Steel Dynamics Inc. (SDI) has agreed to acquire 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 would be paid for in cash. The agreement remains subject to customary closing conditions and regulatory approvals, SDI said. “We […] The post SDI Buys Mexican Scrap Recycler Roca Acero appeared first on Steel Market Update.
According to the latest Steel Market Update data, the spread between hot rolled coil prices and prime scrap prices has leveled out over the past eight weeks, after reaching an 18-month low in early March. The latest spread through May 10 is down compared to this time last year, but still higher than pre-pandemic spreads. […] The post HRC-Bush Spread Analysis: Peaking Out After March Rebound? appeared first on Steel Market Update.
Steel Market Update sources report ferrous scrap prices fell $75-100 per gross ton in May, following record high prices in March and April due to the war in Ukraine. Heavy melt (HMS) was down nearly $100 per gross ton, whereas shredded and busheling prices were down $75 per gross ton. “Demand is okay, but there’s just too much supply […] The post Scrap Prices Decline $75-100/Ton in May appeared first on Steel Market Update.
Steel Market Update sources report ferrous scrap prices fell $75-100 per gross ton in May, following record high prices in March and April due to the war in Ukraine. Heavy melt (HMS) was down nearly $100 per gross ton, whereas shredded and busheling prices were down $75 per gross ton. “Demand is okay, but there’s just too much supply […] The post Scrap Prices Decline in May appeared first on Steel Market Update.
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […] The post Ferrous Futures: Rangebound and Itching for a Big Move – Up or Down? appeared first on Steel Market Update.
I hope the balance of the year turns out to be as good as steel mill and service center executives say it will be. I’ve covered a lot earnings reports and spent a lot of time on earnings calls over the last month. (It sometimes feels like the sun never sets on earnings season.) And […] The post Final Thoughts appeared first on Steel Market Update.
A previously shuttered iron ore concentrate facility on the Mesabi Iron Range might be coming back to life under the newly-formed MagIron LLC. The Plant 4 concentrator near Grand Rapids, Minn., formerly owned by Magnetation and once rescued from bankruptcy by ERP Iron Ore – which subsequently filed for bankruptcy itself – has been acquired by former […] The post MagIron Gets a New Lease on Life appeared first on Steel Market Update.
Flack Global Metals (FGM) adds Jennifer Betts as Sr. Vice President of Business Development. Betts will drive FMG’s business and development strategy to expand the company’s physical metals sales growth as well as its broad range of price risk management services offered Flack Metal Bank (FMB). “Jen brings a wealth of knowledge and experience to […] The post Betts Joins Flack Global Metals appeared first on Steel Market Update.
ArcelorMittal took a big step toward reducing carbon dioxide (CO2) emissions at its long products mill in Contrecoeur, Quebec, by partial replacement of natural gas with green hydrogen. The successful test on the mill’s direct reduced iron (DRI) modules saw 6.8% of natural gas replaced with green hydrogen during a 24-hour period. The outcome contributed to a measurable reduction […] The post ArcelorMittal’s Green Hydrogen DRI Test a Success in Canada appeared first on Steel Market Update.
US Steel is no longer importing pig iron from Ukraine and Russia for its Big River Steel Works – now the official name of its Osceola, Ark., electric arc furnace (EAF) sheet mill. The Pittsburgh-based steelmaker has also mostly weaned its integrated steel mill in Košice, Slovakia, off Russian raw materials as well, they said. […] The post Big River Steel Not Sourcing Pig Iron From Russia, Ukraine: USS appeared first on Steel Market Update.