What’s perhaps most shocking about Cleveland-Cliffs starting the week up $100 per ton ($5 per cwt) on sheet and targeting $1,200 per ton for hot-rolled coil (HRC) is that many of you didn’t find it shocking. In early February, we got used to prices going up by $50 per ton from one week to the […] The post Final Thoughts appeared first on Steel Market Update.
By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor The CRU metallics price indicator (CRUmpi) for March rose by 7.4% month on month (MoM), to 357.7, which is its highest value since June 2022. Strong Turkish buying of scrap and pig iron since the second half of February is the key […] The post CRU: Turkish Rebuild Plans Boost Metallics Prices appeared first on Steel Market Update.
What a difference a month makes in light of a difficult forecast environment for hot rolled (HR) prices. The mills have been raising HR spot prices faster than folks can track, and the futures appear to be in lockstep as lead times continue to extend. While steel capacity utilization rate seems stuck in the mid-70% […] The post HR Futures, Spot Prices Move Higher As Lead Times Extend appeared first on Steel Market Update.
Ferrous scrap prices increased from November to December, according to Steel Market Update sources, breaking the seven-month cycle of price declines. Buyers reported prime scrap prices increased roughly $30 per gross ton, while shredded prices rose $20 per ton. “Scrap prices are up a minimum $20-30 per ton this month,” reported one scrap executive. He […] The post Scrap Prices Rise in December, Higher Expectations for January appeared first on Steel Market Update.
Turkish scrap import prices increase w/w Turkish scrap prices started to increase significantly last week. Accordingly, our assessment for HMS 1/2 80:20 rose to $374 /t CFR based on two new deals, up by $35 /t w/w and $26 /t m/m. Scrap sellers have been raising prices amid tighter supply into winter months, and buyers […]
Steel Market Update sources expect ferrous scrap prices to be sideways or rise slightly going into September. The move would potentially end the four-month streak of declines seen since the spring’s record high tags. Obsolete grades are anticipated to remain relatively stable from August to September, while prime scrap is expected to increase $20-$30 per […] The post September Scrap Prices Expectations Sideways or Rising appeared first on Steel Market Update.
Backward physical integration comes to the aluminum rolling industry SDI’s decision to “jump the fence” and enter the aluminum rolling sector was, in and of itself, blockbuster news. However, the repercussions on the aluminum scrap market may be even more profound. CRU has argued for some time that the big aluminum rolling mills would eventually […] The post SDI’s $2.2B Rolling Mill Project Will Reshape Aluminum Scrap appeared first on Steel Market Update.
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […] The post Ferrous Futures: Rangebound and Itching for a Big Move – Up or Down? appeared first on Steel Market Update.
Fuel surcharges continue to march higher along with increased steel prices and ballooning costs for raw materials such as ferrous scrap and pig iron. Case in point: Wheeling-Nippon Steel’s fuel surcharge will increase to 24% effective with shipments on Monday, April 4. “The surcharge will continue to be added to the freight on all invoices […] The post SMU Survey Respondents Flag Fuel Surcharges as Costs March Higher appeared first on Steel Market Update.
Fuel surcharges continue to march higher along with increased steel prices and ballooning costs for raw materials such as ferrous scrap and pig iron. Case in point: Wheeling-Nippon Steel’s fuel surcharge will increase to 24% effective with shipments on Monday, April 4. “The surcharge will continue to be added to the freight on all invoices […] The post SMU Survey Respondents Flag Fuel Surcharges as Costs March Higher appeared first on Steel Market Update.