The capacity for EAF steelmaking is growing both in the US and abroad. Ferrous scrap supply has never been more important. A lot of people have viewed the scrap industry as old-fashioned and resistant to change. However, the same forces affecting the steel and other industries are also at play in recycling.
The LME three-month price was broadly stable on the morning of Jan. 19 and was last seen trading at $2,170 per metric ton (mt). The $2,200/mt level is now acting as a resistance it seems, but the break of the previous support level has not inspired a sell-off, at least not for now.
The LME three-month price was moving down again on the morning of Jan. 12 and was last seen trading at $2,215 per metric ton (mt). We expect a test of the $2,200/mt support to be imminent. A break would be bearish as it could mean a complete reversal of the gains seen in December, although we still estimate that as being unlikely.
Steel prices continued to move higher last month on the back of repeated mill price increases after tags reached a 2023 low of $645 per ton in late September. Hot-rolled coil (HRC) prices ended December at an average of $1,035 per ton ($51.75 per cwt), rising by $112 per ton during the month.
The new year represents an opportunity to capitalize on America’s leadership position in free market principles, steel industry modernization, and global efforts to create a lower carbon future for the steel industry. Steel Manufacturing Association (SMA) members are poised to lead the way.
The LME aluminum 3-month price was moving further down on the morning of Jan. 5 and was last seen trading at $2,287 per metric ton (mt) as of this article’s writing, already down 6% from its recent peak. SHFE cash also concluded the first week of the year on a weaker foot. The cash contract […]
The tariff rate quotas (TRQ) on steel and aluminum imports from the European Union are being extended for another two years.
The end of one year is often both a time for reflection, and for looking ahead. You make sense of the ups and downs from January through December. Then you wipe off the old crystal ball, and try to make out what’s in store for the next 365 days.
Metalformers remain optimistic about business prospects for the first quarter of 2024 despite some concerns about what Nippon Steel’s $14.1-billion deal for U.S. Steel might mean for domestic supply chains.
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.
A World Trade Organization (WTO) dispute panel has ruled in favor of the US in a case regarding retaliatory tariffs imposed by Turkey in response to Section 232 tariffs on steel and aluminum.
Over many years—even centuries—the wisdom and utility of tariffs as an instrument of government policy in peacetime have been debated. That incessant debate continues, and is likely to persist.
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 […]
The US Treasury Department and Internal Revenue Service (IRS) announced on Dec. 14 proposed regulations for aluminum production under the Inflation Reduction Act (IRA). According to irs.gov, Section 45X of the Internal Revenue Code (IRC) “provides a credit for the production (within the US) and sale of certain eligible components including solar and wind energy […]
This year saw a huge increase in debate and proposals for addressing greenhouse gas emissions, not only here in the US but around the world.
The LME Aluminum 3-month price is moving up again on the morning of Dec. 8 and was last seen trading at $2,157 per metric ton. The way the price increased first thing in the morning suggests a support may have finally been found, but resistance could hit quickly at $2,200 /metric ton. SHFE cash was […]
On Dec. 6, US Senator Sheldon Whitehouse (D-RI) reintroduced the Clean Competition Act, an environmental trade directive that would impose charges on imports from more carbon-intensive manufacturers.
Steel prices continued to rally last month on the back of repeated mill price increases after tags reached a 2023 low of $645 per ton in late September. Hot-rolled coil (HRC) prices ended November at an average of $923 per ton ($46.15 per cwt), rising by $140 per ton during the month. The SMU Price […]
Mining-metal group Rio Tinto has completed a transaction to purchase half of US aluminum recycling company Matalco from owner, the Giampaolo Group, for $700 million (€638 million), subject to final closing adjustments. The companies will turn Matalco into a 50:50 joint venture. The investment will expand Rio Tinto’s aluminum business in the US, where demand […]
CRU analysts share an update on the aluminm markets.
Sometimes a journalist’s life comes with unexpected perks. That is, beyond the day-to-day of writing stories, a wayward email can come across the Inbox with an attractive invite, and the promise of free food.
Prices of steelmaking raw materials are largely up over the over the last 30 days, as they were the month prior, according to Steel Market Update’s latest analysis.
Algoma is an important Canadian flat-rolled steel producer. It is also a significant supplier to the US market. We’ll discuss current dynamics in the North American sheet and plate markets – as well as some of the particulars of the Canadian market.
Last week was billed as big. The annual meeting of members of the Asia Pacific Economic Cooperation (APEC) in San Francisco convened amid much fanfare. A much-anticipated meeting between President Biden and President Xi Jinping of China was a featured event. So also, was the anticipated completion of the framework agreements establishing the Indo-Pacific Economic […]
European Aluminium, an association representing the entire European aluminum value chain, announced in a press release that it supports the European Commission's proposed 12th package of sanctions against Russia.
Algoma Steel CEO Michael Garcia will be the featured speaker on SMU’s Community Chat webinar on Wednesday, Nov. 29, at 11 am ET. You can register here.
The London Metal Exchange (LME) aluminum 3-month price is moving down again on the morning of Nov. 10 and was last seen trading at $2,225 per metric ton. The US Midwest premium remained steady for the third week in a row, suggesting a bottom might have been hit. Trading activity is picking up for the […]
Alan Price discussed the deep complexity of issues in the Global Arrangement on Sustainable Steel and Aluminum negotiations between the US and EU on Wednesday’s Community Chat.
SMU gives an overview of the steel market and economic indicators for October.
The LME aluminum three-month price was unchanged on the morning of Nov. 3 and was seen trading at $2,235 per tonne.