Domestic scrap prices continued to tumble this month on soft demand and strong inbound scrap flows, but the market could come into balance in July, sources said. “After this more-than-expected drop in prices for June, the market next month should be sideways at worst,” one source said. He noted that the export market remains firm and […] The post US Scrap Prices Sink in June on Weak Demand appeared first on Steel Market Update.
Foreign shipments of ferrous scrap from Ukraine increased 3.1 times in a rising trend to 77,452 t year-on-year in the first five months of 2023, according to customs data. Exports were 8,280 t in January, 16,500 t in February, 15,450 t in March, 16,190 t in April and 21,003 t in May. Most material went […]
June is expected to be a weaker month for scrap prices, but there is still a lot of uncertainty, especially with the Turkish elections set for Sunday, according to scrap market sources. “The mood is generally bearish, but I think the bears are a little too far out over their skis with the prognostications for […] The post June Scrap Outlook Weak, Turkish Election Leads to Uncertainty appeared first on Steel Market Update.
BlueScope-owned New Zealand Steel is to replace its blast furnace (BF) with an electric arc furnace (EAF). The cost is estimated at NZ$300 M (US$188 M, €174 M), with the government funding up to NZ$140 M. The investment will cut the Glenbrook works’ carbon footprint by 800,000 t, equivalent to taking around 300,000 cars off […]
Scrap price falls have continued, now affecting all major markets. Previously, the market weakness was due to macroeconomic concerns but is now due to weak steel demand. Turkish scrap buying has been underwhelming, while Chinese scrap consumption has been reeling back as the steel outlook turns sour. Poor Steel Demand and Production Weigh on Scrap […] The post CRU: Scrap Prices Fall as Demand Outlook Falters appeared first on Steel Market Update.
After surprising the market watchers of HR futures in the first week of May, the index finally gave back $40 per short ton (ST) in the second week, coming in just shy of $1,130/ST. Interestingly, the May futures settlement was almost unchanged from April 10 . While the market may be in a hurry for price […] The post Futures: The Slow Erosion of HR Prices appeared first on Steel Market Update.
US scrap prices fell across the board in May, and expectations are that June could move lower still on weaker global demand. “Domestic demand was generally decent aside from several mills in the Ohio Valley that had substantially reduced buy programs,” one scrap source said. “Ironically, Ohio is still home to the strongest ferrous scrap market […] The post US Scrap Prices Slip Again in May, June on Shaky Ground appeared first on Steel Market Update.
Domestic scrap prices are expected to fall in May, market sources told SMU. “Despite decent domestic demand, the recent and apparently continuing drop in the global scrap price will pressure US prices in May,” one market source said. “The global market for finished steel and semis is oversupplied, and Turkish demand is in a holding […] The post Lower Global Scrap Prices Seen Pressuring US Tags appeared first on Steel Market Update.
CRU expects metallics prices to continue trending down in May 2023 as supply will continue to outpace demand in most markets. In the US, obsolete scrap prices are expected to move lower as the inflow to scrap yards will pick up seasonally, and dealers get more inclined to sell. In Europe, the macroeconomic environment will […] The post CRU: Scrap Prices to Trend Further Down in May 2023 appeared first on Steel Market Update.
A temporary prohibition on shipments of ferrous scrap abroad is necessary to provide Ukraine’s steel producers with strategically important raw materials as the war with Russia continues, according to Oleksandr Kalenkov, president of sector body Ukrmetallurgprom. “If scrap metal remains in the country, more than 500,000 people will have a job, and the country will […]