March ferrous scrap exports totaled 1,466,528 net tons (1,330,413 metric tons) with Turkey, Taiwan, Korea, Egypt, and Mexico the top five countries receiving U.S. scrap. These countries received 69.3 percent of all scrap exports. Total March ferrous scrap exports were 11.1 percent higher than previous month but 32.3 percent lower than the same month one […] The post March Ferrous Scrap Exports Highest in 2014 appeared first on Steel Market Update.
The hot rolled futures market over the past week has consolidated gains on the nearby months. May and June have traded to a high of $685 and $680, reflecting optimism in continued short term strength in the physical market. The back end of the curve is not experiencing as strong buying interest, as the Q3 […] The post Hot Rolled Futures Consolidate Recent Gains… 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.
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.
The following article on the status of the Asian ferrous scrap markets was written by Damon Sun of Daido International. Mr. Sun is a regular contributor to Steel Market Update and an active scrap trader into the Asian markets. Here is how he sees the ferrous scrap markets in Asia this week: Asian markets are […] The post Asian Scrap Markets – A Temporary Bottom or Dead Cat Bounce? appeared first on Steel Market Update.
The hot rolled coil futures market took a leg down this week as offers down the curve became more aggressive. After weeks and months of a fairly static forward curve, this renewed downward pressure of the past few days has shaken up the market. The Q2 traded today as low as $623, the Q3-4 at […] The post Hot Rolled Futures Take a Leg Down… appeared first on Steel Market Update.
January 24th 2014. The Turkish Lira is in freefall. What does this mean for the US ferrous scrap industry? This is a hard question to answer because we don’t know what we don’t know. What we do know is that the Turkish Lira has declined by 20.1% against the US $ in the last 12 […] The post What Does Fall of Turkish Lira Mean for U.S. Scrap Industry? appeared first on Steel Market Update.
On January 14, Steel Market Update (SMU) adjusted our Price Momentum Indicator from Higher to Neutral. This means we see steel market pricing at this moment as either in transition or moving sideways over the next 30 days. With ferrous scrap prices now weakening, lead times shortening and all of the available capacity back in […] The post SMU Price Momentum Adjusted & SMU Price Indices appeared first on Steel Market Update.
January 24th 2014. The Turkish Lira is in freefall. What does this mean for the US ferrous scrap industry? This is a hard question to answer because we don’t know what we don’t know. What we do know is that the Turkish Lira has declined by 20.1% against the US $ in the last 12 […] The post What Does Fall of Turkish Lira Mean for U.S. Scrap Industry? appeared first on Steel Market Update.
The busheling scrap market is starting to take shape, though it is still early in the month. Initial sentiment suggests that the market for prime scrap may be down around $20 / gt. With weakness in the export market as Turkish corruption problems, the weakening Lira and soft economy have prevented imports, additional material should […] The post Busheling Ferrous Scrap Prices Look to Soften in February appeared first on Steel Market Update.