Big news in the steel market as new mill prices have been established for the month of March!
After the year in 2022 in which we saw steel prices get progressively worse as the year went on, we have seen a complete turnaround of steel prices in 2023.
For example HMS #1 has been on a steady increase from $320 per gross ton in December, $350 in January, $370 in February, and now $400 per gross ton in March.
For busheling it’s a similar trend and that number is now at $520 a gross Ton for March.
This steady increase has everyone excited for the prospects of steel in 2023!
On the non-ferrous front everyone still in a holding pattern and it’s all FED related.
Todays job report numbers were strong for the economy but one thing that might keep the fed happy and keep the rate increases low next week is that the unemployment rate jumped for 3.4% to 3.6% this month.
Our team is very excited for the March FED meeting on the 22nd to see if it’s a .25 or .50 increase.
That decision will be a big mover for non ferrous metals in the next few weeks!
