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Steel Market Update produces weekly price assessments, news, and analysis of market trends affecting prices and sentiment on the US steel market.
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Final Thoughts
We had an October surprise here at SMU on Wednesday. I was working from the CRU office in Pittsburgh, and the internet connection briefly went out. As luck would have it, that happened smack in the middle of a live Community Chat webinar.
Fortunately, my colleague David Schollaert stepped in, Zekelman Industries CEO Barry Zekelman rolled with the punches – and the show went on.
Could there be any more October surprises in store for us and for the steel market?
SDI presses on with steel, aluminum investments
Steel Dynamics Inc. remains optimistic about its prospects as it ramps up flat-rolled steel operations and prepares for the production of aluminum products next year.
Executives from the Fort Wayne, Ind.-based steelmaker provided an update on the company’s operations on a conference call on Thursday held to discuss SDI’s third-quarter earnings results.
CMC earnings slide, but still near top mark
CMC Fourth quarter ended Aug. 31 2024 2023 Change Net sales $1,996.1 $2,209.2 -9.6% Net income (loss) $103.9 $184.2 -43.6% Per diluted share $0.90 $1.56 -42.3% Full year ended Aug. 31 Net sales $7,925.9 $8,799.5 -9.9% Net income (loss) $485.5 $859.7 -43.5% Per diluted share $4.14 $7.25 -42.9% (in millions of dollars except per share) […]
HR futures: Support fails as market slows ahead of election
After a relatively stable and boring September, CME hot-rolled coil (HRC) futures have been on the move lower thus far in October. Since Sept. 30, the November and December futures have declined $63 and $65, respectively, with the curve’s contango steepening.
Apparent steel supply eases in August
The volume of finished steel entering the US market declined in August from July, according to SMU’s analysis of data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Referred to as ‘apparent steel supply,’ we calculate this monthly rate by combining domestic steel mill shipments and finished US steel imports and deducting total US steel exports.
October scrap tags inch up, market past bottom?
Scrap prices ticked up in October outside of Chicago and Detroit, scrap sources told SMU.
US, offshore HR prices trend lower together
US hot-rolled (HR) coil prices slipped again this past week, mirroring movement in offshore markets. This kept domestic tags marginally higher than imports on a landed basis.
SMU Community Chat: Barry Zekelman champions domestic steel
Domestic steel champion Barry Zekelman joined SMU to discuss the latest issues impacting the US steel market.
SDI posts lower Q3 profit, sees better times in ’25
Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices.
The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.
SMU Community Chat replay now available
The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]
Steel market chatter this week
Prices, demand, inventories, evolving market events… What are buyers and sellers of steel talking about this week?
RMU: Ferrous scrap prices surge, mills hold firm
Last week, US mills entered the scrap market, albeit later in the month than usual. Now we know why. They were trying to buy sideways (whatever that means anymore).
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Pricing
Interactive Pricing Tool
Chart steel and scrap prices against key indicators with our Interactive Pricing Tool.
wdt_ID | Product | Low | Avg | High |
---|---|---|---|---|
1 | HR | 660 | 690 | 720 |
2 | CR | 900 | 940 | 980 |
5 | GI | 880 | 900 | 920 |
6 | AZ | 880 | 920 | 960 |
7 | PL | 860 | 915 | 970 |