Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Prices for all but one of the steelmaking raw materials tracked in this SMU analysis increased from May to June, with most products following large gains seen in […]
By Michael Marley The mini sheet mills face a maxi problem, namely no additional supplies of prompt industrial scrap to feed their growing appetites for that raw material. As they move ahead with planned expansions of existing facilities and the construction of greenfield plants, electric arc furnace (EAF) steelmakers may be forced to rely on additional […]
The Ashland Works steel mill is coming down after operating for the better part of 100 years on the Ohio River. Cleveland-Cliffs Inc. confirms that it will demolish the idled Kentucky mill that it acquired from AK Steel in 2019. Although there were initial discussions about restarting the mill to produce pig iron, ultimately the […]
The traditional correlations between finished steel and scrap prices have broken down this year, and historical spreads might remain off-kilter as more electric-arc furnace (EAF) mills come online globally, CRU Senior Analyst Ryan McKinley said. Crude steel output via EAFs in North America is expected to grow by about 16 million metric tonnes, approximately 20%, […]
By Senior Analyst Ryan McKinley, from CRU’s Steelmaking Metallics Monitor The CRU metallics price indicator (CRUmpi) increased by 8.6% m/m in June to 402.4. This increase is primarily a reflection of large price increases for scrap in Europe and the U.S., although some increases occurred in Asia as well. After rising substantially in May, pig iron […]
Steel prices will correct sharply as supply catches up with demand, potentially falling back to an average of $575 per ton ($28.75 per cwt) in 2022, according to one leading industry analyst. “This too will pass,” was the title chosen by Timna Tanners, metals and mining analyst at Bank of America, for her SMU Community […]
U.S. ferrous scrap prices have settled up $60 per gross ton on prime grades and up $50 per gross ton on obsoletes, according to market participants. “Regional markets were very consistent with the up $50 (per gross ton) on obsolete grades and up $60 (per gross ton) for primes,” one scrap executive said. “This resulted […]
I want to thank the National Association of Steel Pipe Distributors for giving me a chance to open their summer conference in Denver last week. I spoke about – what else, these days – steel prices. During the Q&A afterward and on the sidelines of the event, it was clear people were worried about (a) […]
I want to thank the National Association of Steel Pipe Distributors for giving me a chance to open their summer conference in Denver last week. I spoke about – what else, these days – steel prices. During the Q&A afterward and on the sidelines of the event, it was clear people were worried about (a) […]
Prices for all of the steelmaking raw materials tracked in this SMU analysis increased from April to May, with most products following large gains seen in previous months. Over the last 30 days, pig iron and coking coal prices have increased 17-19%, respectively. In that same period, prices increased for iron ore 9%, zinc 6%, scrap 5% and […]
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Increased directional volatility as well as inter-day volatility have helped increase hot rolled open interest. May is proving to be […]
Ferrous scrap prices in the U.S. are likely to see a big jump in June, estimated at $50-60 per gross ton or more, primarily as a result of strong demand from foreign buyers, sources tell Steel Market Update. “June will bring significant price increases for ferrous scrap. The biggest factor is the strength of the […]
Canadian steel producer Stelco is seeing the impact of its upgraded smart blast furnace, reporting production records and higher profit in the first quarter due to higher steel prices and increased value-added shipments of cold rolled and coated products. Compared to the previous quarter, revenue increased 57%, shipments jumped 38% and operating income soared a whopping […]
Canadian flat-rolled steelmaker Stelco swung to a profit in the first quarter and expects high steel prices and sales volumes to galvanize results for the balance of the year. “All signs point to continued robust demand and strong pricing in the near term,” Stelco Executive Chairman and CEO Alan Kestenbaum said in a statement released […]
I wish I could start off writing about something other than steel prices. That said, since I joined SMU from Fastmarkets AMM in early January, the news really has been the price. SMU’s average hot-rolled price on Tuesday, May 4, stood at $1,500 per ton ($75 per cwt). That’s a 12.8% increase from $1,330 per ton a month ago […]
With trading for May not quite finished this week, ferrous scrap prices appeared surprisingly strong, with obsolete grades up about $20/GT and prime grades moving sideways. Steel Market Update sources put the May price for shred in the range of $450-460 per gross ton, busheling at $590-600 per gross ton, and P/S at $440-445 per […]
Nucor, SDI and Cliffs all announced earnings last week. All of the CEOs are quite bullish as all of their flat rolled mills are running at full capacity. And with pricing now in excess of $1,400 per ton for benchmark hot rolled, the mills are reporting record or near record quarterly profits for first-quarter 2021. […]
Among steelmaking raw materials, the prices of iron ore, pig iron, zinc and aluminum rose through mid-April, on top of large gains seen in previous months. Prices increased as much as 10% month-over-month for those four products. Iron ore prices have reached record levels, while coking coal prices remain down. Pig iron and scrap prices […]
Cleveland-Cliffs expects historically high steel prices and record profits to continue for the balance of the year. The integrated steelmaker forecasts that U.S. hot-rolled coil prices will average $1,100 per ton for the remaining three quarters the year, according to guidance released with first quarter earnings data on Thursday, April 22. That’s 21.5% below SMU’s […]
Cleveland-Cliffs expects historically high steel prices and record profits to continue for the balance of the year. The integrated steelmaker forecasts that U.S. hot-rolled coil prices will average $1,100 per ton for the remaining three quarters the year, according to guidance released with first quarter earnings data on Thursday, April 22. That’s 21.5% below SMU’s […]
Cleveland-Cliffs Inc. is running all eight of its active blast furnaces and has no plans to take significant downtime in the second quarter, the company’s top executive said. “We do not have any major outages scheduled in Q2. We are focused on getting steel out the door,” Chairman, President and CEO Lourenco Goncalves said during […]
Cleveland-Cliffs Inc. is running all eight of its active blast furnaces and has no plans to take significant downtime in the second quarter, the company’s top executive said. “We do not have any major outages scheduled in Q2. We are focused on getting steel out the door,” Chairman, President and CEO Lourenco Goncalves said during […]
Russian steelmaker NLMK said sales in its U.S. division increased 16% in Q1 2021 to 430 million metric tons. The increase was driven by hot-rolled and galvanized steel. Sales of hot rolled increased 17% from the fourth quarter of 2020 and galvanized steel sales soared 37%. Sales of cold rolled fell 13%. On a year-over-year […]
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Hot rolled futures markets have taken a pause from the high velocity upward price moves of last month and the […]
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Hot rolled futures markets have taken a pause from the high velocity upward price moves of last month and the […]
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled The limited availability of hot rolled steel on the spot market continues to dictate higher prices, and in turn has […]
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Liquidation has led to some near-term retracement of hot rolled futures prices after a very long runup. The first week […]
Among steelmaking raw materials, the prices of pig iron, shredded scrap, busheling scrap and aluminum rose again in March on top of large gains in previous months. Prices increased as much as 14% month-over-month for those four products. Iron ore prices are slightly down compared to levels one month prior, while coking coal prices have […]
Steel Dynamics Inc. forecast higher first- and second-quarter results, fueled by strong shipments and record steel prices, according to guidance issued Wednesday. “First-quarter 2021 profitability from the company’s steel operations is expected to be significantly higher than sequential fourth-quarter results, driven by flat roll metal spread expansion, as strong demand continues to support flat roll steel prices,” […]
By CRU Analyst George Pearson, from CRU’s Steel Monitor Chinese prices continued to buck the global trend this week as further government meetings about preventing higher steel prices being passed on to consumers were taken seriously by the market and trading activity reduced. Prices in Europe and the U.S. are still rising, with U.S. plate […]