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    Market Data

    June 27, 2023

    Schnitzer Q3 Earnings Lifted Sequentially by Scrap Demand

    Schnitzer Steel Industries reported lower earnings in its fiscal third quarter ended May 31 vs. a year earlier, but sequential performance was higher, driven by stronger demand for recycled metals.

    Scnitzer Q3 2023 06 27 at 12.40.13 PMThe Portland, Ore.-based scrap recycler and long steel producer reported net income attributable to shareholders of $13.5 million in its fiscal Q3, down 82% from $74.6 million in the same period last year on revenues that slid 20% to $809.6 million. However, this is up from net income of $4.4 million on revenues of $756 million in the same comparison with Q2.

    Latest in Market Data

    October scrap market chatter

    Every month, SMU polls scrap market participants on a variety of topics—including prices, business conditions, and what they think the future holds. We received the data and comments below last week, before the October market had entirely settled. And as it turns out, survey respondents mostly got it right. Broadly speaking, all survey respondents said demand was stable (56%) or improving (44%). None reported a decline in demand. We haven't seen this many people reporting improving demand since February.

    SMU scrap market survey results now available

    SMU’s October 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

    US steel imports reach 15-month high in August, rise further in September

    Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data. August imports rose 3.4% from July to a 15-month high. September license data collected through Oct. 5 shows another 6.2% month-on-month increase. Imports continue to recover from some of the lowest levels since 2020, seen late last year through February this year.