Steel Products
Iron Ore & Scrap Futures
Written by Bradley Clark
August 16, 2013
U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Typically Quiet Mid-Month Market
While the HRC futures market is experiencing a summer lull, the AMM Busheling contract has been virtually non-existent the past few weeks. After the physical market for busheling priced sideways this month the futures market has not reacted.
It seems that the usual pattern of a busy beginning of the month during the pricing period for the underlying market is followed by a sluggish middle of the month in the paper market. All eyes are on the physical market with close attention to what is happening in the export market to get some hints to how prices shape up in September. The early thoughts are that the market remains flat again in September as supply and demand looks to be fairly balanced.
There have been no reported trades this past week.
TSI Iron Ore: Prices Taking a Breather…
Iron ore continued to make new highs last week with the spot getting above $142 per ton for the first time since early spring. While the futures market experienced similar gains this past week, some profit taking was experienced today as the physical market looked to be taking a breather. Good economic news out of China continues to fuel the ideas that this recent rum up in prices will be maintained through the end of the year, however, the market remains very skittish at these high levels as many traders have the recent sharp decline in prices fresh in their minds.
Volumes on SGX remain very strong and the curve remains backwardated with September trading around $133, Q4 at $128 and cal 14 at $117.
Bradley Clark
Read more from Bradley ClarkLatest in Steel Products
Rig count update: US activity stable, Canada slips
The number of oil and gas rigs operating in the US remained unchanged this week for the second consecutive week, while Canadian activity declined, according to the latest data released from Baker Hughes.
SMU market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
Domestic, offshore CRC prices steady
The price spread between US-produced cold-rolled (CR) coil and offshore products on a landed basis was unchanged in the week ended Dec. 20.
SMU Survey: Mill lead times contract slightly, remain short
Steel mill production times have seen very little change since September, according to buyers participating in our latest market survey.
Worthington Enterprises’ earnings dip in fiscal Q2’25
Worthington Enterprises' profits edged down in its fiscal second quarter of 205 vs. a year earlier. The company said a slump in sales in the quarter was due largely to the "deconsolidation" of the Sustainable Energy Solutions segment in the fourth quarter of fiscal 2024.