Tag: Prime Scrap

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

Domestic scrap prices rose in November month over month for all grades that SMU covers, market sources said.

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.

Prime scrap prices were unchanged in October month over month, following a large Detroit-area buyer's lead, according to market sources.

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.

What has happened since the August hot rolled (HR) settlement ($767 per short ton)?

While the ongoing United Auto Workers (UAW) strike hasn’t had a significant impact on the scrap market, the strike's expansion to stamping plants could hit supply, sources tell SMU.

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.

Mixed trends were observed in prices of ore-based metallics as demand stayed subdued in Europe and the US. Buying activity had been limited in the US due to several upcoming mill outages and ahead of the UAW strike. However, prices have found stability despite declines in prices of prime grades of scrap. In the CIS, […]

The spread between hot-rolled coil (HRC) and prime scrap prices continued to narrow this month, according to Steel Market Update’s most recent pricing data.

Domestic scrap prices for shredded and HMS were sideways in September vs. August. However, busheling fell precipitously during the month, according to scrap sources surveyed by SMU.

The more of you I talk to, the more the question seems to be not whether the United Auto Workers (UAW) will strike later this week but instead for how long. You’re also asking whether the UAW will target one union-represented automaker or whether it might take the unprecedented step of walking out at Ford, […]

The spot market remains quiet on fears of a potential United Auto Workers (UAW) union strike late next week.

Turkish scrap import prices have remained relatively stable over the past two weeks due to slow trade activity. This was partly due to the holiday on August 30. CRU’s latest price assessment for HMS1/2 80:20 is $368 /metric ton CFR, up $1 /metric ton week-over-week (WoW) and up $21 /metric ton month-over-month (MoM). The holiday […]

Scrap sources had a mixed outlook for US scrap prices for September.

Leading voices in US the scrap industry discussed the current outlook and future challenges at Steel Summit 2023’s panel on Scrap and Metallics: Navigating the Boom in EAF Sheet Production.

The US scrap market showed some stability in August, with prices mostly sideways on busheling and shredded grades, and HMS prices ticking up from the previous month, sources said.

August could see US scrap prices stabilizing, or even rising, depending on the grade or region, scrap sources told SMU.

The spread between hot-rolled coil (HRC) and prime scrap prices continued to narrow in July, according to Steel Market Update data. SMU’s average HRC price rose this week, while busheling scrap tags fell. Our HRC average price rose $10 per net ton week over week to $890 per ton ($44.50 per cwt) as of Tuesday, July 11.  Busheling tags, […]

There’s been a lot of talk about AI. We’ve even used ChatGPT a bit here ourselves at Steel Market Update. But this week I had the chance to get a broader view on what’s on offer in the field at the Reuters Momentum Conference on July 11-12 here in Austin, Texas, where I live. I went […]

Next month is expected to bring some stability after months of falling scrap prices, with sources seeing the market as sideways. “The July market expectations are soft sideways,” one scrap source told SMU. “A stable export market combined with reduced inbound scrap flows should halt the recent run of large price drops.” He said that […]

The spread between hot-rolled coil (HRC) and prime scrap prices narrowed further in June, according to Steel Market Update data. Both the averages of SMU’s HRC and busheling scrap prices slipped this week. Our HRC average fell $5 per net ton week-over-week to sit at $930 per ton ($46.50 per cwt) as of Tuesday, June 13.  Meanwhile, after settling, […]

June is expected to be a weaker month for scrap prices, but there is still a lot of uncertainty, especially with the Turkish elections set for Sunday, according to scrap market sources. “The mood is generally bearish, but I think the bears are a little too far out over their skis with the prognostications for […]

The spread between hot-rolled coil (HRC) and prime scrap prices narrowed in May from April after having widened since the beginning of the year, according to Steel Market Update data. Both SMU’s hot-rolled coil price average and busheling prices dropped this week. Our hot-rolled coil average slipped $15 per ton week over week to $1,105 per ton ($55.25/cwt) […]

After surprising the market watchers of HR futures in the first week of May, the index finally gave back $40 per short ton (ST) in the second week, coming in just shy of $1,130/ST.  Interestingly, the May futures settlement was almost unchanged from April 10 . While the market may be in a hurry for price […]

Domestic scrap prices are expected to fall in May, market sources told SMU. “Despite decent domestic demand, the recent and apparently continuing drop in the global scrap price will pressure US prices in May,” one market source said. “The global market for finished steel and semis is oversupplied, and Turkish demand is in a holding […]

Sheet prices are coming down now. The question isn’t one about market direction anymore. Instead, the question is whether the declines will be “managed” by a more consolidated group of sheet mills or whether it will be more precipitous, akin to what we saw last fall. We won’t release full results of our steel market […]

The prime scrap and metallic shortage in the US will continue over the next few years, according to Cleveland-Cliffs’ top executive.  “Our conviction that this country’s prime scrap and metallic shortage will continue to tighten over the coming years is at the core of our strategy,” Cliffs’ chairman, president, and CEO Lourenco Goncalves said during […]