Scrap prices were flat-to-down m/m across major Asian consuming markets as buyers resisted fresh purchases ahead of holidays in China and Southeast Asia as well as on weak demand stemming from reduced steel mill utilisation rates.
European scrap prices were mostly unchanged m/m in February because weak demand was relatively balanced by limited supply.
Supply decreased for both scrap and pig iron due to seasonal factors, but availability remained ample amid tepid demand in a challenging steel market.
Turkish scrap import prices decreased last week.
Scrap prices are expected to remain mostly stable across key markets in March
Sims sees US as bright spot in scrap world
The CRUmpi declined by 1.7% month over month (m/m) to 325.2 in February, compared to a 4.3% m/m increase in February 2023. The post CRU: Scrap prices hit by weak demand offsetting tight supply appeared first on Steel Market Update.
What's the steel market talking about at present? The post Steel market chatter this week appeared first on Steel Market Update.
The scrap export market has demonstrated resiliency so far this year from the US East Coast. This strength has mainly come from the Turkish market. Despite weakening orders for rebar in their domestic market, imported scrap prices have held up until the last several days. The US West Coast is not as active, but there are orders in South Asia and in South America that are keeping things afloat. The post Miller on scrap: US East Coast boosted by Turkey appeared first on Steel Market Update.
After holding steady for most of January, the hot rolled (HR) index has started to gain some downward momentum. In the last 30 days, it has declined $89 per short ton (st) and is sitting just above $1,000/st. The post HRC futures: Momentum picking up on HR spot price declines appeared first on Steel Market Update.