Category: Product

The spread between hot-rolled coil (HRC) and prime scrap prices narrowed slightly this month, according to SMU’s most recent pricing data.

US hot-rolled (HR) coil prices fell noticeably this week for the first time since late September. SMU’s hot-rolled coil price now stands at $1,025 per ton on average, down $25 per ton from last week. Cold-rolled (CR) coil was unchanged at $1,325 per ton.

Domestic scrap prices ended up down slightly after a roller coaster of trading in January, scrap sources told SMU.

Coming out of a strong fourth quarter, galvanized steel market participants are reporting an above-average start to January and are cautiously optimistic for 2024.

Turkish scrap import prices increased last week with CRU’s assessment for HMS1/2 80:20 at $423 per metric ton (t) CFR, up by $7/t week over week (w/w) but down $2/t month over month (m/m). This was driven by a pickup in buying activity.

For two consecutive months, the initial scrap prices didn’t attract the amount of scrap that mills needed. A Detroit area mill came in at $460 per gross ton (gt) for busheling, which was down $50 from last month and down $20 on shredded and plate and structurals (P&S). But I guess they did not know at the time another mill in the district bought scrap sideways. Needless to say, that order filled right away. SMU could not find any supplier who sold at down $50.

Active rigs in the US dipped slightly this week, while Canada's count increased for the second consecutive week, according to Baker Hughes.

The ArcelorMittal Nippon Steel India (AM/NS India) joint venture (JV) aims to have 24 Mt/y of crude steel capacity by 2029, making the Hazira works in Gujarat the planet’s largest single-site integrated steel complex, says ArcelorMittal chairman Lakshmi Mittal. A first-phase expansion to 15 Mt/y of crude steel capacity is on schedule to be finished […]

US scrap prices for January remained unsettled as of early Thursday afternoon, according to market sources.

Pig iron prices rose month over month (MoM) in all major regions aside from Europe on improved buying. Demand in the US remains robust while market participants report that availability of Brazilian material increased after tightening a month prior. Meanwhile, Ukrainian export capacity increased due to greater access to temporary sea corridors.

A Detroit-area mill entered the scrap market on Friday afternoon with the following offers: The Chicago area followed suit: Mills in the Great Lakes region sensed there was ample supply of most grades. Also, they all bought heavily last month and so had sufficient inventories to make this move, market participants said. Still, the move surprised […]

Active domestic rotary rigs dipped slightly this week, but Canada's firms increased their count significantly, according to Baker Hughes.

The iron ore price has edged up further from the already high level seen last week. The market is generally slow, meaning that the moderate price increase came from the bullish outlook from the market following last week’s stimulus announcements from China and expectations of restocking picking up. Supply fell w/w from both Australia and Brazil as […]

After a brief decline in the price of scrap for the Turkish market, which peaked in December at approximately $424 per metric ton (mt) for HMS 80/20, the market has bottomed at $405/mt on cargoes from Europe.

Radius Recycling reported a net loss in its fiscal first quarter of 2024 on tighter supply flows for recycled metals and lower average selling prices for the company’s products.

Cleveland-Cliffs is now targeting base prices of $1,150 per ton for hot-rolled coil (HRC), according to a press release on Wednesday morning, Jan. 3.

Sheet prices were mixed in SMU’s first assessment of the market in the New Year.

Nucor Corp. announced in a letter to customers on Friday, Dec. 29, that its plate mill group would hold prices unchanged for as-rolled discrete plate, normalized, and quenched-and-tempered plate with the opening of its plate mill order book for February.

Domestic rig counts creeped up in the last 2023 report from Baker Hughes. However, Canadian firms cut back significantly on their active rotary rigs.

Rig counts are down in the US and Canada as of Dec. 21, according to Baker Hughes.

US hot-rolled coil (HRC) prices might have plateaued. But while prices for offshore product have increased in some regions, imports remain significantly cheaper that domestic material. All told, US prices are roughly 26% more expensive than imports, a premium that is down only slightly from last week.

All of the products SMU surveys notched an increase in the percentage of buyers saying mills were willing to negotiate spot pricing, with the exception of cold rolled, according to our most recent survey data.

On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including purchasing practices, steel sheet prices, scrap, and the future market. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words.

As we look back at the scrap market for 2023, it basically followed its normal seasonal pattern. Most of the disruptive geopolitical events that riled ferrous raw materials occurred in 2022. So, with those things out of the way—or settling down at least for now—2023 resumed its normal pattern.

The European Union (EU) announced on Tuesday the extension of suspended tariffs on US aluminum and steel products. The extension of the negotiations will be active until March 31, 2025.

US steel production increased for the week ended Dec. 16, according to the American Iron and Steel Institute’s (AISI’s) report on Monday, Dec. 18.

Active rig counts fell in the US and Canada for the week ended Dec. 15, according to Baker Hughes.

The LME aluminum 3-month price is moving higher on the morning of Dec. 15 and was last seen trading at $2,258 /metric ton. This means the price is up 7% already since the new low for 2023 was reached on Wednesday at $2,109 /metric ton. The US Dollar reached its lowest level since early August […]

Over the last two decades, the role of the scrap broker has been diminished in favor of steel mills purchasing their scrap requirements directly from scrap dealers.

Import duties on cut-to-length plate from South Korea and Italy were recently updated by the International Trade Administration (ITA), which is a part of the US Department of Commerce.