If there is one thing you can count on with the steel industry, it’s for rumors to begin flying as soon as the mills appear to have seized pricing momentum. The domestic steel mills, led by ArcelorMittal USA, began announcing price increases the week ending May 1. The announcements ranged from $50 to $60 per […] The post Another Round of Steel Price Increases Coming? appeared first on Steel Market Update.
Ferrous scrap prices for May have settled up $30/GT for shredded and up $40-50/GT for busheling as the coronavirus shutdowns have disrupted scrap generation and collection, resulting in extremely tight supplies. Higher scrap prices may lend support to the higher finished steel prices announced by the mills this week. The tight supply is a more […] The post Ferrous Scrap Trades $30-50 Per Ton Higher in May on Tight Supplies appeared first on Steel Market Update.
Prices of steelmaking raw materials all declined in April, reflecting the initial impact of coronavirus shutdowns and the idling of steelmaking facilities all over the world. Generally speaking, rising supplies and lower demand are likely to keep downward pressure on iron ore, coking coal, pig iron, scrap and zinc in the months to come. Table […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.
“Vacation: An extended period of recreating, especially one spent away from home or traveling.” Last week I took “vacation” time off, and unlike the definition above I did little recreating, rarely strayed from home, and did no traveling. How restful is that? The big news from last week was an apparent “firming” of steel prices. […] The post Final Thoughts appeared first on Steel Market Update.
“The SDI team shines in moments of challenge,” said Steel Dynamics President and CEO Mark Millett. First-quarter results support that confidence as the company reported strong earnings for January-March despite the coronavirus pandemic. First-quarter net sales totaled $2.6 billion and net income $187 million, an improvement from Q4 2019 for both metrics. Selling price per ton […] The post SDI Earnings Reflect Strong Construction Demand appeared first on Steel Market Update.
By CRU Senior Analyst Ryan McKinley, from CRU’s Metallics Monitor The CRU metallics price indicator (CRUmpi) will be updated following the conclusion of trade in the U.S. However, we expect the indicator to move substantially lower following price decreases across every market we track. Metallics prices in nearly every market came under substantial pressure in […] The post CRU: Global Metallics Prices Fall Amid Decline in Steel Demand appeared first on Steel Market Update.
Schnitzer Steel Industries, a metals recycler and long products producer, posted revenue of $439 million for the second quarter of FY 2020. Net income was $4.5 million for the quarter, improving from a $7 million loss in Q1 but down significantly from income of $13 million in Q2 2019. Autos and Metals Recycling achieved operating […] The post Schnitzer Steel Notes Lower Scrap Pricing and Demand appeared first on Steel Market Update.
There is going to be a rush of bad news flooding televised and online media. Here at Steel Market Update, we and our parent company The CRU Group will do everything we can to keep readers advised with the most accurate and timely information possible. This is one of the reasons we are beginning our […] The post Final Thoughts appeared first on Steel Market Update.
Steel prices saw further declines this week, but not a dramatic collapse. The benchmark price of hot rolled now averages around $560 per ton, down $5 from last week and down $50 from the mid-January high of $610. Most of the steel buyers responding to Steel Market Update’s check of the market this week expect […] The post SMU Market Trends: Buyers Ponder Their Prospects in the Virus Crisis appeared first on Steel Market Update.
Raw materials prices are poised for a rapid decline as the dollar strengthens and the global economy slumps. Table 1 summarizes the price changes through March 18 of the five materials considered in this analysis. It reports the month/month, 3 months/3 months and 12 months/12 months changes on a percentage basis. This is likely our […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.