The ferrous scrap market is heading higher. In a surprise to scrap experts (and probably the mills), prices are rising with some early deals done at +$20 per gross ton on prime grades and +$30 per gross ton on everything else. That is where Detroit settled earlier this week. Steel buyers need to be aware […] The post Scrap Negotiations Yield Higher Numbers Than Expected appeared first on Steel Market Update.
Steel Market Update (SMU) has been canvassing our ferrous scrap sources to find out where the industry sees prices once the negotiations begin with the domestic steel mills. All of our sources tell SMU they expect prices to be higher, somewhere in the $10 to $30 per gross ton range, compared to the November prices. […] The post Scrap Prices Poised to Rise in December and January 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 It has been a relatively light volume week in HR futures as the recent push higher in prices has left the […] The post Neutral HR Market Outlook Slows Rising HRC Futures Prices appeared first on Steel Market Update.
Ferrous scrap prices for the month of November began coming into focus on Friday with SMU scrap sources advising prime grades as being down $10 per gross ton compared to October levels. Obsolete and cut grades were reported as trading sideways (same prices as October). Not all regions are trading at the same pricing or […] The post November Scrap: Settling or Working Off the Bottom? appeared first on Steel Market Update.
When Steel Market Update (SMU) began talking to our ferrous scrap sources over the past couple of days, we got a variety of opinions as to where prices will go for the month of November. From the East Coast we heard sideways was the most likely direction with a little “slightly stronger” for prime grades […] The post Ferrous Scrap Pricing for November: Sideways, Higher, Lower? appeared first on Steel Market Update.
When Steel Market Update (SMU) began talking to our ferrous scrap sources over the past couple of days, we got a variety of opinions as to where prices will go for the month of November. From the East Coast we heard sideways was the most likely direction with a little “slightly stronger” for prime grades […] The post Ferrous Scrap Pricing for November: Sideways, Higher, Lower? appeared first on Steel Market Update.
Steel Dynamics and CEO Mark Millett are expecting a tighter steel market in the fourth quarter. After surging ahead of possible Section 232 trade action, import levels have declined and, coupled with strengthening order rates and longer lead times, steel prices are expected to appreciate significantly, said Millet in remarks during the company’s quarterly conference […] The post SDI: Positive Pricing Environment Ahead appeared first on Steel Market Update.
SMU published an article in Tuesday evening’s issue about the comments made by General John Adams on national security and the need for steel. The title of the article was “General Goes Nuclear in Support of Section 232.” We received a number of comments from that article wanting to know if we had fact-checked what […] The post Final Thoughts appeared first on Steel Market Update.
What goes around comes around, as they say. In the case of the ferrous scrap market, what goes around and comes around again and again are residuals such as copper that complicate the steelmaking process and threaten to erode some of the competitive cost advantage now held by minimills. Minimill steelmaking has transformed the steel […] The post Residuals Eroding Minimills’ Cost Advantage appeared first on Steel Market Update.
The negotiations for ferrous scrap were pretty “easy,” according to one ferrous scrap analyst who told Steel Market Update on Friday that virtually every market in the United States was down $30 per gross ton on heavy melt and shred and other obsolete grades, while prime grades such as bundles and #1 busheling dropped $40 […] The post Scrap Moves Lower in October appeared first on Steel Market Update.