Nucor’s consolidated net earnings in the second quarter of 2018 jumped to $683.2 million, the second highest quarterly earnings in the company’s history. In comparison, earnings were $354.2 million in the first quarter and $323 million in Q2 2017. Nucor’s Chairman and CEO John Ferriola attributed the successful quarter to an upturn in the steel […] The post Nucor Nearly Doubles Net Earnings in Q2 appeared first on Steel Market Update.
Steel Market Update ferrous scrap sources have advised us there was quick buying of July scrap early this past week. We understand that a Midwest-based EAF mill was buying early, taking prime grades such as busheling up $10 per ton while obsolete grades (HMS, shred) were bought at sideways pricing to June. Busheling, which along […] The post Ferrous Scrap Sees Busheling Up $10, Obsolete Grades Sideways appeared first on Steel Market Update.
Tariffs on cars and trucks made in Canada and exported to the United States could have a significant effect on ferrous scrap prices, says scrap consultant John Harris of Aaristic Services, Inc. Speaking at a recent meeting of the Canadian Association of Recycling Industries, Harris said if the proposed 20 percent or 25 percent tariff […] The post Harris: Tariffs on Automotive Could Impact Scrap Prices appeared first on Steel Market Update.
U.S. scrap exports expanded by 31 percent in the first four months of 2018, while total global scrap trade has been trending up since Q1 2016. Steel Market Update performs this analysis quarterly to help readers understand the gyrations of the domestic scrap market and where the U.S. stands as a global player. This data […] The post U.S. Ferrous Scrap Exports Up in 2018 appeared first on Steel Market Update.
Steel Market Update’s sources reported that the June ferrous scrap trade produced slightly higher prices on prime grades of about $10 per ton and little change on obsolete grades. “There was a significant supply of shredded and cut grades offered into the market, which is not unusual for a June trade. Under market conditions like […] The post U.S Ferrous Scrap Prices Stay Steady in June appeared first on Steel Market Update.
Most Steel Market Update sources expect prime scrap to increase by about $10 per ton in July, with the price of obsolete grades moving sideways. “Strong demand and lagging deliveries are the driving factors in the July market. Mills will be reluctant to cancel outstanding orders for fear of losing scrap to other mills and […] The post SMU Sources Predict $10 Increase for Prime Scrap in July appeared first on Steel Market Update.
High graphite electrode prices will soon start to show up in the price of steel, reports West Coast scrap exporter Damon Sun of Daido International, who offers the following observations on the market: “The Asian markets will likely take a back seat to U.S. scrap as mills start adjusting for the extremely high graphite electrode […] The post Mills to Pass Along the High Cost of Electrodes appeared first on Steel Market Update.
Steel Market Update ferrous scrap sources expect a sideways to slightly higher domestic market, while the export markets see some pricing pressure. The following is what one of our scrap and pig iron sources had to say about the domestic market as of this weekend: “The U.S. scrap market should be characterized as firm for […] The post U.S Ferrous Scrap Markets Firm for June appeared first on Steel Market Update.
Ferrous scrap prices have declined a bit in May, reported Steel Market Update sources, due to weakness in the export market and warmer spring weather that aided scrap collection and boosted supplies. Looking ahead to June, sources expect further change, but they disagree on the degree and direction. In the Ohio Valley, prices declined, but […] The post Ferrous Scrap Prices Decline in May, June Unclear appeared first on Steel Market Update.
Steel Market Update’s scrap sources expect ferrous scrap prices to drop by at least $10-$20 per ton in May, and possibly as much as $30-$40 per ton, as spring weather increases the scrap flows and boosts supply. Adding to the downward pressure on prices, they report, is weakness in the global market. One dealer in […] The post Ferrous Scrap Prices Expected to Decline in May appeared first on Steel Market Update.