Recycled Metals Update’s Post

Finally the last frontier on steel prices is being breached. Yes the prices are coming down in the United States which for a long time seemed a safe haven from the impact of global prices until exporters found a way to find a way into the United States through third countries and investments in Mexico. Price Changes are below: Hot-Rolled Coil (HRC): Fell nearly 7%. Hot-Dipped Galvanized (HDG): Declined by almost 5%. Cold-Rolled Coil (CRC): Dropped by 2%. Plate Prices: Fell over 6%, accelerated by Nucor cutting prices by $125/st to approximately $1,075/st. But U.S. Trade Actions are happenin in real time as well: The U.S. imposed a 25% duty on Mexican steel imports unless designated as “melted and poured” in the U.S., Canada, or Mexico. Estimated 13% of Mexican steel imports subject to new duties. These duties may modestly increase domestic steel prices. #worldofsteel

Scrap supply exceeds demand amid weakness in the steel market. The imbalance between supply and demand for scrap is expected to persist unless there is a recovery in the steel industry or significant changes in economic conditions. https://lnkd.in/gPdrBifZ Sims Metal #Steel #ScrapMetal

Over the past two weeks, U.S. ferrous scrap prices have risen from $370/mt to the upper $380s due to stronger billet sales in China and Southeast Asia, making scrap more attractive. The North American ferrous scrap market remains flat, struggling with mill outages, but the strength in export numbers could stabilize the domestic market. Despite uncertainties in the export market's sustainability, the recent Chinese stimulus and Turkish demand have boosted scrap imports to Turkey, though the U.S. West Coast market remains weak. Read Stephen Miller's full commentary on this topic: https://lnkd.in/gi3mebWA #recycledmetal #scrap #metals #steel #ferrous

Fastmarkets reveals four key reasons behind the stagnation of Asian hot-rolled coil prices, shedding light on the current trends affecting the industry. Stay ahead of the curve and read more here: https://fmrkts.com/41BlDgF #Fastmarkets #Steel #HotRolledCoil

Fastmarkets reveals four key reasons behind the stagnation of Asian hot-rolled coil prices, shedding light on the current trends affecting the industry. Stay ahead of the curve and read more here: https://fmrkts.com/4fkvmvN #Fastmarkets #Steel #HotRolledCoil

Kallanish Commodities Steel Scrap 2025 conference returns to Istanbul on 13th February. Steel Scrap 2025 will bring together an array of global scrap market participants to answer questions such as: - How will the global scrap pool change in the coming decades as economies like China mature? - Is the trend of increased scrap use in blast furnaces likely to grow? - How will the US and EU EAF buildout impact scrap availability? - Will Turkish mills need to look for alternative feedstocks to scrap? - How is freight market disruption impacting scrap trade? - What is the outlook for scrap supply/demand and pricing in 2025? Book now at the super early bird rate of €700 valid only until Wednesday! https://lnkd.in/ekr2_jN8

Hot-rolled steel prices in Western Europe remained stable in May. In particular, as of May 24, 2024, product quotations amounted to €620-650 per tonne Ex-Works compared to €630-650 per tonne Ex-Works on May 3. That is, only the lower price limit has decreased. On the Italian market, HRC prices fell by 1.6% to €620-630 per tonne during May 3-24. At the beginning of the month, European hot-rolled coil producers were considering a possible price increase amid stabilizing supply from Asian suppliers. Only Italian mills managed to realize their intentions, with prices for local products rising to €620-640/t compared to €620-630/t at the end of April and on May 24. Demand in European markets did not contribute to a significant increase in prices due to the large number of holidays in early May. Producers noted that consumers are only interested in lower price levels, which puts pressure on the mills’ margins and leads to a loss of profits. The average lead times for orders at the beginning of the month were for delivery in June-July.

📈 Approaching August trading, expectations for scrap prices are seen diverging in the US domestic market. Participants expect either a stabilization or higher prices; however, no one forecasts a downtrend. While some market participants expect prices to finally strengthen due to slow scrap inflow into yards, others do not find this likely due to the continuing slide in coil prices amid struggling demand. 💬 A scrap dealer says: “Supply is tight! If mills want to secure their requirements, they will have to pay more. If they delay their requirements and keep their purchases limited, prices might remain unchanged during August trading but see a steeper rise in September.” 🛳️ For West Coast business, US-origin containerized HMS 1&2 80:20 offers remain unchanged at $347-350/tons CFR Taiwan, with the indicative deal level at $345/t CFR. However, import demand remains stagnant due to slow steel market sales, low Taiwanese steel mill output, and competitive billet offers. Local mill Feng Hsin also maintained its scrap prices for this week. Market players expect demand to resume in late August. 🌍 On the East Coast, Turkish mills bought three US-origin cargoes last week, at $390/t cfr Turkey for HMS 1&2 80:20, unchanged from the previous week. Turkish producers are refusing to pay higher prices for scrap due to already squeezed margins, but they have also failed to reduce prices to the desired level. Source: Kallanish Commodities

𝗧ü𝗿𝗸𝗶𝘆𝗲'𝘀 𝘀𝗰𝗿𝗮𝗽 𝗽𝗿𝗶𝗰𝗲𝘀 𝗿𝗲𝗺𝗮𝗶𝗻 𝘃𝗼𝗹𝗮𝘁𝗶𝗹𝗲 In May, #importedscrap prices in #Türkiye showed a steady downward trend. This week, imported scrap prices from Türkiye have remained flat for a while due to weak demand and low offers. There is ongoing weakness in both the Turkish steel sector and the #US domestic market. Suppliers were forced to cut prices to secure sales. As a result, deals were also slightly discounted. Mills are demanding lower prices, but suppliers are resisting by demanding higher prices compared to last week. However, amid the scrap supply shortage in #Europe, the latest prices reflect the increasing downward pressure. This, along with European traders' offers and Turkish mills' offers, has further raised concerns over supply to the Turkish market. US #scrap continues to be in demand, with offers from the US at around $380/ton CFR and from the EU at around $375-376/ton CFR. Weak finished steel demand in domestic and export markets led Turkish buyers to reduce their import scrap offers. In the short sea market, prices are moving in line with prices from major destinations. Last week, offers ranged between $360 and $365 per tonne CFR, with some participants reporting even lower prices. Currently, values are set at $355-360 per tonne CFR. Although suppliers are trying to maintain stable local prices and are reluctant to reduce prices for exports, discounts are still seen in weekly deals. 𝗥𝗲𝗰𝗲𝗻𝘁 𝗰𝗼𝗻𝘁𝗮𝗰𝘁𝘀 𝗺𝗮𝗱𝗲 𝗯𝘆 𝗧𝘂𝗿𝗸𝗶𝘀𝗵 𝘀𝘁𝗲𝗲𝗹𝗺𝗮𝗸𝗲𝗿𝘀; 𝗖𝗹𝗶𝗰𝗸 𝗺𝗼𝗿𝗲⬇; https://lnkd.in/eandGnUN

MetalMiner: Raw Steels MMI: #SteelPrices Bearish as U.S., Mexico Take Action on Chinese Steel The Raw Steels Monthly Metals Index (MMI) fell 4.5% from June to July. Although the pace of declines appeared to slow from the previous month, U.S. flat rolled steel prices remained bearish during June. #HRC prices fell nearly 7%, followed by an almost 5% decline in# HDG prices and a modest 2% drop in #CRC prices. Meanwhile, the plate price downtrend picked up speed, with prices falling over 6%. Weak conditions and “ongoing competition” also saw Nucor cut its plate prices by $125/st, which brings them down to an estimated $1,075/st. U.S. Takes Action on Mexican #Steel Imports Following complaints from the U.S. steel industry, the White House recently stepped up protectionist measures on imported steel. To combat the threat of Chinese overcapacity, the U.S. will impose a 25% duty on steel products imported from Mexico unless designations indicate they were “melted and poured” in either the U.S., Canada, or Mexico. The move intends to block tariff circumvention from China, which has increasingly looked to other markets to dump materials and target investments. According to the Financial Times, during the first quarter of 2024, “at least 41 Chinese #manufacturing and logistics projects were announced for Mexico, while at least 39 were scheduled for Vietnam.” This represents the highest number of projects since at least 2003. Thailand, Malaysia, Hungary and Egypt also secured record investments from China.  Continue reading: https://lnkd.in/gfNj89zP