There’s been a lot of talk about AI. We’ve even used ChatGPT a bit here ourselves at Steel Market Update. But this week I had the chance to get a broader view on what’s on offer in the field at the Reuters Momentum Conference on July 11-12 here in Austin, Texas, where I live. I went […] The post Final Thoughts appeared first on Steel Market Update.
Domestic scrap prices fell for busheling and shredded grades in July, while tags were mostly sideways to slightly up on heavy melting scrap, sources said. “Between tight scrap supplies, slightly better-than-expected domestic demand in the South and Ohio Valley, and relatively stable export pricing, the market trended sideways for obsolete grades in those regions as well […] The post Bush, Shred Prices Down in July, HMS Mostly Sideways appeared first on Steel Market Update.
Join us for SMU’s next Community Chat webinar with Wolfe Research managing director Timna Tanners. The webinar will be held on Wednesday, July 12, at 11 am ET. It’s free for all to attend. A recording will be available to SMU members. You can register here. We’ll talk about what Tanners describes as “the myth […] The post Register Now for July 12 Community Chat With Timna Tanners! appeared first on Steel Market Update.
New orders for manufactured durable goods increased for the third consecutive month in May, increasing 1.7% from the previous month to $288.2 billion, according to the US Census Bureau. This follows a 1.2% month-over-month (MoM) gain in April, according to Census data. Transportation equipment is also up three consecutive months, up 3.9% to $102.6 billion. The bureau said that […] The post Durable Goods Up in May, Third Straight Increase appeared first on Steel Market Update.
Next month is expected to bring some stability after months of falling scrap prices, with sources seeing the market as sideways. “The July market expectations are soft sideways,” one scrap source told SMU. “A stable export market combined with reduced inbound scrap flows should halt the recent run of large price drops.” He said that […] The post July Scrap Market Predicted To Be Sideways appeared first on Steel Market Update.
Companies should keep a watchful eye on pricing and lead times, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the June 27 meeting of its Sheet Metal/Air Handling Council. During May’s meeting, most HARDI participants thought that prices would continue to drop. Over half of the individuals thought it […] The post HARDI Members on Sidelines, Cautiously Watching Market appeared first on Steel Market Update.
The spread between hot-rolled coil (HRC) and prime scrap prices narrowed further in June, according to Steel Market Update data. Both the averages of SMU’s HRC and busheling scrap prices slipped this week. Our HRC average fell $5 per net ton week-over-week to sit at $930 per ton ($46.50 per cwt) as of Tuesday, June 13. Meanwhile, after settling, […] The post HRC, Prime Scrap Price Spread Narrows Again in June appeared first on Steel Market Update.
Metallics prices have fallen in most global markets over the last month, driven by weak steel demand and improved metallics supply. Lower finished steel prices and EAF margins have weighed heavily on metallics prices across major markets. Scrap bids from key buyers have reduced further amid ample availability, while recent pig iron price cuts have […] The post CRU: Weak Demand Pushes Global Scrap Prices Down appeared first on Steel Market Update.
Domestic scrap prices continued to tumble this month on soft demand and strong inbound scrap flows, but the market could come into balance in July, sources said. “After this more-than-expected drop in prices for June, the market next month should be sideways at worst,” one source said. He noted that the export market remains firm and […] The post US Scrap Prices Sink in June on Weak Demand appeared first on Steel Market Update.
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Prices of steelmaking raw materials have been largely on the decline over the last 30 days, as they were the month prior, the exception being pig […] The post Steelmaking Raw Materials Update: Price Declines Continue appeared first on Steel Market Update.