Ferrous scrap prices are expected to rise anywhere from $40-70/GT in March after declines in February, lending further support to higher finished steel prices. Scrap prices are likely rise in March by at least as much as they fell in February, said CRU Senior Analyst Ryan McKinley. “The cold snap over the last few weeks […] The post Ferrous Scrap Prices Poised for Big Jump in March appeared first on Steel Market Update.
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) was unchanged m/m in October at 225.6 following large price increases the prior month. Supply in many markets became more available as prices rose, and this helped prevent additional upside pressure. For November, market sentiment is that prices […] The post CRU: Global Scrap Prices Lose Momentum Due to Supply Influx appeared first on Steel Market Update.
By CRU Principal Analyst Chris Asgill, from CRU’s Global Steel Trade Service China has banned steel scrap imports for the past year as part of its solid waste management policies that affect imports on a wide range of metal scrap and plastic waste. Recently, policymakers announced that a review on these policies will be sped […] The post CRU: Reclassifying Chinese Scrap Imports is Unlikely to Solve Market Tightness appeared first on Steel Market Update.
Ferrous scrap prices for August were not as weak as expected, but varied widely by region. Prices on the East Coast and in the Southeast were up $30/GT due to strong export demand, while prices in other parts of the country traded sideways for obsolete grades and down $20-30 for primes, report Steel Market Update […] The post Scrap Prices Mixed in Unusual August appeared first on Steel Market Update.
The official opening of the SMU Virtual Steel Summit Conference is 29 days from today (Aug. 24-26). You will want to register early as we will be opening the platform during the prior week (probably Thursday and Friday) so people can get help as they practice using the platform, make appointments with other attendees and […] The post Final Thoughts appeared first on Steel Market Update.
The trough for steel volume, particularly for flat rolled steel, has passed and the second half looks promising, said Steel Dynamics CEO Mark Millett. Back orders are strong and order intake rates have picked up due to increasing demand as businesses resume operations following COVID-19 shutdowns. “It is still not possible to determine the full […] The post SDI: Demand Saw Trough in Q2, Improvement Ahead appeared first on Steel Market Update.
We are seeing further erosion in flat rolled steel pricing this week with the possible exception of Galvalume. Our sources are advising that hot rolled numbers are being offered in the low $400’s for tons. As capacity reopens at integrated mills, the possibility exists for HRC prices to breach the $400 per ton level for […] The post Final Thoughts appeared first on Steel Market Update.
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor In the U.S. Midwest market this week, sheet prices were somewhat mixed with HR coil near steady w/w while HDG coil fell by $19 /s.ton to $650 /s.ton and CR coil inched up by $4 /s.ton to $697 /s.ton. Our full HDG coil price, reflecting […] The post CRU: European Steel Prices are Yet to Hit the Bottom appeared first on Steel Market Update.
Wholesalers of HVAC products have weathered the pandemic surprisingly well so far and are more concerned about construction demand months from now than they are about their near-term prospects. Consider what has happened since April as a result of the market’s response to the virus: Steel mills are operating at just above 50 percent of […] The post HARDI: Long-Term Construction Demand a Concern appeared first on Steel Market Update.
Today, Steel Market Update adjusted our flat rolled Price Momentum Indicator to Neutral. We are of the opinion, based on intelligence we are gleaning from steel buyers, that steel prices are in transition. We no longer believe prices on hot rolled, cold rolled, galvanized and Galvalume will decline over the next 30 days. However, a […] The post SMU Moves Price Momentum Indicator to Neutral appeared first on Steel Market Update.