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RMDAS US scrap price index up for August

An index compiled by Management Science Associates (MSA) shows significant price increases in August for two of the three grades it tracks.

On average, MSA’s RMDAS (Raw Material Data Aggregation Service) shows prices changing from July(on a delivered-mill basis) by as little as a $3/long ton decrease, to as much as a $28/l.t increase.

Wire Decking From China Does Not Injure U.S. Industry, Says USITC

Tuesday, July 27, 2010

The United States International Trade Commission (USITC) determined that a U.S. industry is neither materially injured nor threatened with material injury by reason of imports of wire decking from China that the U.S. Department of Commerce has determined are subsidized and sold in the United States at less than fair value.

Chairman Deanna Tanner Okun and Commissioners Daniel R. Pearson, Shara L. Aranoff, and Dean A. Pinkert voted in the negative. Commissioners Charlotte R. Lane and Irving A. Williamson voted in the affirmative.

As a result of the Commission’s negative determinations, no antidumping or countervailing duty order will be issued on imports of the product from China.

The Commission’s public report Wire Decking for China (Investigation Nos. 701-TA-466 and 731-TA-1162 (Final), USITC Publication 4172, July 2010) will contain the views of the Commission and information developed during the investigations.

Copies may be obtained after August 10, 2010, by emailing pubrequest@usitc.gov, calling 202/205-2000, or by writing the Office of the Secretary, 500 E Street SW, Washington, DC 20436. Requests may also be made by fax to 202/205-2104.

US scrap market apparently strengthening for August

US scrap market apparently strengthening for August

US scrap sources tell Steel Business Briefing the market for August appears to be heading slightly upward, at least tentatively, following several months of declining prices.

“There is no question that the market is firming and will be up $10 to $20 a long ton in August – but (it’s) not a real up market,” said one source on the US west coast.

Source: Steel Business Briefing

Scrap prices could strengthen in coming months

DJJ head says scrap prices could strengthen in coming months

After falling in the second quarter, scrap prices appear to have temporarily bottomed and may even be heading upward, according to Keith Grass, CEO of Nucor’s scrap unit, David J Joseph (DJJ).

Speaking during a quarterly earnings call yesterday, Grass said flows into company scrap yards appear to have declined 25 to 30%. Inquiries from the export market have picked up, he said, something that had been absent for the last 30-45 days.

Courtesy: Steel Business Briefing

SDI chief doesn’t envision rising scrap prices

Steel Dynamics Inc CEO Keith Busse doesn’t believe US scrap prices will be up in August, he told investors and analysts yesterday on a quarterly conference call monitored by Steel Business Briefing.

Due to a weak export picture and declining steel prices, he said “you’re not going to see any strength in August in ferrous resources.” However, Busse said he believed prices could begin to rise by early September. He added he’s not sure by how much, but doubted they could increase by $20-30/long ton, as some in the market have speculated.

Source: Steel Business Briefing

Falling scrap prices likely dragging down market

Declining scrap prices are expected to drag down US longs prices with them, Steel Business Briefing understands.

A source at one domestic beams producer predicted yesterday that prices for delivery of that product next month would fall along with the decline in scrap by $20-40/short ton.

Source: Steel Business Briefing

August US scrap surcharge benchmark down

August US scrap surcharge benchmark down $45/l.ton

A key scrap price that determines surcharges for August deliveries of many steel products in the US market fell by $45 – from $350 to $305 per long ton, Steel Business Briefing learns.

As SBB has previously reported, scrap market players had been expecting a drop in scrap prices due to especially weak export demand.

Source: Business Briefing

Will US retaliation to China business practices help US producers

The U.S gov’t last month imposed large tariffs of 42.61% to 289% charging the Chinese were dumping wire decks in the US.market.

Response : Government puts tariffs on imported wire but at who’s expense?

Government intervention into the free markets has a dismal & destructive track record.
Nobody ever wins a trade war.  Call it what you will, price controls, tariffs, import taxes, price freezes etc.

Always instituted for ” noble reasons” yet, in reality,  they’re just another means for government to justify picking winners and losers in the marketplace.

Tariffs will result in retaliation from the other side.  This is nothing new.  This is how trade wars start.

China will now retaliate with some measure of their own and the industries that feel the brunt of that retaliation then must suffer for no fault of their own.

In the end nobody wins and business suffers.  What do you think?

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