There is a big difference between the settlement prices in the Midwest versus those on the East Coast. Ferrous scrap prices in the Chicago area saw shredded scrap drop by $30 per gross ton, cuts (obsolete scrap) was down $20 per ton while prime grades (bundles and busheling) went sideways. In the Detroit numbers shredded […] The post Scrap Prices Slide on all but Prime Grades appeared first on Steel Market Update.
Our scrap sources reported ferrous scrap prices as having the most strength in the east where export pricing has bounced off the bottom and momentum has apparently turned in that region. One of the east coast dealers told us that scrap flows are “atrocious” and if it wasn’t for the “terrible demand situation the market […] The post Scrap Prices Take Another Dip Lower but Dealers Think This is the Bottom… appeared first on Steel Market Update.
A month ago one of our dealer sources echoed the views of many in the ferrous scrap business, he expected nothing worse than a sideways (no change) market for July scrap prices. He pointed to stronger demand at the steel mills and continued weak collection of obsolete scrap grades. We will hear more from him […] The post Scrap Prices Weaken Much More than Market Expected appeared first on Steel Market Update.
A little more than a week ago, Steel Market Update spoke at a Bank of America Merrill Lynch dinner in Chicago. In the audience were a couple of scrap companies who told us the mills in the Chicago area (ArcelorMittal in particular) have come back into the market to buy scrap after a lengthy absence […] The post Scrap Outlook for July: Sideways to Maybe Up $10 appeared first on Steel Market Update.
Ferrous scrap prices rose in June as obsolete flows continue to be weaker than normal and the domestic mills have come back into the market. The strength of the market has come as a surprise to dealers and mills alike. Number 1 Heavy Melt (HMS) ranged from $230 to $265 per gross ton with the […] The post Obsolete Scrap Flows Down 30%, June Prices Rise $20-$30 appeared first on Steel Market Update.
As Steel Market Update has discussed in previous articles on the subject of scrap pricing, the original projections by buyers of scrap were for prices to drop $20 per gross ton on all products for the month of March. The projected March reduction would have been on the heels of an $80 to $110 per […] The post Ferrous Scrap Update: April Bounce Ahead (Dead Cat or Otherwise)? appeared first on Steel Market Update.
There appears to be a lot of uncertainty in the ferrous scrap and pig iron markets as we move into the second half of February and start taking a peak into what March scrap and pig iron pricing may look like. One of our pig iron sources advised SMU that many of the Brazilian pig […] The post Pig Iron and Ferrous Scrap Markets Still Under Pressure appeared first on Steel Market Update.
As we reported last week, prior to negotiations beginning for the month of February market players were predicting ferrous scrap prices would drop by $30-$50 and then $50-$70 per gross ton. Then we heard prices would drop by $100 per gross ton over the months of February and March combined. When the smoke cleared at […] The post Ferrous Scrap Pricing Drops $80 to $110 appeared first on Steel Market Update.
For some reason, we made an error when setting up this newsletter yesterday evening that stopped it from being published. We apologize for the delay in getting it to you. Earlier this week ferrous scrap pricing in Detroit settled at down $100 per gross ton on prime grades of scrap such as #1 busheling and […] The post Final Thoughts appeared first on Steel Market Update.
As we reported last week, the $30 per ton ferrous scrap price increases failed to materialize once January negotiations began in earnest. A couple lucky deals were made up $20-$30 just as December ended and January began. However, those deals dried up almost as fast as the ink dried on the paper. We are hearing […] The post Scrap Prices Fizzle Due to Steel Industry Slowdown appeared first on Steel Market Update.