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2 weeks ago | 
steelmarketupdate.com | Ethan Bernard |Stephen MIller |Stephen Miller
Our average HRC price as of April 8 stands at $905 per short ton (st) FOB mill, east of the Rockies. That’s off $10/st from a week earlier and down $45/st m/m. At the same time, busheling tags also fell m/m in April. They are down $20.00 per gross ton (gt) from last month, with an average of $455/gt. Figure 1 shows price histories for each product.
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2 weeks ago | 
steelmarketupdate.com | Ethan Bernard |Stephen MIller |Stephen Miller
After the decision that exempted Canada and Mexico from reciprocal tariffs was understood, mills felt comfortable to issue prices. There were a few surprises though. The reciprocal tariffs did apply to scrap imports (except Canada and Mexico) and more importantly, direct-reduced iron/hot-briquetted iron (DRI/HBI) and pig iron. This may have eased the downward pressure on market prices, especially for #1 busheling and bundles.
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Jan 17, 2025 | 
steelmarketupdate.com | Stephen MIller |Stephen Miller
The domestic scrap demand is quite different depending upon which coast you examine. There is little debate the West Coast is significantly dependent upon exports to the Far East. This is compared to the eastern regions of the US, where most steelmaking assets are located. So, no, the West Coast scrap prices have not decoupled from export pricing levels given meager domestic demand, as opposed to the tremendous amount of export demand. But what about the Eastern US?
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Jan 14, 2025 | 
steelmarketupdate.com | Stephen MIller |Stephen Miller
Another North American scrap export manager confirmed the weakness in the export market. He said in addition to weaker demand in Turkey and elsewhere, the downward pricing has been assisted by the strengthening of the US dollar. He said that Turkish buyers are targeting a continued decline in buying prices to $330/mt CFR from our side of the Atlantic. Will North America be able to resist this objective? The main problem with the North American export scrap market is its reliance on Turkish demand.
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Jan 9, 2025 | 
steelmarketupdate.com | Stephen MIller |Stephen Miller
Most players in the trade thought prices would increase by $20 per gross ton (gt). This is predominantly what has happened. Prices at most mills in all districts have moved up $20/gt from December levels, sources said. What is unclear at this point are the actual prices, especially for #1 Busheling. Last month, #1 Busheling went sideways, except for a few mills that insisted on dropping pricing by $20/gt.
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Jan 6, 2025 | 
steelmarketupdate.com | Stephen MIller |Stephen Miller
SMU has reached out to several players in the pig iron pipeline to get their input. Here is what they are saying: A director for a large channel for Brazilian material confirmed a sale of a US-bound cargo at a price of $398 per metric ton (mt) FOB S. Brazil. This is the higher Phos grade. This represents a decline in price of $22/mt since the last sale in mid-December.
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Dec 10, 2024 | 
steelmarketupdate.com | Stephen MIller |Stephen Miller
Dealer resistance did not factor in due to the decreased volumes needed. But with the remaining demand from these mills, which had not purchased until yesterday, their attempts to drop $20/gt were resisted by the larger suppliers. This has set the tone for an upwardly trending market in January. In Chicago and other Midwest locations, prices only dropped by $10/gt, according to scrap sources.
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Dec 6, 2024 | 
steelmarketupdate.com | Stephen MIller |Stephen Miller
In the Chicago district, an integrated and an EAF producer reportedly bought virtually no scrap. The same in the Cleveland area where the mills in this district bought very little. In Canton, Ohio, and the Pittsburgh district, prices were down $20/gt on heavier volumes. Information out of the Midwest and North Central districts is incomplete, but prices are expected at $0-10/gt down due to weather considerations. Reports from Texas has most mills buying down $20/gt from last month.
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Dec 4, 2024 | 
steelmarketupdate.com | Stephen MIller |Stephen Miller
There are already a host of tariffs and trade restrictions on China and Russia, but not so on Brazil and India, except for the Section 232 steel and aluminum tariffs and quotas. Looking where the US steelmakers and foundries source pig iron, these countries basically supply all of US pig iron imports aside from the small amounts we still receive from Ukraine. SMU reached out to a player in the Brazilian pig iron trade to get his reaction.
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Nov 26, 2024 | 
steelmarketupdate.com | Stephen MIller |Stephen Miller
The ferrous scrap markets both here and abroad are displaying a definite lack of enthusiasm as we head into the holiday season. With the election of Donald Trump to his second term, many thought our industrial production would be bolstered. The stock and crypto markets shot up. But you’d never know it with steel and recycled ferrous metals. These markets are showing few signs of strengthening (though we’ll soon see what happens after Trump has threatened new tariffs on China, Mexico, and Canada).
