Steel prices have been all over the place the past couple of years now!
When we look back HMS #1 steels price (heavy melt steel) the past two years we can see a lot of peaks and valleys.
In April 2020 we saw it at $190 /gt and then just two years later on April 8 2022 we saw HMS #1 at its high of $520 /gt. And now currently for the month of June we are at $310 /gt. This just shows the crazy volatility in the steel market
There is some positive news though, even though we are down $20 /gt from last month for HMS #1, three of the biggest steel makers have raised their products price by $50 /nt!
This is a bit surprising because this is the first increase after a pretty steady decline of decreases.
This gives us hope that the decline in scrap price for HMS #1 should at least stabilize in July! But you can never tell with these crazy markets because export demand still seems to be a bit light.