One of the topic of conversations during the Cowen & Company Global Metals, Mining & Materials Conference was the issue of scrap prices versus iron ore and the value of iron “units.” On the first day of the conference, Dan DiMicco former CEO of Nucor, told the audience that iron ore and scrap would come […] The post Iron Ore, Scrap & Relationship as Iron Units appeared first on Steel Market Update.
Prior to the beginning of the month most scrap dealers were resigned to the fact that ferrous scrap prices would decline by $20 per gross ton and, in some remote areas, perhaps as much as $30. By the end of this past week the dust had settled and scrap prices had dropped by a minimum […] The post Scrap Dealers Surprised by the Magnitude of the Drop in Scrap Pricing appeared first on Steel Market Update.
In the first nine months of 2014, scrap exports totaled 11,586,000 tonnes, down by 19.4 percent from the same period in 2013. In the single month of September exports were 1,163,489 tonnes, this was the second lowest month of the year following August which was the highest month. That’s why, in most cases, SMU uses […] The post Scrap Exports Down 19.4% appeared first on Steel Market Update.
Andre Marshall, well known commodity futures trader, CEO of Crunch Risk LLC and instructor for our Managing Price Risk I and II workshops has written today’s HRC futures article. Today he comments on the financial markets, steel, iron ore and ferrous scrap markets. Financial Markets: All time highs again in the stock markets. We are […] The post Hot Rolled Futures: Hope Springs Eternal appeared first on Steel Market Update.
China has a number of taxes on steel, both domestically and for exports. This is one of the misunderstandings many countries have (including the United States). We have been speaking about the subject with one of our key Asian trading contacts over the past few days as we asked about possible suspension of Boron added […] The post Chinese Taxes on Semi-Finished, Hot Rolled, Cold Rolled and Coated Steels appeared first on Steel Market Update.
Today’s hot rolled coil and ferrous scrap futures article is written by Bradley Clark, Director of Steel Trading at Kataman Metals. The market seems to have bottomed out with the CRU coming in at $640 yesterday. Positive sentiment has outweighed any negatives in the market with AK Steel recently announcing a price hike of $20/ton […] The post Hot Rolled Futures: Market Bottoms Out appeared first on Steel Market Update.
Commercial Metals Company (CMC) reported net earnings of $34.9 million for its fourth quarter ending August 31, 2014. Net sales increased 12 percent year over year to $1.9 billion. For the full fiscal year 2014, net earnings were 115.6 million on net sales of 7 billion. In comparison, FY 2013 net earnings were 77.3 million […] The post CMC Profits Double in FY 2014 appeared first on Steel Market Update.
As one of our scrap sources out on the East Coast put it on Friday, talk within scrap circles is very negative for November and the market is poised for another move lower. “Domestic demand for November scrap seems lackluster and export demand at this point – I think everyone knows the story there – […] The post November Scrap Prices Forecast to Drop by $20 appeared first on Steel Market Update.
Ferrous scrap prices for October delivery into the domestic steel mills have so far this month declined by $10 to $20 per gross ton. Prices vary based on geographical region and product but our sources in Chicago advised us that their prices fell by $20 per gross ton on all products. We received the following […] The post Scrap Undergoing Fundamental Shift as Scrap Pricing Sags appeared first on Steel Market Update.
Ferrous scrap prices for shipment to the domestic steel mills around the country have been dropping since the negotiations began at the beginning of the month. For most geographical areas scrap prices have declined $15-$20 per gross ton compared to where they were at this point in time last month. Our Chicago area sources are […] The post Ferrous Scrap Prices Down $20 appeared first on Steel Market Update.