Tag: Turkey

The US Department of Commerce is conducting annual administrative reviews of antidumping and countervailing duty (AD/CVD) orders on certain imports of steel pipe and tube.

Ankara has placed anti-dumping duties of ranging from 6.10% to 43.31% on hot-rolled steel sheet from China, India, Japan, and Russia. Meanwhile, Malaysia has announced it will investigate allegedly dumped steel wire rod from China, Indonesia, and Vietnam.

“It's been a very interesting year in that the price of scrap should have gone down earlier this year."

I thought we’d have more clarity this week on Section 232, Mexico, and a potential carve-out for steel melted and poured in Brazil. As of right now, the only official comment I have is from the Office of the United States Trade Representative (USTR).

Renewable energy infrastructure, including wind turbines, solar farms, and electric-vehicle charging stations, requires substantial amounts of steel. The domestic steel industry, with its capacity to produce world-class steel with the world’s smallest carbon footprint, should be at the forefront of this supply chain. Yet the United States is increasingly importing steel from abroad to meet its renewable energy needs.

The ferrous scrap export market on the Atlantic and Gulf Coasts of North America has maintained its pricing for several months despite continuing declines in domestic markets.

It’s been a slow start to the week as far as news goes, something you’d expect ahead of a shortened Independence Day week. That said, it’s not as if transactions have completely ground to a halt. (Prices continue to drift lower.) And while news might be slow, rumors of low-priced deals, price hikes, and trade cases seem to have filled that void.

Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]

The US scrap market is quiet as we pass through June. Speculation about the direction of July is mixed, with most sentiment neutral or bearish. The concerns are about demand during the summer months. There are still several planned outages and other cutbacks at various mills that could limit overall demand for recycled steel scrap.

The conventional wisdom is that sheet prices will trend down for the next few weeks (maybe the next two months) before rising again in August – around when lead times stretch into the busier fall months. We see that reflected in our survey results and in market chatter. And there are plenty of data points to choose from if you want to support of that position.

As the scrap market for June settles at lowered levels, let’s look at the situation for exports of ferrous scrap from the US East and Gulf coasts. Despite declines in the North American ferrous markets over the last two months, export prices have remained range-bound within a tight trading window. After a brief decline last […]

The Canada Border Services Agency (CBSA) has completed its portion of an expiry review of the antidumping duty orders on welded standard pipe from Pakistan, the Philippines, Turkey, and Vietnam.

Turkish scrap import prices were stable last week. CRU’s assessment for HMS1/2 80:20 and shredded was unchanged at $384 per metric ton (mt) CFR and $408/mt, respectively.

Is it just me, or does it seem like the summer doldrums might have arrived a little early? I could be wrong there. It’s possible we could see a jump in prices should buyers need to step back into the market to restock. I’ll be curious to see what service center inventories are when we update those figures on May 15. In the meantime, just about everyone we survey thinks HR prices have peaked or soon will. (See slide 17 in the April 26 survey.) Lead times have flattened out. And some of you tell me that you’re starting to see signs of them pulling back. (We’ll know more when we update our lead time data on Thursday.)

US announces new import duties on aluminum extrusions The US Department of Commerce has placed preliminary antidumping (AD) duties of 2-600% on imports of aluminum extrusions from 14 countries. The rates are: “[The findings] show just how widespread dumping practices are globally and highlight the importance of strongly enforcing the antidumping laws to shield US […]

The steel market appears to be finding a new, higher normal with the shocks of the pandemic and the Ukraine in the rearview mirror. The good news: a more profitable and consolidated post-Covid US steel industry has been able to invest in operations. That includes efforts to decarbonize. The bad news: That “new normal” could be tested. Because it’s not just domestic sheet prices that have been volatile. Geopolitics are too.

Does the price of ferrous scrap depend on the price of finished steel product? And how much of an influence do billet and slab prices have on scrap prices?

Over the last several years, I have noticed widening spreads between #1 Heavy Melting Steel (ISRI 201) and Shredded (ISRI 210,211), as well as Plate & Structural (ISRI 232).

Cleveland-Cliffs and the Global Steel Climate Council (GSCC) are two of the newest members to join the World Steel Association (worldsteel).

There is growing hope that the US scrap market has bottomed, according to industry sources. The steep price declines in March may have ushered in a floor because dealers say their stocks are a bit depleted. Their concern: that the flow of obsoletes could be cut severely with any further drop in prices. Is this wishful thinking, or do the fundamentals support the prediction of a market bottom? Let’s take a look!

The CRUspi fell by 8.3% month over month (m/m) in March to 206.6 as weaker-than-expected demand weighed on markets around the world. Price falls were notable across all regions, with elevated inventory levels pushing prices in the US and Europe, and disappointing stimulus measures from the Chinese government weighing on those in Asia.

The ferrous scrap market experienced a sharp decline for March shipments. Prime scrap fell $60-70 per gross ton (gt) while shredded and other obsolete grades declined $40-50/gt. It seems these prices were accepted in the trade by dealers across the continent.

As I see it, the market looked to be a perfect storm for consumers this month while two large steel mills tried to put a floor on hot-rolled coil (HRC). One source speculated that “flat rolled mills coordinated their downtime and will take out 250,000 tons of capacity in April,” which made them attempt to put a bottom on flat-rolled product.

The LME three-month price continued to strengthen through Friday, March 8, defending its position close to its five-week high and rising further to $2,262 per metric ton (mt), up 0.3%, on the day. Gains were also noted over the last week in other industrial metals, including copper, zinc, and lead. The price gains appeared to be due to weakness in the US dollar, which fell sharply against a basket of currencies after Fed Chairman Jerome Powell said on Wednesday that rate cuts were still expected this year.

Turkish scrap import prices consistently declined over the past month due to persistently weak domestic demand and lower prices in main supplier markets in recent weeks.

The news in the West was that a mill in the Rocky Mountain region made a significant reduction in their usual purchase program, while still another small mill in the region also apparently reduced their buying program for February.

The March outlook for most ferrous products is trending down faster than most participants thought as recently as a week ago.

The Mid-American ISRI Chapter held its annual meeting in St. Louis this month. Over the years, this event has become a “must attend” for the scrap community nationwide.

The CRUmpi declined by 1.7% month over month (m/m) to 325.2 in February, compared to a 4.3% m/m increase in February 2023.

The scrap export market has demonstrated resiliency so far this year from the US East Coast. This strength has mainly come from the Turkish market. Despite weakening orders for rebar in their domestic market, imported scrap prices have held up until the last several days. The US West Coast is not as active, but there are orders in South Asia and in South America that are keeping things afloat.