Ferrous scrap prices drifting lower by as much as $30 per gross ton (Detroit) on primes and $20 (Detroit) on shred will put some pressure on flat rolled steel spot prices in the coming weeks. Not all of the regions have settled prices and the dealers are resisting going down as much as what was accomplished in Detroit.
We have just completed our early September flat rolled steel market trends analysis (survey) and our Power Point presentation will be placed on our website for our Premium level members as well as those on a free trial. The presentation should be online by Friday afternoon.
We will also publish a Premium supplemental issue on Friday.
There is quite a bit in tonight’s issue so I will make my final thoughts brief.
As always your business is truly appreciated by all of us here at Steel Market Update.
John Packard, Publisher
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A big "thank you" to Wolfe Research and Timna Tanners for organizing a lunch in today in Chicago with a group of steel industry participants and investors.
Sheet prices fell again this week, this time not on fears of a United Auto Workers (UAW) union strike but on the actual thing.
The United Auto Workers (UAW) strike that started Friday leaves the Detroit 3 automakers—and it’s union-represented workers—in uncharted territory.
SMU Managing Editor Michael Cowden shares his Final Thoughts for the week on what happens to steel if the United Auto Workers (UAW) launch a series of “stand up” strikes at midnight tonight against Ford, General Motors, and Stellantis?
Sheet prices have fallen to their lowest point of the year - just below $700 per ton ($35 per cwt) when it comes to hot-rolled coil (HRC).