Product
June 6, 2024
Written by Stephen Miller
The suspense about the drop in ferrous scrap pricing for June has ended with Delta, Ohio-based North Star BlueScope entering the market at significantly lower numbers than most predicted.
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.
SMU’s Current and Future Scrap Sentiment Indices were stable and trending up in October, according to the latest data from our ferrous scrap survey. SMU’s Current Scrap Sentiment Index was unchanged at +88 this month after declining five points in September. The sideways result is still tied for the second-highest level year-to-date.
Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.
The US Department of Commerce is considering raising the anti-dumping duties on imports of corrosion-resistant steel products (CORE) from Korea.
Ferrous scrap prices appear to be up in October as trading gets underway, according to preliminary reports from market sources. One source said a Detroit-area buyer purchased shredded and plate and structural (P&S) at up $20 per gross ton (gt), with busheling up $10/gt. A second source said shredded and cut grades look like they'll be up $20, but trading hasn't begun in earnest yet as of Tuesday morning.