The Global Steel Climate Council (GSCC) has released a statement ahead of this month’s G7 climate meetings. GSCC said that the International Energy Association (IEA) has indicated that a concise carbon emissions measurement standard for the steel industry is imperative for achieving global climate goals. G7 leaders were encouraged by the IEA to focus on […]
The Dodge Momentum Index (DMI) dropped 8.6% in March to 183.7 from the revised February reading of 201.0, according to data and analytics from the Dodge Construction Network (DCN). Also last month, the commercial component of the DMI fell 6.6%, and the institutional component slumped 12.9% in the same comparison. “We are predicting the Dodge Momentum Index […]
Both SMU’s Steel Current and Future Buyers Sentiment Indices have increased from two weeks ago, according to SMU’s most recent survey data. The Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s ability to be successful in the current market, as well as three to six months down the road. Every other […]
The latest SMU Market Survey results are now available on our website to all Premium members. After logging in at steelmarketupdate.com, visit the Analysis tab and look under the “Survey Results” section for “Latest Survey Results.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
After working in the steel industry for nearly six years, I’m comfortable with my knowledge about flat-rolled products. I do enjoy talking about the market and furthering my steel education any chance I get. Back in October 2022, I attended the Steel 101 training in Corpus Christi, Texas. It was nice to chat with metallurgists […]
The appeal for imports of hot-rolled coil (HRC) remains strong even as US price gains have slowed, according to SMU’s latest foreign vs. domestic price analysis. And while we haven’t seen an official mill pricing notice in nearly three weeks, domestic tags continue to inch higher towards the targeted base price of $1,200 per ton […]
Nucor’s new plate mill in Brandenburg, Ky., reached another milestone earlier this month with the casting of its first slab on its new continuous caster. The SMS group, supplier of the single-strand caster, announced the milestone was reached on March 8. The caster, one of the largest in the world with an annual production capacity […]
Commercial Metals Co.’s (CMC’s) net earnings slipped 53% in its fiscal 2023 second quarter compared with the same period a year earlier on weather issues and a planned outage. “CMC achieved strong financial results during the second quarter while managing a number of challenges, including weather-related shipment disruptions in our core geographies, costs associated with […]
Imported sheet and plate products’ arrival at US ports rose in January, leading their share of the US markets to recover, while domestic shipments varied during the month. That’s according to a Steel Market Update’s analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel Institute […]
The US Court of Appeals for The Federal Circuit has upheld Section 232 duties on steel tube and pipe from Turkey’s Borusan Mannesmann and its American subsidiary Borusan Mannesmann Pipe US. In a March 15 ruling the court affirmed an earlier opinion by the US Court of International Trade. Borusan had appealed the original decision, […]
Alro Steel has marked 75 years in business. Al Glick started Alro Steel with his brother Robert with one location in Jackson, Mich., in 1948. Now with more than 3,000 workers, the company has expanded to over 75 locations in 15 states. “We strive to be America’s premier metals, industrial supplies, and plastics service center,” the […]
Imports of hot-rolled coil (HRC) are becoming more attractive as US mills continue to drive domestic prices higher. The price advantage domestic HRC had enjoyed over offshore hot band as recently as five weeks ago swung negative, mirroring dynamics seen more than a year ago, according to Steel Market Update’s latest foreign vs. domestic price […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Monthly Key Market Indicators (KMI) improved over the past month, advancing repeatedly since hitting a recent low last November, according to the latest analysis by […]
Both of SMU’s Steel Buyers Sentiment indices – one measures current sentiment and another future sentiment – ticked upward, according to SMU’s most recent survey data. SMU’s Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s ability to be successful in the current market, as well as three to six months down […]
SMU’s Steel Demand Index indicates that the pace of growth has slowed down when it comes to apparent demand for flat-rolled steel in the US. The index is still above 50, which indicates improving demand. But it is down 6.4 points, following a similar weakening seen in the prior reading in mid-February. The back-to-back declines […]
Steel mill lead times are following prices as they continue to trend upward, according to SMU’s latest market survey. SMU’s hot-rolled lead time is approximately six weeks, up from 5.4 weeks in our last market check two weeks ago. The result is notable because it marks a second consecutive and significant gain. Recall that lead times had been steady just below […]
Steel buyers are finding mills much less willing to negotiate lower prices this week, according to SMU data. Respondents to our latest survey reported that most mills were unwilling to negotiate lower sheet prices. Some said plate mills were still willing to cut deals. Every two weeks, SMU asks steel buyers whether domestic mills willing to negotiate lower […]
Nucor Corp. will again keep plate prices unchanged with the opening of its April order book. The steelmaker has now repeatedly maintained its plate tags since its sharp price cut in late November when it lowered plate prices by $140 per ton ($7 per cwt). The Charlotte, N.C.-based steelmaker said the move was effective on […]
Reliance Steel & Aluminum Co. saw its best financial performance in 2022 on record-breaking sales of $17.03 billion, nearly 21% above 2021. The results were achieved “across nearly every metric during a period of continued metal price volatility and broader economic uncertainty,” Reliance president and CEO Karla Lewis said in earnings commentary released on Thursday, Feb. 16. […]
Ternium recorded narrower profits in the fourth quarter on lower steel prices and higher costs. The Luxembourg-based steelmaker, which operates primarily in Latin America, said it expected results to improve in 2023, echoing the comments of its competitors in their recent earnings releases. Ternium’s earnings financial results are in the table to the left. The […]
Sheet prices rose again this week as a blitz of $50-per-ton ($2.50/cwt) price hikes spurred the market higher. Steel Market Update’s hot-rolled coil price now stands at $825 per ton, up $15 per ton from last week and nearing the highest levels we’ve seen since late July. The difference: HRC prices were on their way […]
Nucor Corp. has joined the push to increase sheet prices by at least another $50 per ton ($2.50 per cwt). The Charlotte, N.C.-based steelmaker, the largest in the US, said the move was effective immediately for base prices on new orders. The company made the announcement in a letter to customers dated Friday, Feb. 3. […]
US Steel posted a drop in fourth-quarter 2022 profits partly attributable to lower flat-rolled steel shipment volumes and selling prices. But the Pittsburgh-based steelmaker nonetheless recorded the second-best annual profit in its history. “We are well-positioned for 2023. Our record cash and liquidity support a balanced capital allocation approach,” US president and CEO David Burritt […]
It’s always interesting to take a peek behind the curtain. For Michael Cowden, managing editor of Steel Market Update (Hey, that’s us!), it’s a common experience. As a seasoned journalist, Michael is no stranger to asking the tough questions. Multiple times a year he moderates panel discussions, live interviews, hosts workshops, and speaks at various industry functions. […]
Nucor Corp. has introduced its new sustainable, heavy-gauge steel plate “Elcyon.” The product will be made exclusively for the US offshore wind energy sector, and will be manufactured at Nucor’s new $1.7-billion ultramodern plate mill in Brandenburg, Ky. “By launching Elcyon at Brandenburg we have effectively created the first domestic supply chain of sustainable steel for our […]
Domestic hot-rolled coil (HRC) competitive price advantage over imported steel continues, gaining ground over the past week as foreign HRC prices accelerated, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 9% cheaper than foreign prices this week, doubling the roughly 4.5% mark from last week after consideration of […]
Cleveland-Cliffs said it is raising current spot market base prices for all carbon hot-rolled, cold-rolled, and coated steel products by a minimum of $50 per net ton ($2.50 per cwt), effective immediately with all new orders. The Cleveland-based steelmaker said it had seen increases in both pricing and volume from its automotive steel business since […]
Higher prices rolled out by North American sheet mills are gaining traction downstream, according to our latest survey results. Service centers report that they are raising prices to their customers. And manufacturers say they are seeing higher prices from their service center suppliers. Both trends are more pronounced than what we saw in late August […]
Sheet prices started out the year modestly higher. That’s what you’d expect given that Q1 is typically a busy and that scrap prices usually rise over the winter months. The question now is whether prices, which have been moving upward since Thanksgiving, continue to increase or whether the current upswing might prove to be a […]
The following article on the hot-rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Hot-rolled futures have pushed higher in year-end thin trading. December daily futures trading volumes hovered around 19,000 short tons (ST) per […]