Flack Global Metals (FGM) adds Jennifer Betts as Sr. Vice President of Business Development. Betts will drive FMG’s business and development strategy to expand the company’s physical metals sales growth as well as its broad range of price risk management services offered Flack Metal Bank (FMB). “Jen brings a wealth of knowledge and experience to […]
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 […]
BlueScope plans to buy Coil Coatings from Cornerstone Building Brands for $500 million to expand its presence in painted products in the eastern US. The Australian steelmaker – parent company of sheet producer North Star BlueScope in Delta, Ohio – said the deal would complement its existing coated products business on the West Coast. The […]
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 […]
Fuel surcharges continue to march higher along with increased steel prices and ballooning costs for raw materials such as ferrous scrap and pig iron. Case in point: Wheeling-Nippon Steel’s fuel surcharge will increase to 24% effective with shipments on Monday, April 4. “The surcharge will continue to be added to the freight on all invoices […]
Fuel surcharges continue to march higher along with increased steel prices and ballooning costs for raw materials such as ferrous scrap and pig iron. Case in point: Wheeling-Nippon Steel’s fuel surcharge will increase to 24% effective with shipments on Monday, April 4. “The surcharge will continue to be added to the freight on all invoices […]
Nucor has increased the raw materials surcharge (RMS) for customers buying steel sheet on terms linked to scrap prices. The Charlotte, NC-based steelmaker said its RMS – based on prices for busheling scrap – would be $515 per ton ($25.75 per cwt) in April, a $190-per-ton increase from prior levels. The higher RMS will be […]
SSAB Americas has increased plate prices by $63 per ton ($3.15 per cwt) based on a raw materials surcharge mechanism unveiled last week. The Mobile, Ala.-based steelmaker said the higher prices would apply to all new spot orders as well as both new and existing contractual agreements effective April 3. The company reiterated that the […]
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 […]
North Star BlueScope contributed substantially to record earnings reported yesterday by BlueScope Steel Ltd., its Australian parent. Sales for the first half of the global company’s 2022 fiscal year totaled $9.42 billion ($6.77 billion U.S.), netting earnings before interest and taxes of about $2.2 billion ($1.58 billion U.S.). For its North Star BlueScope operation in […]
Ferrous scrap has been described as “the new precious metal,” as mills all over the world invest in scrap-fed electric arc furnaces as a means of lowering harmful greenhouse gas emissions. Indeed, prime scrap may prove to be even more rare and prized than most realize. In the United States alone, producers will add 5.3 […]
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 […]
Ferrous scrap prices in the Midwest saw a big $60 drop in early trading for January – a surprise in a month that historically sees scrap prices rise. While trading continues in other regions, sources tell Steel Market Update they expect the market to settle in the next few days at down $40-50/GT for obsolete […]
BlueScope Steel has closed its $240 million deal for ferrous scrap recycler MetalX. With the transaction complete, MetalX will operate under the name BlueScope Recycling and Materials. BlueScope announced the deal in early November and closed it on Dec. 17, according to a statement released earlier this week. MetalX is the leading scrap supplier to […]
Steel Dynamics Inc. (SDI) has joined competitor Nucor in predicting another quarterly earnings record for the last quarter of 2021. The Fort Wayne, Ind.-based steelmaker predicted fourth-quarter earnings in the range of $5.46 to $5.50 per diluted share, according to guidance released on Thursday, Dec. 16. That’s up from $4.85 per diluted share in the […]
Ferrous scrap prices for December settled mostly sideways across the U.S. following a big jump in November as export demand slowed and as mills sought to reduce year-end inventories. Steel Market Update sources generally put December scrap in the following ranges: Shred $520-540/GT; Bush $600-640/GT; and HMS $470-490/GT. “It was an unusual, and frankly unexpected, […]
(Editor’s note: This is a corrected version of Final Thoughts. The original misstated a hot rolled peak of $1,995 per ton, not $1,955.) In our questionnaire this week, we asked steel buyers: Do you sense that the market is changing, and in what ways? Not surprisingly, many referenced shortening mill lead times and declining steel prices. […]
First, please note that due to the Thanksgiving holiday, the Steel Market Update newsletter will not be published on Thursday (which is Thanksgiving Day) and Sunday, Nov. 28. We will return to our normal publication schedule on Tuesday, Nov. 30. We want to wish everyone in the United States a happy, healthy Thanksgiving with family and […]
December ferrous scrap prices are expected to trade sideways or up slightly after a surprise jump higher in November, Steel Market Update sources said. “December scrap is likely to move sideways, particularly for sales done at the higher end of the November range. For sales at the lower end, a $10-20 per ton ‘catch-up’ increase […]
With 2022 right around the corner, it’s time to reflect back on an unusual and eventful year for the steel industry. Following is Steel Market Update’s Top 10 News Events of 2021: #10 – Economy Rebounds from COVID: No one could have predicted when the virus crippled commerce in the spring of 2020 that the […]
By Philip Bell, President, Steel Manufacturers Association Earlier this year, the European Commission began reviewing its Waste Shipment Regulation (WSR) and considering proposals for its revision. On Nov. 17, the EU commission announced that it may restrict waste exports including metal scrap to non-OECD countries. In yesterday’s formal announcement, the commission proposed revised legislation on […]
By CRU Senior Analyst Thais Terzian and Analyst Chris Bandmann, from CRU’s Crude Steel Market Outlet, Nov. 15 There is currently a lot of market discussion that the EU may act to restrict scrap exports. Here we look at who could be hurt and who might see opportunities. Other regions have already acted to protect […]
Ferrous scrap prices saw an unexpectedly big jump in November, with shredded scrap selling as high as $75/GT above October levels. Prime scrap rose $20/GT, sources tell Steel Market Update. Observers were expecting higher prices in November on strong export demand and some seasonal tightening of supplies, but were surprised by the size of the […]
BlueScope Steel plans to acquire U.S. ferrous scrap recycler MetalX LLC for $240 million. MetalX is the leading scrap supplier to North Star BlueScope, the Australian steelmaker’s electric arc furnace (EAF) sheet mill in Delta, Ohio. The deal is expected to close by the end of December, BlueScope said in a press release. MetalX operates […]
Steel Dynamics Inc. (SDI) posted yet another new quarterly profit record on record-high flat-rolled steel prices. And the Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker thinks that the record times could roll into the fourth quarter as well. “Domestic steel demand remains solid in our automotive, construction, and industrial end markets. We believe this […]
As “the next precious metal,” prime scrap is a growth opportunity and a logical fit for Cleveland-Cliffs, which announced Monday that it plans to acquire Detroit-based Ferrous Processing and Trading Co. (FPT). The $775-million deal, Cliffs’ first foray into scrap, comes as no big surprise to most market observers. Cleveland-Cliffs is the largest producer of […]
The David J. Joseph Co. (DJJ) has acquired two recycling operations that are expected to increase its capacity by 10%, parent company Nucor Corp. said. DJJ’s deals – terms of which were not disclosed – will support the Charlotte, N.C.-based steelmaker’s growth strategy and increase its ability to secure scrap for its electric arc furnace (EAF) […]
Following a big drop in scrap prices in September, sources tell Steel Market Update they expect an increase in the price of obsolete grades in October, with prime grades seeing some downward pressure. “I think we will see an increase specifically for shred in October. The consensus is building that prices in October for these grades […]