| Announcements | ||
| RMDAS pricing reflects drop in scrap market - 26 Aug, 2008 | ||
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It is reported that a lack of export buying in tandem with slower melting schedules at domestic mills have combined to exert downward pricing pressure in the ferrous scrap market in US. Processors and shippers began reporting in early August 2008 that US domestic mills were cutting back on orders, with many steel mills taking maintenance shut down time in August. The skid in domestic demand was coupled with a slump in export demand as well, with many Turkish buyers having taken the summer off. Much of China’s metals industry also spent August in the snooze mode, especially in the northern part of the country so as not to contribute particulates into the air during the Olympics in Beijing. The combination of factors led to domestic scrap prices losing as much as USD 62 in value in August 2008 as compared to the month before. Figures compiled by Management Science Associates for its Raw Material Data Aggregation Service showed shredded scrap being purchased for an average of USD 55 per ton less on the spot market in August 2008. The Prompt Industrial Composite grade tracked by RMDAS lost less in average value in most regions, and those grades even fetched USD 10 per tonne more in August 2008 in the South region. Nationally, mills paid an average of USD 21 per ton less for the prompt grades. The Raw Material Data Aggregation Service ferrous scrap price index is based on data gathered from a statistically significant compilation of verified ferrous scrap purchase transactions. | ||
| Today's News | ||
| Clips | ||
 | Japanese stainless output down in September | |
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| Chinese steel import applications to Europe stay high in October | |
| News And Trends | ||
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| Chinese CRC export price tends to level off | |
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| TISCO cuts stainless steel export price by USD 750 per tonne | |
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| Japanese SS mills pending price negotiation with Asian buyers | |
| Export And Import Levels | ||
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| Steel export shrinks to 379, 000 tonnes in October | |
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| Iron Ore prices may halve in 2009 on slump | |
| Trade Issues | ||
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| US slaps duties on China welded steel pipes | |
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| Indian forging industry opposes import duty on steel | |
