Return-Path: Delivered-To: info@sterlingcal.com Received: from reseller401.webserversystems.com by reseller401.webserversystems.com with LMTP id wKulDBsULWex2ggAchKAPA (envelope-from ) for ; Thu, 07 Nov 2024 13:25:15 -0600 Return-path: Envelope-to: info@sterlingcal.com Delivery-date: Thu, 07 Nov 2024 13:25:15 -0600 Received: from sender-232.fsu3.zcsend.net ([135.84.81.232]:34914) by reseller401.webserversystems.com with esmtps (TLS1.2) tls TLS_ECDHE_RSA_WITH_AES_256_GCM_SHA384 (Exim 4.96.2) (envelope-from ) id 1t9882-002RSP-00 for info@sterlingcal.com; Thu, 07 Nov 2024 13:25:15 -0600 Received: from 172.30.235.59 by sender-232.fsu3.zcsend.net with SMTP id 173100750262935681; Thu, 07 Nov 2024 11:25:02 -0800 DKIM-Signature: a=rsa-sha256; b=pL8LlTfFj0HfkWKCw115TvnidHHwO22gZonqT1p+QEmnT5Od5cn7Ec7ITbMpmLGpVPlIDMHxYxnvwF/GnTdIdut39uPRiX1y1TiWyyx+qwTtjkeGOPR0c4DjBTfyWvoZ5EYqah0QTkLZxQ/NnzN9T2L5gmTGBsfa/0KzgYabzW8=; c=simple/simple; s=81024; d=staalx.com; v=1; bh=ToPz03/Rd5YDKNOiUnqOhxubhkYsf6RPajUOBA9Hl0A=; h=date:from:to:message-id:subject:mime-version:content-type:list-unsubscribe:list-unsubscribe-post:x-csa-complaints; DKIM-Signature: a=rsa-sha256; b=DtjxcR+ugi3ombjv6zNQM/0EmCM/tuXpAHNGUHfd/zw8XuX6I0FmSsG2UpheTlJydGi7kG1JSBb2FeH2DrmD9qhFpxTVm0e5Fgc9AX0F0057zZ8qTLP8dopYZopSZW95TQ12Rwk7IAlp4ahUYOBq4Uaxj7yWVJz/nFPcG8Zo5jo=; c=simple/simple; s=k1; d=mail3.zgph.zcmail.net; v=1; bh=ToPz03/Rd5YDKNOiUnqOhxubhkYsf6RPajUOBA9Hl0A=; h=date:from:to:message-id:subject:mime-version:content-type:list-unsubscribe:list-unsubscribe-post:x-csa-complaints; Date: Thu, 7 Nov 2024 11:25:02 -0800 (PST) From: "StaalX" To: Andrew Sterling Message-ID: Subject: Trump wins the US election MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_3579409_1518070607.1731007502600" List-Unsubscribe: , List-Unsubscribe-Post: List-Unsubscribe=One-Click X-CSA-Complaints: csa-complaints@eco.de Reply-To: campaign_769017310+zcreply.1c08f772a3dccfec@zcsend.net X-JID: 3zbbfd3107516e2747240afb213f83dea99f3114ab6bc11315f109b5f5525d0f45.1c08f772a3dcabca X-campaignid: zohocampaigns.3zbbfd3107516e2747240afb213f83dea99f3114ab6bc11315f109b5f5525d0f45.zcb.1c08f772a3dccfec.11699e4c07b9cc1 X-Zoho-RID: zohocampaigns.3zbbfd3107516e2747240afb213f83dea99f3114ab6bc11315f109b5f5525d0f45.zcb.1c08f772a3dccfec.11699e4c07b9cc1 X-Mailer: Zoho Campaigns X-Report-Abuse: , X-Spam-Status: No, score=-2.1 X-Spam-Score: -20 X-Spam-Bar: -- X-Spam-Flag: NO ------=_Part_3579409_1518070607.1731007502600 Content-Type: text/plain;charset="UTF-8" Content-Transfer-Encoding: quoted-printable https://staalx.com November 7, 2024 (Scroll down for Steelorbis news) News from the Market http://staalx.com Trump wins the US election What to expect from the new president forsteel? We have been down this road before. In his first term, President Trump chos= e to use steel as his favorite weapon to start his tariff agenda. As a resu= lt, 25% tariffs were tacked on to steel imports and while Biden criticized = the tariff in his election campaign, he kept and strengthenedthe trade barr= iers during his presidency. However, Biden didn't do anything radical which= was also expected from Harris' presidency. Now Trump will be back in the w= hitehouse, all bets are off and we should be prepared for another four year= s of a wild ride in steel trade. Of course this is good news for domestic steel makers whose stocks rallied = on the news. Clearly the market is expecting further protection of the dome= stic steel producers from the imports but also a boost to the economy and l= ess regulations. Tax cuts and eliminating over the top regulation is good for business but T= rump also pledged across the board tariffs for all products, especially blo= cking all Chinese goods being imported. Steel already has tariffs and hundr= eds of active cases of antidumping, countervailing and anticircumvention or= ders, making steel one of the most protected commodities in the US. Despite= overwhelming import protection, and highest steel prices in the world, som= e domestic steel mills are still struggling to make money. For example, Cli= ffs recently missed their Q3 earnings and Liberty Steel and Wire temporaril= y halted their Peoria, IL wire rod mill. Some US mills are now overly relia= nt on protection from the government and won't survive a post tariff enviro= nment. But they shouldn't worry about tariff-freesteel trade for at least a= nother four years. Moreover, more trade barriers will likely be erected. So= me surprise quick implementations may again cause scrambling by traders and= end-users that rely on imports. There is not enough steel production in th= e country to take care of commodity and specialty steel demand. Today's news will likely bring some enthusiasm about 2025 for steel produce= rs and consumers but this week's market snapshot is not particularly strong= . Both wire rod and rebar mills are trying to raise their prices without mu= ch success at the moment. Momentum and pricing trend is slightly up but bet= ter news has to come for the steel market to move to a higher gear. http://staalx.com Nationwide Quality Steel Solutions =E2=80=93 Ready to Fuel Your Business! Count on StaalX for steel products that deliver on quality, pricing, and ef= ficiency. With a commitment to timely delivery and reliable support, we mak= e your steel sourcing seamless from start to finish. http://staalx.com StaalX exhibits at the World of Concrete 2025 https://www.worldofconcrete.com/en/home.html We look forward to meeting you at our N2844 booth to learn about your needs= and how http://staalx.com StaalX can help you delivering competitive produ= cts when you need it.=20 https://event.steelorbis.com/en/rwr2025/ Moreover, StaalX proudly sponsors SteelOrbis' Rebar Wire Rod conference on = Monday, January 20, 2025. This is the only steel focused even around the Wo= rld of Concrete and can't miss networking opportunity for concrete reinforc= ing professionals. Click on the image below, find out more and register. http://steelorbis.com From our content partner, SteelOrbis US domestic long steel prices flat, wire rod maintains premium with Liberty= status still murky Thursday, 31 October 2024 22:01:15 (GMT+3) | San Diego US domestic rebar pricing was reported steady this week, while wire rod pri= cing maintained its supply-inspired premium this week due to Liberty Steel'= s continued halt in production. "The recent price jump seems to have been successful (for wire rod), at lea= st for now," one market insider told SteelOrbis this week. "Liberty Steel c= laims they will resume production, but until we hear a realistic assessment= there is still skepticism surrounding this outage." As Liberty Steel continues to cause disruptions in the local markets, most = spot market wire rod transactions were reported this week at $39.00-41.00/c= wt. ($780-820/nt or $860-904/mt), or an average of $40.00/cwt. ($800/nt or = $882/mt), unchanged from a week earlier. In the weekly rebar spot markets, domestic supply on a FOB mill basis is as= sessed with most transactions discussed at $34.50- 37.00 cwt. ($690-740/nt = or $761-816/mt), although on average $35.75/cwt. ($715/nt or $788/mt), unch= anged from seven days ago. As the November 4 US elections near, market insiders note many market parti= cipants remain uncertain about the market due to the anticipated election r= esults. "Right now, uncertainty in the market remains high because of the US presid= ential elections," said another rebar trader. "Things should be better once= we know the election results." In the longer term, issues relating to yearly tax liability also are affect= ing spot market activity. Insiders say market purchases during the months o= f November and December could be reduced as suppliers draw down existing in= ventories of long steel to avoid mandatory tax on supply that remains on th= e ground as of January 1. "Everyone is looking to 2025 deliveries because of the inventory tax coming= up at the end of this year," said a US Gulf Coast rebar dealer. As a resul= t, fewer people overall, are interested in November and December supply." US import long steel prices flat amid reports of increased mill discounting= , Liberty plant status unclear Thursday, 31 October 2024 21:57:20 (GMT+3) | San Diego US import rebar and wire rod pricing was flat this week following slightly = higher pricing this past week, as reports of aggressive mill discounting pr= ograms mount, even as the status of Liberty Steel's 700,000 ton per year st= eel plant in Peoria, Illinois remains unclear, market insiders told SteelOr= bis this week. With communications from Liberty Steel officials limited to security guards= at the Peoria facility, it remains unclear at this time whether the facili= ty will restart following recent operational shutdowns. "No, the plant is not producing wire rod," said one security official at th= e plant gate. "You're guess is as good as mine whether the plant will resta= rt." The official referred SteelOrbis to a senior VP at the facility, who d= id not immediately return calls. Market insiders said last week that the expected loss of nearly 350,000 ton= s per year of dedicated wire rod capacity was causing domestic wire rod sup= pliers to raise prices, thus making imported products more price competitiv= e, they said. "Wire rod prices have risen steeply because of Liberty," remarked one US Gu= lf Coast long steel market insider. "Nobody really knows just what the heck= is going on. Some are saying the plant could resume operations in mid-Nove= mber, others are saying it could be as late as mid-January, while still oth= ers are saying the plant may not come back at all because of undisclosed fi= nancial issues." "The Liberty situation is causing a bit of a panic with some customers in t= he wire rod markets," said another wire rod importer. "We're hearing a mini= mum of $40.00/cwt. for domestic wire rod, which is making more room for imp= orts to gain market share." Imported wire rod mesh on a DDP loaded truck basis US Gulf Coast is reporte= d unchanged versus seven days ago at $37.00/cwt. ($740/nt or $816/mt), thou= gh up from $35.75/cwt. ($715/nt or $788/mt) a week before. Even as some mills raise wire rod prices, pricing for imported rebar remain= s flat as US mills discount pricing to maintain market share against now pr= essing imports. "The US markets have been very challenging because the domestic mills are d= ropping their prices to maintain market share. against imports," said one T= exas-based long steel importer. "As a result, we've been kind of limited to= selling rebar in markets closer to Mexico such as Texas, California, and A= rizona." On the import rebar front, prices remain flat with supplies to the US Gulf = Coast on a loaded truck basis discussed at $36.75-37.50 ($735-750/nt or $81= 0-827/mt), though still up from $36.50-37.50/cwt., ($730-750/nt or $805-827= /mt) on October 7. Trading remains light for US East Coast import rebar wit= h ranges also noted steady to a week ago at $36.75-37.25/cwt., though up fr= om $36.00- 36.75/cwt. ($720-735/nt or $794-810/mt) two weeks earlier. Import rebar prices from Egypt and Algeria are also flat on the week at $37= .00-38.00/cwt. ($740-760/nt or $816-838/mt) versus earlier trades three wee= ks earlier at $35.50-37.00/cwt. ($710-740/nt or $783-816/mt). Import rebar = from Turkey is talked flat at $36.75/cwt. ($735/nt or $810/mt) though still= up from $36.00/cwt. ($720/nt or $794/mt) several weeks ago. Delivered rebar from Mexico vicinity Houston, Texas, is discussed flat once= again at $36.00-37.00/cwt ($720-740/nt or $794- 816/mt), compared with $36= .25-36.75/cwt. ($725-735/nt or $799-810/mt) two weeks earlier. Geopolitical considerations also are a factor in recent low demand for fini= shed steel products such as domestic rebar and wire rod. Market insiders to= ld SteelOrbis that next week's US presidential elections should ease mounti= ng uncertainty about US steel market growth starting in 2025. In the US domestic market, wire rod pricing remains flat at $39.00-41.00/cw= t. ($780-820/nt or $860-904/mt), or an average of $40.00/cwt. ($800/nt or $= 882/mt), up from an average $36.50/cwt. ($725/nt or $805/mt) two weeks ago. At last report, November scrap is seen strong sideways in most regions to a= s much as $20/gt ($20.48/mt) higher in the Chicago and Detroit vicinity, sc= rap market insiders told SteelOrbis this week. Scrap prices are still expec= ted to strengthen in November because steel mills will have a reduced numbe= r of their facilities idled due to the completion of planned maintenance ou= tages next month versus October, market insiders said. US November scrap prices now seen sideways to potentially lower as multiple= mills cancel orders=20 Friday, 01 November 2024 16:45:46 (GMT+3) San Diego US domestic scrap pricing for the month of November is now seen trending si= deways to down, as many mills are reported to have issued cancellation orde= rs on October 30, for as of yet undelivered October scrap, indicating poten= tially limited demand for November scrap during next month's buy-cycle, mar= ket insiders have told SteelOrbis this week. The November scrap outlook is in stark contrast to seven days ago, when the= November market was seen strong sideways to as much as $30/gt higher, most= ly on an expectation for increased mill buying as many plants returned from= scheduled maintenance. outages. "Recent global steel market pricing is not sticking," a Midwest scrap insid= er told SteelOrbis, adding, "As a result, the next thing the US mills are g= oing to do is take it out of the price of November scrap." SteelOrbis reports indicate Turkish deep sea scrap trades concluded on CFR = basis at $363/mt, down from recent highs at $388/mt CF after Chinese stimul= us measures. Insiders said the market is currently likely "at the bottom." Insiders said next week's US presidential election is also increasing uncer= tainty in the markets and so far it remains unclear how either political pa= rty's policies will affect the US steel markets. And while October scrap was priced largely based on the geographic region, = it appears scrap grades and their perceived supply levels will be more impo= rtant for pricing this time. "Offers from dealers on shredded scrap are seen really tight this month," t= he Midwest scrap dealer said. "Flows are just not coming in for some areas = like the Mid-South and Upper North," he commented. "The cancellation letters are a concern, but nobody's really very sure at t= his point where the market's going to head, he noted, adding, "This whole y= ear's been an uphill battle." "Last week, the markets for November were calling for scrap to be up," anot= her insider remarked to SteelOrbis. "Now, it's looking like there's some so= ftness out there, because demand is just not good. So far, we've seen cance= led orders from Nucor and Steel Dynamics, while we're expecting the same fr= om North Star Blue Scope very soon," he added. Last week, larger scrap dealers were heard to be calling the markets sidewa= ys for November amid reports many were either stockpiling large amounts of = inventory, preparing for some upside in the near term, or had large invento= ries on the ground because they were unable to move the product fast enough= . It is now clear to SteelOrbis that the latter was the case. "I guess this just goes to show you how fast the markets can change," said = one SteelOrbis scrap market insider source. "While the market was called st= rong sideways to higher last week, as of last night cancellation orders hav= e been sent out and many mills are full of scrap, with the best case scenar= io looking sideways to potentially lower right now." Another key downside consideration mentioned last week was that since Novem= ber and December are holiday months in the US. "Demand for scrap is a bit m= ore limited," as the insider told Steel Orbis. Spot market activity is expe= cted to be limited on Thursday and Friday, November 28-29, while Christmas = will limit spot trading for a more considerable period. Trading is expected= to remain light from Monday, December 23, through Tuesday, January 2. Based on a sideways to lower November scrap call, Ohio Valley busheling scr= ap on a delivered to customer basis for November is forecast to be at or be= low the October levels which settled at $375-395/gt ($381-401/mt), while sh= redded grades are seen at $370- 380/gt or $376-386/mt. HMS 1 is likely to s= ettle at or below the October settled level of $340/gt or $345/mt, while P&= S is expected to settle at $365-375/gt or $371-381/mt at the close of the N= ovember buy-cycle. Do you have any questions? Check out our FAQ! Check out the most frequently asked questions about the service and product= s of StaalX. We are always here to chat with you in the chat boxes from the= site or on the support telephone number below. https://www.staalx.com/faqs FAQs Contact us support@staalx.com or +1 (708) 697-3227 Follow StaalX on https://www.linkedin.com/company/rebar-revolution https://www.linkedin.com/company/rebar-revolution LinkedIn https://www.facebook.com/Staal.X/ https://www.facebook.com/Staal.X/ Facebook https://www.instagram.com/staal.x/ https://www.instagram.com/staal.x/ Instagram https://www.twitter.com/rebarrevolution https://www.twitter.com/rebarrevolution X Want to change how you receive these emails? You can https://qprdy-zgpvh.maillist-manage.net/ua/optout?od=3D3zbbfd310751= 6e2747240afb213f83dea99f3114ab6bc11315f109b5f5525d0f45&rd=3D1c08f772a3dccfe= c&sd=3D1c08f772a3dcc739&n=3D11699e4c07b9cc1 Unsubscribe or https://qprdy-zg= pvh.maillist-manage.net/ua/commpref?od=3D3zbbfd3107516e2747240afb213f83dea9= 9f3114ab6bc11315f109b5f5525d0f45&rd=3D1c08f772a3dccfec&sd=3D1c08f772a3dcc73= 9&n=3D11699e4c07b9cc1 Update your preferences ------=_Part_3579409_1518070607.1731007502600 Content-Type: text/html;charset="UTF-8" Content-Transfer-Encoding: quoted-printable Trump wins the US election =09 =09 What to expect from the new president for steel? =
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November 7, 2024  (Scroll down for Steelorbis news)

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News fro= m the Market

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Trump wins the US = election


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What to expect from the new president for steel?

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We have= been down this road before.  In his first term, President Trump chose= to use steel as his favorite weapon to start his tariff agenda.  As a= result, 25% tariffs were tacked on to steel imports and while Biden critic= ized the tariff in his election campaign, he kept and strengthened the= trade barriers during his presidency.  However, Biden didn't do anyth= ing radical which was also expected from Harris' presidency.  Now Trum= p will be back in the whitehouse, all bets are off and we should be prepare= d for another four years of a wild ride in steel trade. 


Of= course this is good news for domestic steel makers whose stocks rallied on= the news.  Clearly the market is expecting further protection of the = domestic steel producers from the imports but also a boost to the economy a= nd less regulations.  


Tax cuts and eliminating over t= he top regulation is good for business but Trump also pledged across the bo= ard tariffs for all products, especially blocking all Chinese goods being i= mported.  Steel already has tariffs and hundreds of active cases of an= tidumping, countervailing and anticircumvention orders, making steel one of= the most protected commodities in the US.  Despite overwhelming impor= t protection, and highest steel prices in the world, some domestic steel mi= lls are still struggling to make money.  For example, Cliffs recently = missed their Q3 earnings and Liberty Steel and Wire temporarily halted thei= r Peoria, IL wire rod mill.  Some US mills are now overly reliant on p= rotection from the government and won't survive a post tariff environment.&= nbsp; But they shouldn't worry about tariff-free steel trade for at le= ast another four years.  Moreover, more trade barriers will likely be = erected.  Some surprise quick implementations may again cause scrambli= ng by traders and end-users that rely on imports.  There is not enough= steel production in the country to take care of commodity and specialty st= eel demand.  


Today's news will likely bring some ent= husiasm about 2025 for steel producers and consumers but this week's market= snapshot is not particularly strong.  Both wire rod and rebar mills a= re trying to raise their prices without much success at the moment.  M= omentum and pricing trend is slightly up but better news has to come for th= e steel market to move to a higher gear. 

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Nationwide Quality Steel Solutions – Ready to Fuel = Your Business! 


Count on StaalX for s= teel products that deliver on quality, pricing, and efficiency. With a comm= itment to timely delivery and reliable support, we make your steel sourcing= seamless from start to finish.

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StaalX exhibits at the World of Concrete 2025

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We look forward to meeting= you at our N2844 booth to = learn about your needs and how StaalX can help you= delivering competitive products when you need it. 

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Moreover, StaalX proudly sponsors SteelOrbis' Rebar Wire Rod conferenc= e on Monday, January 20, 2025.  This is the only steel focused even ar= ound the World of Concrete and can't miss networking opportunity for concre= te reinforcing professionals.  Click on the image below, find out more= and register. 

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From our con= tent partner, SteelOrbis

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<= font style><= font style>US domestic long steel prices flat, wire rod maintains premium = with Liberty status still murky 

Thursday, 31 October 2024 22:01:15 (GMT+3) | San Diego 

US domestic rebar prici= ng was reported steady this week, while wire rod pricing maintained its sup= ply-inspired premium this week due to Liberty Steel's continued halt in pro= duction. 

&quo= t;The recent price jump seems to have been successful (for wire rod), at le= ast for now," one market insider told SteelOrbis this week. "Libe= rty Steel claims they will resume production, but until we hear a realistic= assessment there is still skepticism surrounding this outage." <= /font>

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As Liberty Steel co= ntinues to cause disruptions in the local markets, most spot market wire ro= d transactions were reported this week at $39.00-41.00/cwt. ($780-820/nt or= $860-904/mt), or an average of $40.00/cwt. ($800/nt or $882/mt), unchanged= from a week earlier. 

In the weekly rebar spot markets, domestic supply on a FOB mill ba= sis is assessed with most transactions discussed at $34.50- 37.00 cwt. ($69= 0-740/nt or $761-816/mt), although on average $35.75/cwt. ($715/nt or $788/= mt), unchanged from seven days ago. 

As the November 4 US elections near, market insiders= note many market participants remain uncertain about the market due to the= anticipated election results. 

"Right now, uncertainty in the market remains high b= ecause of the US presidential elections," said another rebar trader. &= quot;Things should be better once we know the election results." =

=
In the longer term= , issues relating to yearly tax liability also are affecting spot market ac= tivity. Insiders say market purchases during the months of November and Dec= ember could be reduced as suppliers draw down existing inventories of long = steel to avoid mandatory tax on supply that remains on the ground as of Jan= uary 1. 
"= ;Everyone is looking to 2025 deliveries because of the inventory tax coming= up at the end of this year," said a US Gulf Coast rebar dealer. As a = result, fewer people overall, are interested in November and December suppl= y."

<= div>=
=
=
<= /font>
US import long= steel prices flat amid reports of increased mill discounting, Liberty plan= t status unclear 

Thursday, 31 October 2024 21:57:20 (GMT+3) | San Diego =

=
US import rebar and wire = rod pricing was flat this week following slightly higher pricing this past = week, as reports of aggressive mill discounting programs mount, even as the= status of Liberty Steel's 700,000 ton per year steel plant in Peoria, Illi= nois remains unclear, market insiders told SteelOrbis this week. 

With communications fro= m Liberty Steel officials limited to security guards at the Peoria facility= , it remains unclear at this time whether the facility will restart followi= ng recent operational shutdowns. 

"No, the plant is not producing wire rod," = said one security official at the plant gate. "You're guess is as good= as mine whether the plant will restart." The official referred SteelO= rbis to a senior VP at the facility, who did not immediately return calls.&= nbsp;

Market inside= rs said last week that the expected loss of nearly 350,000 tons per year of= dedicated wire rod capacity was causing domestic wire rod suppliers to rai= se prices, thus making imported products more price competitive, they said.=  

<= /font>
"Wire r= od prices have risen steeply because of Liberty," remarked one US Gulf= Coast long steel market insider. "Nobody really knows just what the h= eck is going on. Some are saying the plant could resume operations in mid-N= ovember, others are saying it could be as late as mid-January, while still = others are saying the plant may not come back at all because of undisclosed= financial issues." 

"The Liberty situation is causing a bit of a panic with so= me customers in the wire rod markets," said another wire rod importer.= "We're hearing a minimum of $40.00/cwt. for domestic wire rod, which = is making more room for imports to gain market share." 

Imported wire rod mesh on a = DDP loaded truck basis US Gulf Coast is reported unchanged versus seven day= s ago at $37.00/cwt. ($740/nt or $816/mt), though up from $35.75/cwt. ($715= /nt or $788/mt) a week before. 

Even as some mills raise wire rod prices, pricing for imp= orted rebar remains flat as US mills discount pricing to maintain market sh= are against now pressing imports.


On the import rebar front, prices remain flat with suppli= es to the US Gulf Coast on a loaded truck basis discussed at $36.75-37.50 (= $735-750/nt or $810-827/mt), though still up from $36.50-37.50/cwt., ($730-= 750/nt or $805-827/mt) on October 7. Trading remains light for US East Coas= t import rebar with ranges also noted steady to a week ago at $36.75-37.25/= cwt., though up from $36.00- 36.75/cwt. ($720-735/nt or $794-810/mt) two we= eks earlier. 

= Import rebar prices from Egypt and Algeria are also flat on the week at $37= .00-38.00/cwt. ($740-760/nt or $816-838/mt) versus earlier trades three wee= ks earlier at $35.50-37.00/cwt. ($710-740/nt or $783-816/mt). Import rebar = from Turkey is talked flat at $36.75/cwt. ($735/nt or $810/mt) though still= up from $36.00/cwt. ($720/nt or $794/mt) several weeks ago. 

Delivered rebar from Mexico= vicinity Houston, Texas, is discussed flat once again at $36.00-37.00/cwt = ($720-740/nt or $794- 816/mt), compared with $36.25-36.75/cwt. ($725-735/nt= or $799-810/mt) two weeks earlier. 

Geopolitical considerations also are a factor in rec= ent low demand for finished steel products such as domestic rebar and wire = rod. Market insiders told SteelOrbis that next week's US presidential elect= ions should ease mounting uncertainty about US steel market growth starting= in 2025. 

In = the US domestic market, wire rod pricing remains flat at $39.00-41.00/cwt. = ($780-820/nt or $860-904/mt), or an average of $40.00/cwt. ($800/nt or $882= /mt), up from an average $36.50/cwt. ($725/nt or $805/mt) two weeks ago.&nb= sp;

At last report, Novem= ber scrap is seen strong sideways in most regions to as much as $20/gt ($20= .48/mt) higher in the Chicago and Detroit vicinity, scrap market insiders t= old SteelOrbis this week. Scrap prices are still expected to strengthen in = November because steel mills will have a reduced number of their facilities= idled due to the completion of planned maintenance outages next month vers= us October, market insiders said.

<= span>
US = November scrap prices now seen sideways to potentially lower as multiple mi= lls cancel orders 

Frid= ay, 01 November 2024 16:45:46 (GMT+3) San Diego 

US domestic scrap pricing for the month = of November is now seen trending sideways to down, as many mills are report= ed to have issued cancellation orders on October 30, for as of yet undelive= red October scrap, indicating potentially limited demand for November scrap= during next month's buy-cycle, market insiders have told SteelOrbis this w= eek. 
<= br>
The Nove= mber scrap outlook is in stark contrast to seven days ago, when the Novembe= r market was seen strong sideways to as much as $30/gt higher, mostly on an= expectation for increased mill buying as many plants returned from schedul= ed maintenance. outages. 

"Recent global steel market pricing is not sticking,"= a Midwest scrap insider told SteelOrbis, adding, "As a result, the ne= xt thing the US mills are going to do is take it out of the price of Novemb= er scrap." 

SteelOrbis reports indicate Turkish deep sea scrap trades concluded on C= FR basis at $363/mt, down from recent highs at $388/mt CF after Chinese sti= mulus measures. Insiders said the market is currently likely "at the b= ottom." 

= Insiders said next week's US presidential election is also increasing uncer= tainty in the markets and so far it remains unclear how either political pa= rty's policies will affect the US steel markets. 
<= div>
And while October scrap was priced larg= ely based on the geographic region, it appears scrap grades and their perce= ived supply levels will be more important for pricing this time. 

"Offers from deale= rs on shredded scrap are seen really tight this month," the Midwest sc= rap dealer said. "Flows are just not coming in for some areas like the= Mid-South and Upper North," he commented. 

"The cancellation letters are a con= cern, but nobody's really very sure at this point where the market's going = to head, he noted, adding, "This whole year's been an uphill battle.&q= uot;

"Last week, the markets for = November were calling for scrap to be up," another insider remarked to= SteelOrbis. "Now, it's looking like there's some softness out there, = because demand is just not good. So far, we've seen canceled orders from Nu= cor and Steel Dynamics, while we're expecting the same from North Star Blue= Scope very soon," he added. 

Last week, larger scrap dealers were heard to be call= ing the markets sideways for November amid reports many were either stockpi= ling large amounts of inventory, preparing for some upside in the near term= , or had large inventories on the ground because they were unable to move t= he product fast enough. It is now clear to SteelOrbis that the latter was t= he case. 

&quo= t;I guess this just goes to show you how fast the markets can change,"= said one SteelOrbis scrap market insider source. "While the market wa= s called strong sideways to higher last week, as of last night cancellation= orders have been sent out and many mills are full of scrap, with the best = case scenario looking sideways to potentially lower right now." <= /font>

<= /span>
Another key downsid= e consideration mentioned last week was that since November and December ar= e holiday months in the US. "Demand for scrap is a bit more limited,&q= uot; as the insider told Steel Orbis. Spot market activity is expected to b= e limited on Thursday and Friday, November 28-29, while Christmas will limi= t spot trading for a more considerable period. Trading is expected to remai= n light from Monday, December 23, through Tuesday, January 2. <= /span>

<= /div>
Based on a sideways to low= er November scrap call, Ohio Valley busheling scrap on a delivered to custo= mer basis for November is forecast to be at or below the October levels whi= ch settled at $375-395/gt ($381-401/mt), while shredded grades are seen at = $370- 380/gt or $376-386/mt. HMS 1 is likely to settle at or below the Octo= ber settled level of $340/gt or $345/mt, while P&S is expected to settle at= $365-375/gt or $371-381/mt at the close of the November buy-cycle.<= /span>
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