With trading still winding down today, it appears ferrous scrap prices for October will settle down $20/GT on prime grades and sideways for obsoletes. Most Steel Market Update sources expect scrap prices to start moving higher in the months ahead. “After Cleveland-Cliffs bought busheling last week basically sideways, the U.S. mills stubbornly waited a week […] The post Prime Scrap Trades Down $20/GT in October appeared first on Steel Market Update.
Following a big drop in scrap prices in September, sources tell Steel Market Update they expect an increase in the price of obsolete grades in October, with prime grades seeing some downward pressure. “I think we will see an increase specifically for shred in October. The consensus is building that prices in October for these grades […] The post Mixed Outlook for Ferrous Scrap Prices in October appeared first on Steel Market Update.
Prices for four of the seven steelmaking raw materials tracked in this SMU analysis decreased over the last 30 days. Through Sept. 17, iron ore prices stumbled 21% in one month’s time, busheling scrap prices declined 12%, pig iron prices fell 11%, and shredded scrap prices declined 3%. Coking coal prices jumped 49% in that […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.
By CRU Senior Editor Ryan McKinley, from CRU’s Steel Sheet Products Monitor Steel sheet prices were either little changed or fell w/w across most of the globe, with the U.S. market now joining in the global cooldown. Prices in the U.S. fell w/w for the first time in over year, albeit the decline was only […] The post CRU: U.S. Sheet Prices Join Global Slowdown appeared first on Steel Market Update.
Prime scrap prices saw a big drop in September, down $40-50 per gross ton (GT), report Steel Market Update sources. Obsolete grades also declined, though not as much, at down $20-25/GT in most parts of the country. Declining scrap prices may contribute to downward pressure on finished steel prices in the fourth quarter. Prices for […] The post Prime Scrap Prices See Big Drop in September appeared first on Steel Market Update.
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) fell by 4.6% in September to 375.5, marking a second straight month of decline. Scrap prices were down in nearly every market we cover, although pig iron and HBI prices again fell by more than scrap. Lower demand […] The post CRU: Global Metallics Prices Continue on Downward Trajectory appeared first on Steel Market Update.
In the near term, ferrous scrap prices are heading down. But in the long term – with the proliferation of electric arc furnace (EAF) steelmaking around the globe putting added pressure on scrap supplies – the price trend for scrap is definitely pointing upward. The cost of scrap and other metallics is of high interest […] The post Ferrous Scrap Trends: Lower in September, But Higher Long Term appeared first on Steel Market Update.
Nucor might be wrapping up an approximately $4-billion expansion campaign, but it has no intentions of stopping there, the company’s top executive said. “We’re going to be a growth company. … And we’ve got the balance sheet to continue to invest,” President and CEO Leon Topalian said. Topalian declined to specify where the company might […] The post SMU Steel Summit: Nucor Eyes Expansion, Scrap Export Curbs appeared first on Steel Market Update.
Settling on the direction of SMU’s Price Momentum Indicators has been an easy task for the past year. Prices on all products were clearly moving upward week after week as demand continued to outstrip supplies. Today, the market is changing, and the trend is less clear. Determining price momentum is considerably trickier. SMU does not […] The post Final Thoughts appeared first on Steel Market Update.
The 2021 SMU Steel Summit started with a bang on Monday morning. Turns out it was a transformer that blew. Just as the opening video and music was revving up and host John Packard was getting into his opening remarks, the Georgia International Convention Center was plunged into darkness save for some emergency lighting. Thinking […] The post Final Thoughts appeared first on Steel Market Update.