Earlier this month the consensus of opinion among our ferrous scrap sources was that we had seen the bottom for scrap prices and, more than likely, prices would rise as we entered September negotiations. However, that was then, this is now. As we enter the negotiation period for September ferrous scrap buys by the domestic […] The post Scrap Prices for September Looking Sideways to Down $20 appeared first on Steel Market Update.
Over the weekend we received further updates on the status of the ferrous scrap markets in the United States. We learned that US Steel Granite City had no scrap buys in July and we are hearing that they are passing on offers that are $30 to $45 per gross ton lower than their last buys […] The post Have Ferrous Scrap Prices “Bottomed”? appeared first on Steel Market Update.
A month ago one of our dealer sources echoed the views of many in the ferrous scrap business, he expected nothing worse than a sideways (no change) market for July scrap prices. He pointed to stronger demand at the steel mills and continued weak collection of obsolete scrap grades. We will hear more from him […] The post Scrap Prices Weaken Much More than Market Expected appeared first on Steel Market Update.
Our ferrous scrap sources told us that Detroit scrap prices were settled earlier today where all of the prices were reported as being sideways (no change from June pricing) with the exception of shredded scrap which was reported as being down $10 to three mills, sideways to another and one mill being undecided. We will […] The post Final Thoughts appeared first on Steel Market Update.
Ferrous scrap prices rose in June as obsolete flows continue to be weaker than normal and the domestic mills have come back into the market. The strength of the market has come as a surprise to dealers and mills alike. Number 1 Heavy Melt (HMS) ranged from $230 to $265 per gross ton with the […] The post Obsolete Scrap Flows Down 30%, June Prices Rise $20-$30 appeared first on Steel Market Update.
Steel Market Update has been communicating with our scrap sources during the day today (Thursday, June 4th) and we have learned that not all of the transactions/negotiations have been completed. Even so, a pattern has emerged which is showing ferrous scrap prices as moving higher by $20-$30 per gross ton compared to this time last […] The post June Still Settling but Scrap Looking to be Up $20-$30 appeared first on Steel Market Update.
An explanation of the Key Indicators concept is given at the end of this piece for those readers who are unfamiliar with it. The total number of indicators considered in this analysis is currently 36. Please refer to Table 1 for the view of the present situation and the quantitative measure of trends. Readers should […] The post Key Market Indicators- May 31 2015 appeared first on Steel Market Update.
This week Steel Market Update adjusted our Price Momentum Indicator to Higher from Neutral. Based on our checks of the steel buying community, prices are beginning to firm and the $20 per ton price increase announced by a number of the steel mills appears to be sticking. SMU is of the opinion as long as […] The post SMU Price Momentum Indicator Adjusted to Higher appeared first on Steel Market Update.
Perhaps the scrap market can best be described by those actively sourcing/selling ferrous scrap. Here is how one of the larger groups saw the market this week, “The scrap trade was quite tumultuous this week. Scrap demand, both export and domestic was robust, forcing the scrap processors to take a hard look at what sales […] The post Scrap Prices Rangebound or Surprise to Come? appeared first on Steel Market Update.
An explanation of the Key Indicators concept is given at the end of this piece for those readers who are unfamiliar with it. The total number of indicators considered in this analysis is currently 36. Please refer to Table 1 for the view of the present situation and the quantitative measure of trends. Readers should […] The post Key Market Indicators- April 30, 2015 appeared first on Steel Market Update.