Last week we received information about the expectation for ferrous scrap price negotiations between the domestic mills and their scrap suppliers for the month of December. Over the weekend one of our east coast scrap sources provided us more details as to what they expect this week as negotiations begin in earnest: I am not […] The post Shredded Scrap Poised to Rise in East, Sideways Elsewhere? appeared first on Steel Market Update.
We learned late this afternoon that two domestic steel mills are offering to pay higher prices for shredded scrap from east coast dealers. Shredded scrap buy offers have been made at $180-$185 per gross ton up $10 to $15 per gross ton higher than November numbers (and higher than October numbers since November prices moved […] The post December Scrap Pricing: Next Move is Up appeared first on Steel Market Update.
In the first nine months of this year bulk scrap exports were 9,968,048 tonnes for an annual rate of 13,290,731 tonnes, down by 13.8 percent from the first nine months of last year. The tonnages shown in Figure 1 are based on three month moving averages (3MMA) for 2015 and on the annual monthly average […] The post Ferrous Scrap Exports Down 13.8% for First 9 Months 2015 appeared first on Steel Market Update.
On Thursday we reported scrap prices moved sideways on certain grades in the east and were down by as much as $30 per gross ton the further west you went. Chicago ended up the week with the weakest prices as many mills did not buy due to tepid demand and a desire to drive inventories […] The post Regional Scrap Prices Come into Focus appeared first on Steel Market Update.
Our scrap sources reported ferrous scrap prices as having the most strength in the east where export pricing has bounced off the bottom and momentum has apparently turned in that region. One of the east coast dealers told us that scrap flows are “atrocious” and if it wasn’t for the “terrible demand situation the market […] The post Scrap Prices Take Another Dip Lower but Dealers Think This is the Bottom… appeared first on Steel Market Update.
The following article was written by contributing writer Damon Sun of Daido International. The Asian ferrous scrap markets are still very weak, but there are some positives recently. Rebar demand seemed to have picked up some in the last two weeks and consequently, there has been more activity in the containerized scrap markets. For reference, […] The post Asian Scrap Markets Improving: Dead Cat Bounce or Beginning of a Trend? appeared first on Steel Market Update.
Scrap prices were forecast a week ago to drop $10-$20 per gross ton in November. However, we are beginning to hear that the scrap markets may not be as dire as predicted and the numbers may be much closer to sideways than down once the negotiations are concluded next week. One of our scrap sources […] The post Ferrous Scrap Pricing May Have Bottomed… appeared first on Steel Market Update.
As we headed into October negotiations, the ferrous scrap dealers knew prices would be down anywhere from $20 to $50 per ton. As negotiations got into full swing it was apparent the lower end of the range was nowhere near $20 as prices quickly collapsed by $50 per gross ton. The issues have been the […] The post October Scrap Settles Down $50-$60 appeared first on Steel Market Update.
The U.S. is not (yet) a closed market and therefore we have to remain aware of what is going on around the rest of the world and especially in China (iron ore/billets/steel) and Turkey (scrap). Ferrous scrap prices are expected to drop significantly for October 2015 shipment. When we checked with a couple of our […] The post Pressure Will Continue on Ferrous Scrap Prices appeared first on Steel Market Update.
Steel Market Update (SMU) sources reported the domestic steel mills have canceled any remaining ferrous scrap tonnage that was not delivered during the month of September. This is normal when the mills believe that they will be able to negotiate lower prices for October delivery. As reported earlier this week, the expectation is for scrap […] The post Steel Mills Cancel September Scrap Orders in Anticipation of October Swoon appeared first on Steel Market Update.