Ferrous scrap prices for Detroit came out late this afternoon. Prime grades (busheling and bundles) were up $10 per gross ton. There was no change to cut grades, and shredded scrap was down $10/GT. On Wednesday, June 3, we will host our 9th SMU Steel Community Chat webinar. We will be discussing trade with trade […] The post Final Thoughts appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel There’s been more muted trading as the market reflects lower volumes and takes a more cautious wait-and-see approach. Lately the focus […] The post Hot Rolled Futures: More Muted Trading appeared first on Steel Market Update.
Ferrous scrap remains in limited supply, prompting predictions that scrap prices will settle still higher in June, on top of the big increase in May. Steel Market Update sources forecast an increase of $10-20 per ton for obsolete grades and $20-30 per ton for prime grades in June from May levels. Higher scrap prices may […] The post Scrap to Move Higher in June; Chinese Buying Up Pig Iron appeared first on Steel Market Update.
The COVID-19 pandemic has resulted in weaker global demand for steelmaking raw materials. However, the cost of producing and delivering many of these commodities has also fallen. Strong demand in China is helping to buoy prices for iron ore and other materials. Table 1 summarizes the price changes through May 21 of the five materials […] The post Raw Materials Prices: Iron Ore, Coking Coal, Pig Iron, Scrap, Zinc appeared first on Steel Market Update.
Wholesalers of HVAC products have weathered the pandemic surprisingly well so far and are more concerned about construction demand months from now than they are about their near-term prospects. Consider what has happened since April as a result of the market’s response to the virus: Steel mills are operating at just above 50 percent of […] The post HARDI: Long-Term Construction Demand a Concern appeared first on Steel Market Update.
With the expectation of higher scrap prices coming for the month of June, on top of the steep rise in ferrous scrap this month, the mills’ margins may well be squeezed, which will impact negotiations and pricing over the next few weeks. Most steel buyers anticipate a new round of price increases by late May […] The post Final Thoughts appeared first on Steel Market Update.
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) moved higher by 11.5 percent m/m to 202.4 in May. Supply constraints caused by the Covid-19 pandemic combined with either sustained or recovering scrap demand to lift prices across most of the globe, although pig iron demand was […] The post CRU: Scrap Prices Rise as Supply Evaporates appeared first on Steel Market Update.
Pandemic is a public health issue, not a political issue. I watched just a few minutes of the Senate testimony today with Dr. Fauci, Dr. Redfield of the CDC, Dr. Hahn, commissioner of the Food and Drug Administration, and Admiral Giroir, the Assistant Secretary for Health. I thought one question and answer was interesting in […] The post Final Thoughts appeared first on Steel Market Update.
If there is one thing you can count on with the steel industry, it’s for rumors to begin flying as soon as the mills appear to have seized pricing momentum. The domestic steel mills, led by ArcelorMittal USA, began announcing price increases the week ending May 1. The announcements ranged from $50 to $60 per […] The post Another Round of Steel Price Increases Coming? appeared first on Steel Market Update.
If there is one thing you can count on with the steel industry, it’s for rumors to begin flying as soon as the mills appear to have seized pricing momentum. The domestic steel mills, led by ArcelorMittal USA, began announcing price increases the week ending May 1. The announcements ranged from $50 to $60 per […] The post Another Round of Steel Price Increases Coming? appeared first on Steel Market Update.