US plate prices were unchanged this past week but remain under pressure. Spot demand is limited, with sources noting that Nucor’s efforts to keep prices flat might be short-lived. Recall that Nucor announced it would keep some plate prices flat and decrease certain cut-to-length items as much as $150 per ton ($7.50 per cwt) with the […]
Steel Market Update sources expect ferrous scrap prices to be sideways or rise slightly going into September. The move would potentially end the four-month streak of declines seen since the spring’s record high tags. Obsolete grades are anticipated to remain relatively stable from August to September, while prime scrap is expected to increase $20-$30 per […]
US plate prices edged down marginally this week, declining for the third straight week. The easing was driven by a tightening of the range, though sources feel pricing has flattened. The repeated declines are not exactly a surprise given plate prices have been holding an unsustainable premium over coil, while buying remains strategic and mainly hand-to-mouth. […]
US plate prices edged down again this week after seeing their largest decline in nearly five years the week prior. The latest declines are not exactly a surprise given plate prices had been holding an unsustainable premium over coil and buying has been largely hand-to-mouth. But the straw that broke the camel’s back might just […]
Steel Market Update sources report ferrous scrap prices declined as much as $70 per gross ton from July to August, the fifth consecutive month of declines since March–April’s record high prices. Prime scrap fell by $70 per ton from the month prior, while obsolete grades declined $15–40 per ton. For the first time since late-2020, […]
Schnitzer Steel Industries Inc. is shaking things up. The Portland, Ore.-based recycler and steelmaker has appointed Richard Peach to serve as its executive vice president and chief strategy officer, an expanded role. Peach previously acted as the company’s executive vice president, chief financial officer, and chief strategy officer. Schnitzer has also appointed Stefano Gaggini, currently […]
US plate prices were largely unchanged this week, but probably not for long now that Nucor has significantly lowered plate prices with the opening of its September plate order book. The move came after Nucor in early July kept prices flat with the opening of its August order book. Discrete plate prices, as well as prices […]
Steel Market Update sources expect ferrous scrap prices to weaken further in August, potentially registering the fourth consecutive month of declines since March and April’s record high prices. Obsolete grades are anticipated to decrease around $30 per gross ton over July, while prime scrap is expected to ease marginally. “Despite what I think is slightly […]
US plate prices have been holding steady and bucking the downtrend presently seen across sheet and coated products. Plate demand has remained largely steady, while buyers have maintained lean inventories, only taking volumes to fill gaps. The price dynamic has led to historically high premiums over hot-rolled coil (HRC) prices. Presently, plate prices are more […]
Steel Market Update sources reported ferrous scrap prices fell significantly in July, the third consecutive month of declines since peaking in March and April. Prime grades declined as much as $150 per gross ton, while obsolete grades decreased $30-50 per ton. Scrap prices are now in line with levels seen in the first two months […]
Steel Market Update sources expect ferrous scrap prices to fall again in July, the third consecutive month of declines since March and April’s record high prices. Both prime and obsolete grades are expected to decrease $50 per gross ton or more, with some saying prime could fall as much as $100 per ton. “The swiftness […]
Schnitzer Steel Industries Inc. posted its best third-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 $76 million in the third quarter of its fiscal 2022 ended May 31, 2022, doubling earnings of $38 […]
Steel Market Update sources report ferrous scrap prices declined from May to June, dropping further from the record high prices seen in March and April. Prime grades declined between $55-75 per gross ton, with obsolete grades down $50-70 per ton. This puts the SMU price indices for scrap as follows: Busheling scrap at $600-670 per […]
Ukraine has implemented an export ban on energy-related materials, but pig iron has been excluded from that ban. As of June 10, natural gas exports are prohibited by Ukraine’s Cabinet of Ministers, as are exports of anthracite coal including briquettes, pellets, and similar solid fuels derived from coal. Coking coal, however, has been excluded from […]
Steel Market Update sources expect ferrous scrap prices to decline in June, following record high prices in March through May. Some expect prime grades to decline as much as $50 per gross ton from May, with obsolete grades down anywhere from $20-$50 per ton. “Markets are worsening by the day. It looks like there is continued […]
Steel Market Update sources report ferrous scrap prices fell $75-100 per gross ton in May, following record high prices in March and April due to the war in Ukraine. Heavy melt (HMS) was down nearly $100 per gross ton, whereas shredded and busheling prices were down $75 per gross ton. “Demand is okay, but there’s just too much supply […]
A previously shuttered iron ore concentrate facility on the Mesabi Iron Range might be coming back to life under the newly-formed MagIron LLC. The Plant 4 concentrator near Grand Rapids, Minn., formerly owned by Magnetation and once rescued from bankruptcy by ERP Iron Ore – which subsequently filed for bankruptcy itself – has been acquired by former […]
ArcelorMittal took a big step toward reducing carbon dioxide (CO2) emissions at its long products mill in Contrecoeur, Quebec, by partial replacement of natural gas with green hydrogen. The successful test on the mill’s direct reduced iron (DRI) modules saw 6.8% of natural gas replaced with green hydrogen during a 24-hour period. The outcome contributed to a measurable reduction […]
Steel Market Update sources expect ferrous scrap prices to decline in May, following record high prices in March and April due to the Ukraine-Russia war. Some expect obsolete grades to decline significantly from April, with busheling prices potentially down as well. “Just looking at the export market makes me think US domestic will see significant drops for all […]
Ferrous scrap prices were mixed in April, with busheling up $75 per gross ton (GT), shredded scrap flat, and HMS down $20/GT. These were not the movements scrap experts had expected, with late March forecasts calling for obsolete grades up $50-$100/GT over March and busheling up $120-$200/GT. “April ferrous markets have settled and suffice it […]
ArcelorMittal has agreed to acquire a controlling stake in Voestalpine’s hot-briquetted iron (HBI) plant in southern Texas, in a deal that values the operations at $1 billion. The Luxembourg-based steelmaker will take an 80% stake in the plant located in Portland, Texas – just outside of Corpus Christi. Opened in October 2016, it’s one of […]
Voestalpine is in advanced talks to sell a majority stake in its hot-briquetted iron (HBI) plant in southern Texas, the company said. “In recent months, Voestalpine has been conducting an open-ended market sounding to stabilize the business model of its direct reduction plant in Corpus Christi, Texas.” The Austrian specialty steelmaker didn’t disclose a potential […]
Schnitzer Steel Industries Inc. posted its best first half results in company history following a strong second quarter earnings. The result comes 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 $38 million in the second quarter of […]
Steel Market Update sources expect ferrous scrap prices to rise yet again in April, with obsolete grades potentially up $50-$100 per gross ton over March and busheling up $120-$200 per gross ton. The big anticipated gains in April follow record price increases in March due to the Ukraine-Russia war. “I have to say, this is one […]
The war in Ukraine has triggered what may be the largest monthly increase in scrap prices ever seen with shredded scrap trading in March at around $600/GT and prime scrap at $700/GT – up by $125-175/GT over February, sources tell Steel Market Update. Market participants were expecting modestly higher scrap prices in March following declines […]
Steel Market Update sources expect ferrous scrap prices to rise by at least $30/GT, and probably more, in most regions next month, following substantial declines in January and February. On the metallics front, mills around the world are watching anxiously to see how the conflict in Ukraine will impact pig iron supplies and prices. “The […]
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 […]
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 […]
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 […]
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, […]