February 24, 2024
RMDAS data shows iron market up by more than  a tonne

Steel mill scrap purchase transactions in late October and the first three weeks of November show that ferrous scrap prices in the United States jumped for the first time in several months.

Data collected by Pittsburgh-based MSA Inc.’s Raw Material Data Aggregation Service (RMDAS) shows that RMDAS Prompt Industrial Composite grades increased by $30 a ton as a national average between Oct. 21 and Nov. 20 this year. Is.

Receiving lower prices, but still rising, during the same time frame were the RMDAS No. 2 shredded scrap grade (up $22 a ton nationally) and the No. 1 Heavy Melting Steel (HMS) grade at $17 a ton. There was an increase of.

Regionally, price increases were weakest in the RMDAS South region, with grades there rising from $16 to $20 a tonne.

The largest price increase across the board was in the North Central/East region, which may indicate that domestic bids have moved higher to compete due to increased buying from brokers representing Turkish and Indian mills.

The highest single domestic iron price in late November is $456 per ton, with prompt grade RMDAs being found in the North Midwest region (consisting of Illinois, Indiana, Iowa, Kansas, Nebraska, Minnesota, Missouri, Wisconsin and the northwest corner of the Dakotas). Are. ,

Meanwhile, the lowest figure for No. 1 HMS in the same region is $357 per tonne. Although prices for some grades rose in some regions in August, it was the first overall increase in U.S. iron prices since March.

Domestic steelmaking production has withstood any turmoil stemming from the United Auto Workers strike, where it won ratification by union members of all three affected automakers this week.

According to the Washington-based American Iron and Steel Institute (AISI), domestic steel production of 1.696 million tonnes in the week ending November 18, 2023, is 0.8 per cent higher from the previous week and shows an encouraging growth of 6.4 per cent in production. From the comparable week last year.

Pricing service Davis Index is reporting that prices in Turkey are slowly rising, including an increase of $2.25 per metric ton on average paid for imported scrap in the week of November 13-17. “Mills are actively seeking iron cargoes in December-January,” Davis Index writes.

India has offered a red-hot bright spot for American exporters all year, increasing its purchases by 120 percent, or 244,000 in the first half of last year, according to U.S. Census Bureau data. It has increased to 537,000 metric tons in the first half. ,

In that market come November, buyers may temporarily retreat as they sense rising prices. As India exits its Diwali holiday period and heads into the US holiday season, Davis Index projects the Indian ferrous scrap import market as “flat in a quiet market” as of November 20.

At India’s container port of Nhava Sheva, Metals Information Service writes, “Trade remained very subdued at higher prices despite high expectations of demand revival.”

Source: www.cdrecycler.com

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