US heating and cooling equipment shipments increased in December, according to recently released data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in December were 1.677 million units, consistent with shipments in November but down 9% compared with the same month last year. November and December now represent the lowest shipment rates […]
SMU’s hot-rolled coil price has cracked $800 per ton ($40 per cwt), and so have prices on the futures market. The question of whether the $800-per-ton threshold would be breached has been answered. But it’s still unclear to me whether that threshold was breached by solid underlying demand or by momentum (buying ahead of the next […]
By CRU Senior Analyst Thais Terzian, Analyst Anton Perevezentsev, and Research Analyst Rosy Finlayson On February 6-7, a series of devastating earthquakes struck several provinces in southeastern Turkey and northwestern Syria, leaving thousands dead and many injured. The quakes also resulted in a massive destruction to the infrastructure of both countries. The first quake measured […]
Felman Production said it has signed a five-year agreement to sell ferro-silicomanganese to a multi-billion-dollar publicly traded steel and metal manufacturer based in the US. The deal is for is for 42,000 metric tons per year, a company spokesperson told SMU. They declined to name the company. “We’re thrilled about this deal because it will greatly benefit […]
Domestic hot-rolled coil (HRC) continues its competitive price advantage run over imported steel – now 15 weeks running – though it did lose some momentum week on week (WoW), according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 3.2% cheaper than foreign prices this week, down from 7.4% last […]
Whether it’s restarting blast furnaces in the US and abroad, or pushing full-steam ahead at its Big River Steel 2 project, US Steel Corp. is keeping abreast of current demand, with an eye toward a sustainable future. Ken Jaycox, US Steel’s chief commercial officer, sat down with SMU managing editor Michael Cowden on Feb. 7 […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! […]
The outbreak of war in Ukraine triggered an energy crisis in Europe. Gas and consequently electricity prices soared and remain high. European production of commodities such as ammonia, aluminum, and zinc which require significant energy and/or natural gas were and remain disrupted to differing degrees. Natural gas is supposed to be a ‘transition fuel’ in […]
Tenaris SA said Feb. 5 that Benteler North America Corp. has terminated the sale of Benteler Steel & Tube Manufacturing Corp. to Tenaris, effective immediately. Luxembourg-based Tenaris had announced in July the intended acquisition of the steel pipe producer in a deal valued at $460 million. By Ethan Bernard, ethan@steelmarketupdate.com
US plate prices have been largely stable since the beginning of December after tags fell by $140 per ton following Nucor’s price cut notice at the end of November with the opening of it January order book. A move that caught many by surprise at the time. But since then, plate prices have varied by […]
Current Steel Buyers Sentiment ticked up this week, while Future Steel Buyers Sentiment edged down, 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 the road. Every other […]
A wide majority of steel market participants expect prime scrap prices to climb in February, according to SMU’s most recent survey data. When polled if prime scrap prices would rise this month, 70% of respondents answered “yes” for the survey ended Thursday, compared with 68% in the survey that closed Jan. 19. Scrap market sources […]
Steel mill lead times have remained flat despite rising prices, according to SMU’s latest market survey. SMU’s hot-rolled lead time is approximately 5 weeks, unchanged from our last check of the market two weeks ago. Cold-rolled lead times remained at roughly 6.6 weeks, similar to two weeks ago. Galvanized inched up to 6.3 weeks from 6.1 weeks. […]
The percentage of steel buyers polled finding that mills are willing to negotiate prices rebounded above 50% this week vs. two weeks ago, according to SMU data. Of the products surveyed, plate notched the only decrease in mills willing to talk price, falling to 30% compared with 63% at the last market check. Every two […]
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, email info@steelmarketupdate.com. US consumer confidence declined unexpectedly in January after an upwardly revised December measure. The result came as households continued to worry about the economy’s prospects over the next […]
Hot-rolled coil prices have now risen for 10 consecutive weeks. Let’s put that in perspective. That’s a longer run than the price spike we saw following Russia’s invasion of Ukraine last February. It also marks the longest sheet price rally we’ve seen since the boom times of early 2021 – when a snapback in demand […]
Hanna Steel Corp. is investing $20 million to expand its steel production lines in Tuscaloosa, Ala. The new investment is expected create 14 new jobs as the company will add equipment to expand certain slitter services, according to a release from the Tuscaloosa Economic Development Authority (TCEDA). Hanna Steel is adding 9,000 square feet to its […]
North American Stainless (NAS) has announced a $244-million expansion at its Ghent, Ky., facility. The stainless steel producer said the expansion will boost its total capacity by 20% to 200,000 tons annually. The project, which will add 70 new jobs to the plant, was prompted by increased customer demand for stainless products. “We are proud […]
We’ll kick off the Tampa Steel Conference next Sunday, and I’m looking forward to seeing many of you there in person. For kicks, I decided to look back at how the market was in mid-February 2022, when we held the event along with the Port of Tampa Bay last year. So join me for a […]
The big story of the new year continues to be the run-up of the regional Midwest premium (MWP). As January comes to an end, the MWP sits just over $0.30/lb, or almost 50% higher than December’s price. A return of market activity in general has pushed the premium back up closer to replacement cost levels. […]
Nucor Corp. shipped its first customer order from its new $1.7-billion plate mill in Brandenburg, Ky., on Jan. 25, Allen Behr, executive VP of plate and structural products, said on an earnings conference call with analysts on Thursday, Jan. 26. “We are sitting here today exactly where we wanted to be,” said Behr when addressing […]
The first quarter of this year is off to a much, much better start than the first quarter of 2022. You’ll recall that prices for all sheet products were way higher this time last year. But service centers were slashing prices and trying to move overpriced inventory. Q1 demand – and maybe 1H demand – […]
Housing starts declined 1.4% in December, even though single-family housing starts posted a double-digit percentage gain last month, according to a report from the US Department of Housing and Urban Development and the US Census Bureau. Led by a decline in multi-family production, overall housing starts decreased to a seasonally adjusted annual rate of 1.38 […]
Just about two-thirds of US states added construction jobs in December, while many job openings remained unfilled, according to the Associated General Contractors of America (AGC). AGC said that open positions at the end of December remained high as demand for many types of commercial construction projects remain strong, adding that firms would likely have added […]
US Steel is running all three blast furnaces at its steel mill in Košice, Slovakia, company spokespeople said. “I can confirm that all three blast furnaces have been in operation since the start of this week,” one said in an email to SMU. The Slovakian subsidiary of the Pittsburgh-based steelmaker restarted the No. 1 furnace in […]
Raw steel production by US mills rose for the second consecutive week after falling for four straight weeks, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, Jan. 23. The increase pushed capacity utilization up to just 72.5%, driven by increases in tons in the South and Northeast regions. Domestic […]
US steel export volumes remained relatively flat in November compared to October, according to the latest US Commerce Department data. November’s exports total stood at 697,447 tons vs. 697,399 tons the previous month. October remains the lowest volume export month for 2022. In comparison to recent years, export levels had remained high for the majority of 2022. Of our six monitored […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 430 people have already registered, which is more than total attendace last year. We expect that number to […]
The London Metal Exchnage aluminium three-month price was moving up again this week, and peaked near $2,650 per tonne– its highest level since June 13, 2022, but late week trading saw a $100 correction. Still $200-300 higher than on the close of 2022, we can only assume a return to volatility following a 2022 Q4 […]
We’ve seen several sheet price hike announcements from mills over the past couple of months, to the tune of $160 per ton ($8.00 per cwt) since late November. This week alone we’ve seen at minimum Cleveland-Cliffs and ArcelorMittal officially increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). […]