-Suppliers are showing discipline, determined to get most, if not all, of the second round of price increases.  At least one mill is breaking from the peloton quoting HRC base in excess of $ 700.

-It is difficult to see considerable further upside in pricing from here.  The yawning gap between North American pricing and the rest of the world expands with each increase and this disparity should prove irresistible to importers and their customers.

-We’ve said it before in this space– the global market and input commodities can sometimes be overshadowed by temporary regional/continental events, but North America is an island only geographically. 

-For the next few weeks, all eyes will be on the labor talks at ArcelorMittal.  The minute those contracts are settled, market-watchers will look with renewed focus on global steel production.

-Friday was a very quiet day in HRC futures. Spot steel billet up 1.4%.  Rebar futures up 0.8%

-Turkish integrated long steelmaker Kardemir has increased its bar prices on the back of higher scrap prices and better demand in the domestic market. Scrap hikes globally.  Turkish mill prices heard to be as high as $418/ton (SW) Japanese scrap prices jump $25.5/mt. 

-Iron ore prices down about 0.5%; down $2.5 week over week and Zinc down 1%.

-China’s worst growth since the collapse as the economy only grew 7.6% in Q2. Chinese HRC export prices continue downward trend falling to around $535-$550/ton. Buying interest is reported to remain thin.