November Scrap Tags Seen Mostly Sideways, Sources Say
As the ferrous scrap market in the US enters the home stretch for 2023, it faces an array of issues and uncertainties.
Category: Steel Prices
HRC Futures: A Swing in the Market
Well, what a difference a month makes…
U.S. Steel Raises Sheet Prices by $100/ton
U.S. Steel on Thursday said it planned to increase spot base prices for steel sheet by at least $100 per ton ($5 per cwt).
Domestic HRC Prices Surpass Foreign Hot Band
US hot-rolled coil (HRC) prices are now more expensive than imported offshore product.
Cleveland-Cliffs Ups Sheet, Aims for $800/ton HR Price
Cleveland-Cliffs said on Thursday it's targeting a minimum base price for hot-rolled steel of $800 per net ton ($40 per cwt).
SMU Price Ranges: Sheet Prices Up Again, But Outlooks Diverge
Sheet prices notched a third consecutive week of gains on limited supply and stable demand outside of automotive operations impacted by the UAW strike.
CRU: Ore-Based Metallics Prices Mixed as Demand Weakens
Prices for ore-based metallics were mixed month-on-month (MoM) as lower finished steel production weighs on pig iron demand.
Prime Scrap, HRC Spread Increases in October
The spread between hot-rolled coil (HRC) and prime scrap prices widened slightly this month, according to SMU’s most recent pricing data.
SMU Explains: A Brief History of the US Pig Iron Market
The pig iron trade is an important element to the US steel and foundry industry.
Prime Scrap Prices Flat in October, Other Grades Edge Down
Prime scrap prices were unchanged in October month over month, following a large Detroit-area buyer's lead, according to market sources.
Foreign and Domestic HRC Prices Near Parity
US hot-rolled coil (HRC) and offshore product are nearly back even again after domestic prices moved higher for the second straight week.
HRC Futures: Addressing Risk in Uncertain Times
If the last few years have taught us anything, it is that nothing is certain.
SMU Price Ranges: Sheet Rises Again, HRC Firms Around $700/ton
Sheet prices moved upward for the second week in a row despite the ongoing UAW strike and concerns in some corners that momentum from a price hike last month might be fading, market participants said.
CRU Aluminum: Secondary Aluminum to Play A Bigger Role Over The Next 2-3 Years
The LME aluminum three-month price was broadly unchanged on Friday morning, Oct. 6, and was last seen trading at $2,243 per ton. Due to the Mid-Autumn Festival and National Day celebrations, the SHFE is closed for holidays from Sept. 29 to Oct. 6. According to a report from Bloomberg, leaders from the EU and the […]
October Busheling Scrap Tags Flat at Large Detroit-area Buyer: Sources
A large Detroit-area scrap buyer has settled scrap tags for October, with busheling scrap sideways, a source told SMU.
US HRC Prices Move Nearly Even With Imports Again
US hot-rolled coil (HRC) and offshore product are nearing parity again after domestic prices moved higher this week and imports declined again.
UAW Strike at Stamping Plants Could Affect Scrap Supply
While the ongoing United Auto Workers (UAW) strike hasn’t had a significant impact on the scrap market, the strike's expansion to stamping plants could hit supply, sources tell SMU.
SMU Price Ranges: Sheet Rebounds – Sustainable Rally or Dead-Cat Bounce?
Sheet prices rose this week on the heels of a price increase announced by Cleveland-Cliffs last week that was quietly followed by other mills.
Plate Report: Mills Hold the Line Despite Slowing Demand
US plate prices have been relatively flat this year, especially when compared to sheet products. Case in point; SMU's plate prices stands at $1,455 per ton ($72.75 per cwt) on average, down 7% from a $1,560 per ton peak in April. Our HRC price is at $645 per ton, down 44% from an April peak of $1,160 per ton.
Scrap Insight: All Eyes on UAW as 'Unsettled' Oct. Trade Approaches
The US scrap market for October is a bit unsettled as the UAW strike against the Big Three automotive companies has expanded and shows scant signs of an imminent settlement.
Nucor Maintains Plate Prices
Nucor Corp. will keep plate prices unchanged with the opening of its November order book.
HRC Futures Rally Hard on UAW Auto Strike
On Sept. 15, the UAW went on strike at three plants, one of each of the Big 3. On Sept. 22, the UAW expanded its strike to 38 more GM and Stellantis plants. Since Sept. 15, the HRC futures curve has rallied $60-75 in the November – February futures months. The reason why there has been this breakneck rally is because, uh, well, um. I have no idea. I am as shocked by it as perhaps you are, frankly.
Most Mills Still Willing To Negotiate Lower Sheet and Plate Prices: SMU Survey
The overall steel mill negotiation rate remained level this week vs. two weeks earlier, but plate’s rate fell by 15 percentage points, according to SMU’s most recent survey data.
US HRC Prices Remain Well Below Landed Price for Imports
US hot-rolled coil (HRC) prices were down again vs. offshore hot band this week. Domestic HRC lost more ground relative to imported product with US tags sinking at a faster rate than those overseas.
Cliffs Increases Sheet Prices, Sets $750/t Base for HRC
Cleveland-Cliffs is increasing its sheet tags, setting a new base price for hot-rolled coil, effective immediately, the company said in a press release on Wednesday, Sept. 27.
SMU Price Ranges: Sheet Declines Moderate – Meaning or Noise?
Hot-rolled coil prices were down again this week, continuing a streak of week-over-week (WoW) declines that began in early/mid-July.
UAW Has Upper Hand vs. Automakers: Schenker
The United Auto Workers (UAW) union has more leverage than the Detroit Three automakers in the current strike that started Sept. 15, according to Jason Schenker, president of Prestige Economics.
HRC Futures Market Takes Off
After a quiet couple of weeks, the futures market has recently come to life over the last three days, and is starting to show some bullish signals.
SMU Price Ranges: Sheet Slips Again on Strike, But Is a Bottom in Sight?
Sheet prices slipped again this week on news of the United Auto Workers (UAW) strike and continued caution among some consumers.
HRC vs. Galv Price Spread Widened This Summer
The spread between hot-rolled coil (HRC) and galvanized sheet base prices widened throughout the summer as hot rolled prices declined faster than those of galvanized.