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 Will the velocity of the down move in hot rolled prices be maintained as HR price spreads to global prices […] The post Hot Rolled Futures: Declines Pick Up Steam appeared first on Steel Market Update.
Cleveland-Cliffs Inc. is expected to take an approximately 80-90 day planned outage on the No. 5 blast furnace at its Cleveland Works starting in mid to late March, according to market participants. The outage is expected to last until roughly mid-June. It is not expected to impact customers because the Cleveland-based steelmaker can stock slabs […] The post Cliffs Expected to Take 80-90 Day Outage on Cleveland No. 5 Furnace: Sources appeared first on Steel Market Update.
Ferrous scrap prices declined again in February after an unexpectedly big drop in January. Prime scrap traded down $35/GT in most regions, while obsolete grades traded sideways, sources tell Steel Market Update. That puts the February price for busheling at around $525-535/GT, shred at $470-480/GT and HMS at $430-440/GT. “Tepid demand is being offset by […] The post Prime Scrap Price Drops Again in February, Bottom in Sight? appeared first on Steel Market Update.
Were it not for persistently strong steel demand, the plunging steel prices would be an unmitigated disaster. About 70% of the service center and manufacturing execs responding to SMU’s survey a week ago described demand for their products as stable. Another 20% even said they see demand improving. Just 10% have registered declines in demand […] The post Final Thoughts appeared first on Steel Market Update.
January marked the fifth consecutive month of declining steel prices, following a year-long streak of continuous price increases. Hot rolled prices declined $200 per ton throughout the month, with the SMU index averaging $1,335 per ton ($66.75 per cwt) as of Tuesday, Jan. 25. The SMU Price Momentum Indicator for sheet products remains at Lower since its mid-October adjustment. January […] The post SMU’s January at a Glance appeared first on Steel Market Update.
I don’t want to lead prices down, but I don’t think it’s any secret at this point that sheet prices are falling fast. “The prophecies have been borne out,” is how one mill executive put it. What does that look like in practical terms? Some mills are offering hot-rolled coil at about $1,200 per ton […] The post Final Thoughts appeared first on Steel Market Update.
Prices for four of the seven steelmaking raw materials tracked in this SMU analysis increased over the last 30 days, while three products decreased. Through Jan. 26, coking coal prices rose 26% from one month prior, aluminum prices increased 10%, iron ore prices rose 8%, and zinc prices were up 2%. In that same time […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.
Ferrous scrap prices in the U.S. saw a big, $60-per-ton drop in January – a surprise in a month when scrap prices usually rise. That makes it trickier than usual to predict what will happen to scrap prices in February. Experts said the January decline brought domestic prices more in line with foreign, and also […] The post February Scrap Prices Tricky to Predict 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 For obvious reasons 2021 was a very active year for HR futures – the runaway rise in prices helped bring […] The post Hot Rolled Futures: 2021, a Very Active Year for HR Trading appeared first on Steel Market Update.
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor, Feb. 10 The CRU metallics price indicator (CRUmpi) rose in February m/m by 2.4% to 392.9, gaining back some of the ground lost during January’s unusually bearish market. This slight upward trend was driven primarily by supply scarcity for obsolete grade scrap and pig iron, […] The post CRU: Metallics Prices Stabilize in Most Regions of the World appeared first on Steel Market Update.