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Market Update | January 25, 2023

Mortgage applications increased 7.0% from a week ago, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The Refinance Index increased 15% from the previous week, but still 77% lower than the same week one year ago. The Purchase Index also increased 3% from one week earlier as mortgage rates declined for the third straight week. This is good news for potential homebuyers looking ahead to the spring home buying season

Market Update | January 18, 2023

The Chicago #1 busheling scrap price settled at $425/gt in January, up $60/gt from December. This puts scrap at its highest level since July. The stronger than expected move in scrap pricing will continue to provide upward momentum to this recent finished steel price bounce.Cleveland Cliffs announced new increased pricing to start the week, raising prices $50/st from their previous level. This is the third increase during the current upward cycle for Cliffs, raising prices $160/st since the end of November. The latest increase pushes HRC pricing to $800/st.

Market Update | January 11, 2023

The Chicago #1 busheling scrap price settled at $425/gt in January, up $60/gt from December. This puts scrap at its highest level since July. The stronger than expected move in scrap pricing will continue to provide upward momentum to this recent finished steel price bounce.

Market Update | January 3, 2023

Natural gas pricing has dropped with the sharp thaw across most of the Northern Hemisphere helping push prices lower. Pricing is currently at $3.99/mmbtu, down over 25.0% over the last two weeks and is below $4.00/mmbtu for the first time since the Russian invasion of Ukraine. Cheaper gas is good news for households and manufacturers whose budgets have been impacted by high fuel prices. Falling natural gas prices should also help cool inflation in the months ahead.