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.
World Steel Exchange Marketing (WSEM) announced that the US Shredded Steel Scrap TSI Index will begin futures trading on the Nasdaq Commodities Exchange (Stockholm) as of March 29, 2016. The 20-gross-ton USA Midwest shredded steel contract will be listed, and quoted, for the current month and each of the next 11 months. The contract will […] The post US Shredded Steel Scrap Futures Trading Coming to Nasdaq appeared first on Steel Market Update.
Steel Market Update has been speaking with various scrap sources to see what the market trend looks like as we head into March ferrous scrap pricing negotiations. Virtually all dealers are of the opinion that the market looks to be sideways (same pricing as February) with maybe a little “lean” toward the upside. The dealers […] The post Expectation is for Ferrous Scrap Prices to Move Sideways in March appeared first on Steel Market Update.
Often with steel related economic statistics it’s useful to compare a given data stream with others which may or may not be causally related. This usually puts the steel data into context and shows whether a direction change is for real. In this piece we are comparing the price of Chicago shredded scrap with the […] The post The Relationship Between the Price of Scrap & 3 Useful Benchmarks appeared first on Steel Market Update.
The last couple of days have been hectic as we worked through the articles seen in tonight’s newsletter as well as numerous articles that we are working on various topics. The two headline articles are, of course, the next round of flat rolled price increases. The Nucor $20 hot rolled and $30 cold rolled and […] The post Final Thoughts appeared first on Steel Market Update.
We are pleased to have Philip Hoffman, Chairman & CEO of Hoffman Iron & Steel provide us his unique insights on both the domestic and international scrap markets as well as his forecast for where international and domestic scrap prices will be headed in the next month or two (and why). As most are aware, […] The post Ferrous Scrap Wrap Up First Week of January 2016 appeared first on Steel Market Update.
In the first eleven months of 2015 bulk scrap exports were 11,762,000 tonnes for an annual rate of 12,831,000 tonnes, down by 17.5 percent from the first eleven months of 2014. The tonnages shown in Figure 1 are based on three month moving averages (3MMA) for 2015 and on the annual monthly average for previous […] The post Ferrous Scrap Exports through November Down 17.5% YOY appeared first on Steel Market Update.
The scrap markets are still sorting themselves out as the domestic steel mills and dealers jostle for position with the dealers looking like they will be the victors in this go-around for January deliveries. We are hearing early trades in Chicago as being done at up $20 per ton with one of our sources telling […] The post Steel Mills Need to Buy Ferrous Scrap Pushing Prices Higher by $5-$20 appeared first on Steel Market Update.
Ferrous scrap prices are one of the key indicators to watch as the market determines if we have reached the bottom in the slide in flat rolled prices and, if prices will rebound from here. The thought process has been that a move higher in scrap will help change the psychology of the market and […] The post December Scrap Prices: Sideways to Up $20 appeared first on Steel Market Update.
Last week we received information about the expectation for ferrous scrap price negotiations between the domestic mills and their scrap suppliers for the month of December. Over the weekend one of our east coast scrap sources provided us more details as to what they expect this week as negotiations begin in earnest: I am not […] The post Shredded Scrap Poised to Rise in East, Sideways Elsewhere? appeared first on Steel Market Update.