The CME Group announced it had record volumes for its NYMEX U.S. Midwest Hot-Rolled Coil Steel Index futures (HRC) and options (HRO). During the month of February HRC futures recorded 6,619 contracts eclipsing the previous record set in January 2012 of 6,214 contracts. At the same time HRO (options) contracts which have only been available […]
Last week the domestic steel mills made their statement by raising prices on flat rolled steel. Led by U.S. Steel most mills followed their lead and pushed prices by $50 per ton. Two mills – Severstal and ArcelorMittal – put base prices to their announcements with hot rolled being referenced as starting at a “minimum” […]
For union watchers out there, the Baltimore Brew broke a story today regarding the International United Steelworkers placing USW Local 9477 in “administratorship” with the intention of removing all but one of the local union officials. There is a question as to what will happen with the assets of USW Local 9477 which owned a […]
Written by: Bradley Clark, Director of Steel Trading, Kataman Metals U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Firm on Weather Concerns As the month has progressed sentiment is starting to fall solidify around the idea that busheling prices may rebound $10-20 in March. Worsening weather conditions in the Midwest and dealers trying to recoup last […]
Monday is technically a holiday in the U.S. but Steel Market Update offices are open. For those who are confused with my travel schedule recently – I am no longer on the west coast – I have returned to our offices on the east coast. I can be reached at 800-432-3475 or by email: John@SteelMarketUpdate.com. […]
Written by: Brad Clark, Director of Steel Trading, Kataman Metals U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Softens as Prices Drop 13.73 in February The physical market came in this week down $13.73 to $375.24 in line with expectations. Mill order book’s remain weak for the most part outside of auto industry demand (the major […]
Written by: Brad Clark, Director of Steel Trading, Kataman Metals U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Uneventful Before Next Month Pricing Begins The physical busheling market has been characteristically quiet this week as both dealers and mills jockey for position ahead of next week when price negotiations will begin in full swing. All signs […]
Written by: Andre Marshall, Crunchrisk LLC Financial Markets On the equities markets we hit a new 5 year high reaching 1485 on SP 500 today. In this current rally you might recall our target point for this move is 1488 and so we may be near a point for a little retracement. If this current move […]
Written by Brad Clark, Director of Steel Trading, Kataman Metals U.S. Midwest #1 Busheling Ferrous Scrap (AMM) Heads South on Warmer Winter Weather Historically January is the strongest month for busheling prices as cold weather constrains supply. This year however an unseasonably warm winter has kept a lid on any price spikes this past month […]
Written by: Sandy Williams Commercial Metals Company announced first quarter net earnings ending November 30, 2012, of $49.7 million, down from $107.7 million at the end of November 2011. Results were partially attributed to a drop in profit from CMC’s Americas Recycling segment which saw lower demand that affected ferrous and nonferrous pricing and volumes. […]