You can expect to begin to read a lot of articles calling for prices “peaking” or about the subject of where do prices go from here. The expectation is that prices will move lower and everyone will have an opinion or theory as to why this will happen. Others will make the case for sideways […] The post Final Thoughts appeared first on Steel Market Update.
Shredded ferrous scrap prices are now projected to be down $15 to $20 per gross ton in the Chicago market according to SMU sources. At the same time prime grades (like #1 busheling) are expected to tread sideways (remain the same as prior month). If, once the deals are completed, all runs true to the […] The post Price Spread to Return Between Shred and Prime Grades of Scrap appeared first on Steel Market Update.
Today is the 3rd of April and negotiations between the steel mills and their scrap suppliers continue in earnest. We heard from one of our sources that Detroit has settled up $10 per gross ton. Our source reported #1 Heavy Melt (HMS) at $365-$370 per gross ton, shredded scrap at $395-$400 per gross ton and […] The post April Scrap Negotiations appeared first on Steel Market Update.
With the various flat rolled indexes reporting hot rolled pricing approaching $680 per ton in the mill spot market we are quite close to the $685 announced by Nucor on April 4th and matched by a number of the domestic steel mills. The question now is will the mills attempt to move prices up to […] The post Final Thoughts appeared first on Steel Market Update.
The following is an analysis of trading over the past week in the financial markets, especially in the hot rolled coil derivatives (futures) and busheling scrap futures markets. This article was written by Andre Marshall, CEO of Crunchrisk, LLC and the instructor for the Steel Market Update Managing Price Risk series including our newest addition: […] The post Hot Rolled Futures: Now What? appeared first on Steel Market Update.
The hot rolled futures market over the past week has consolidated gains on the nearby months. May and June have traded to a high of $685 and $680, reflecting optimism in continued short term strength in the physical market. The back end of the curve is not experiencing as strong buying interest, as the Q3 […] The post Hot Rolled Futures Consolidate Recent Gains… appeared first on Steel Market Update.
The Asian scrap markets is currently stable and predicted to slow down both regarding demand as well as pricing over the next few weeks. Mainly, summer time electricity curtailments are scheduled to take effect in early May. Currently: • China Fe63.% Indian Iron ore at about $116-117/dmt. Somewhat stable +/-$1/dmt currently• Asian FX rates have […] The post Asian Scrap Markets Stable, Forecast to Slow Down appeared first on Steel Market Update.
Scrap prices rose by varying amounts around the country. In Chicago and Detroit prices rose from $5 to $15 per ton depending on the product. Both areas were impacted by the reduction of production at USS Gary Works (Chicago) and Great Lakes (Detroit). Detroit was the first to settle at up $10 per gross ton […] The post Scrap Prices Rise But Vary by Region appeared first on Steel Market Update.
Steel Market Update began this week with an article on Sunday evening titled, “This Could Be a Tumultuous Week.” Looking back over the past five days that title was an understatement. This week has been tumultuous times ten. Why? U.S. Steel can’t seem to catch a break. They now have steelmaking operations temporarily suspended at […] The post Steel Mills Pulling Offers & Raising Steel Prices appeared first on Steel Market Update.
The recent upturn in the physical market has continued to fuel the upswing in steel futures prices as nearby periods have surged this past week. The May and June HRC contracts have traded to highs of $660/ton while second half periods have traded up to $643. The nearby prices have improved over $40 during the […] The post Hot Rolled Futures Nearby Surge… appeared first on Steel Market Update.