Tag: SMU

On May 28, current Turkish President Recep Tayyip Erdogan won the Turkish presidential election in the runoff with 52.1% of the vote. We therefore expect the Turkish economy to maintain its current unorthodox macroeconomic course with a relatively loose monetary policy, although inflation is enormously high.  The New Turkish Economic Model The Turkish economy, including […] The post CRU: What Erdogan’s Re-election Means for the Turkish Economy appeared first on Steel Market Update.

June is expected to be a weaker month for scrap prices, but there is still a lot of uncertainty, especially with the Turkish elections set for Sunday, according to scrap market sources. “The mood is generally bearish, but I think the bears are a little too far out over their skis with the prognostications for […] The post June Scrap Outlook Weak, Turkish Election Leads to Uncertainty appeared first on Steel Market Update.

In the race to lower emissions, both steel companies and countries are promoting greater use of domestic scrap, but this approach has two key weaknesses. Firstly, using more steel scrap in one country will have no impact on global carbon emissions – it will simply see scrap use move from one country to another. Secondly, […] The post CRU: Copper in Steel Scrap Will Constrain Domestic Use appeared first on Steel Market Update.

Scrap price falls have continued, now affecting all major markets. Previously, the market weakness was due to macroeconomic concerns but is now due to weak steel demand. Turkish scrap buying has been underwhelming, while Chinese scrap consumption has been reeling back as the steel outlook turns sour. Poor Steel Demand and Production Weigh on Scrap […] The post CRU: Scrap Prices Fall as Demand Outlook Falters appeared first on Steel Market Update.

The spread between hot-rolled coil (HRC) and prime scrap prices narrowed in May from April after having widened since the beginning of the year, according to Steel Market Update data. Both SMU’s hot-rolled coil price average and busheling prices dropped this week. Our hot-rolled coil average slipped $15 per ton week over week to $1,105 per ton ($55.25/cwt) […] The post HRC, Prime Scrap Price Spread Narrows in May appeared first on Steel Market Update.

After surprising the market watchers of HR futures in the first week of May, the index finally gave back $40 per short ton (ST) in the second week, coming in just shy of $1,130/ST.  Interestingly, the May futures settlement was almost unchanged from April 10 . While the market may be in a hurry for price […] The post Futures: The Slow Erosion of HR Prices appeared first on Steel Market Update.

US scrap prices fell across the board in May, and expectations are that June could move lower still on weaker global demand. “Domestic demand was generally decent aside from several mills in the Ohio Valley that had substantially reduced buy programs,” one scrap source said. “Ironically, Ohio is still home to the strongest ferrous scrap market […] The post US Scrap Prices Slip Again in May, June on Shaky Ground appeared first on Steel Market Update.

New calculations suggest that the lifespan of steel might be shorter than originally believed, according to a report released by the Steel Manufacturers Association (SMA). The report provides new calculations suggesting that the lifespan of steel is in the range of 25 to 35 years, rather than 40 years. The shorter lifespan increases the availability of […] The post SMA: Shorter Steel Lifespan Could Relieve Scrap Demand appeared first on Steel Market Update.

Domestic scrap prices are expected to fall in May, market sources told SMU. “Despite decent domestic demand, the recent and apparently continuing drop in the global scrap price will pressure US prices in May,” one market source said. “The global market for finished steel and semis is oversupplied, and Turkish demand is in a holding […] The post Lower Global Scrap Prices Seen Pressuring US Tags appeared first on Steel Market Update.

Turkish scrap import prices continued to fall last week. Subsequently CRU’s assessed Turkish scrap price for HMS1/2 80:20 is $415 per metric ton FOB Turkish port, down $11 per metric ton week-on-week and $28 per metric ton month-on-month. This is based on several deals concluded before and sooner after the Eid holidays. Turkish scrap deals […] The post CRU: Turkish Scrap Prices Fall Amid Weakening Lira appeared first on Steel Market Update.