The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Spot HR has declined each of the last three Wednesday’s for a total loss of $86/ST. Spot HR has lost […] The post Hot Rolled Futures: Market Retracement – Gradual or Quick? Or Sideways? appeared first on Steel Market Update.
Ferrous scrap prices saw an unexpectedly big jump in November, with shredded scrap selling as high as $75/GT above October levels. Prime scrap rose $20/GT, sources tell Steel Market Update. Observers were expecting higher prices in November on strong export demand and some seasonal tightening of supplies, but were surprised by the size of the […] The post Ferrous Scrap Prices See Big Bump in November appeared first on Steel Market Update.
Cleveland-Cliffs Inc.’s earnings skyrocketed higher in the third quarter, and the steelmaker predicted that higher priced contract deals would protect it from any slip in spot prices in future quarters. The Cleveland-based steelmaker recorded net income of $1.28 billion in the third quarter of 2021, up from a mere $2 million in the same quarter […] The post Cliffs Q3 Earnings Surge Higher, Contracts Seen as Buffer to Spot Declines appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Three minutes of weightlessness before gravity takes hold! This month has been a mixed bag in HR futures. Lack of a […] The post Hot Rolled Futures: Mixed Bag Leaves Market Divided appeared first on Steel Market Update.
Prices for four of the seven steelmaking raw materials tracked in this SMU analysis increased over the last 30 days. Through Oct. 20, zinc prices shot up 24% over one month prior, iron ore prices rebounded 18% in one month’s time, aluminum prices rose 9%, and coking coal prices increased 8%. In that same time […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.
Steel Dynamics’ President and CEO Mark Millett expects “transformational change” from SDI’s new electric arc furnace mill nearing completion in Sinton, Texas. “We are not simply adding flat rolled steel production capacity. We have a differentiated product offering, a unique regional supply chain solution, a significant geographic lead time advantage and offer a sustainable alternative […] The post SDI Expects “Transformational Change” from New Sinton Mill appeared first on Steel Market Update.
When the books are written on a historic year for steel prices, we will probably look back at August and September as the months when things started falling apart. Why? Because that’s when the extraordinay gaps – between U.S. steel prices and those abroad, between steel prices and scrap prices, and between market senitment and […] The post Final Thoughts appeared first on Steel Market Update.
As “the next precious metal,” prime scrap is a growth opportunity and a logical fit for Cleveland-Cliffs, which announced Monday that it plans to acquire Detroit-based Ferrous Processing and Trading Co. (FPT). The $775-million deal, Cliffs’ first foray into scrap, comes as no big surprise to most market observers. Cleveland-Cliffs is the largest producer of […] The post Market Reaction: Cliffs’ Deal for FPT Could Shift Scrap Flows appeared first on Steel Market Update.
Cleveland-Cliffs Inc. has agreed to acquire Midwestern scrap recycler Ferrous Processing and Trading Co. (FPT) for $775 million. The deal means the Cleveland-based steelmaker has secured its own reserves of prime scrap, which Cliffs Chairman, President and CEO Lourenco Goncalves has previously characterized as a “precious metal.” FPT recorded earnings before interest, taxes, depreciation and amortization […] The post Cliffs Enters Scrap in a Big Way with $775M Deal for FPT appeared first on Steel Market Update.
Cleveland-Cliffs Inc. has agreed to acquire Midwestern scrap recycler Ferrous Processing and Trading Co. (FPT) for $775 million. The deal means the Cleveland-based steelmaker has secured its own reserves of prime scrap, which Cliffs Chairman, President and CEO Lourenco Goncalves has previously characterized as a “precious metal.” FPT recorded earnings before interest, taxes, depreciation and amortization […] The post Cliffs Enters Scrap in a Big Way with $775M Deal for FPT appeared first on Steel Market Update.