The domestic steel mills and their ferrous scrap suppliers traditionally negotiate pricing on scrap to be delivered during the first few days of the new month. This means the mills and their suppliers are deep into negotiations regarding February scrap purchases right now. Last week the word amongst the “scrappies,” as well as their mill […] The post Ferrous Scrap in Free Fall? appeared first on Steel Market Update.
Steel Market Update thought it might be worthwhile to pick out some of the comments made by Steel Dynamics CEO Mark Millett during his earnings conference call with analysts late last week. We have focused on comments made about foreign steel, scrap, energy markets and the new Columbus facility. Each of the comments made are […] The post Steel Dynamics CEO Talks Imports, Scrap, Columbus and Energy Markets appeared first on Steel Market Update.
During Nucor’s earnings conference call the company’s CEO, John Ferriola told the analysts that scrap prices would drop “dramatically” during the 1st Quarter 2015. He told the analysts that steel prices have already gone down and scrap prices “have to” follow. Our scrap sources are telling us that lackluster demand at the steel mills, weak […] The post Ferrous Scrap Prices Poised for Sharp Downturn in February appeared first on Steel Market Update.
The following article comes to us from one of our Asian scrap sources, Damon Sun of Daido International. The Asian scrap market is a bit quiet and continued slow downtrend as scrap metal pricing tries to find parity with iron ore. A rough calculation of scrap to iron ore is a ratio of 3.5 to […] The post Asian Scrap Market Pricing Trying to Find Parity with Iron Ore appeared first on Steel Market Update.
As we reported last week, the $30 per ton ferrous scrap price increases failed to materialize once January negotiations began in earnest. A couple lucky deals were made up $20-$30 just as December ended and January began. However, those deals dried up almost as fast as the ink dried on the paper. We are hearing […] The post Scrap Prices Fizzle Due to Steel Industry Slowdown appeared first on Steel Market Update.
Low scrap prices and declining exports took a toll on earnings results for Schnitzer Steel Industries. Export selling prices for ferrous scrap declined by $80 per ton, or 20 percent, while domestic prices dropped $60 per ton, or 15 percent. The declines were the steepest seen by Schnitzer since 2012. The company reported a net […] The post Schnitzer Earnings Take Hit From Scrap Pricing appeared first on Steel Market Update.
We provided full year projected steel imports in tonight’s issue. Please be aware: 1) the November numbers are Preliminary Census and should be very close to accurate, 2) the December numbers are based on license data and there can be fluctuations in the Census and license data numbers. November is a good example. November license […] The post Final Thoughts appeared first on Steel Market Update.
Most ferrous scrap pricing deals will be negotiated between the domestic steel mills and their suppliers over the next few days. Steel Market Update sources are telling us scrap prices could move up by $10 to $30 per gross ton or more depending on product and the region of the country. Mike Marley of MetalPrices.com […] The post Scrap Prices Expected to Go Up in January in Short-Lived Rally appeared first on Steel Market Update.
Shredded scrap prices are up approximately $20 per ton compared to where they were the first week of December. According to Mike Marley of MetalPrices.com, shred is in tight supply in several Midwest cities due to the decline in the flows of shredded feedstock due to the lower selling prices in October and November and […] The post Have Ferrous Scrap Prices Bottomed? appeared first on Steel Market Update.
October ferrous scrap exports totaled 1,473,856 net tons (1,337,061 metric tons) with Turkey, Taiwan, Korea, Canada, and Saudi Arabia being the top five countries receiving scrap from the United States. These five countries accounted for 72.4 percent of all scrap exports. Total October ferrous scrap exports were 14.9 percent higher than previous month and 1.5 […] The post October Ferrous Scrap Exports Up MOM and YOY appeared first on Steel Market Update.