Ferrous scrap prices for August were not as weak as expected, but varied widely by region. Prices on the East Coast and in the Southeast were up $30/GT due to strong export demand, while prices in other parts of the country traded sideways for obsolete grades and down $20-30 for primes, report Steel Market Update […] The post Scrap Prices Mixed in Unusual August appeared first on Steel Market Update.
By CRU Senior Analyst Ryan McKinley, from CRU’s Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 3.6 percent m/m in August to 205.1. China’s demand for finished steel has either lifted or stabilized both scrap and metallics prices across the globe. Looking ahead, we expect this trend to continue through September as markets […] The post CRU: Chinese Demand Drives Global Scrap, Metallics Price Upswing appeared first on Steel Market Update.
Ferrous scrap prices are likely to trade flat to down a further $20 per ton in August, following on a $20-40 drop in July, lending little support to the mills’ hopes to raise finished steel prices as the economy slowly recovers from the pandemic. CRU Senior Analyst Ryan McKinley said stronger demand for scrap exports […] The post Ferrous Scrap Prices Expected to Move Lower Again in August appeared first on Steel Market Update.
The U.S. share of global scrap trade has been increasing since Q1 2016 and in Q1 2020 was 23.3 percent. This is a quarterly analysis that SMU performs using data from the Iron and Steel Statistics Bureau (ISSB) in the UK. Some nations are slow to report, which results in the analysis being two months […] The post SMU Analysis of Global Scrap Trade appeared first on Steel Market Update.
The official opening of the SMU Virtual Steel Summit Conference is 29 days from today (Aug. 24-26). You will want to register early as we will be opening the platform during the prior week (probably Thursday and Friday) so people can get help as they practice using the platform, make appointments with other attendees and […] The post Final Thoughts appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel Declining HR spot steepens the HR futures curve even as it shifts lower, but the light is just around the corner. […] The post Hot Rolled Futures: Hot Lazy Summer appeared first on Steel Market Update.
As expected, ferrous scrap prices declined in July, adding downward pressure to already weak finished steel prices. Steel Market Update sources report that obsolete scrap traded down $10-20 per ton, while prime grades were lower by $40 across the country. Scrap supplies have increased at a greater rate than steel production, say the experts, which […] The post Scrap Trades Lower by $20-40 Per Ton in July appeared first on Steel Market Update.
Ferrous scrap prices most likely will move lower in July as scrap supplies are increasing at a greater pace than steel demand. Finished steel prices have shown some weakness lately as the market struggles to get back on track and are unlikely to get any help from scrap next month. Ferrous scrap prices rose $30-40 […] The post Ferrous Scrap Prices Likely Lower in July appeared first on Steel Market Update.
By CRU Senior Analyst Ryan McKinley, from CRU’s Metallics Monitor The CRU metallics price indicator (CRUmpi) increased slightly in June, rising by 2.9 percent m/m to 208.3. The reduction in lockdowns and other Covid-19-related restrictions across the globe allowed scrap to become more readily available as demand increased in major importing markets. In the near term, we […] The post CRU: Easing of Lockdowns Stabilizes Global Scrap Prices appeared first on Steel Market Update.
Ferrous scrap prices, which were widely expected to move higher again in June, traded “mostly sideways” as supplies increased while demand continued to lag, report Steel Market Update sources. In May, ferrous scrap prices settled up $30 per ton for shredded and up $40-50 per ton for busheling as coronavirus shutdowns disrupted scrap generation and […] The post Ferrous Scrap Prices Move “Mostly Sideways” in June appeared first on Steel Market Update.