Ferrous scrap prices are expected to settle around $20/GT higher for March following weakness in January and February, report Steel Market Update sources. “The March domestic market seems to have $20/GT baked into it,” commented one dealer in the Northeast. “Poor inflows due to bad weather and seasonality, along with a stronger export market, are […]
Ferrous scrap for February is settling at sideways prices for obsolete grades and down about $20 per ton for prime grades, report Steel Market Update sources. This latest dip follows on a $30-40 per ton decrease in January, largely attributed to weak demand from overseas. “A rising export market, which curtailed East Coast suppliers from […]
Steel Market Update sources disagree on whether ferrous scrap prices will see a small decline or move sideways in February. But the market remains unusual for this time of year when scrap prices normally increase as the mills restock ahead of new-year steel demand. Scrap prices surprised the market with a $30-40 per ton decrease […]
Steel Dynamics is excited about its recently announced plans for a new steel mill in the Southwest. After an outstanding year, breaking records for shipments, sales, net income and cash flow, CEO Mark Millett is looking forward to filling a steel void in the southwestern U.S. and Mexico. Steel Dynamics hopes to announce a site […]
If the prevailing view in the market proves correct, steel mills will announce a price increase soon—but it won’t stick. Two out of three steel executives responding to Steel Market Update’s market trends questionnaire this past week believe the mills will announce an increase in flat rolled prices by the end of January. But given […]
Perhaps it’s because the year started out with so much promise that the end of 2018 seemed so uninspiring. On balance, most in the steel business would call 2018 a good year, some even a great year. But few look forward to 2019 with the same optimism and confidence they felt a year ago at […]
The year ended on a cautionary note with steel demand, prices and buyers’ sentiment showing downward momentum in December. Prices for flat rolled products continued their fourth-quarter declines with hot rolled dipping to $754, cold rolled to $865 and galvanized to $931 in December. Plate is the notable exception, holding steady around $1,000 per ton, […]
Following increases in October and November, ferrous scrap prices for December settled with relatively little change, report Steel Market Update sources. “Pittsburgh and points west went sideways. East of Pittsburgh and to the south, prices went down $10 per ton,” said one dealer. Export buying prices are off by $20 per ton, he added. “Declining […]
Ferrous scrap prices are down sharply in January, settling $30 to $40 per ton lower than December, report Steel Market Update sources. The decline was a surprise to many as scrap prices typically rebound in January following seasonal slowness at the end of the year. CRU Steel Analyst Ryan McKinley noted that this is the […]
Ferrous scrap prices declined by $30-40 per ton in January—a month that typically sees prices rebound. Some scrap experts predict the downtrend may continue. How low prices could go is a source of some disagreement. January scrap settled at the following numbers in various regions, report SMU sources: Midwest/Ohio Valley: Shred – $330-335/GT; HMS – […]
Editor’s note: The following analysis of the U.S. rod and bar market was contributed by CRU Steel Analyst Ryan McKinley. Steel Market Update will periodically expand its coverage of the steel market with long products content from CRU as an added benefit to our members. U.S. mills announced wire rod price increases of $1.50/cwt across […]
After rising in October and November, ferrous scrap prices are expected to move sideways in December with the possibility of a small $10 per ton increase for some grades. But weakness overseas complicates predictions longer term, say Steel Market Update sources. “December is generally a month when scrap prices rise,” said CRU North America Steel […]
Nearly nine out of 10 of the steel buyers responding to Steel Market Update’s market trends questionnaire earlier this week believe the domestic mills will be unsuccessful in their attempts to collect the $40 price increased they announced this time last month. Since those announcements, flat rolled steel prices are little changed, if not down […]
Ferrous scrap prices have risen for the second month in a row as November buys settled early at up $10 for prime grades and up $20 for obsoletes, report Steel Market Update sources. “Dealers and mills both wanted to wrap things up given that November is a shorter shipping month and they need to get […]
Steel Market Update sources are expecting another $10-$20 per ton increase in ferrous scrap prices in November, much like the bump seen in October. “If there is a $10-$20 change, shredded scrap will be on the higher end, given typical seasonal slowdowns and lower scale prices,” said CRU North America Steel Analyst Ryan McKinley. Some […]
The month of September saw steel prices continue a steady decline that began in August. Steel Market Update data in the table below shows the benchmark hot rolled price slid from more than $900 per ton in the summer to the current price around $854. The same for cold rolled, which went from $1,000 a […]
Ferrous scrap prices have been on the decline, but may find a bottom in October, as most Steel Market Update sources forecast flat to slightly higher pricing next month. CRU Steel Analyst Ryan McKinley reports that sentiment seems to be building for a “strong sideways” market in October. “If this play’s out, it will be […]
Steel Dynamics is expecting third-quarter profitability to exceed second-quarter results, based on strong underlying demand and meaningful metal spread expansion. Average price for steel products is outpacing scrap costs for the quarter resulting in increased profitability for SDI’s sheet and long product steel operations. “Based on strong steel demand fundamentals and customer optimism, the company […]
Ferrous scrap prices in most regions have settled down by $20 to $30 per ton in September and could fall further in October as mills schedule maintenance outages, report some Steel Market Update sources. Others believe stronger export demand could help sustain prices next month. Prime grades declined by $20, while obsoletes dipped a bit […]
Ferrous scrap prices are likely to decline further in September after a modest drop in August, agree Steel Market Update sources. CRU Steel Analyst Ryan McKinley expects a drop of about $20 per ton across the board in September, driven primarily by an overhang of shredded scrap in the market and weak export demand. “There […]
Steel Market Update expects to welcome nearly 900 executives to our Steel Summit Conference in Atlanta Aug. 27-29. There is still time to sign up if you would like to be one of them. To register, visit: www.SteelMarketUpdate.com/Events/Steel-Summit or by contacting our office at 772-932-7538. See the full conference program below: Making Sense Out of […]
Effective Monday, August 13, the Trump administration doubled the tariffs on steel imports from Turkey to 50 percent, stunning the market and setting off a wave of speculation on how this trade action may impact the steel and scrap markets in North America. A tweet from President Trump early Friday set the change in motion: […]
Steel pricing is the product of a complex interplay between supply and demand, along with other factors such as ferrous scrap prices, imports and government trade actions. Steel Market Update canvasses steel executives twice each month with its market trends questionnaire to take the pulse of the industry. The current prevailing view shows supplies tightening, […]
The ferrous scrap market is showing small signs of weakness looking ahead to August, report Steel Market Update sources, who say prices on obsolete grades such as shredded and heavy melt are likely to decline anywhere from $5 to $20 per ton next month, while pricing of busheling and bundles will remain unchanged. Demand for […]
Scrap is trading lower in August. Steel Market Update sources in the ferrous scrap market report that the price of obsolete grades has declined by about $20 per ton and prime by $10 per ton. Weakness in foreign markets has reduced scrap exports, increasing the domestic supply. “Looking forward, I don’t expect prices to really […]
As of the first week of September, with the market still unsettled, ferrous scrap was expected to trend down for the month by another $20 per ton for obsolete grades and perhaps that much for prime, report Steel Market Update sources. On Friday afternoon, we did hear that prices settled in some of the markets […]
Following on declines in August and September, ferrous scrap prices in October are settling at an increase of $20 per ton for prime grades and $10 per ton for obsolete grades, according to Steel Market Update sources. A dealer in the Northeast reports that the Detroit market has bought Busheling at $390/GT, up $20; Shredded […]
Steel Dynamics reported net sales of $3.1 billion and net income of $362 million for the second quarter of 2018, more than doubling its year-over-year income. First-quarter 2018 net sales totaled $2.6 billion with net income of $228 million. “Our second-quarter 2018 income from operations increased 55 percent sequentially to a record $502 million, and […]
The 2018 SMU Steel Summit Conference is on pace to become the largest conference we have ever hosted. Our conference will be the premium networking event for manufacturers, fabricators, steel distributors, steel mills, trading companies and toll processors, as well as the industries that supply those groups. Based on the current registration rate, we anticipate […]
Steel Market Update ferrous scrap sources have advised us there was quick buying of July scrap early this past week. We understand that a Midwest-based EAF mill was buying early, taking prime grades such as busheling up $10 per ton while obsolete grades (HMS, shred) were bought at sideways pricing to June. Busheling, which along […]