text: The scrap market created a lot of buzz over the past two months that resulted in, so far, two domestic steel mill price increases totaling $60 per ton ($3.00/cwt). I got a note over the weekend from one of the national companies who told me about the scrap markets, “There is a sense the market is overextended at this point, especially on prime grades. I’m not sure we’ll necessarily see a significant pullback in April given ore-based metallics prices and robust demand, but a pause and/or slight pullback would not be surprising.”
  The scrap markets ended up as follows:
  HMS (heavy melt) = $275-$290 per gross ton
  Shredded scrap = $315-$330 per gross ton
  Prime grades (busheling) = $390-$415 per gross ton
  Pig iron has limited availability at $380-$395 per metric ton, New Orleans (NOLA).
  At the FMA Conference in New Orleans last week I asked SMA President, Philip Bell about the high tonnage of cold rolled and coated products still coming into the United States. He responded to my question and part of his answer referenced the amount of money the domestic mills are making on those two products as a reason why he did not believe there would be any more trade cases filed. Philip Bell will be participating in our 7th SMU Steel Summit Conference on August 28-30, 2017.
  A note about our Steel 101: Introduction to Steel Making & Market Fundamentals workshop. We are sold out for our April 11-12, 2017 workshop in Toledo, OH and we have a wait list building. The workshop coming up after Toledo will be in Fontana (Los Angeles), California and our tour will be of the California Steel Industries steel mill. We will advise the exact dates as we are working on hotels right now but we are aiming for late June to no later than mid-July 2017. We hope to have all the details on our website by the end of this week. If you have any questions feel free to contact us at: firstname.lastname@example.org.
  I will have more regarding a couple of the presentations from last week’s FMA/ASD Conference later this week. I am waiting for the Power Point presentations from a couple of the speakers.
  I will be in the office all week this week and I can be reached at: email@example.com or 800-432-3475.
  As always, your business is truly appreciated by all of us here at Steel Market Update.
  John Packard, Publisher
  Read more from John PackardLatest in Final Thoughts
  With the US presidential election decided, ‘wait and see’ has quickly turned into ‘we’re about to find out.’ Following Donald Trump’s victory, I had a chance to sit down with Kevin Dempsey, president and CEO of the American Iron and Steel Institute (AISI). He gave his thoughts on what he thought we might see in Trump’s second term in office, and what it means for steel.
  Votes were still being counted when this column posted on Tuesday evening. And I’d be surprised if we know who the president will be by the time some of you are reading it on Wednesday morning.
  Next week promises to be a big week for the country. Could even top the World Series (congrats to the Dodgers). As we all hold our breath to see what happens next, it’s a good time to reflect.
  It’s official. U.S. Steel has made the first coil at Big River Steel 2 (BRS2). We congratulate the company and all the hard work that went into achieving that milestone. USS said BRS2 would begin shipments to customers this quarter. And we’re assuming those volumes will increase into Q1'25.
  Nucor said it is seeking $740 per short ton (st) for hot-rolled (HR) coil this week, up $20/st from last week. USS, meanwhile, is shooting for up $30/st for sheet products in general. (USS did not announce a target price for HR.)