Tag: trade

CRU: Low demand continues to weigh on global sheet prices

A weak start for sheet demand this year has continued to weigh on global prices. European demand outside of the renewable energy sector was weak enough that market participants said mills are likely to cut output further after several furnace restarts earlier in the year. In China, demand has also failed to pick up after recent holidays, and even government announcements of more stimulus measures during the country’s “Two Sessions” meetings failed to boost market confidence.

Detroit-area mill offers March scrap significantly lower

A Detroit area steelmaker this morning announced its offers for scrap for March scrap shipments. The drop in its offer prices were larger than most industry observes forecasted, especially for shredded scrap. Many in the scrap community had predicted that prime scrap would drop $40-50 per gross ton (gt) with shredded only down $30-40/gt. But other market participants were skeptical about these predictions given bearishness in ferrous markets, both domestically and abroad.