Sheet prices are coming down now. The question isn’t one about market direction anymore. Instead, the question is whether the declines will be “managed” by a more consolidated group of sheet mills or whether it will be more precipitous, akin to what we saw last fall. We won’t release full results of our steel market […] The post Final Thoughts appeared first on Steel Market Update.
The prime scrap and metallic shortage in the US will continue over the next few years, according to Cleveland-Cliffs’ top executive. “Our conviction that this country’s prime scrap and metallic shortage will continue to tighten over the coming years is at the core of our strategy,” Cliffs’ chairman, president, and CEO Lourenco Goncalves said during […] The post Metallic, Prime Scrap Shortage to Persist: Goncalves appeared first on Steel Market Update.
We’ve written in SMU about “green” steel and whether steel consumers, including market-leading OEMs, will pay a premium for it. What about the potential for premiums in scrap too? Maybe not for green scrap. But what about for “prime grade” or prime-equivalent shredded scrap? Shred that transforms into prime – maybe we could call it […] The post Final Thoughts appeared first on Steel Market Update.
The spread between hot-rolled coil (HRC) and prime scrap prices has widened again in April from March, though much smaller than last month’s number, 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 $1,145 per ton ($57.25 per cwt) as […] The post HRC, Prime Scrap Price Spread Widens $18/t in April appeared first on Steel Market Update.
Manufacturing business activity increased for the first time in New York state in five months, according to the latest Empire State Manufacturing Survey taken between April 3-10. The New York Fed’s Empire state headline general business conditions index jumped 35 points month-over-month to 10.8, as new orders and shipments rose as well. The survey’s new orders […] The post Empire State Manufacturing Index Soars in April appeared first on Steel Market Update.
CRU expects metallics prices to continue trending down in May 2023 as supply will continue to outpace demand in most markets. In the US, obsolete scrap prices are expected to move lower as the inflow to scrap yards will pick up seasonally, and dealers get more inclined to sell. In Europe, the macroeconomic environment will […] The post CRU: Scrap Prices to Trend Further Down in May 2023 appeared first on Steel Market Update.
Hot-rolled coil prices marked a third consecutive week of very modest gains amid questions about whether the market was at or near a peak. Steel Market Update’s hot-rolled coil prices stands at $1,160 per ton ($58 per cwt), up $5 per ton from last week. HRC prices have risen only $20 per ton since March […] The post SMU Price Ranges: HRC Gains Slow, Plateau or Inflection Point? appeared first on Steel Market Update.
US steel mill shipments declined 3.2% in February vs. January, and were off 4.4% from February 2022, the American Iron and Steel Institute (AISI) reported on Wednesday. Domestic steel mills shipped 6,917,842 net tons in February, compared with 7,148,270 tons in January and 7,232,679 tons in the same month a year earlier. AISI said that shipments […] The post US Steel Shipments Fall in February: AISI appeared first on Steel Market Update.
A plume of orange smoke was reported over the weekend at US Steel’s Gary Works in Indiana, according to the Times of Northwest Indiana (NWI). The Indiana Department of Environmental Management is investigating the incident, according to NWI. No production issues were associated with the situation, a spokesperson for the Pittsburgh-based steelmaker told SMU. “We are […] The post Orange Smoke Seen Over USS Gary Works appeared first on Steel Market Update.
Directors of Canadian miner Teck Resources have unanimously turned down what it described as an “opportunistic acquisition proposal” from Glencore. The offer values the Canadian miner at around US$23 billion (€21 bn). Glencore made the move soon after Teck announced first copper production from the QB2 expansion at Quebrada Blanca, Chile. Teck’s CEO Jonathan Price […] The post CRU: Teck Rejects Glencore’s Unsolicited Offer appeared first on Steel Market Update.