The following article is by contributing writer Damon Sun of Daido International. Several key elements has happened in the last few weeks in the ferrous markets in Asia: 1) China Customs Bureau has started inspections for alloy content in the export of billets (square bars). The export tax rebate (9%) is applicable only to alloy […] The post Brexit and World Scrap Markets to Affect USA Steel Prices appeared first on Steel Market Update.
There have been a number of articles written recently regarding the move by the Chinese government to remove some of the tax incentives in the form of rebates to the Chinese steel producers who export certain steel products. Any move to remove export tax rebates on steel is seen as a positive by the rest […] The post China Moves to Remove Export Tax Rebates (or is it?) appeared first on Steel Market Update.
We purposely did not begin this article on where our sources are seeing ferrous scrap prices with an attention grabbing headline as we think readers would be confused. The confusion comes from the pressure the domestic steel mills are expected to put on obsolete grades, like shredded scrap and HMS (heavy melt scrap). Those of […] The post SMU Expectations for Ferrous Scrap Pricing for July appeared first on Steel Market Update.
There is a big difference between the settlement prices in the Midwest versus those on the East Coast. Ferrous scrap prices in the Chicago area saw shredded scrap drop by $30 per gross ton, cuts (obsolete scrap) was down $20 per ton while prime grades (bundles and busheling) went sideways. In the Detroit numbers shredded […] The post Scrap Prices Slide on all but Prime Grades appeared first on Steel Market Update.
SMU scrap sources on Friday divulged that negotiations have been slow with many mills not yet having bought as of this past Friday. Price indicators are running from sideways on prime grades (busheling/bundles) to down $10, $20, $30 in the Ohio Valley, Midwest and Southeast. The east coast was referenced as being down by even […] The post Ferrous Scrap Prices Drop on All but Prime Grades appeared first on Steel Market Update.
My understanding is most of the mills canceled any scrap not yet delivered by the end of May. They do this when they believe scrap negotiations for June will result in better prices for them. It is still very early in the negotiation process, especially considering that Monday was a holiday. One scrap expert told […] The post Final Thoughts appeared first on Steel Market Update.
The following article was written by Lisa Reisman, Managing Director and CEO Of Azul Partners, Inc., on May 24, 2016 and is reprinted with permission of MetalMiner: Jennifer Diggins is the director of Government Affairs at Charlotte, N.C.-based Nucor Corp., the largest steelmaker in the U.S. and North America’s largest recycler of any material (Nucor […] The post MetalMiner Q&A: Nucor’s Jennifer Diggins on World Steel Overcapacity appeared first on Steel Market Update.
Our scrap sources are a little less optimistic today about June scrap price negotiations than they were a couple of short weeks ago. Those pesky Chinese are once again mucking up the waters with their billet offers to Turkey (billet can be used in place of scrap and cost less to convert to long products […] The post Scrap Sources Expect Sideways on Primes & Down Slightly on Obsolete Grades appeared first on Steel Market Update.
March ferrous scrap exports totaled 1,096,231 net tons (994,485 metric tons) with Turkey, India, Mexico, Korea, and Taiwan being the top five countries receiving scrap from the United States. These five countries accounted for 73.5 percent of all scrap exports. Total March ferrous scrap exports were 3.6 percent lower than previous month. March figures were […] The post Ferrous Scrap Exports through March appeared first on Steel Market Update.
“U.S. Steel Sinks as Another Wave of Cheap Imports Predicted” was the headline in Bloomberg on Friday morning. The article cites Axiom Capital Research analyst Gordon Johnson who wrote to his clients, “A boat load of imports are likely on the way.” This opinion permeates the financial community and the pessimism is, in our opinion, […] The post SMU Outlines Two Scenarios for Steel Price Cycle Change appeared first on Steel Market Update.