Ukraine has implemented an export ban on energy-related materials, but pig iron has been excluded from that ban. As of June 10, natural gas exports are prohibited by Ukraine’s Cabinet of Ministers, as are exports of anthracite coal including briquettes, pellets, and similar solid fuels derived from coal. Coking coal, however, has been excluded from […]
US steel exports declined 2% in April to 830,000 net tons, falling from the 45-month high seen in March, according to the latest US Commerce Department data. On a 12-month moving average, April exports have now risen to a 39-month record high. Total April exports are 9% higher than levels seen one year ago. As shown in the graph […]
By Greg Wittbecker, Advisor, CRU Group Global Deficit Reduced Again The headline on aluminum fundamentals is that the deficit is shrinking again. We now believe that the global deficit will be about 700,000 metric tons compared to 1,000,000 metric tons in April. This deficit is exclusively held in the World ex-China, as we believe China […]
Editor’s note: SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Prior to Metal Edge Partners, Bryan held a variety of commercial […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, June 8 The CRUspi plummeted again month-on-month in June by over 12.3%, which is a larger drop than in May. This makes it the third-largest percentage point drop on record and the second largest in terms of total points. The supply shock caused by […]
The temptation to purchase foreign hot rolled over domestic steel remains high, according to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison. Since mid-April, foreign steel prices have declined at a faster rate compared to domestic prices, resulting in greater potential discounts on imported products. Select foreign prices now range between $119-238 per […]
Final Census data shows that steel imports in April totaled 2.73 million net tons, falling 12% from March’s 26-month high of 3.09 million tons. May import licenses have risen from our late-May report to 2.61 million tons, 4% less than April levels and 16% lower than the March high. Total finished steel imports were 2.29 […]
US hot-rolled coiled prices have fallen below $1,200 per ton ($60 per cwt) for the first time since the outbreak of the war in Ukraine. SMU’s hot-rolled coil price stands at $1,190 per ton ($59.50 per cwt), down $65 per ton from last week and down $290 per ton from a post-war high of $1,480 […]
Raw steel production by US mills was down slightly last week, edging down for the first time in five weeks. Despite the lower output, domestic capacity utilization was a healthy 81.6% while mill production totaled 1,781,000 net tons in the week ending June 4, reported the American Iron and Steel Institute. US output was down […]
By Greg Wittbecker, Advisor, CRU Group The First Movers Coalition (FMC) was launched in November 2021 at COP26 as a public-private partnership to decarbonize hard to abate sectors. At that time, the 25 founding members of FMC targeted eight sectors where innovative technology would need to be applied to effect change. The sectors of initial […]
Sheet steel prices continue to decline from the March/April bump, while plate prices are easing at a slower rate, according to SMU’s price indices published last Tuesday. Plate prices typically carry a premium over hot rolled prices because plate is a value-added product and requires more time on the mill. Hot rolled coil averaged $1,255 per ton […]
Tenaris will pay a hefty fine to the US Securities and Exchange Commission after a bribery investigation in which the global pipe producer neither admitted nor denied the allegations. The fine amounts to more than $78.1 million — $53.1 million for disgorgement and prejudgement interest and $25 million for a civil penalty. The investigation looked into allegedly […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Test Module 1 for both exec and Premium Raw steel production by US mills grew last week, expanding for the fourth straight week, and reaching the second-highest utilization mark year-to-date. Domestic output totaled 1,798,000 net tons in the week ending May 28, while mill capacity utilization was 82.4%, reported the American Iron and Steel Institute. […]
Sheet and plate prices continued to slip this week on expectations of lower scrap costs in June, increased import competition, and so-so demand, market participants said. Hot-rolled coil prices were down $35 per ton as were plate prices. Coated products were off by $25 per ton. Cold-rolled prices were up $10 per ton – or effectively […]
Preliminary Census data recently released shows that steel imports in April declined 12% month-over-month to 2.73 million net tons, falling from March’s 26-month high of 3.09 million tons. May import licenses through May 23 and are currently at a 15-month low of 2.02 million tons, down 26% compared to April and 35% lower than the […]
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 Physical HR prices continue to decline at a steady pace. Spot indexes have declined almost $140/ST since the end of […]
Major capital investments come to the aluminum can sheet market By Greg Wittbecker, Advisor, CRU Group This month, the market has seen two new projects announced in the flat-rolled aluminum product sector: • Novelis will spend $2.5 billion for a new state-of-the art rolling mill in Bay Minette, Ala. • Ball Corporation will partner with […]
Flat-rolled steel prices were down again this week. Not as much as some had feared but the drops were more substantial than those hoping for a modest decline or stable pricing might have liked. The takeaway: Hot-rolled coil is now down $190 per ton ($9.50 per cwt) over the last five weeks. In other words, […]
Steel Market Update sources expect ferrous scrap prices to decline in June, following record high prices in March through May. Some expect prime grades to decline as much as $50 per gross ton from May, with obsolete grades down anywhere from $20-$50 per ton. “Markets are worsening by the day. It looks like there is continued […]
By CRU Senior Analyst Puneet Paliwal, from CRU’s Global Steel Trade Service, May 23 The Indian government’s sudden move to levy a 15% tax on most exported steel products has surprised the steel industry. While an attempt has been made to soften the impact by exempting import tariff on coking coal/coke and raising export tax […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Following record price increases in March and April, prices for six of the seven steelmaking raw materials tracked in this SMU analysis declined over the last 30 days. […]
Domestic mill raw steel production increased again last week, with the utilization rate climbing to an 18-week high and production rising to a 16-week high. US output totaled 1,789,000 net tons in the week ending May 21, with a capacity utilization rate of 82.0%, according to the American Iron and Steel Institute (AISI). Production rose […]
Nucor will decrease plate prices by $50-200 per ton ($2.50-10 per cwt) depending on the product. The Charlotte, N.C.-based steelmaker made the announcement with the opening of its July orderbook for plate. Prices for as-rolled and normalized plate will be cut by $50 per ton, those for cut-to-length plate less than 72 inches wide will […]
The relationship between hot rolled and galvanized steel prices has fluctuated sharply over the last eight months, with galvanized selling anywhere between a $195-545 per ton premium over hot rolled in that time. The premium reached a record high in February, but then quickly dialed back in March as prices shot up in response to the war […]
What’s up with plate? I’ve been asked again and again how plate has managed to maintain such a high premium over sheet this year. Here are a few arguments that have been made to me over the past week in support of high plate prices. And below that are a few charts I still find […]
By Greg Wittbecker, Advisor, CRU Group The London Metal Exchange announced plans on May 13th to require its members to make weekly reports of their over-the-counter (OTC) transactions to the Exchange. It also set an unusually short consultation period of two weeks for member response. This action is in direct reaction to the debacle in […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management. Prior […]
The temptation to purchase foreign hot rolled over domestic steel remains high, according to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison. Select foreign HRC prices range from $164-364 per ton cheaper than domestic prices, after taking freight costs, trader margins and tariffs into consideration. The price differentials between domestic HRC and foreign import […]
Sheet steel prices are moving downwards after the March/April bump, while plate prices continue to hold their ground, according to SMU’s price indices published each Tuesday. Plate prices typically carry a premium over hot rolled prices because plate is a value-added product and requires more time on the mill. Hot rolled coil averaged $1,350 per ton ($67.50 per cwt) this week and has […]