Product
August 27, 2022
Written by David Schollaert
As we’ve done in past years during Steel Market Update’s (SMU) Steel Summit Conference, we sought to gauge the mood of the room, particularly how those in attendance see the steel market developing over the next year.
This year, the 12th annual edition of our Summit, we polled nearly 1,300 attendees about where prices and demand would be come August 2023.
Sheet and plate prices continued to inch higher on a combination of scarce spot tons, long lead times, lean inventories, and stable demand.
Canton, Ohio-based specialty metals manufacturer Metallus has been awarded a contract valued at up to $995 million by the US Defense Logistics Agency (DLA), part of the Department of War.
U.S. Steel is investing $28.3 million in its Great Lakes Works in Michigan, with upgrades planned for its pickle line during a 30-day outage starting in October.
The result comes after Mexico’s Ministry of Economy completed a five-year sunset review of the anti-dumping duty (AD) order on imports of hot-rolled (HR) sheet from Russia and Ukraine.
There has been sustained export activity from the US on both the East and West Coasts. Prices have continued to rise, influenced by several factors, including elevated freight costs and firming markets in exporting countries.