Prices
Miller on scrap: Mid-month dealer sentiment focus on uncertainty
Written by Stephen Miller
February 23, 2024
The Mid-American ISRI Chapter held its annual meeting in St. Louis this month. Over the years, this event has become a “must attend” for the scrap community nationwide.
According to several attendees whom SMU spoke with after the meeting, there was uncertainty about where the ferrous scrap market was heading.
There was concern about domestic demand with sheet prices falling and at least one major mill outage in March. This could have a weakening effect on scrap prices. On the other hand, some scrap buyers are still seeking scrap, especially for #1 busheling in the Southeast region. It is unclear if there is enough supply of industrial scrap to go around.
Another concern is the decrease in prices for exports into Turkey. In recent days, European cargoes of HMS 80/20 to Turkey have dropped to $406 per metric ton (mt) CFR. The last cargo sold from the US was at $414/mt. This number could drop on the next round of sales, if there is no resistance from the export community.
With the month of March approaching, the supply of obsolescent scrap should increase on into April as “spring cleanup” will be well underway. These are seasonally weak months for scrap. The scrap community seems to be expecting prices to fall in March and April, the uncertainty being by how much. SMU will continue to keep our readers updated on what actually transpires.
Stephen Miller
Read more from Stephen MillerLatest in Prices
SMU Survey: Mills less negotiable on spot prices
Most steel buyers responding to our market survey this week reported that domestic mills are considerably less willing to talk price on sheet and plate products than they were in recent weeks.
Price gap between US HRC, most imports narrows slightly
In dollar-per-ton terms, US product is on average $141/st less than landed import prices (inclusive of the 50% tariff). That’s down from $148/st last week.
SMU price ranges: Sheet ticks higher, plate stable
Sheet steel indices increased across the board this week, while plate prices held steady. All five of SMU’s price indices are higher than they were two weeks ago, and all but one are above levels recorded four weeks ago.
Nucor lifts HR spot price by $10/ton
Nucor has raised its weekly spot list price on hot-rolled coil by $10 per short ton (st) after keeping it unchanged since Aug. 25.
Atlas Tube up $50/ton following NLMK USA sheet price hike
Atlas Tube, in a leading move, said it aims to increase prices for mechanical tubing, hollow structural sections (HSS), and piling products by at least $50 per short ton (st).