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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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Latest news
Goncalves says Cliffs still has interest in USS buy
Cleveland-Cliffs Inc. would still be interested in acquiring some or all of U.S. Steel’s assets, if the proposed deal by Nippon Steel stumbles, according to an article in Bloomberg.
Active rig counts slip in US and Canada
The number of active rigs in the US is now at the lowest level seen in over two years, while Canadian rigs have fallen to a four-month low.
CRU aluminum news roundup: Mexico puts tariffs on various products
Constellium reported its latest quarterly results for Q1’24. Adjusted Ebitda came in at €137 million (USD$147 million), down 8.6% year over year (y/y) amid revenue of €1.7 billion (USD$1.8 billion), down 12% y/y. Shipments totalled 380,000 metric tons (mt) in Q1, representing a drop of 2% y/y.
US CR tags still nearly 30% more than imports
Foreign cold-rolled (CR) coil remains much less expensive than domestic product, according to SMU’s latest check of the market.
SMU market survey results now available
The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, or if […]
SMU survey: Buyers’ Sentiment finishes April on the upswing
SMU’s Steel Buyers’ Sentiment Indices both rose this week to reach some of the highest levels seen this year.
GrafTech continues to bleed red due to weak demand
GrafTech is reporting weak near-term demand for graphite electrodes as economic uncertainty constrains steel production globally.
Price: Why have steel emissions policies forgotten about recycling?
Steelmaking currently accounts for approximately 8% of global greenhouse gas emissions. The only way to achieve net zero goals is to significantly reduce steel emissions worldwide. And there is no way to do that without recycling.
CRU: Size matters – BHP’s bid to be the global mining behemoth
If successful in its overtures to Anglo American, BHP will create the world’s largest diversified miner by a country mile. The rationale for this merger is scale and in mining, size matters.
Cliffs to post monthly spot HR price, starts with $850/ton
Cleveland-Cliffs said its base spot hot-rolled (HR) coil price will be $850 per short ton (st) with the opening of its June order book.
The company made the announcement in a press release and in a letter to customers on Friday.
SMU survey: HR, plate lead times slip as CR extends
Hot-rolled coil and plate lead times contracted this week, with most other products remaining flat, according to SMU’s most recent survey data.
Cold-rolled products, however, saw lead times extend 0.1 weeks to an average of 7.5 weeks vs. two weeks earlier. Hot rolled and plate lead times both contracted 0.3 weeks from our last market check.
HR futures: Activity muted amid quiet spot market
Week-over-week trading activity in US steel derivatives markets was relatively muted, with prices maintaining their downward direction since the beginning of the month.
Bids have materialized at the lower end of this range in the May, as the nearby backwardation continues to roll on – just as we saw with April being a premium over May.
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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 | 785 | 815 | 845 |
2 | CR | 1,100 | 1,130 | 1,160 |
5 | GI | 1,100 | 1,130 | 1,160 |
6 | AZ | 1,080 | 1,110 | 1,140 |
7 | PL | 1,160 | 1,225 | 1,290 |