We have made little changes to our scrap prices forecast in this update. The seasonal fall in supply is starting now and prices are expected to find some support in the near term. In the USA, busheling prices is expected to remain at a discount over shredder until the end of 2023 Q2. Meanwhile, we […]
Steel prices eased each week in May, following increases in March and most of April. Hot rolled prices were $1,440 per ton ($72 per cwt) the first week of May, just $40 lower than the mid-April peak. Prices then slipped between $15 and $75 each of the following weeks, with the SMU index averaging $1,255 […] The post SMU’s May at a Glance appeared first on Steel Market Update.
Steel Market Update sources expect ferrous scrap prices to decline in June, following record high prices in March through May. Some expect prime grades to decline as much as $50 per gross ton from May, with obsolete grades down anywhere from $20-$50 per ton. “Markets are worsening by the day. It looks like there is continued […] The post Scrap Prices Expected to Decline $30-50/ton in June appeared first on Steel Market Update.
US Steel is no longer importing pig iron from Ukraine and Russia for its Big River Steel Works – now the official name of its Osceola, Ark., electric arc furnace (EAF) sheet mill. The Pittsburgh-based steelmaker has also mostly weaned its integrated steel mill in Košice, Slovakia, off Russian raw materials as well, they said. […] The post Big River Steel Not Sourcing Pig Iron From Russia, Ukraine: USS appeared first on Steel Market Update.
Steel Market Update sources expect ferrous scrap prices to decline in May, following record high prices in March and April due to the Ukraine-Russia war. Some expect obsolete grades to decline significantly from April, with busheling prices potentially down as well. “Just looking at the export market makes me think US domestic will see significant drops for all […] The post High Scrap Prices Expected to Ease in May appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Recent HR spot price increases have continued to decelerate this month as prices near $1,500/ton. Initial market metallic supply concerns […] The post Hot Rolled Futures: Declining Futures Prices Reflect Rising Interest Rate Concerns appeared first on Steel Market Update.
Ferrous scrap prices were mixed in April, with busheling up $75 per gross ton (GT), shredded scrap flat, and HMS down $20/GT. These were not the movements scrap experts had expected, with late March forecasts calling for obsolete grades up $50-$100/GT over March and busheling up $120-$200/GT. “April ferrous markets have settled and suffice it […] The post April Scrap Prices Mixed, Not What Dealers Anticipated appeared first on Steel Market Update.
Schnitzer Steel Industries Inc. posted its best first half results in company history following a strong second quarter earnings. The result comes thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $38 million in the second quarter of […] The post Schnitzer’s Best Half-Year Results Backed by Strong FYQ2 appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled The Ukraine/Russia war continues to fester, leaving all markets with maximum uncertainty. HR physical prices have risen just over $300/ST […] The post Hot Rolled Futures: Big Spike in Metallics Pushes Ferrous Prices Higher appeared first on Steel Market Update.
In his remarks during Wednesday’s Community Chat, Johnny Sjöström, the top executive at SSAB Special Steels, suggested that the fighting in Ukraine will make nations more gun-shy about becoming too dependent on their foreign trading partners. Nations in Europe and many other parts of the world are scrambling to maintain production without the exports of […] The post Final Thoughts appeared first on Steel Market Update.