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    December 17, 2020

    CRU: U.S. Zinc Demand Holds Firm as Covid-19 Cases Soar

    Written by Sam Grant

    By CRU Analyst Sam Grant

    It is now clear that Joe Biden will become the new president of the United States in January 2021, yet he will need control of the Senate to implement his economic policy agenda. As a result, the contest for two Senate seats in Georgia on Jan. 5 will be crucial. If Biden gains a majority in the Senate, then his Build Back Better infrastructure bill could be a positive for U.S. metals demand next year. Recent new peaks in Covid-19 cases emphasize that the U.S. recovery still needs support, and we expect a second federal stimulus package of ~$1.5 trillion to be signed early in 2021.

    Sam Grant

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    Mills seek more scrap after lower prices fail to attract tons

    Several mills that bought October scrap early last week are still asking for additional supplies, scrap market participants said. The reason: the mills' initial prices did not attract enough of the raw material, they said. A trading source based in northern Ohio said three mills have contacted his firm seeking offers for additional tons. He said the mills asked for offers even if prices were higher than their original buys last week.

    Nucor increases spot HR to $1,240/ton

    Nucor said on Monday, Oct. 12, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,240 per short ton (st) this week, a $10/st increase from a week earlier. The CSP for HR coil from California Steel Industries (CSI) on the West Coast will be $1,305/st, up $15/st from the prior week. Nucor is still offering lead times of three to five weeks, according to the letter to customers. You can track mill price announcements on our website. Steel Market Update (SMU) published a weekly price assessment on Tuesday, Oct. 6, showing HR coil prices averaging $1,270/st, up $10/st from the previous week. We will update our prices on the evening of Tuesday, Oct. 13.