By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor The CRU metallics price indicator (CRUmpi) for March rose by 7.4% month on month (MoM), to 357.7, which is its highest value since June 2022. Strong Turkish buying of scrap and pig iron since the second half of February is the key […] The post CRU: Turkish Rebuild Plans Boost Metallics Prices appeared first on Steel Market Update.
We’ve just seen the biggest week-over-week increase in hot-rolled coil prices since the frenzy following Russia’s invasion of Ukraine last year. SMU’s hot-rolled coil (HRC) price is up $140 per ton ($7 per cwt) week over week. That’s our biggest such gain since prices jumped $210 per ton in mid-March of last year at the height of […] The post Final Thoughts appeared first on Steel Market Update.
By CRU Research Analyst Rosy Finlayson, from CRU’s Steelmaking Raw Materials Monitor Last week, trading activity in the Turkish scrap import market was limited. Buyers held off on purchasing material as they awaited details on the announcement of a finished steel price cap agreement between the Turkish Trade Ministry and steelmakers. However, deals done late […] The post CRU: Turkish Scrap Import Prices Rise appeared first on Steel Market Update.
February came in with a bang and went out with one too. We saw two rounds of $50-per-ton sheet price increases early in the month. Then one of $100 per ton. And finally Cleveland-Cliffs came in near the buzzer on Monday with another $100-per-ton price hike. We think that was the last shot of the […] The post Final Thoughts appeared first on Steel Market Update.
The Biden administration has hit Russian pig iron as well as other steel and metal products with tariffs of up to 70%. The move was made with less fanfare than the 200% tariffs on Russian aluminum announced in a presidential proclamation last week. The tariffs were included in an annex attached to that proclamation. The […] The post US Raises Tariffs on Russian Pig Iron, Scrap, DRI Up to 70% appeared first on Steel Market Update.
Sheet prices are up again. By a lot. For the third time this month. And it’s not over yet! Nucor alone is up more since Thanksgiving ($310/per ton) than they were after the invasion of Ukraine ($275/ton), according to our price increase calendar. We had obvious drivers for the last two big rallies. The snapback […] The post Final Thoughts appeared first on Steel Market Update.
Members of the Association of Builders and Developers in Pakistan are refusing to unload steel bars on to construction sites for a week in protest at a sharp price increase. They will review the situation on 15 February, association chairman Altaf Tai said. Builders face having to pay up to an “unprecedented” PKR303,500 /t ($1,116 […]
The cost and scope of Steel Dynamics Inc.’s flat-rolled aluminum mill in Columbus, Miss., and related scrap processing operations, have increased. The total cost of the project is now expected to be $2.5 billion, up from an initial $2.2 billion, SDI chairman, president, and CEO Mark Millett said during the quarterly earnings call last week. […] The post SDI Aluminum Mill Set to Cost Up to $2.5B, Mid ’25 Startup Slated appeared first on Steel Market Update.
By now, anyone who works in the steel industry understands how important sustainability is. Steel is the most recycled material in the world, and recycled steel is a prominent ingredient in electric-arc furnace (EAF) steelmaking. Steel Market Update’s final Spotlight of 2022 gets into sustainability with Philip Bell, president of the Steel Manufacturers Association (SMA), […] The post SMU Spotlight: Phil Bell Talks Sustainability appeared first on Steel Market Update.
Turkish scrap import prices increase w/w Turkish scrap prices have been rising consistently since the end of 2022 and into the first week of 2023. Last week, we were reported two confirmed deals at the level of ~$396 /t for HMS 80:20, which were closed at the end of December. Since then, a total of […]