRC Futures article suggested prime grades could go higher in March by as much as $80 per gross ton. I have read articles that suggest the numbers could be […] The post Final Thoughts appeared first on Steel Market Update.
A large flat rolled steel service center shot me a note late on Friday advising a steel mill had told them earlier in the day to expect a $40 per ton price increase as soon as Monday of this week. At the same time the customer was told if scrap prices in March increase by […] The post Price Increase Rumors Starting to Float appeared first on Steel Market Update.
The following article is the opinion of John Packard, Publisher, Steel Market Update. I haven’t gone back and reviewed the records as to how many times flat rolled steel prices moved higher after a quick run up followed by a stable to slightly down market for a couple of weeks. Probably less than the fingers […] The post Flat Rolled Price Increases Coming? 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 HR futures consolidate in quiet trading week as the market absorbs the anticipated first decline in the HR index since the […] The post Shorter Lead Times, Auto Inventories Affecting Futures Markets appeared first on Steel Market Update.
The following article is the opinion of Steel Market Update (SMU) founder and publisher, John Packard. There is a new kid in town, his/her name is Big River Steel. No other steel mills like BRS because they are taking market share and, well, everyone wants to keep all of their toys. Big River Steel Arkansas […] The post The Sky is Not Falling, Just Some Nuts Rolling on the Ground… appeared first on Steel Market Update.
The ferrous scrap markets have been all about doom and gloom up until the past couple of days. Obsolete grade and shredded scrap were reported trading down $25 per ton in Brazil. Prime grades were down $10 per ton. Our sources were telling us export prices were down and the exporters off the east coast […] The post Surprise! Scrap Prices Firming as February Negotiations Continue appeared first on Steel Market Update.
Over the weekend, we were able to discuss the status of ferrous steel scrap negotiations for February with a couple of scrap dealers as well as one individual associated with the pig iron markets. The Detroit areas mills were the first to settle and the decline in shred and obsolete grades was not as dramatic […] The post Early Scrap Down $25-$40 on Shred/Obsolete and $10-$35 on Primes appeared first on Steel Market Update.