Tag: P&S

With intriguing spreads between regions and a potential to curb price surges, #1 HMS might just be the unsung hero of the industry's future.

The drop in its offer prices was larger than most industry observers had forecast, especially for shredded scrap.

Even though it’s the fifth of the month, there have been no confirmed purchases by domestic steelmakers.  Rumors are circulating about how low prices will drop.  Most of the scrap community is forecasting a $50/gt drop for #1 busheling, with shredded and P&S at perhaps $40/gt. 

For two consecutive months, the initial scrap prices didn’t attract the amount of scrap that mills needed. A Detroit area mill came in at $460 per gross ton (gt) for busheling, which was down $50 from last month and down $20 on shredded and plate and structurals (P&S). But I guess they did not know at the time another mill in the district bought scrap sideways. Needless to say, that order filled right away. SMU could not find any supplier who sold at down $50. The post Miller on scrap: What a mess! appeared first on Steel Market Update.

A Detroit-area mill entered the scrap market on Friday afternoon with the following offers: The Chicago area followed suit: Mills in the Great Lakes region sensed there was ample supply of most grades. Also, they all bought heavily last month and so had sufficient inventories to make this move, market participants said. Still, the move surprised […] The post Detroit, Chicago enter Jan scrap mart with lower offers appeared first on Steel Market Update.

The iron and steel foundry industries consume about 17% of the ferrous scrap in the US each year. They purchase several grades of scrap in common with steelmakers, such as shredded and turnings. But, most of the grades are much more restrictive than what larger mills require.  The post Ferrous Scrap: The Iron Foundry Market appeared first on Steel Market Update.

A large Detroit-area scrap buyer has settled scrap prices for November, with busheling, shredded, and plate and structurals (P&S) all notching gains vs. October, a scrap source told SMU. The post November Scrap Prices Up at Large Detroit-Area Buyer appeared first on Steel Market Update.

The US scrap market for October is a bit unsettled as the UAW strike against the Big Three automotive companies has expanded and shows scant signs of an imminent settlement. The post Scrap Insight: All Eyes on UAW as ‘Unsettled’ Oct. Trade Approaches appeared first on Steel Market Update.

The war in Ukraine has triggered what may be the largest monthly increase in scrap prices ever seen with shredded scrap trading in March at around $600/GT and prime scrap at $700/GT – up by $125-175/GT over February, sources tell Steel Market Update. Market participants were expecting modestly higher scrap prices in March following declines […] The post War Triggers Record Jump in Scrap Prices in March 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.