While in New York City this past week Steel Market Update was asked if the spread between ferrous scrap prices and that of hot rolled coil was at historical highs? We were also asked if the spread between hot rolled and cold rolled/coated base prices were also at historical highs. We asked SMU contributing writer […] The post Price Spread Between HR and CR Largest Since 1993 appeared first on Steel Market Update.
There is a big difference between the settlement prices in the Midwest versus those on the East Coast. Ferrous scrap prices in the Chicago area saw shredded scrap drop by $30 per gross ton, cuts (obsolete scrap) was down $20 per ton while prime grades (bundles and busheling) went sideways. In the Detroit numbers shredded […] The post Scrap Prices Slide on all but Prime Grades appeared first on Steel Market Update.
SMU scrap sources on Friday divulged that negotiations have been slow with many mills not yet having bought as of this past Friday. Price indicators are running from sideways on prime grades (busheling/bundles) to down $10, $20, $30 in the Ohio Valley, Midwest and Southeast. The east coast was referenced as being down by even […] The post Ferrous Scrap Prices Drop on All but Prime Grades appeared first on Steel Market Update.
I received a couple of notes from trading companies thanking me for my article on Thursday evening (The Sky is NOT Falling… at least not yet) as I tried to put into context some of the pricing available for foreign steel, correct some misinformation and look at the bigger picture. Even as questions arise about […] The post Final Thoughts appeared first on Steel Market Update.
My understanding is most of the mills canceled any scrap not yet delivered by the end of May. They do this when they believe scrap negotiations for June will result in better prices for them. It is still very early in the negotiation process, especially considering that Monday was a holiday. One scrap expert told […] The post Final Thoughts appeared first on Steel Market Update.
Scrap prices settled higher by $20 to $30 per gross ton delivered to the domestic steel mills, according to Steel Market Update (SMU) scrap sources. The rise in ferrous scrap prices has been one of the driving factors behind the flat rolled price increases announced by the domestic steel industry over the past few months. […] The post Scrap Prices Move Higher Providing Support to Domestic Mill Price Increases appeared first on Steel Market Update.
Scrap negotiations are taking some time to complete as the steel mills and dealers haggle over what is an appropriate increase above what the mills paid during the month of April. Our sources are advising us that there have been a few transactions in the Midwest and in the Detroit markets. So far the Detroit […] The post Update on Ferrous Scrap Negotiations appeared first on Steel Market Update.
Steel buyers are beginning to brace themselves for what may well be another tumultuous month of allocations, closed order books and even higher steel prices. At this point it is a foregone conclusion with most buyers that there will be another increase. The question really is how much higher will prices go during the month […] The post Scrap Pricing Expected to Lead Next Price Increase on Flat Rolled appeared first on Steel Market Update.
Steel Market Update ferrous scrap sources are advising us that scrap prices are poised to move $30 to $50 per gross ton higher for April deliveries than what we saw negotiated at the beginning of March. The issue is supply. The domestic sheet mills are having issues finding all of the tonnage they need and […] The post Ferrous Scrap Prices Poised to Move Up $30-$50 appeared first on Steel Market Update.
In Sunday evening’s issue of Steel Market Update we published an article highlighting the Platts indices which are used by some mills and their customers to adjust flat rolled steel contract pricing. The other daily index out there is The Steel Index (TSI) which will be the index used for the NASDAQ Midwest Hot Rolled […] The post TSI Index Another Option for Physical & Financial Contracts appeared first on Steel Market Update.