On Friday November 8, 2024, Fastmarkets published MB-STE-0232 Steel scrap No1 busheling, consumer buying price, delivered mill Chicago, $/gross ton.

A trade group representing the US steel industry and a selection of executives with exposure to the automotive sector have highlighted their needs for the incoming second administration of new president-elect Donald Trump.

Steel market participants in both the North and Latin American markets are keeping tabs on the impact of trade relations with China in the aftermath of Donald Trump’s victory in the 2024 US presidential elections.

Cleveland-Cliffs expects 2025 to be a strong year for the company, citing decreasing interest rates, certainty after the US elections and an increase in manufacturing onshoring, top executives said in the company’s third-quarter earnings call on Tuesday November 5.

The polls officially opened in the US on Tuesday November 5 for the presidential election pitting incumbent Vice President Kamala Harris and former President Donald Trump.

Asian steel hot-rolled coil prices have had difficulty rising in recent weeks due to a number of major themes in the market, sources told Fastmarkets.

Fastmarkets’ weekly price assessments for Polish long steel were published on Thursday October 31, one day ahead of schedule due to a public holiday in Poland on November 1.

Jinnan Iron & Steel Group is the latest company to join the push to expand China's steelmaking footprint in the Middle East and is working with Brazil's Vale to establish an iron ore concentration plant at the Sohar Port and Freezone in Oman, Fastmarkets understands.

China and India are ramping up electrical steel production through new joint ventures and acquisitions to meet rising global demand and sustainability goals.

A new Chinese state-owned enterprise (SOE) called China Resources Recycling Group (CRRG) has been established to build a national platform for recycling and reusing resources, according to an announcement from Chinese officials on October 18. While details of the company's specific plans remain scarce, market participants remain concerned about weak market fundamentals, sources told Fastmarkets..