When I started in the scrap business many years ago as a rookie trader in Luria’s Cleveland office, I saw an industry composed of family-owned businesses stretching across a great industrial nation. The post Miller on scrap: The corporatization of the US, Canadian recycling industry appeared first on Steel Market Update.
The spread between hot-rolled coil (HRC) and prime scrap prices narrowed slightly this month, according to SMU’s most recent pricing data. The post HRC vs. busheling spread narrows in January appeared first on Steel Market Update.
Domestic scrap prices ended up down slightly after a roller coaster of trading in January, scrap sources told SMU. The post January scrap prices slip less than initial offers appeared first on Steel Market Update.
Turkish scrap import prices increased last week with CRU’s assessment for HMS1/2 80:20 at $423 per metric ton (t) CFR, up by $7/t week over week (w/w) but down $2/t month over month (m/m). This was driven by a pickup in buying activity. The post CRU: Turkish scrap prices rise driven by restocking as sellers return appeared first on Steel Market Update.
For two consecutive months, the initial scrap prices didn’t attract the amount of scrap that mills needed. A Detroit area mill came in at $460 per gross ton (gt) for busheling, which was down $50 from last month and down $20 on shredded and plate and structurals (P&S). But I guess they did not know at the time another mill in the district bought scrap sideways. Needless to say, that order filled right away. SMU could not find any supplier who sold at down $50. The post Miller on scrap: What a mess! appeared first on Steel Market Update.
It’s been a sloppy start to the year for domestic hot-rolled (HR) coil and ferrous scrap markets. One of the loudest things to happen in HR this year might be something that didn’t happen at all. Namely, Nucor didn’t follow competitor Cleveland-Cliffs higher when Cliffs announced a price hike to start the year. The post Final thoughts appeared first on Steel Market Update.
After a holiday period that saw HR futures volumes somewhat muted in December, the first week of January brought with it increased interest reflected in higher volumes. The post HRC futures: Ferrous indexes do not reflect future price expectations appeared first on Steel Market Update.
US scrap prices for January remained unsettled as of early Thursday afternoon, according to market sources. The post January scrap tags on wild ride in still unsettled market appeared first on Steel Market Update.
I expected that we’d start off January with prime scrap prices modestly up if for no other reason than industrial activity typically slows down over the holidays. And mills’ appetite for scrap typically increases in anticipation of stronger Q1 order activity. The post Final thoughts appeared first on Steel Market Update.
I’d have been surprised if anyone told me just last week that the January scrap market might move lower. What we saw on Friday were offers. Not settlements. And no doubt there are still some twists and turns in store before we can say for sure which way scrap will go. The post Final thoughts appeared first on Steel Market Update.