SMU has released its latest full survey results, and I want to highlight some big changes that we’ve seen in the data compared to just two weeks ago. Chief among them is what appears to be a big shift in service center pricing and buying patterns. We had seen most service centers trying to hold […]
The relationship between hot-rolled coil (HRC) and prime scrap prices has stabilized in the last few weeks, according to Steel Market Update data. After briefly stalling in August, hot rolled prices have began to slide downwards again since the beginning of this month. Busheling scrap prices settled at down $45 per gross ton last week, the […]
Time for a contrarian, optimistic thought experiment. First the bad news: Sentiment is increasingly bearish on months of falling steel and scrap prices, nearly all respondents to our latest survey report that mills are willing to negotiate lower still, and flattish lead times provide paltry evidence for a rebound. A quick check of the headlines […]
Supported by high finished steel and scrap prices, Schnitzer Steel Industries Inc. expects its results for full-year fiscal 2022 to be the second best in the company’s history. This week, the Portland, Ore.-based scrap recycler and long steel producer announced its preliminary results for the fourth quarter and fiscal year ended Aug. 31, 2022. Although […]
The spread between hot-rolled coil (HRC) and prime scrap prices has changed course in recent weeks, according to Steel Market Update data. Busheling scrap prices declined for the fifth consecutive month in September, while hot-rolled prices have levelled out in recent weeks. Overall, we had seen a shrinking delta between the two products from May […]
The spread between hot-rolled coil (HRC) and prime scrap prices continues to narrow, according to Steel Market Update data. Busheling scrap prices have declined each of the last four months, as have hot-rolled prices – but at a greater rate than scrap. The result: a shrinking delta between the two products. The latest spread is one-third what […]
The spread between hot-rolled coil (HRC) and prime scrap prices is back on the downward trend seen prior to the Russia-Ukraine war, according to Steel Market Update data through this week. The HRC-scrap spread peaked last September, falling to an 18-month low in early March and briefly rebounding through May. The latest spread is nearly […]
The spread between hot-rolled coil (HRC) and prime scrap prices is resuming the downward trend seen prior to the Russia-Ukraine war, according to the latest Steel Market Update data. The HRC-scrap spread reached an 18-month low in early March. The latest spread, calculated through June 14, is less than half what it was this time last year […]
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 […]
According to the latest Steel Market Update data, the spread between hot rolled coil prices and prime scrap prices has leveled out over the past eight weeks, after reaching an 18-month low in early March. The latest spread through May 10 is down compared to this time last year, but still higher than pre-pandemic spreads. […]
According to the latest Steel Market Update data, the spread between hot rolled coil prices and prime scrap prices has changed course after reaching an 18-month low in March. The latest spread is in line with levels seen this time last year, and two times higher than pre-pandemic spreads. The SMU hot rolled coil price average […]
According to the latest Steel Market Update data, the spread between hot rolled coil prices and prime scrap is slowly shrinking from the September 2021 peak. The latest spread is in line with levels seen in early-2021 but two times higher than pre-pandemic spreads. {loadposition reserved_message} Last week, the SMU hot rolled price average declined for the […]
According to the latest Steel Market Update data, the spread between hot rolled coil prices and prime scrap is slowly shrinking from the September 2021 peak. The latest spread is in line with levels seen in early-2021 but two times higher than pre-pandemic spreads. Last week, the SMU hot rolled price average declined for the 18th consecutive […]
When the books are written on a historic year for steel prices, we will probably look back at August and September as the months when things started falling apart. Why? Because that’s when the extraordinay gaps – between U.S. steel prices and those abroad, between steel prices and scrap prices, and between market senitment and […]
Nucor has enough raw material to supply its planned $2.7 billion, 3-million tpy sheet mill, but is exploring new technologies that might help it further reduce carbon emissions. The Charlotte, N.C.-based steelmaker is eyeing a range of options – including increased use of shredded scrap in its sheet mills’ electric-arc furnaces (EAFs), “green” pig iron […]
The traditional correlations between finished steel and scrap prices have broken down this year, and historical spreads might remain off-kilter as more electric-arc furnace (EAF) mills come online globally, CRU Senior Analyst Ryan McKinley said. Crude steel output via EAFs in North America is expected to grow by about 16 million metric tonnes, approximately 20%, […]
The Art of Forecasting… This week I saw another milestone drop that I never thought I would live to see. Galvanized base pricing out of a domestic mill at $100.00/cwt (seems like there is an extra digit there for some reason). I go back far enough to remember galvanized steel prices around $10.00/cwt…. For the […]
The Art of Forecasting… This week I saw another milestone drop that I never thought I would live to see. Galvanized base pricing out of a domestic mill at $100.00/cwt (seems like there is an extra digit there for some reason). I go back far enough to remember galvanized steel prices around $10.00/cwt…. For the […]
Ford expects to lose 50% of its planned second-quarter production because the global chip shortage has become a “significant headwind” for the company. The Dearborn, Mich.-based automaker had already lost 17% of its planned production in the first quarter because of the chip issue, and it anticipates losing 10% of forecast output in the second […]
By CRU Senior Analyst Ryan McKinley from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 14.4% m/m in March to 354.4, bouncing back above levels seen in January. China’s return to the steel market following New Year holiday celebrations there helped lift steel and scrap prices in Asia, while seasonally constrained […]
Multiple major North American automakers have or will temporarily halt production because of a semiconductor shortage, something that could have an impact on steel and scrap prices. General Motors will effectively stop production at three assembly plants–one each in the United States, Canada and Mexico–next week because of a semiconductor shortage, the company confirmed. GM […]
Multiple major North American automakers have or will temporarily halt production because of a semiconductor shortage, something that could have an impact on steel and scrap prices. General Motors will effectively stop production at three assembly plants–one each in the United States, Canada and Mexico–next week because of a semiconductor shortage, the company confirmed. GM […]
Steel and scrap prices continued to climb throughout January, fueled by strong demand and tight supply. Hot rolled steel prices surpassed $1,000 per ton in the first week of the year, levels not seen in over a decade. Steel Market Update’s hot rolled price index reached $1,140 per ton by the end of January, up […]
By Senior Analyst Ryan McKinley, from CRU’s Steelmaking Raw Materials Monitor The CRU metallics price indicator (CRUmpi) increased by 8.3% m/m in May to 370.7. Following China’s removal of a VAT rebate for steel exports, scrap markets in Asia surged. This momentum carried over to Turkey, where scrap import prices rose substantially m/m, although upward […]
By CRU Principal Analyst Chris Asgill, from CRU’s Global Steel Trade Service Scrap prices have surged over the past month, with import prices up $50-90 /t m/m. Turkish prices have gained the most significant ground, though were below Asian prices a month ago. At the time of our assessment last week Turkish prices were approaching $400 /t […]
Both steel and scrap prices decreased in the month of April, down anywhere from $15 to $75 per ton between each product, as the effects of the coronavirus shutdowns impacted the market. SMU Buyers Sentiment Index readings showed significant declines over March, with Current Sentiment sliding into negative territory and reaching a low of -8, […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose slightly by 1.3 percent m/m to 206.4 (see chart). While this is broadly stable it bucked the trend compared to steel markets, which came under relatively more price pressure. Structurally, most markets were similar in condition to […]
Both steel and scrap prices increased in the month of January, raising with them optimism levels over market conditions one month into the new year. The average price for hot rolled steel rose by about $30 per ton in January. The benchmark price for hot rolled peaked at $610 per ton in mid-January, but ended the […]
Worthington Industries reported net sales of $958.2 million for its fiscal 2019 second quarter ended Nov. 30, a 10 percent increase over the same quarter in fiscal 2018. However, its quarterly earnings were not as strong. Operating income totaled $35.9 million, a decrease of $16.2 million from the prior-year quarter. “I am pleased with the […]
Steel Dynamics Inc. reported high levels of steel import and customer inventory reduced shipments for first quarter resulting in a 44 percent drop in consolidated operating income compared to fourth quarter. SDI adjusted net income was $40 million for first quarter 2015 with $2 billion in net sales. The adjusted income excludes $17 million in […]