The ferrous scrap market is heading higher. In a surprise to scrap experts (and probably the mills), prices are rising with some early deals done at +$20 per gross ton on prime grades and +$30 per gross ton on everything else. That is where Detroit settled earlier this week. Steel buyers need to be aware […] The post Scrap Negotiations Yield Higher Numbers Than Expected appeared first on Steel Market Update.
Hurricanes Harvey and Irma were devastating for the many Americans still struggling to recover from the damage. But for the scrap metal market, contrary to common belief, the storms will be a mere blip. “Everyone’s immediate reaction to Harvey is, ‘Oh, there will be so much scrap coming out of Houston, prices will drop.’ The […] The post Don’t Expect a Surge of Scrap from the Storms appeared first on Steel Market Update.
Ferrous scrap prices were expected to rise by $20 to $30 per gross ton once the September negotiations began. By Thursday afternoon (today), we were learning that steel mills are suddenly able to buy at sideways numbers. We understand North Star BlueScope was able to buy September at the same prices as August. Other sources […] The post Steel Mills September Scrap Buy Surprises Dealers appeared first on Steel Market Update.
Ferrous scrap prices are up about $20 per ton across the board on strong domestic demand and scrap export markets “that are on fire,” say SMU’s scrap sources. One scrap metal processor with locations across the country reports HMS at $300, shred at $315 and busheling at $390 per gross ton for August delivery. Export […] The post Scrap Prices Jump on Strong Export Demand appeared first on Steel Market Update.
I adjusted our Price Momentum Indicator from Higher to Neutral. I did this after spending time analyzing the results from last week’s flat rolled steel market trends survey, looking at what was being recorded by some of the other indexes, noting that Congress and the president are on holiday for a few weeks and there […] The post Final Thoughts appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel Flattening of HR futures curve due to decline in nearby futures prices generates heavy trading. It has been an active week […] The post Hot Rolled Futures Flattening appeared first on Steel Market Update.
Over the weekend, we were able to discuss the status of ferrous steel scrap negotiations for February with a couple of scrap dealers as well as one individual associated with the pig iron markets. The Detroit areas mills were the first to settle and the decline in shred and obsolete grades was not as dramatic […] The post Early Scrap Down $25-$40 on Shred/Obsolete and $10-$35 on Primes appeared first on Steel Market Update.
Not all regions of the country have settled but we are seeing ferrous scrap prices increasing to the domestic mills by $40 to $55 per gross ton. The variance is depending on region and at what point prices started. Out of the Midwest and Southeastern markets we heard from one of our sources, “It’s been […] The post Ferrous Scrap Settlements Up $40-$55 appeared first on Steel Market Update.
As negotiations between the domestic steel mills and their ferrous scrap suppliers conclude we are seeing scrap prices rise with the Chicago markets “catching up” with some of the other regions. Dealers are reporting robust sales, especially to sheet mills as they are picking up spot market share from the integrated mills. Chicago area prices […] The post Scrap Prices Settle Higher for March Delivery appeared first on Steel Market Update.
On Thursday we reported scrap prices moved sideways on certain grades in the east and were down by as much as $30 per gross ton the further west you went. Chicago ended up the week with the weakest prices as many mills did not buy due to tepid demand and a desire to drive inventories […] The post Regional Scrap Prices Come into Focus appeared first on Steel Market Update.