Steel Prices remain flat in thin trade

NEW DELHI: The local steel market remained flat today as prices continued to trade in a narrow range in limited deals and settled around previous levels. 

Traders said scattered deals against sufficient stocks position mainly kept steel prices unaltered. 

The following are today's quotations per tonne: Saria Kamdhenu: 8-mm 49,100, 10-mm 47,700, 12-mm 46,700, 16-25 mm 47,300 

Saria Jai Bharat (TMT): 8-mm 45,800, 10 mm 45,500, 12-mm 44,700, 16-25 mm 44,900. 

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Iron ore prices rise to highest level in five months as Chinese steel makers re-stock

Iron ore prices have leaped to their highest level in five months.

The data provider Steel Index says the rise is on the back of heavy steel re-stocking in China, fuelled by an improvement in its property sector.

Prices reached US $141.80 a tonne.

Philip Kirchlechner says there are a complex array of factors driving the price rise which did not happen overnight.

"Steel mills in China are a huge factor in iron ore demand, stocks have been fairly low, about 20 days worth of supply, whereas typically steel mills are 30 to 40 days, so they have been running low.

"Often steel makers run them down to try and avoid purchasing iron ore in the hope prices are coming down, they haven't and therefore they're getting caught short, and that causes buying to increase again and the price to spike."

He says this time the steel mills appear to have got their calculations wrong.

"It's a question of having enough buffer and that's not always easy to plan because as iron ore prices are much more volatile than they used to be, Mr Kirchlechner said."

"Steel makers are trying to watch their costs and they're trying to time purchases in a way that they can minimise costs but, by doing that, they sometimes miscalculate and end up with too less of a buffer."

Patersons Securities' Rob Brierley says other factors have also played a part.

"I think China hasn't stocked up as much as it has in the past, it's running a leaner inventory system, [and] there's been a lot of wet weather in Brazil which has impacted on production from Brazil," he said.

Price spike

This is just one price spike in what's been a buoyant few months for iron ore miners.

And it's flying in the face of predictions the price could fall below US $100 a tonne later this year.

While Mr Brierley admits initial predictions of a dramatic price fall were probably slightly overstated, he's still anticipating the price will moderate towards the end of the year.

"I don't expect it to drop off the cliff so to speak," he said.

"I think there's reasons why it should be a little bit softer this year than say last year but I would expect the price to moderate in the September and October period.

"We are transforming, there are a number of expansions that Rio Tinto and BHP have done and what Vale in Brazil are doing, and that will increase supply.

"So there are a lot of forecasters out there saying there will be a glut of supply coming on next year and the year after."

Mr Brierley says China is moving into a new phase of slower growth but it will still need steel.

"China is transitioning from a construction driven economy to a consumer driven economy so that means steel demand will airball or consumption will slow down but it's still very strong and not expected to peak until 2020," he said.

Iron ore miners are expected to report some of the best annual results this reporting season.

Floor price

Up and coming WA miner, Equatorial Resources, is developing mines in Africa.

The company's John Welborn says he thinks the last few months are evidence the doomsayers were wrong about the iron ore price.

"I think the pessimism over over supply and the view the volatility in iron ore prices is going to lead to much lower prices in the future has been overdone and that's evidenced by the current buoyant prices," he said.

"We have always thought there is a floor that sits under the price at around $110 or $120 a tonne on a long term basis."

Mr Brierley says if the price drops below US $100 a tonne, Chinese iron ore miners are likely to go out of business.

"At the top end of the cost curve, there's a lot of Chinese domestic supply so if the price falls below $100, then the Chinese domestic supply will fall away before the Australian or Brazilian supply," he said.

"So, I see there being a price shield around $100/$110."

Mr Kirchlechner believes there is also a general positive feeling about China but says the move to a spot market pricing system has brought more volatility.

"As we move from a benchmark system to a spot price system for iron ore we have much more volatility and we will continue to see the lows and highs," he said.

"I think generally speaking we'll be above $120 maybe $130 for the rest of the year but we will have our ups and downs."

Chinese authorities have released new data warning steel demand could fall later this year because of its slowing economy and some struggling steel mills could go out of bussiness.

Steel prices

NEW DELHI, AUG 10:  

Quiet conditions persisted on the local steel market today as prices moved in a narrow range on lack of worthwhile activity from constructions units in view of adverse weather conditions and settled around previous levels.

Traders said lack of worthwhile activity from constructions units following adverse weather conditions mainly kept steel prices unaltered.

The following are today’s quotations per tonne: Saria Kamdhenu: 8-mm 48,800, 10-mm 47,300, 12-mm 46,300, 16-25 mm 46,900.

Saria Jai Bharat (TMT): 8-mm 45,400, 10 mm 45,100, 12-mm 44,400, 16-25 mm 44,700.

Amba shakti (TMT): 8-mm 45,400, 10-mm 43,100, 12-mm 42,100, 16-25 mm 42,600.

MS Angle: (50x5) (50x6) 42,000, (40x5) (40x6) 42,800. Angle Capital (ISI) (40X5) (40x6) 43,800, (35X5) (65X6) 33,900. Girder 125X65 39,300.

Institute of scrap recycling industries

The Institute of Scrap Recycling Industries (ISRI) is a private, non-profit trade association representing more than 1,600 private and public for-profit companies – ranging from small, family-owned businesses to multi-national corporations—operating at more than 6,000 facilities in the United Statesand 30 countries worldwide. Its membership is made up of manufacturers and processors, brokers and industrial consumers of scrap commodities, including ferrous and nonferrous metals, paper, electronics, rubber, plastics, glass and textiles. ISRI's associate members include equipment and service providers to the scrap recycling industry. Manufacturers and sellers of equipment and services—such as shredders, balers, cranes, cargo transporters, computer systems and more—also promote the scrap recycling industry through their membership in ISRI.

ISRI advocates for safety and responsibility in many different areas of the scrap recycling industry – Metals Theft, Electronics Recycling, occupational safety and regulatory compliance of its members. The organization also publishes periodic research on the recycling industry.

The trade organization operates a number of regional chapters, policy and networking events and an annual conference.

With a motto of the “Voice of the Recycling Industry,” ISRI promotes public awareness of the value and importance of recycling to the production of the world’s goods and services, along with the positive environmental benefits derived from scrap recycling. As part of this effort, ISRI advocates on behalf of the industry before the U.S. Congress, federal and state agencies, state governments and international bodies to help ensure the free and fair trade of scrap commodities globally.

ISRI also educates the public about how the scrap recycling industry is uniquely positioned to meet the challenges of today’s world — a leading economic engine for the world providing real solutions that help protect and sustain the earth’s environment.

ISRI also publishes Scrap, a bimonthly magazine of scrap recycling industry news, features, trends, market statistics, business management, environmental compliance, legislative activities, scrap processing and handling equipment and technology, international market and trade developments and more. Each issue also contains a profile feature on a scrap processing company, a scrap consuming operation, and an equipment manufacturer. Regular departments cover market trends, industry news, new products, personnel changes, and industry meetings.

Economic Times reported that domestic steelmakers like JSW Steel and Essar Steel have decided to increase prices this month, a decision the private firms say has been forced by a rise in input costs due to the sharp depreciation in the rupee.

The price hike comes even as companies are facing slow demand for auto and consumer grade steel.

An Essar Steel official said that "We have no option other than to raise steel prices. With coal and natural gas prices going up, rupee depreciation has adversely hit us adding that the company was looking to increase prices by INR 1,000 to INR 1,200 per tonne.

JSW Steel marketing director Mr Jayant Acharya said that "We are looking to increase prices across product lines. We are in discussions with customers on this and will decide on the quantum of the hike shortly. A combination of factors had prompted steelmakers to increase prices despite the slowing domestic demand. International steel prices have bottomed out and raw material prices are inching up. To top it up, rupee volatility has erode

d margins.”

Source - Economic Times

Ferrous metal scrap prices

ALUMINUM 4/23/13 thru today Subject to change without notice. Prices can change quickly, call to confirm and verify! Aluminum Cans: 1 - 49 pounds: 42 cents per pound Over 50 pounds: 44 cents per pound Current Price under 50 pounds Current Price for 50-200 pounds Ask about 200#+ price Cast, clean 50 52 Contaminated Cast 20 22 Heavily Contaminated Cast 10 or less Aluminum Foil no pay Aluminum Wire: EC Wire (clean, bare, aluminum wire) 60 62 ACSR (aluminum wire with steel strands) 25 27 Poly-triplex (aluminum wire with insulation) 25 27 Extrusions: 6063 Painted 52 54 6063 Unpainted 60 62 6061 Painted 52 54 6061 Unpainted 60 62 95% aluminum, less than 5% contamination, painted or unpainted 40 42 Irrigation Pipe 52 54 (Legally we can only buy irrigation pipe from farmers and/or businesses. Please call for more details). TIE (Thermal Insulated Extrusion) 30 32 Sheet: Painted 44 46 Unpainted 46 48 Irony or Contaminated (65% aluminum or higher) 20 22 Heavily Contaminated (35% aluminum or higher) 10 or less Litho Aluminum 55 57 Aluminum Wheels/Rims (car, truck) 60 62 BATTERIES (lead acid) Current Price Vehicle (each, see notes below) $8.00 For over and undersized batteries, we pay 23 cents per pound. For over 200 pounds we pay 26 cents per pound. The average car or pickup battery typically weighs 35 pounds. 5 or more: $9.00 BRASS Current Price under 50 pounds Current Price for 50-200 pounds Ask about 200#+ price Yellow Brass $1.60 $1.65 Contaminated Brass (80% or more brass) 80 85 CATALYTIC CONVERTERS (See Info) varies widely COPPER Current Price under 50 pounds Current Price for 50-200 pounds Ask about 200#+ price Bare Copper: #1 Bright & Shiny wire $2.60 $2.65 #1 Regular wire, Tubing, Solids $2.50 $2.55 #2 Tubing & wire $2.40 $2.45 Insulated Wire: #1 Wire - 85% recovery $1.60 $1.65 #1 Wire - 65% recovery (example: Romex) $1.35 $1.40 #2 Wire - 85% recovery $1.45 $1.50 #2 Wire - 70% recovery $1.35 $1.40 #2 Wire - 55% recovery (example: extension cords, ends removed) $1.05 $1.10 #2 Wire - 45% recovery (example: ethernet/data cable) 90 95 #2 Wire - 35% recovery 50 55 #2 Wire - 25% recovery (example: Christmas Lights, phone cords) 23 25 Microwave Cable 95 $1.00 Aluminum BX Wire 85 90 Steel BX Wire 20 22 DIE CAST (Pot metal) Current Price under 50 pounds Current Price for 50-200 pounds Ask about 200#+ price Die Cast 25 27 Contaminated (including carburetors) 8 10 MOTORS STARTERS/ALTERNATORS Current Price under 50 pounds Current Price for 50-200 pounds Ask about 200#+ price Electric Motors 20 22 Starters/Alternators 28 30 FILM Current Price Printer or Litho film Call for Price X-ray film - (price depends on year/use) Call for Price IRON AND STEEL Clean Iron and Steel NO PAY NO CHARGE Appliances: we do charge for these items. For more details, please visit our appliance page. LEAD Current Price Under 50 pounds Current Price for 50-200 pounds Ask about 200#+ price Clean/soft 25 27 Lead w/ iron or contaminants 12 14 Wheel weights 12 14 PALLETS (see the pallet page for sizes and prices) PAPER Current Price Light Colored Ledger paper 1 cent White Ledger/copier/computer paper 1 cent Corrugated Cardboard (loose) half a cent Corrugated Cardboard Bales Call for Price Phone Books half a cent Newspaper 2 cents Name brand moving boxes in good shape and flattened. Must be separated from other corrugated cardboard to receive bonus. 15 cents Magazines and Slick Catalogs half a cent See our new Paper Recycling page for more details! RADIATORS Current Price under 50 pounds Current Price for 50-200 pounds Ask about 200#+ price Clean Aluminum Copper Radiators $1.20 $1.25 Contaminated Aluminum Copper Radiators 90 95 Clean Brass/Copper Radiators $1.62 $1.67 Contaminated Brass/Copper Radiators $1.05 $1.10 Clean Aluminum Radiators 42 44 Contaminated Aluminum Radiators 20 22 STAINLESS STEEL Current Price under 50 pounds Current Price for 50-200 pounds Ask about 200#+ price Stainless Steel 40 42 over-sized pieces 3 1/2' & larger 30 32 Contaminated (80% Stainless S

teel) 15 17