Final Thoughts

Final Thoughts

Written by John Packard


I am at 35,000 feet and, according to the monitor in front of me, we are traveling at 564 miles per hour and are located over the state of Utah. After working with a great group of attendees at our California Steel 101 program, I am on my way to New York City, where Tim Triplett and I will attend meetings hosted by the LME and Bank of America Merrill Lynch steel and mining analyst Timna Tanners.

We will be in New York City for a couple of days, returning to our offices on Wednesday of this week. If you are planning on being in the city on Monday or Tuesday and would like to meet with me, please send me an email (John@SteelMarketUpdate.com) or text me at 770-596-6268.

If you see the handsome guy in the photo on the left in the Marriott Marquis or on the streets of New York City – stop me and say hello.

I want to take a moment to welcome those who are new to Steel Market Update. I want to thank you for becoming a new member, for attending our Steel 101 workshop, or for registering for a trial to our newsletter and website. I encourage you to spend some time reviewing the contents we have on our website, as well as enjoying our newsletter, which is published on Sunday, Tuesday and Thursday evenings. If you have questions about our website, please contact Brett@SteelMarketUpdate.com. If you have questions or suggestions about the content in the newsletters, please contact me at John@SteelMarketUpdate.com.

I heard from one of my scrap sources who advised that the July ferrous scrap market appears poised for sideways movement. There could be some weakness in primes (busheling/bundles) as pig iron prices have dropped. We will have more on the scrap markets once we get into negotiations between the steel mills and their scrap suppliers.

As always your business is truly appreciated by all of us here at Steel Market Update.

John Packard, Publisher

Latest in Final Thoughts

Final thoughts

Last week was a newsy one for the US sheet market. Nucor’s announcement that it would publish a weekly HR spot price was the talk of the town – whether that was in chatter among colleagues, at the Boy Scouts of America Metals Industry dinner, or in SMU’s latest market survey. Some think that it could Nucor's spot HR price could bring stability to notoriously volatile US sheet prices, according to SMU's latest steel market survey. Others think it’s too early to gauge its impact. And still others said they were leery of any attempt by producers to control prices.