Industrial Insight

The iron and steel market continues… | January 11, 2021

Important points from the ISRI Weekly Market Report, January 11, 2021, Joe Picard, Chief Economist/Director of Commodities.
Find information about ISRI and Membership HERE.

  • The iron and steel market continues to be one of the most closely watched commodity markets in the United States. As for the January scrap market, our friends at Argus Media report: “Detroit-area mill buying prices have been outpaced by neighboring markets in recent months, which prompted a general reset to the typical across-the-board monthly trends, which are typically used as a barometer for price levels in other regions of the US…
  • “This month consumers instead focused on targeting an absolute price range for each grade and adjusting its supplier base accordingly to targeted average buying prices, which resulted in some suppliers receiving very large increases and other receiving modest increase depending on what level the supplier was at in December…
  • “Local buying prices for #1 busheling ranged between $480-500/gt delivered mill, shredded scrap prices between $460-475/gt and 5ft P&S at $440-455/gt. These average prices levels represent increases between $90-135/gt based on December levels.”
  • Overseas ferrous scrap demand, particularly from Turkey, continues to exhibit significant influence of domestic market conditions. According to the latest trade data from the Census Bureau, U.S. exports of ferrous scrap to Turkey were up 11.1% year-on-year through November.

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Raymond Monroe is the Executive Vice President for the steel industry trade Association, Steel Founders’ Society of America. He enjoys his crazy family including his wife, five children and their spouses, and many fun and lively grandchildren. Raymond brings more than 40 years in the industry here to share his ‘Industrial Insight’ and other current topics affecting the economic picture of our world today.

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