Tag: Busheling

Every month, SMU polls participants in the ferrous scrap market on a variety of topics, including prices. This month's survey results landed just as the November scrap market was starting to settle. Preliminary results show scrap prices rose across the board for all the products SMU tracks. Final prices will be in SMU later this week. As the final numbers come in, we'd like to share where survey respondents thought prices would be on busheling, shredded, and HMS scrap, as well as where they see prices heading over the next 60 days.

November scrap procurement has commenced in the US with buyers divided on the price increases from the previous month. Several mills reportedly sought a rise of $20 per gross ton (gt) while others saw $30/gt as the number. The $30/gt price tag mainly applies to the obsolete grades, like shredded, P&S and #1 HMS, with prime grades pulling up the rear at $20. SMU spoke to a Chicago-based source who said that market was up $30/gt and 20/gt on shredded and busheling, respectively. He also mentioned the integrated mills in this district are after heavier grades like P&S and railroad grades, like wheels. These grades have been in short supply since last summer. Our source believes they commanded prices up $30/gt while busheling was at plus $20.

The spread between domestic hot-rolled (HR) coil and prime scrap prices widened for the 13th consecutive month in October, hitting another multi-year high. SMU’s hot-rolled (HR) coil price stands at $1,280 per short ton (st) on average this week, up $10/st from last week and a $40/st increase from a month earlier. Meanwhile, busheling averaged $480 per gross ton (gt) in October, rising $12.50/gt higher from September.

Ferrous scrap prices rose in October as the market grew firmer, scrap sources said. “Overall, the main drivers of this October were strong US mill demand and order books, an export market that had risen over the course of September but has now pulled back slightly, and the season,” one source told SMU. He said at this time dealers and mills anticipate that scrap flows will begin to slow down moving into the end of the year.

Earlier this week, several steelmakers entered the market with prices for shredded, plate and structural (P&S), and heavy melting steel (HMS) up $20 per gross ton (gt) from September. Prices on prime grades were initially missing but were then reported as up only $10. This occurred in select regions, mainly in the northern tier. As the week went on, expectations were that the rest of the market would follow suit. But this has not been the case.

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. 

Every month, SMU polls participants in the ferrous scrap market on a variety of topics. These include prices, business conditions, and tariffs, among others.

The spread between domestic hot-rolled (HR) coil and prime scrap prices continued to widen in September. It is now up for a 12th straight month, and at the widest gap since January 2022.

SMU’s September scrap prices for shredded and HMS came in sideways, with busheling tags increasing slightly.

Ferrous scrap prices have landed largely sideways this month, sources told SMU. The market quickly settled on Wednesday as 90% of the buying concluded, according to sources in several districts. It appears steelmakers decided there was no point in possibly disrupting flows with their strong forward order book and exceptional spreads between finished steel and current scrap costs.

After a brief delay in regional scrap buying, things are now virtually complete. There was some suspense during the middle of the week that a surprise in scrap prices from the larger mills was in store. Ultimately, however, nothing very dramatic happened.

The August domestic scrap market looks like it might settle early amid continued strong demand for melting stock from domestic steelmakers and high prices for finished steel.

Ferrous scrap prices for June came in sideways, scrap sources told SMU.

One possible reason for the lull in activity is the ambiguity of the tariff treatment of Brazilian pig iron following an announcement last week from the Office of the US Trade Representative (USTR) about Section 301 tariffs.

Current scrap market sentiment is again divided as we enter the summer month of June.

The spread between domestic hot-rolled coil and prime scrap prices continued to widen in May, a trend that began in September.

US scrap prices were mostly flat in May, with some upside on prime scrap, sources told SMU.

The May scrap market took much longer to settle than most players anticipated, but the results are mostly in.

The export market on the North American East Coast has been firming after seeing a sale that climbed to $415.50 per metric ton (mt) CFR for HMS 85/15.

The US domestic scrap market for May is forming a lightly bullish consensus opinion among the seller community.

The spread between domestic hot-rolled coil and prime scrap prices widened again in April, a trend that started back in September.

The US scrap market has largely settled at prices most predicted in late March. The prevailing view then: shredded and other obsolete grades, like HMS, would drop $10-20 per gross ton (gt) despite higher transportation costs. And prime grades, like #1 busheling and bundles, would trade sideways thanks to better demand and static supply. This is essentially what has happened.

Since the middle of March I have been hearing that April scrap prices are going to be going down $20-$30 per gross ton (gt), with the exception of prime scrap, which is going to be sideways. 

Prices for iron ore, aluminum, pig iron, and shredded scrap have all risen in the last 30 days. Busheling scrap held steady, while zinc and coking coal declined.

The spread between domestic hot-rolled coil and prime scrap prices widened in March, marking a six-month trend.

The US scrap market softened in March as most grades traded sideways, with prices seen falling next month, sources told SMU.

The spread between domestic hot-rolled coil and prime scrap prices widened slightly in February. It has been trending in that direction since October.

US ferrous scrap prices continued to rise in February, scrap sources told SMU.

US ferrous scrap prices rise in February.

All but one of the steelmaking raw materials we track increased in price over the last month