Miller on scrap: What’s next for February?
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.
Tag: Brazil
SMU Community Chat: Iron ore market update with CRU’s Erik Hedborg
SMU’s Jan. 24 Community Chat, featuring CRU's Principal Analyst Erik Hedborg, provided viewers with an update on the current state of the global iron ore market.
CRU: Raw materials prices have peaked as demand slows down
CRU forecasts that global demand for steelmaking raw materials will fall month over month (m/m) between mid-January and mid-February. The major downward pressure on raw materials demand will come from China, where steel end-use demand will fall toward the Chinese New Year (CNY) holiday (Feb. 10–17).
CRU aluminum: US Midwest premium remains slow in beginning of 2024
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.
Final thoughts
Bloomberg has reported that Nippon Steel’s $14.1-billion deal for U.S. Steel might not close until 2025 – well after the Q2/Q3 2024 close date both companies have guided toward. That’s because a national security review of the deal ($14.9 billion if you include the USS debt Nippon Steel would assume) by the Committee on Foreign Investment in the United States (CFIUS) could take longer than initially expected
CRU: Ore-based metallics prices rose slightly outside of the EU
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.
CRU: Iron ore rises despite slow market
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 […]
Imports fall to year low in November
November’s preliminary count shows US imports falling, but to a lesser degree than an earlier license count had suggested, according to the latest government figures.
CRU: Ore-based metallics prices follow scrap price upswing
Pig iron prices rose month over month (MoM) for all major regions, driven by rising scrap prices.
Final thoughts
Thursday felt eerily quiet after a frenzy of steel and financial market news on Wednesday.
Pipe import duties sunset for Brazil, kept for six other countries
The International Trade Commission (ITC) made its final injury determination in a sunset review of import duties on circular welded pipe from a handful of countries.
Miller on scrap: Pig iron market takes off
The prices for all grades of pig iron have dramatically risen since SMU’s last report from Nov. 18.
October imports inch higher, but flat rolled at a six-month low
The increase in steel imports from September to October was higher than license applications had suggested earlier this month.
Steelmaking raw material prices remain mostly higher vs. October
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.
Final Thoughts
There has been almost an assumption that US mills would get the $950-1,000 per ton ($47.50-50 per cwt) they were seeking on HR base and $1,150-2,000 per ton ($57.50-60 per cwt) for cold-rolled and coated base. Recall that Cliffs initially announced an increase and said it was seeking $1,000 per minimum for hot-rolled coil. Nucor […]
CRU: US Sheet Prices Soar, Making the Country a Target for Imports
Surging US sheet prices and expanding lead times are making imports more attractive. The automotive workers’ strike is essentially over, and domestic US sheet prices have rocketed higher alongside lead times. There is little to suggest that the momentum of these price increases will slow over the next month or two, and thus imports have […]
Miller: Pig Iron Market Update
The importation of basic pig iron has allowed EAF steelmakers to implement thin-slab casting technology to make drawing-quality flat-rolled sheet over the last 30 years.
October Import Licenses Sideways, Flat Rolled Permits Decline
US steel imports continue to arrive at a steady pace, as total import licenses in October were about even with September’s import levels.
Gerdau’s North American Ops See Lower Shipments, But Outlook Positive
Declining demand and a challenging economic environment impacted Gerdau’s shipments in North America during the third quarter.
Ternium Bullish on Mexico and Increased Stake in Usiminas
Latin American flat-rolled steelmaker Ternium is seeing strong demand in Mexico, its main market. With its new mill in Pesquería, Mexico, up and running, more lines there set to come online, and the company now holding an increased stake in Brazilian mining and steel company Usiminas, Luxembourg-based Ternium is optimistic about the future direction of the company.