Tag: SMU

By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor January 2022 The CRU metallics price indicator (CRUmpi) fell in January m/m by 4.4% to 383.9, which is an unusual move for this time of year. Demand in most markets, particularly in Europe and the USA, was weaker-than-expected, and relatively mild weather conditions leading up […] The post CRU: Global Metallics Markets Unseasonably Bearish in January appeared first on Steel Market Update.

Flat-rolled steel prices continue to fall, but the market participants I spoke to today were taking the news in stride. SMU’s average hot-rolled coil price now stands at $1,480 per ton ($74 per cwt), down $55 per ton from $1,535 per ton a week ago and down $475 per ton from a 2021 high – […] The post Final Thoughts appeared first on Steel Market Update.

Ferrous scrap prices in the Midwest saw a big $60 drop in early trading for January – a surprise in a month that historically sees scrap prices rise. While trading continues in other regions, sources tell Steel Market Update they expect the market to settle in the next few days at down $40-50/GT for obsolete […] The post Big Drop Expected for Ferrous Scrap Prices in January appeared first on Steel Market Update.

Schnitzer Steel Industries Inc. posted its best first quarter earnings on record 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 $47 million in the first quarter of fiscal 2022 ended Nov. 30, 2021, more than triple the […] The post Schnitzer Posts Best Fiscal First Quarter Results Ever appeared first on Steel Market Update.

The first major live and in-person steel event is just six short weeks away as we prepare to host the industry at the Tampa Steel Conference. Steel Market Update will once again be working with Port Tampa Bay as we host the 33rdedition of the Tampa Steel Conference. The 2022 TSC will be held on […] The post 2022 Tampa Steel Conference – Live and Just Six Weeks Away appeared first on Steel Market Update.

BlueScope Steel has closed its $240 million deal for ferrous scrap recycler MetalX. With the transaction complete, MetalX will operate under the name BlueScope Recycling and Materials. BlueScope announced the deal in early November and closed it on Dec. 17, according to a statement released earlier this week. MetalX is the leading scrap supplier to […] The post BlueScope Closes $240M MetalX Deal as Prime Scrap Rush Continues appeared first on Steel Market Update.

Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Prices for three of the seven steelmaking raw materials tracked in this SMU analysis increased over the last 30 days, while three products decreased and one was unchanged. Through Dec. 21, iron ore prices […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.

First the takeaway: Don’t overthink it on the way down. Prices are falling, like it or not. The good thing, demand is still good – so don’t let falling prices ruin your holidays. Now, let’s overthink it a little. We’ve seen some chunky declines in recent weeks: SMU’s hot-rolled coil price fell $70 per ton […] The post Final Thoughts appeared first on Steel Market Update.

Steel Dynamics Inc. (SDI) has joined competitor Nucor in predicting another quarterly earnings record for the last quarter of 2021. The Fort Wayne, Ind.-based steelmaker predicted fourth-quarter earnings in the range of $5.46 to $5.50 per diluted share, according to guidance released on Thursday, Dec. 16. That’s up from $4.85 per diluted share in the […] The post SDI to Close Book on ’21 with Record Quarterly Profits appeared first on Steel Market Update.

By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor , Dec. 8 The CRU metallics price indicator (CRUmpi) was little changed m/m in December at 401.6 after expectations of another price increase for metallics were dampened by weaker-than-expected demand. Supply is becoming seasonally scarcer in some markets. But, in our view, weakness in […] The post CRU: Global Metallics Prices Come Under Pressure as Demand Wanes appeared first on Steel Market Update.