Time for a contrarian, optimistic thought experiment. First the bad news: Sentiment is increasingly bearish on months of falling steel and scrap prices, nearly all respondents to our latest survey report that mills are willing to negotiate lower still, and flattish lead times provide paltry evidence for a rebound. A quick check of the headlines […] The post Final Thoughts appeared first on Steel Market Update.
H2 Green Steel (H2GS) is partnering with Midrex Technologies for its new direct reduced iron (DRI) facility in northern Sweden. Using Midrex’s technology, H2GS’s 2.1-million-metric-tons-per-year facility will run on 100% green hydrogen. Paul Wurth, an SMS group company, will also provide technology and equipment for the first-of-its-kind DRI plant. “We started working together almost two […] The post H2 Green Steel Partners with Midrex, Gets Funding from Kobe Steel appeared first on Steel Market Update.
Steel Market Update sources report that ferrous scrap prices fell again in October. The drop marks the sixth consecutive month of declining scrap tags. Prime scrap prices fell an average of $45 per ton, while obsolete grades were relatively flat to down $25. Scrap sources attributed falling prices to weakening demand on both the domestic and […] The post Scrap Prices Fall Again in October on Outages, Global Gloom appeared first on Steel Market Update.
We’ve spilled a lot of ink over labor contract talks between US Steel and the United Steelworkers (USW) union. That issue is no doubt important. But here are two more that are just as important, if not more so. And you should have both on your radar as you start this week. First is the […] The post Final Thoughts appeared first on Steel Market Update.
Supported by high finished steel and scrap prices, Schnitzer Steel Industries Inc. expects its results for full-year fiscal 2022 to be the second best in the company’s history. This week, the Portland, Ore.-based scrap recycler and long steel producer announced its preliminary results for the fourth quarter and fiscal year ended Aug. 31, 2022. Although […] The post Schnitzer to Report Weak Fiscal Q4, Strong Full-Year Results appeared first on Steel Market Update.
Steel Dynamics Inc. (SDI) has completed its acquisition of Mexican ferrous and nonferrous scrap recycler Roca Acero SA de CV. The Fort Wayne, Ind.-based EAF steelmaker did not disclose the purchase price but said the deal was paid for in cash. “Combined with our existing metals recycling facilities in Mexico, the addition of Roca significantly […] The post SDI Completes Purchase of Mexican Recycler Roca Acero appeared first on Steel Market Update.
The following article on the hot-rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Hot-rolled (HR) futures participants market watch as they wait for signs that demand will return even as the dollar continues to […] The post Hot Rolled Futures: Participants Watch for Signs Demand Will Return appeared first on Steel Market Update.
Steel Market Update sources expect ferrous scrap prices to be sideways to down in October, potentially the fifth consecutive monthly decline since the record highs seen earlier this year. Obsolete grades are anticipated to fall as much as $20 per gross ton or more, while prime scrap is expected to remain flat or slightly decline. […] The post October Scrap Expected to be Sideways to Down $20/Ton appeared first on Steel Market Update.
We’ve seen a wave of mill idlings and outages this fall. But steel buyer reaction to date has been subdued. The yawn now in response to all those tons coming out of the market stands in stark contrast to the almost hysterical reaction to downtime at even the smallest producers in early 2021. Remember the […] The post Final Thoughts appeared first on Steel Market Update.
By CRU Research Analyst Aaron Kearney-Keaveny, from CRU’s Steelmaking Raw Materials Monitor The CRU metallics price indicator (CRUmpi) rose by 2.2% month-on-month (MoM) to 312.3, following four continuous months of decline since May 2022. This MoM rise in the CRUmpi was specifically driven by a sharp rebound in Asian scrap prices while European prices stabilized. […] The post CRU: Scrap Prices Lift from Restocking, But Less Than Expected appeared first on Steel Market Update.