The Asian scrap markets is currently stable and predicted to slow down both regarding demand as well as pricing over the next few weeks. Mainly, summer time electricity curtailments are scheduled to take effect in early May. Currently: • China Fe63.% Indian Iron ore at about $116-117/dmt. Somewhat stable +/-$1/dmt currently• Asian FX rates have […] The post Asian Scrap Markets Stable, Forecast to Slow Down appeared first on Steel Market Update.
Scrap prices rose by varying amounts around the country. In Chicago and Detroit prices rose from $5 to $15 per ton depending on the product. Both areas were impacted by the reduction of production at USS Gary Works (Chicago) and Great Lakes (Detroit). Detroit was the first to settle at up $10 per gross ton […] The post Scrap Prices Rise But Vary by Region appeared first on Steel Market Update.
The recent upturn in the physical market has continued to fuel the upswing in steel futures prices as nearby periods have surged this past week. The May and June HRC contracts have traded to highs of $660/ton while second half periods have traded up to $643. The nearby prices have improved over $40 during the […] The post Hot Rolled Futures Nearby Surge… appeared first on Steel Market Update.
Today is the 3rd of April and negotiations between the steel mills and their scrap suppliers continue in earnest. We heard from one of our sources that Detroit has settled up $10 per gross ton. Our source reported #1 Heavy Melt (HMS) at $365-$370 per gross ton, shredded scrap at $395-$400 per gross ton and […] The post April Scrap Negotiations appeared first on Steel Market Update.
With the expected steel price hikes finally coming to fruition the futures market has reacted strongly as offers were lifted and bids take a step up. After months of a down trending physical market sentiment has taken a clear turn to bullishness. The nearby months (March and April) traded to lows around $615 last week […] The post Hot Rolled Futures Bounce with Renewed Optimism… appeared first on Steel Market Update.
Early indications are for April ferrous scrap prices in the Midwest to rise once we enter the next round of steel mill negotiations with their scrap suppliers. Steel Market Update (SMU) scrap sources are pegging the potential increase at $10 to $15 per gross ton. Other industry sources have it as moving even higher. Scrap […] The post April Scrap Prices Forecast to Move Higher – Steel Prices to Follow? appeared first on Steel Market Update.
Ferrous scrap exports totaled 898,156 metric tons (990,046 net tons or NT) for the month of January, a 42.7 percent decrease in exports from December 2013. This is a 41.4 percent decrease over the same month last year when tonnage was 1,689,288 NT. Global exports haven’t been this low since January of 2006 when they […] The post Ferrous Scrap Exports Fall Below 1M Net Tons in January appeared first on Steel Market Update.
The following article on the financial, hot rolled coil futures, busheling scrap futures and iron ore markets is written by Andre Marshall, CEO of Crunchrisk, LLC and our Managing Price Risk 1 and 2 instructor. Financial Markets: Today was not a good one, a repeat of last week when the market retraced on the back […] The post Hot Rolled Futures: Back to Value appeared first on Steel Market Update.
March scrap prices have settled with most areas of the country moving lower. The key Chicago area saw prices as follows: #1 Heavy Melt = $370 to $380 with $385 average down $15 per gross ton.Shredded scrap = $388 down $17 per gross ton.#1 Busheling = $388-$400 with an average of $394 per gross ton […] The post March Scrap – Close to Market Bottom? appeared first on Steel Market Update.
The futures market stabilized this week as renewed buying interest has returned. It seems that the recent spot weakness is being shrugged off by most market participants as buyers are looking down the curve to add length. Recent history has shown us that waiting for the physical market to bottom is too late to pick […] The post Hot Rolled Futures Stabilize… appeared first on Steel Market Update.