Special Edition 

INPUT COSTS REACHING RECORD BREAKING HIGHS PROMPTING RAPID PRICE INCREASES FROM MILLS

• March prime scrap recorded the largest month-over-month increase ever
  and puts prime scrap pricing at its highest level since August 2008.
• Zinc pricing continues to climb sharply as skyrocketing energy prices are affecting smelters around the globe, particularly in Europe.
• Spot iron ore pricing climbed this week to a 6-month high, coming in above $160/mt.
• Met coal pricing continues to see significant price increases as well, with Pacific basin met coal pricing climbing to a fresh all-time high.
• These record high inputs are putting a floor on steel pricing, with Nucor recently announcing a second round of flat rolled price increases this week.
• The most recent increase, minimum of $100/ton, followed the initial increase
  of $50/ton.

Sources:
Platts, Spot Iron Ore: March 10, 2022
Platts, Coking Coal Price: March 10, 2022
London Metal Exchange, Weekly Zinc Price and Inventory Report: March 10, 2022
Prime Scrap Price: Market Conversations: March 10, 2022
Nucor Price Increase Announcement Memo. March 7, 2022