By CRU Research Analyst Yusu Mao, from CRU’s Global Steel Trade Service Last week, Turkish scrap import prices fell for the first time since September 2020. CRU recorded two deals and assessed HMS 1/2 80:20 at $446 /t CFR (- $34 /t w/w, -$27 /t m/m). The enlarged spread between HMS 1/2 80:20 and shredded […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor In the past week, iron ore has witnessed its steepest price fall since July 2019. Declining steel margins in China and mills having successfully built up inventories, in combination with an upcoming Chinese New Year (CNY) holiday, resulted in weaker buying interest. Supply side […]
By CRU Analyst Dave Thewlis, from CRU’s Steel Long Products Monitor U.S. long product prices continued to surge into the month of February due to ongoing market tightness and strong demand. Imports remain too costly to seriously consider for the majority of buyers, given high international steel prices coupled with costly shipping rates and tariffs. Rebar […]
By CRU Analyst Kevin Bai from CRU’s Steelmaking Raw Materials Monitor China has announced that it will remove the value-added tax (VAT) rebate it has historically applied to steel exports, alongside changes in import and export tariffs. This will increase the cost of exporting and discourage export volumes, which will help loosen a tight domestic […]
By CRU Principal Analyst James Campbell, from CRU’s Steel Long Products Monitor Global long product prices have increased to the highest level since 2008. Global supply has tightened due to production cuts and changes to export tax rebates in China. Demand is strong in many regions, but Covid-19 outbreaks and seasonal patterns mean some weakness […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor The iron ore market has experienced one of the most volatile weeks on record. Prices have traded within a $40 /dmt range within the past week due to demand uncertainty in China. On Tuesday, May 18, CRU assessed the 62% Fe fines price […]
Nucor Corporation announced that Craig Feldman, Executive Vice President of Raw Materials, will retire in June after a 35-year career with Nucor and the David J. Joseph Company. Feldman began his career in 1986 as a brokerage representative at DDJ progressing within the company to District Manager of the Salt Lake City brokerage office, Commercial […]
Despite market challenges related to COVID-19, Commercial Metals Company reported earnings of $63.9 million on net sales of $1.4 billion for the first quarter of FY 2021. CMC is encouraged by stabilizing backlogs and a renewed enthusiasm by clients to move forward with projects. “Market uncertainty continues to persist,” said Chairman, President and CEO Barbara […]
This report examines the import share of sheet, plate, long and tubular products. As of October 2020, imports’ share of total sheet products was 11.8 percent, down from 16.6 percent in May and from a recent high of 22.9 percent in 2015. The import share of HRC has been below 10 percent since January 2019, […]
By CRU Research Analyst Eduardo Tinti, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices continued to rise over the past week. Due to offloading constraints at Chinese ports, iron ore port inventories declined, contributing to the recent price hike. On Tuesday, Jan. 12, CRU assessed the 62% Fe fines price at $172.0 /dmt, $5.0 […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have held steady in the past week as restocking activities in China have continued and iron ore inventories at mills have been built up. At the same time, further disruptions in the supply chain have renewed supply fears in the […]
By CRU Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service U.S. steel service center inventories continue to remain low in terms of material in stock, as many buyers reported that they cannot secure all the sheet steel they require. Steel Market Update, which is owned by CRU, reported service centers carried 51.3 shipping […]
By CRU Senior Analyst Erik Hedborg from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have risen at the start of 2021 on continued strong appetite in China, while we have seen new short-term disruptions in the supply chain. On Tuesday, Jan. 5, CRU assessed the 62% Fe fines price at $167 /dmt, up by […]
Nucor will have a new Chief Operating Officer, David A. Sumoski, effective Jan. 1, 2021. Sumoski, currently Executive Vice President of Bar, Rebar Fabrication and Construction Services, joined Nucor in 1995 as an electrical supervisor at the Berkley facility and later as Maintenance Manager. He served as Vice President and General Manager of Nucor Steel […]
By CRU Analyst Estelle Trans, from CRU’s Global Steel Trade Service U.S. buyers have been watching sheet steel prices skyrocket and found themselves weighing high-priced imports out of necessity. The steel market remains supply short, even with the restart of U.S. Steel Gary No. 4 this month, and market contacts expect that the market will […]
Iron ore surged in early-December as Vale’s lowered guidance fueled concerns about iron ore availability going into 2021. Short-term market tightness also contributed to the rise as Chinese demand remained strong, while seaborne supply has continued to struggle. On Tuesday, Dec. 8, CRU assessed the 62% Fe fines price at $147.0 /dmt, an increase of $15.5 /dmt […]
Mexican steelmaker Ternium’s operating rates are approaching full capacity after strong improvement in shipments and demand in the third quarter. Total steel shipments rose 16 percent from the second quarter to 2.8 million tons. Higher finished steel shipments partially offset lower slab shipments to third parties. Pricing recovered significantly from the trough in the second […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor Lack of supply and higher demand is causing sheet prices to diverge further from plate across regions, with U.S. sheet prices reaching their highest level since April 2019 this week. New lockdown announcements have not had an impact on the European market at this point, […]
BY CRU Research Analyst Eduardo Tinti, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices edged up for the second consecutive week as Chinese domestic steel prices rallied and the seaborne iron ore supply weakened. On Tuesday, Nov. 10, CRU assessed the 62% Fe fines price at $122.0 /dmt, $4.5 /dmt higher w/w. Chinese domestic […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) increased by 1.5% m/m in November to 229.0. The increase in scrap prices in most regions has been driven by a continued recovery in steel prices and demand. Moving into December, we expect higher steel pricing and demand […]
By CRU Principal Analyst Josh Spoores and Senior Analyst Ryan McKinley, from CRU’s Steel Monitor Strong underlying demand continues to provide substantial support to finished steel prices in the USA. Sheet prices have risen at their quickest pace since CRU started tracking them and, while there was little change m/m for long products, mills have […]
By CRU Principal Analyst Josh Spoores and Senior Analyst Ryan McKinley, from CRU’s Steel Monitor Strong underlying demand continues to provide substantial support to finished steel prices in the USA. Sheet prices have risen at their quickest pace since CRU started tracking them and, while there was little change m/m for long products, mills have […]
By CRU Analyst Estelle Tran, from CRU’s Global Steel Trade Service The U.S. market is at a unique point where steel buyers could be convinced to buy imports because of extreme supply tightness. With about 7Mt of blast furnace capacity remaining idled in the U.S. and Canada, sheet mills in operation are effectively running at […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor The bullish sentiment in the Chinese steel industry has resulted in continuous strong demand for iron ore. Meanwhile, iron ore supply from Australia has been weak throughout November and inventories in China have remained at a low level as a result. On Tuesday, […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have continued to surge in the past week as robust Chinese demand has coincided with lower Australian exports. As a result, prices have climbed above $130 /dmt and on Tuesday, Dec. 1, CRU assessed the 62% Fe fines price at […]
Ferrous scrap prices saw a big jump in December, settling up by a minimum of $70/GT, with rumored sales exceeding $100/GT, report Steel Market Update sources. Scrap prices are widely expected to see further increases in January, adding ongoing support to the uptrend in finished steel prices. Scrap for December reportedly settled in the following […]
Following big jumps in December and January, ferrous scrap prices are expected to moderate in February. Steel Market Update sources predict obsolete grades could drop by $30-50/GT and prime grades by $10-20/GT due primarily to the large amount of scrap offered to the mills in January and the weakening export market. “Scrap dealers are lowering […]
Ferrous scrap prices are expected to rise anywhere from $40-70/GT in March after declines in February, lending further support to higher finished steel prices. Scrap prices are likely rise in March by at least as much as they fell in February, said CRU Senior Analyst Ryan McKinley. “The cold snap over the last few weeks […]
Nine days to go… I don’t know about you but my cell phone is being lit up with political calls/texts from both parties – including states I don’t live in. November 4th can’t get here fast enough… Steel Dynamics reported that their mills (all products) operated at 85 percent and their sheet mills achieved a […]
Nucor reported better than expected results for the third quarter of 2020. The company’s bar and structural mills led earnings, benefiting from a good nonresidential construction market. Joist and deck orders, quotes and backlogs are up year-over year with strong demand from nonresidential, including data and distribution center construction, company executives told investors and analysts […]