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    Final Thoughts

    Written by John Packard


    I am finding the current market conditions a bit “unusual.” Foreign prices appear to be within the range which would allow domestic mills to get price increases.  Read Andre Marshall’s article on the Futures markets above. The whole world market is not quite right at the moment.  The world scrap markets suggest China is the one out of whack…

    Lourenco Goncalves sitting in a rocking chair watching TV sipping on an ice tea and enjoying his retirement…? Somehow the visual doesn’t quite fit. Maybe he would like to write a few articles for SMU – I know he has some opinions about the industry – help keep us all on our toes…

    Latest in Product

    Nucor temporarily halts secondary offers, sending shock waves through a tight market

    Nucor opened its secondary and excess product bid list across all its flat-rolled mills on Monday, as it typically does, market participants told SMU. But by Wednesday, when bidding was scheduled to close, Nucor notified buyers it would not be awarding any bids this week. The abrupt close sent a shock through the secondary market, they said. "Nucor pulled their excess and secondary lists this week and is not selling anything," a Midwest buyer said.

    SMU scrap market survey results now available

    SMU’s November ferrous scrap market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the Pricing and Analysis tab and look under the “survey results” section for Ferrous Scrap Survey results. Past scrap survey results are also available under that selection. If you need help accessing the survey results or if your company would like to have your voice heard in our future surveys, contact smu@crugroup.com.

    Scrap export market activity perks up

    There has been an upsurge in Turkish deep-sea scrap buying over the last week for December shipment. Prices paid increased but not as much as the trade expected.cDuring the last week, Turkey-based steelmakers bought at least seven cargoes, largely from the UK and Northern European suppliers, while virtually shunning higher priced US scrap. The initial wave of sales of HMS 80/20 ranged from $395-$398.50 per metric ton (mt) on a CFR basis. This equated to an average increase of less than $5/mt. The was one cargo bought later at $401/mt from this region.

    Algoma lands record steel order for Seaspan icebreakers

    Algoma Steel has secured a contract to supply up to 24,000 metric tons of structural steel plate for Seaspan Shipyards’ Canadian Coast Guard icebreaker program. The agreement, valued at about $182 million Canadian, covers steel for up to six multi-purpose icebreakers, at ~4,000 metric tons per vessel. Algoma will produce the plate, with Stigterstaal Canada serving as the marine steel processing and distribution partner. The order is the largest polar-class steel order in Algoma’s history, according to the companies.

    Commerce amends duties on pipe and tube imports

    The US Department of Commerce recently made adjustments to the anti-dumping duties (AD) on certain steel pipe and tube imports after annual administrative reviews, according to notices in the Federal Register. Commerce reviewed the AD order on imports of oil country tubular goods (OCTG) from Mexico and lowered the dumping rate for one company. Tubos de Acero de Mexico received a 1.87% dumping rate for the year ended Oct. 31, 2024. The rate is down notably from 26.1% in the previous year. The all-others cash deposit rate remains set at 44.93%.