Tag: Export

Ferrous scrap prices declined again in February after an unexpectedly big drop in January. Prime scrap traded down $35/GT in most regions, while obsolete grades traded sideways, sources tell Steel Market Update.  That puts the February price for busheling at around $525-535/GT, shred at $470-480/GT and HMS at $430-440/GT. “Tepid demand is being offset by […] The post Prime Scrap Price Drops Again in February, Bottom in Sight? appeared first on Steel Market Update.

Were it not for persistently strong steel demand, the plunging steel prices would be an unmitigated disaster. About 70% of the service center and manufacturing execs responding to SMU’s survey a week ago described demand for their products as stable. Another 20% even said they see demand improving. Just 10% have registered declines in demand […] The post Final Thoughts appeared first on Steel Market Update.

January marked the fifth consecutive month of declining steel prices, following a year-long streak of continuous price increases. Hot rolled prices declined $200 per ton throughout the month, with the SMU index averaging $1,335 per ton ($66.75 per cwt) as of Tuesday, Jan. 25. The SMU Price Momentum Indicator for sheet products remains at Lower since its mid-October adjustment. January […] The post SMU’s January at a Glance appeared first on Steel Market Update.

Ferrous scrap prices in the U.S. saw a big, $60-per-ton drop in January – a surprise in a month when scrap prices usually rise. That makes it trickier than usual to predict what will happen to scrap prices in February. Experts said the January decline brought domestic prices more in line with foreign, and also […] The post February Scrap Prices Tricky to Predict appeared first on Steel Market Update.

By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor, Feb. 10 The CRU metallics price indicator (CRUmpi) rose in February m/m by 2.4% to 392.9, gaining back some of the ground lost during January’s unusually bearish market. This slight upward trend was driven primarily by supply scarcity for obsolete grade scrap and pig iron, […] The post CRU: Metallics Prices Stabilize in Most Regions of the World appeared first on Steel Market Update.

Ferrous scrap prices in the Midwest saw a big $60 drop in early trading for January – a surprise in a month that historically sees scrap prices rise. While trading continues in other regions, sources tell Steel Market Update they expect the market to settle in the next few days at down $40-50/GT for obsolete […] The post Big Drop Expected for Ferrous Scrap Prices in January appeared first on Steel Market Update.

Schnitzer Steel Industries Inc. posted its best first quarter earnings on record 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 $47 million in the first quarter of fiscal 2022 ended Nov. 30, 2021, more than triple the […] The post Schnitzer Posts Best Fiscal First Quarter Results Ever appeared first on Steel Market Update.

Steel Dynamics Inc. (SDI) has joined competitor Nucor in predicting another quarterly earnings record for the last quarter of 2021. The Fort Wayne, Ind.-based steelmaker predicted fourth-quarter earnings in the range of $5.46 to $5.50 per diluted share, according to guidance released on Thursday, Dec. 16. That’s up from $4.85 per diluted share in the […] The post SDI to Close Book on ’21 with Record Quarterly Profits appeared first on Steel Market Update.

By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor , Dec. 8 The CRU metallics price indicator (CRUmpi) was little changed m/m in December at 401.6 after expectations of another price increase for metallics were dampened by weaker-than-expected demand. Supply is becoming seasonally scarcer in some markets. But, in our view, weakness in […] The post CRU: Global Metallics Prices Come Under Pressure as Demand Wanes appeared first on Steel Market Update.

Ferrous scrap prices for December settled mostly sideways across the U.S. following a big jump in November as export demand slowed and as mills sought to reduce year-end inventories. Steel Market Update sources generally put December scrap in the following ranges: Shred $520-540/GT; Bush $600-640/GT; and HMS $470-490/GT. “It was an unusual, and frankly unexpected, […] The post Ferrous Scrap Prices Flat in December on Weak Export Demand appeared first on Steel Market Update.