Tag: SMU

Schnitzer Steel Industries Inc. posted its best first half results in company history following a strong second quarter earnings. The result comes thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $38 million in the second quarter of […] The post Schnitzer’s Best Half-Year Results Backed by Strong FYQ2 appeared first on Steel Market Update.

I decided to take a break from prices and survey data today to check in with a few trusted mill and service center executives. Each had their own take on the market. But there were a couple of common threads. First, the war in Ukraine is still driving the steel and metals markets – even […] The post Final Thoughts appeared first on Steel Market Update.

Steel Market Update sources expect ferrous scrap prices to rise yet again in April, with obsolete grades potentially up $50-$100 per gross ton over March and busheling up $120-$200 per gross ton. The big anticipated gains in April follow record price increases in March due to the Ukraine-Russia war. “I have to say, this is one […] The post April Scrap Prices Expected to Jump Again on Pig Iron Scarcity appeared first on Steel Market Update.

Fuel surcharges continue to march higher along with increased steel prices and ballooning costs for raw materials such as ferrous scrap and pig iron. Case in point: Wheeling-Nippon Steel’s fuel surcharge will increase to 24% effective with shipments on Monday, April 4. “The surcharge will continue to be added to the freight on all invoices […] The post SMU Survey Respondents Flag Fuel Surcharges as Costs March Higher appeared first on Steel Market Update.

Fuel surcharges continue to march higher along with increased steel prices and ballooning costs for raw materials such as ferrous scrap and pig iron. Case in point: Wheeling-Nippon Steel’s fuel surcharge will increase to 24% effective with shipments on Monday, April 4. “The surcharge will continue to be added to the freight on all invoices […] The post SMU Survey Respondents Flag Fuel Surcharges as Costs March Higher appeared first on Steel Market Update.

Nucor has increased the raw materials surcharge (RMS) for customers buying steel sheet on terms linked to scrap prices. The Charlotte, NC-based steelmaker said its RMS – based on prices for busheling scrap – would be $515 per ton ($25.75 per cwt) in April, a $190-per-ton increase from prior levels. The higher RMS will be […] The post Nucor Increases RMS for Scrap-Linked Sheet Deals by $190/ton appeared first on Steel Market Update.

The war in Ukraine has disrupted commodity markets across the globe. Prices for all seven of the steelmaking raw materials tracked in this SMU analysis increased over the last 30 days. Through late-March, pig iron prices surged 60% compared to one month prior, coking coal prices jumped 45%, scrap prices increased 26-32%, zinc and iron […] The post Raw Materials Prices: Surges in Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc 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 The Ukraine/Russia war continues to fester, leaving all markets with maximum uncertainty. HR physical prices have risen just over $300/ST […] The post Hot Rolled Futures: Big Spike in Metallics Pushes Ferrous Prices Higher appeared first on Steel Market Update.

U.S. Steel Corp. expects to see record EBITDA for the first quarter totaling approximately $1.3 billion, a new all-time high for the period. In guidance issued Thursday, the steelmaker forecast adjusted diluted earnings per share in the range of $2.96 to $3.00. “We expect to deliver another strong quarter of safety, adjusted EBITDA, free cash […] The post U.S. Steel Bullish on 2022 After Strong Start to the Year appeared first on Steel Market Update.

SSAB Americas has increased plate prices by $63 per ton ($3.15 per cwt) based on a raw materials surcharge mechanism unveiled last week. The Mobile, Ala.-based steelmaker said the higher prices would apply to all new spot orders as well as both new and existing contractual agreements effective April 3. The company reiterated that the […] The post SSAB Increases Plate Prices by $63/ton on Higher Heavy Melt Costs appeared first on Steel Market Update.