Tag: #1 Busheling

What's the steel market talking about at present?

US busheling scrap prices fell this month, while HMS and shredded grades remained largely unchanged.

The market for February scrap shipments has largely been settled. The prices for scrap across the country went down very modestly. The price tags on #1 Busheling and bundles went down $10 per gross ton (gt) in most districts. The exceptions were Chicago and Detroit, which fell $30/gt, to $480 and $475, respectively.

After holding steady for most of January, the hot rolled (HR) index has started to gain some downward momentum. In the last 30 days, it has declined $89 per short ton (st) and is sitting just above $1,000/st.

The pig iron market has risen in recent months from the high $390s per metric ton (mt) last fall to $490/mt for Brazilian material and a bit more for Ukrainian product - for an overall average of $495/mt CFR.

The state of the US scrap market is not very well understood, according to the dealer trade. It seems steelmakers in several regions are still looking to buy scrap, several sources told SMU.

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

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

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.

After a holiday period that saw HR futures volumes somewhat muted in December, the first week of January brought with it increased interest reflected in higher volumes.

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

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 […]

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

Steel is up again this week. Scrap is up by a lot this month: $85 per gross ton for busheling, by our calculations.

US scrap prices shot up in December and are expected to continue their rise in January, market sources told SMU.

The prices for all grades of pig iron have dramatically risen since SMU’s last report from Nov. 18.

US scrap prices are expected to rise in December, industry sources told SMU.

The spread between HRC and prime scrap prices widened considerably this month, according to Steel Market Update's most recent pricing data.

A large Detroit-area scrap buyer has settled scrap prices for November, with busheling, shredded, and plate and structurals (P&S) all notching gains vs. October, a scrap source told SMU.

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

A large Detroit-area scrap buyer has settled scrap tags for October, with busheling scrap sideways, a source told SMU.

Some of the movements in scrap and pig iron pricing over the past 18-24 months have been quite drastic.

The US scrap market for October is a bit unsettled as the UAW strike against the Big Three automotive companies has expanded and shows scant signs of an imminent settlement.

The spread between hot-rolled coil (HRC) and prime scrap prices narrowed further in August, according to Steel Market Update’s most recent pricing data.

The last article I wrote on Thursday, July 13, pointed to the surprising rallies in the August and September futures, while noting the August future trading to just below its multi-year down trendline.

By CRU Research Analyst Aaron Kearney-Keaveny, from CRU’s Steelmaking Raw Materials Monitor The CRU metallics price indicator (CRUmpi) for November fell by 3.5% month-on-month (MoM), to 298.3, which is the lowest level since December 2020. Global scrap demand continues to be undermined by weak steel market fundamentals in key markets. Over the past few months, […]

By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor The CRU metallics price indicator (CRUmpi) for November fell by 3.5% month-on-month (MoM), to 298.3, which is the lowest level since December 2020. Global scrap demand continues to be undermined by weak steel market fundamentals in key markets, causing prices to stay […]

By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor Global scrap prices stay subdued while those of ore-based metallics have found some support. Overall metallics demand continues to be hampered by the steel market weakness, a trend which may sustain through the short term, particularly in Europe. The CRU metallics price […]

Ferrous scrap prices were mixed in April, with busheling up $75 per gross ton (GT), shredded scrap flat, and HMS down $20/GT. These were not the movements scrap experts had expected, with late March forecasts calling for obsolete grades up $50-$100/GT over March and busheling up $120-$200/GT. “April ferrous markets have settled and suffice it […]