Final Thoughts
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Final Thoughts
Written by John Packard
December 6, 2019
On Friday, SSAB announced another plate price increase. Plate buyers were putting the new “aim to” base price around $700 per ton. Plate prices have been stubborn to move higher. SMU will watch momentum carefully this week to see if prices have finally turned the corner. This weekend I am in New Orleans attending HARDI’s annual conference. I spoke to the sheet metal council this morning about the market and risks that the wholesalers need to consider.
One item I discussed was the spread between hot rolled base pricing and that of galvanized steel. The current spread based on our indices is $190 per ton–well above the historical norms of $100-$140 per ton. We saw huge spreads in the recent past only to have them crash to under $100 per ton.
I also spoke about our Service Center Inventories Flash Report, which was provided to data providers on Friday. There are some definite movements in inventories, and we expect them to continue. To learn more, you will need to become a data provider. You can make a request by contacting Estelle Tran at Estelle.Tran@crugroup.com or myself at John@SteelMarketIpdate.com
I saw an exceptional speaker on leadership and maintaining millennials in your company. I hope to attract him to one of our 2020 conferences.
Speaking of which–mark your calendars as our 2020 SMU Steel Summit Conference will be held on Aug. 24-26. We will begin our pre-summit workshops at 10 a.m. on Monday, Aug. 24. More details will be coming out soon.
As always, your business is truly appreciated by all of us here at Steel Market Update.
John Packard, President & CEO
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John Packard
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Final thoughts
Sheet prices didn’t roar back after Labor Day. But steel market news sure came out of the gate strong (or maybe chaotically is the better way to put it). First, the nearly $15-billion proposed sale of U.S. Steel to Nippon Steel exploded into the news. And when I say exploded, I mean that all sides seem to be escalating things now.
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Final thoughts
Welcome back from Labor Day, from Steel Summit, and from whatever fun you might have had over the long weekend. Personally, I enjoyed camping with friends and family near Starved Rock. No one starved, there were no major injuries, and we enjoyed the many splendors of Mystical Fire. (Speaking of which, does that have industrial uses? But I digress.)
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Final thoughts
I want to say a huge ‘thank you’ from all of us at SMU to all of you (more than 1,500!) who attended Steel Summit this year. We appreciate you taking time out of busy schedules to join us – whether that was up on stage, submitting thoughtful questions, or catching up over a drink and bite to eat. Also, a bit shoutout to everyone at SMU and at CRU who made this event possible. It’s no understatement to say that we have a fantastic team.
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Final thoughts
Day one and two of SMU's Steel Summit 2024 are officially in the books. We covered a lot of ground, and the agenda sure did deliver.
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Final thoughts
The big show is just about here. SMU Steel Summit will be getting underway on Monday. Where does the networking begin? I’d say at the airport. So don’t forget your business cards. And it can't hurt to wear a company golf shirt.