Product

Ferrous market shapes up
Written by Stephen Miller
May 8, 2024
After a considerable wait, the market for ferrous scrap for May shipment has started to form. The Detroit district has entered the market buying prime grades at sideways pricing and obsolete grades at down $20 per gross ton (gt) from April levels.
Ferrous scrap was generally predicted to trade in a “soft sideways” manner for May. So, those expectations seem to have been met. The Detroit buy should form a platform for other mills to adopt as the market settles over the next several days.
Update
It did not take long for other districts to enter the market after Detroit dipped their toe in. For the most part, the other districts followed along with minor variations.
The Philadelphia market went sideways across the board mainly due to the ongoing strength in the export arena.
Several markets only went down $10/gt on obsolescent grades, but prime traded sideways in all markets thus far. These prices should not draw too much resistance, if any, according to several sources.
 
			    			
			    		Stephen Miller
Read more from Stephen MillerLatest in Product
 
		                                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.
 
		                                SMU Survey: Lead times tick higher
Steel mill lead times marginally extended for both sheet and plate products this week, according to responses from SMU’s latest market survey.
 
		                                Buyers say plate market rejected last round of mill hikes
Participants in the domestic steel plate market said the plate market never accepted mill-issued spot price increases.
 
		                                Possible sideways move for ferrous scrap prices in November?
The domestic scrap market will start to form as early as next week for November shipment, sources told SMU. Predictions as of now are neither very positive for an increase nor are they negative for a decrease.
 
		                                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.
