Scrap prices were forecast a week ago to drop $10-$20 per gross ton in November. However, we are beginning to hear that the scrap markets may not be as dire as predicted and the numbers may be much closer to sideways than down once the negotiations are concluded next week. One of our scrap sources […] The post Ferrous Scrap Pricing May Have Bottomed… appeared first on Steel Market Update.
We will begin our next flat rolled steel market analysis with an invitation to participate in our questionnaire going out at 8 AM on Monday morning. If you receive an invite please take a few minutes to click on the link and complete the questionnaire. Steel Market Update will be moving our headquarters over the […] The post Final Thoughts appeared first on Steel Market Update.
As we headed into October negotiations, the ferrous scrap dealers knew prices would be down anywhere from $20 to $50 per ton. As negotiations got into full swing it was apparent the lower end of the range was nowhere near $20 as prices quickly collapsed by $50 per gross ton. The issues have been the […] The post October Scrap Settles Down $50-$60 appeared first on Steel Market Update.
A debate has begun as to when flat rolled steel prices will bottom and begin to reverse course. Part of that dialogue is what will supply look like should US Steel go through with balancing their production by temporarily taking down their Granite City Works. This would be on top of the trade suits which […] The post Removal of Supply Should Tighten Market – The Question is When? appeared first on Steel Market Update.
The U.S. is not (yet) a closed market and therefore we have to remain aware of what is going on around the rest of the world and especially in China (iron ore/billets/steel) and Turkey (scrap). Ferrous scrap prices are expected to drop significantly for October 2015 shipment. When we checked with a couple of our […] The post Pressure Will Continue on Ferrous Scrap Prices appeared first on Steel Market Update.
The following article is written by Spencer Johnson of FC Stone LLC. With six years of experience, Spencer provides his customers strategic and tactical advice on protecting themselves against commodity price volatility in the steel markets. Spencer will rotate weekly futures articles with Andre Marshall of Crunch Risk, LLC. Spencer can be reached at spencer.johnson@intlfcstone.com. […] The post Hot Rolled Futures: Will HRC Prices test the $400/ton Level? appeared first on Steel Market Update.
Steel Market Update (SMU) sources reported the domestic steel mills have canceled any remaining ferrous scrap tonnage that was not delivered during the month of September. This is normal when the mills believe that they will be able to negotiate lower prices for October delivery. As reported earlier this week, the expectation is for scrap […] The post Steel Mills Cancel September Scrap Orders in Anticipation of October Swoon appeared first on Steel Market Update.
We ended the month of September recognizing that not only have steel prices been falling but the Momentum behind pricing turned negative during the month. Our SMU Price Momentum Indicator is now pointing toward Lower prices to be seen in the coming month or longer. Sentiment, another Key Market Indicator, has been dropping as you […] The post End of Month Review: September 2015 appeared first on Steel Market Update.
We will be in Iowa next week for one of our Steel 101: Introduction to Steel Making & Market Fundamentals workshops. We are looking forward to working with SSAB again, as we did a workshop in Mobile, Alabama and toured their Alabama facility. This is our first trip to Iowa. We are working on ironing […] The post Final Thoughts appeared first on Steel Market Update.
Ferrous scrap prices continue to weaken due to sluggish demand at the domestic steel mills coupled with a lack of exports off the East Coast USA to Turkey. Turkish scrap prices have tumbled over the past thirty days, down $46 per ton or nearly 20 percent compared to last month. An 80/20 HMS mix is […] The post Scrap Markets Worst Seen Since 2009 appeared first on Steel Market Update.