The ferrous scrap markets have been all about doom and gloom up until the past couple of days. Obsolete grade and shredded scrap were reported trading down $25 per ton in Brazil. Prime grades were down $10 per ton. Our sources were telling us export prices were down and the exporters off the east coast […] The post Surprise! Scrap Prices Firming as February Negotiations Continue appeared first on Steel Market Update.
Over the weekend, we were able to discuss the status of ferrous steel scrap negotiations for February with a couple of scrap dealers as well as one individual associated with the pig iron markets. The Detroit areas mills were the first to settle and the decline in shred and obsolete grades was not as dramatic […] The post Early Scrap Down $25-$40 on Shred/Obsolete and $10-$35 on Primes appeared first on Steel Market Update.
Steel Market Update (SMU) has been struggling to get a clear view of the current market situation as we attempt to identify which direction we see flat rolled steel prices going from here. We have been receiving mixed messages over the past two weeks and we have been advising our readers to remain vigilant and […] The post HR Price Drops & Price Momentum Indicator Now at Neutral 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 Finally getting some traction in HR futures here this past week as prices declined along the curve and especially in the […] The post Hot Rolled Futures: Gaining Some Traction appeared first on Steel Market Update.
SMU scrap sources are all telling us that the recent transactions with Turkey have “surprised” dealers, the net result may well be a much weaker domestic scrap market than anticipated as we move into February negotiations next week. A weaker scrap market, especially if it were to drop $35-$40 per gross ton would dampen price […] The post February Scrap Pricing Now Poised to Drop $20-$40 appeared first on Steel Market Update.
Are cracks starting to develop in the floor of steel prices? Are any cracks a harbinger to a reversal of flat rolled steel prices? It is too early to tell. However, buyers and sellers of steel need to be aware of that the markets may be in the early stage of change. Since the beginning […] The post Cracks Developing in the Steel Pricing Floor? 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 an active week even with the CME closed for Martin Luther King Day. This past week we have […] The post Hot Rolled Futures: Active Week Despite MLK Day appeared first on Steel Market Update.
Ferrous scrap price negotiations for January were slow to develop but by late Thursday and into Friday prices firmed and deals between the domestic steel mills and the scrap dealers were getting done. The two largest scrap buyers, David J Joseph (Nucor) and Omnisource (Steel Dynamics), entered the market late during the week at $30 […] The post Will Ferrous Scrap Prices Peak in January? appeared first on Steel Market Update.
This is our first ever write up of global scrap trade. We believe that to understand the gyrations of the domestic scrap market we should study where the US stands as a global player. This data is not very current because some nations are slow to report but we still believe it gives a valuable […] The post Global Scrap Trade through Q3 2016 appeared first on Steel Market Update.
Since Tuesday Steel Market Update has received more input regarding the ferrous scrap markets and what we may be looking at regarding negotiations as we head into the month of January. We asked a couple of questions to World Steel Dynamic’s scrap guru, Mike Markley and this is what he told us: Initial thoughts are […] The post Ferrous Scrap Availability Could be “Tight” if Turkish Mills Enter Market appeared first on Steel Market Update.