January 24th 2014. The Turkish Lira is in freefall. What does this mean for the US ferrous scrap industry? This is a hard question to answer because we don’t know what we don’t know. What we do know is that the Turkish Lira has declined by 20.1% against the US $ in the last 12 […] The post What Does Fall of Turkish Lira Mean for U.S. Scrap Industry? appeared first on Steel Market Update.
On January 14, Steel Market Update (SMU) adjusted our Price Momentum Indicator from Higher to Neutral. This means we see steel market pricing at this moment as either in transition or moving sideways over the next 30 days. With ferrous scrap prices now weakening, lead times shortening and all of the available capacity back in […] The post SMU Price Momentum Adjusted & SMU Price Indices appeared first on Steel Market Update.
According to scrap experts, most of the domestic mills canceled their January orders at the close of business this past Friday when shipment of the past due scrap had not already been made. Cancellations are standard operating procedure by the domestic mills when they believe scrap prices will drop once the new month’s negotiations are […] The post Scrap Market in “New Dynamic” as Exports Wane appeared first on Steel Market Update.
According to scrap experts, most of the domestic mills canceled their January orders at the close of business this past Friday when shipment of the past due scrap had not already been made. Cancellations are standard operating procedure by the domestic mills when they believe scrap prices will drop once the new month’s negotiations are […] The post Scrap Market in “New Dynamic” as Exports Wane appeared first on Steel Market Update.
As we approach the end of January the expectation is for the domestic steel mills to cancel any remaining ferrous scrap orders that the yards have been unable to ship due to the weather, shortage of trucks or rail cars or just due to the dealer(s) being unable to complete the order on time. The […] The post Ferrous Scrap Prices Forecast to Drop $10-$30 appeared first on Steel Market Update.
Steel Dynamics reported solid earnings on Monday with Q4 2013 net income of $55 million on net sales of $1.9 billion, somewhat short of Q4 2012 net income of $61 million on sales of $1.7 billion. Full year income was $189 million, up from $164 million in 2012. Net sales for the year totaled $7.4 […] The post SDI Reports Solid Earnings appeared first on Steel Market Update.
January 24th 2014. The Turkish Lira is in freefall. What does this mean for the US ferrous scrap industry? This is a hard question to answer because we don’t know what we don’t know. What we do know is that the Turkish Lira has declined by 20.1% against the US $ in the last 12 […] The post What Does Fall of Turkish Lira Mean for U.S. Scrap Industry? appeared first on Steel Market Update.
The busheling scrap market is starting to take shape, though it is still early in the month. Initial sentiment suggests that the market for prime scrap may be down around $20 / gt. With weakness in the export market as Turkish corruption problems, the weakening Lira and soft economy have prevented imports, additional material should […] The post Busheling Ferrous Scrap Prices Look to Soften in February appeared first on Steel Market Update.
I will be in my office on Monday, Thursday and Friday of this week. I will be traveling to New York City for the AHR Expo on Tuesday and Wednesday. If you are attending the AHR Expo and would like to seek me out you can do so by email: John@SteelMarketUpdate.com or by phone (or […] The post Final Thoughts appeared first on Steel Market Update.
Steel Market Update (SMU) has adjusted our Price Momentum Indicator from Higher to Neutral. This means we see steel market pricing at this moment as either in transition or moving sideways over the next 30 days. With ferrous scrap prices now weakening, lead times shortening and all of the available capacity back in the market […] The post SMU Price Momentum Indicator Adjusted to Neutral from Higher appeared first on Steel Market Update.