By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) increased by 1.5% m/m in November to 229.0. The increase in scrap prices in most regions has been driven by a continued recovery in steel prices and demand. Moving into December, we expect higher steel pricing and demand […]
Despite some initial concern that the ferrous scrap market would dip in November, scrap dealers anticipate a “strong sideways” price trend next month. “Export sales have been voluminous over the last two weeks, and prices are now about $10 off the lowest levels they fell to over the last month or so,” said a dealer […]
Scrap pricing for November is difficult to generalize with notable regional differences, but for the most part obsolete grades have traded sideways while prime grades have seen a small increase, sources tell Steel Market Update. Scrap prices for December are widely expected to move higher, lending further support to higher finished steel prices as the […]
Ferrous scrap prices are expected to see a strong finish to 2020, say the experts, rising by an estimated $35-55/GT, lending support to finished steel prices that also continue to rise. Except for some slight weakness in October, ferrous scrap prices have moved upward for the past three months, and that trend is expected to […]
Ferrous scrap prices are expected to see a strong finish to 2020, say the experts, rising by an estimated $35-55/GT, lending support to finished steel prices that also continue to rise. Except for some slight weakness in October, ferrous scrap prices have moved upward for the past three months, and that trend is expected to […]
Ferrous scrap prices saw a big jump in December, settling up by a minimum of $70/GT, with rumored sales exceeding $100/GT, report Steel Market Update sources. Scrap prices are widely expected to see further increases in January, adding ongoing support to the uptrend in finished steel prices. Scrap for December reportedly settled in the following […]
Ferrous scrap prices are expected to trade significantly higher again in January on strong demand from mills both domestic and foreign, report Steel Market Update sources. Scrap jumped by more than $70/GT in December and the uptrend is likely to continue into the new year, lending further support to higher finished steel prices. “Like many […]
Late this week with talks ongoing, it appeared ferrous scrap prices for January would settle up by another $90-100 a ton, reported Steel Market Update sources, on top of a $70-100 a ton jump in December. Complicating negotiations were the many different settled price levels in December. January will see significant increases in all prices […]
While trading was still ongoing as of Friday, it appeared ferrous scrap prices for February would settle sideways for prime grades, but down for obsoletes, as shred supplies have increased and export demand has decreased. Steel Market Update sources reported the February busheling price unchanged at around $495/GT and the shred price down by $50-60 […]
Ferrous scrap prices are expected to rise anywhere from $40-70/GT in March after declines in February, lending further support to higher finished steel prices. Scrap prices are likely rise in March by at least as much as they fell in February, said CRU Senior Analyst Ryan McKinley. “The cold snap over the last few weeks […]
The return of automotive manufacturing after closures due to the pandemic boosted demand for Cleveland-Cliffs’ products and resulted in revenue of $1.6 billion and net income of $2 million for the third quarter of 2020. “We were significantly affected in Q2 by the unprecedented shutdowns that took place throughout the entire auto sector for an […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) was unchanged m/m in October at 225.6 following large price increases the prior month. Supply in many markets became more available as prices rose, and this helped prevent additional upside pressure. For November, market sentiment is that prices […]
Ferrous scrap prices for October traded sideways to slightly lower in most parts of the country, surprising the experts who had been expecting scrap to move higher for another month. “October sales have brought stable pricing for the majority in the Ohio Valley and Midwest. There seems to be a balance between supply and demand as […]
Looking at the month-on-month changes in steelmaking raw materials costs, the prices of iron ore, pig iron and zinc have continued to experience noticeable gains, a pattern seen since the beginning of Q3 2020. As expected, scrap prices have bounced back after the downturn seen in the summer months, providing support to higher finished steel […]
For those of you who are new to our newsletter my final thoughts is an area where I get to muse about items I find important, or to provide my opinion, or just random thoughts that I may be having. We are now in the last few days of September with Thursday of this week […]
Steel Market Update has had conversations/communications with Robert Miller, CEO and James Banker, Jr., Executive Vice President of NLMK USA as we endeavor to learn more about the status of the strike against the Farrell, Pennsylvania facility, status of slabs for the Farrell mill, and gain a better understanding of the general flat rolled steel […]
Following on a big jump in ferrous scrap in September, scrap prices are expected to move higher for obsolete grades and sideways or higher for prime grades in October, lending further support to rising finished steel prices. “Domestic steel capacity utilization and prices are rising, but the large price increase last month has not resulted […]
Ferrous scrap prices exceeded even the bullish expectations heading into September as the market settled up $20-35/GT on prime scrap and up $30-55/GT on obsolescent grades, depending on the region of the country. Sources expect prices to move still higher in October, lending support to higher finished steel prices. Demand from U.S. mills picked up […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 9.9 percent m/m in September to 225.5. Rising steel demand internationally in combination with tighter markets has driven relatively large price increases in every market we assess. Market sentiment is bullish for October and, barring any […]
Among steelmaking raw materials, the prices of iron ore, pig iron and zinc have seen big gains in the past three months. Scrap prices have been challenged, but saw some improvement in August, notably in the coastal regions, and are expected to rise in September, lending support to higher finished steel prices. Table 1 summarizes […]
Sentiment in the ferrous scrap markets is bullish leading into September, pointing to higher prices on both prime and obsolete scrap next month. That bodes well for the price increases on flat rolled and plate steel products announced by the mills this week. Domestic demand continues to improve as scrap yard inflows remain relatively weak. […]
Canadian steel producer Stelco reported stronger sales in the second quarter despite market headwinds, posting revenue of $411 million. Net income was nil compared to a net profit of $1 million in Q2 2019 and a net loss of $24 million in Q1 2020. Adjusted net income was $10 million, up from $6 million a […]
Ferrous scrap prices for August were not as weak as expected, but varied widely by region. Prices on the East Coast and in the Southeast were up $30/GT due to strong export demand, while prices in other parts of the country traded sideways for obsolete grades and down $20-30 for primes, report Steel Market Update […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 3.6 percent m/m in August to 205.1. China’s demand for finished steel has either lifted or stabilized both scrap and metallics prices across the globe. Looking ahead, we expect this trend to continue through September as markets […]
Ferrous scrap prices are likely to trade flat to down a further $20 per ton in August, following on a $20-40 drop in July, lending little support to the mills’ hopes to raise finished steel prices as the economy slowly recovers from the pandemic. CRU Senior Analyst Ryan McKinley said stronger demand for scrap exports […]
NLMK Group reported a 2 percent year-over-year increase in sales during the second quarter of 2020 for total sales of 4.4. million metric tons. The increase was attributed to higher exports of slab and pig iron. Sales declined 3 percent from Q1 2020. Overall steel output declined to 3.9 million tons as a result of […]
Strong demand in China and easing of coronavirus restrictions in various parts of the world are lending support to global raw materials prices. Ferrous scrap prices are the notable exception as supplies have increased at a greater rate then demand, sending prices for both prime and obsolete grades downward. Table 1 summarizes the price changes […]
As expected, ferrous scrap prices declined in July, adding downward pressure to already weak finished steel prices. Steel Market Update sources report that obsolete scrap traded down $10-20 per ton, while prime grades were lower by $40 across the country. Scrap supplies have increased at a greater rate than steel production, say the experts, which […]
Today we officially took our SMU Price Momentum Indicator on hot rolled, cold rolled, and galvanized to Lower from Neutral. We are leaving Galvalume and plate at Neutral. We have seen prices slipping over the past few weeks, and we do not see any immediate signs of that trend reversing itself. There will be questions […]
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel Uncertainty is leading to softer HR prices as optimistic forecasts are met by a slower than expected recovery process. A case […]