Tag: Turkey

Cleveland-Cliffs and the Global Steel Climate Council (GSCC) are two of the newest members to join the World Steel Association (worldsteel).

There is growing hope that the US scrap market has bottomed, according to industry sources. The steep price declines in March may have ushered in a floor because dealers say their stocks are a bit depleted. Their concern: that the flow of obsoletes could be cut severely with any further drop in prices. Is this wishful thinking, or do the fundamentals support the prediction of a market bottom? Let’s take a look!

The CRUspi fell by 8.3% month over month (m/m) in March to 206.6 as weaker-than-expected demand weighed on markets around the world. Price falls were notable across all regions, with elevated inventory levels pushing prices in the US and Europe, and disappointing stimulus measures from the Chinese government weighing on those in Asia.

The ferrous scrap market experienced a sharp decline for March shipments. Prime scrap fell $60-70 per gross ton (gt) while shredded and other obsolete grades declined $40-50/gt. It seems these prices were accepted in the trade by dealers across the continent.

As I see it, the market looked to be a perfect storm for consumers this month while two large steel mills tried to put a floor on hot-rolled coil (HRC). One source speculated that “flat rolled mills coordinated their downtime and will take out 250,000 tons of capacity in April,” which made them attempt to put a bottom on flat-rolled product.

The LME three-month price continued to strengthen through Friday, March 8, defending its position close to its five-week high and rising further to $2,262 per metric ton (mt), up 0.3%, on the day. Gains were also noted over the last week in other industrial metals, including copper, zinc, and lead. The price gains appeared to be due to weakness in the US dollar, which fell sharply against a basket of currencies after Fed Chairman Jerome Powell said on Wednesday that rate cuts were still expected this year.

Turkish scrap import prices consistently declined over the past month due to persistently weak domestic demand and lower prices in main supplier markets in recent weeks.

The news in the West was that a mill in the Rocky Mountain region made a significant reduction in their usual purchase program, while still another small mill in the region also apparently reduced their buying program for February.

The March outlook for most ferrous products is trending down faster than most participants thought as recently as a week ago.

The Mid-American ISRI Chapter held its annual meeting in St. Louis this month. Over the years, this event has become a “must attend” for the scrap community nationwide.

The CRUmpi declined by 1.7% month over month (m/m) to 325.2 in February, compared to a 4.3% m/m increase in February 2023.

The scrap export market has demonstrated resiliency so far this year from the US East Coast. This strength has mainly come from the Turkish market. Despite weakening orders for rebar in their domestic market, imported scrap prices have held up until the last several days. The US West Coast is not as active, but there are orders in South Asia and in South America that are keeping things afloat.

At the final hour, the trade case investigating unfairly traded imports of tin mill products has been terminated.

Speaking during a fireside chat at the Tampa Steel Conference on Monday, Jan. 29, Hybar CEO David Stickler provided a status update on the company’s new rebar mill project and its plans for the future, including the possibility of a flat-rolled steel mill.

The state of the US scrap market is not very well understood, according to the dealer trade. It seems steelmakers in several regions are still looking to buy scrap, several sources told SMU.

After three months of provocations, the US and Britain retaliated against Houthi rebels in Yemen, bombing several sites in North Yemen that assisted in Houthi attacks on international shipping in the Gulf of Aden and the Red Sea. The Houthi rebels are widely seen as Iranian proxies, launching attacks to provoke the West into attacking Yemen, leading to more attacks on shipping.

The Department of Commerce issued its final determination in the trade case involving tin mill products from a handful of countries.

The International Trade Commission (ITC) held a hearing on Thursday, Jan. 4, to consider arguments for and against the imposition of antidumping and countervailing duties (AD/CVDs) on tin mill products from a handful of countries. Both sides made compelling arguments.

After a brief decline in the price of scrap for the Turkish market, which peaked in December at approximately $424 per metric ton (mt) for HMS 80/20, the market has bottomed at $405/mt on cargoes from Europe.

Global steel production rose in November compared to a year earlier with output in China roughly flat and significant gains elsewhere, according to the latest figures from the World Steel Association (worldsteel).

A World Trade Organization (WTO) dispute panel has ruled in favor of the US in a case regarding retaliatory tariffs imposed by Turkey in response to Section 232 tariffs on steel and aluminum.

The International Trade Commission (ITC) made its final injury determination in a sunset review of import duties on circular welded pipe from a handful of countries.

A count of November license applications suggests steel imports were at their lowest monthly level in 33 months.

A coalition of manufacturers, retailers, and stakeholders stands opposed to the imposition of import duties on tin mill products.

The export market for ferrous scrap has been strengthening over the last month by a sizable margin.

US scrap prices are expected to rise in December, industry sources told SMU.

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

The ferrous export market in the US has experienced several geopolitical events and natural disasters during 2023.

As the ferrous scrap market in the US enters the home stretch for 2023, it faces an array of issues and uncertainties.

Prices for ore-based metallics were mixed month-on-month (MoM) as lower finished steel production weighs on pig iron demand.