Flat rolled and plate steel prices were flat to down slightly this week with the exception of a small increase in cold rolled, according to Steel Market Update’s check of the market on Monday and Tuesday. The small ups and downs in steel prices over the past month are in line with most buyers’ expectations […]
U.S. raw steel production edged down for the second straight week. Production by U.S. mills was estimated at 1,858,000 net tons in the week ending Oct. 9, while the average utilization rate was still a very strong 84.2%, according to the American Iron and Steel Institute (AISI). Output was down by 0.7% compared to the week […]
August apparent steel supply increased by 130,000 tons over July to 9.83 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. This is the highest supply level seen since January 2019, a 31-month record. August supply is up 2.69 million tons compared to the same month […]
In the face of strong demand, limited availability and record-high prices in the U.S., steel buyers have looked overseas for relief. August Commerce Department data shows steel imports have been on the rise for the past three months, with imports’ share of total sheet product shipments reaching 17.5%, up from 16.7% the month prior, and the […]
Cleveland-Cliffs Inc. isn’t feeling the heat of soaring metallurgical coal prices, at least not yet. And the Cleveland-based miner and steelmaker plans to turn to its own mines if the market overheats. “We are benefiting from our existing multi-year contracts with suppliers and also the supply from our own coal production operations,” a company spokeswoman […]
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 The hot rolled futures market was interesting this week as a strong reported decline in spot HR prices surprised many. The […]
By CRU Senior Analyst Ryan McKinley and Analyst Dave Thewlis, from CRU’s Steel Long Products Monitor Long product prices in the U.S. remained elevated and moved higher again m/m in some cases for October. Wire rod mills pushed through another round of price increases in mid-September and there was little to no resistance from buyers […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have increased in the past week on post-holiday optimism that a real estate collapse can be avoided and the fact that steel production is increasing after the Chinese holiday. CRU has assessed the iron ore price at $132.0 /dmt, up […]
U.S. steel exports increased 1% from July to August at 764,000 tons, according to the latest U.S. Department of Commerce data. August levels remain in line with exports over the last few months. Recall that July saw the second highest monthly export level in the last three years (778,000 tons), just behind the April 2021 […]
Flat rolled steel prices are in transition, which tends to lead toward more volatility and wider price ranges in Steel Market Update data. One of the issues we face when we reach an inflection point in the spot market is the lack of daily transactions. With service center inventories nearing a state of balance, combined […]
Final Census data shows that August foreign steel imports declined 10% from July’s 18-month high to 2.78 million tons. September import licenses are currently at 2.86 million tons as of Oct. 4, up 3% from August but down 7% compared to July. Total finished imports for August were finalized at 2.18 million tons, the highest […]
Domestic raw steel production slipped in the week ending Oct. 2, remaining just under the pandemic-era high seen the month prior. According to the American Iron and Steel Institute (AISI), production by U.S. mills was estimated at 1,827,000 net tons while the average mill utilization rate was 84.8%. Output edged down slightly by 0.4 of […]
Schnitzer Steel Industries, Inc., expects to deliver its best fiscal fourth quarter operating performance since 2011 thanks to high prices and strong demand for both ferrous and nonferrous scrap, as well as strong demand for finished steel products. The Portland Ore.-based scrap recycler and long steel producer announced preliminary results for its fourth quarter and […]
By CRU Senior Editor Ryan McKinley, from CRU’s Steel Sheet Products Monitor Sheet prices outside of the USA fell markedly this week as demand declines and inventories build. The largest of these declines occurred in Europe, as lower-priced imports forced Italian domestic prices to fall below the €1,000 /t mark for the first time since […]
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 […]
Stupp Corp. said it plans to lay off 45 workers at its Baton Rouge, La., pipe manufacturing plant in November. The layoffs will begin on Nov. 6, according to the Worker Adjustment and Retraining Notification (WARN) notice filed with the Louisiana Workforce Commission earlier in the month. The Baton Rouge-based pipe manufacturer said in the […]
Market participants have sharply different views of which way prices will go over the next three months – but whichever camp you’re in, futures are your friend, according to one expert on the matter. Futures markets have seen steep selloffs in recent trading sessions, moves indicating that some industry participants think prices have peaked and are […]
As domestic hot rolled steel prices remain above $1,900 per ton, cheaper foreign steel imports continue to tempt U.S. buyers with potential discounts of 21-44%, according to Steel Market Update’s latest foreign versus domestic hot rolled steel price comparison. Foreign hot rolled steel prices are now theoretically $408-843 per ton cheaper than domestic steel, after taking freight costs, […]
Preliminary Census data shows that total foreign steel imports declined 10% in August, easing from July’s 18-month high down to 2.77 million tons. September import licenses are currently at 2.50 million tons as of Sept. 27, a 10% decline from August and down 19% compared to July. Total finished imports are preliminarily at 2.18 million […]
It’s beginning to look like hot rolled steel prices will fall short of the $2,000 per ton ($100 per cwt) mark that many believed would be the peak. Steel Market Update’s check of the market on Monday and Tuesday shows the average hot rolled price decreasing for the third time in as many weeks to $1,920 […]
Following a big drop in scrap prices in September, sources tell Steel Market Update they expect an increase in the price of obsolete grades in October, with prime grades seeing some downward pressure. “I think we will see an increase specifically for shred in October. The consensus is building that prices in October for these grades […]
With trading still winding down today, it appears ferrous scrap prices for October will settle down $20/GT on prime grades and sideways for obsoletes. Most Steel Market Update sources expect scrap prices to start moving higher in the months ahead. “After Cleveland-Cliffs bought busheling last week basically sideways, the U.S. mills stubbornly waited a week […]
After a small decline in October, ferrous scrap prices are expected to strengthen in November and beyond on strong export demand and tightening seasonal supplies, sources tell Steel Market Update. CRU Senior Analyst Ryan McKinley sees upward momentum for scrap prices in the weeks and months ahead. Export demand is increasing, he said, pointing to […]
At least two domestic pipe and tube mills have announced higher prices on the heels of higher hot-rolled coil costs, market participants said. Atlas Tube in a leading move said it was raising prices by at least $75 per ton ($3.75 per ton) for mechanical tubing, hollow structural sections (HSS) and piling products. The pipe-and-tube price […]
Domestic raw steel production crept up in the week ending Sept. 25, recovering from the slight dip the week prior and landing just under the pandemic-era high seen earlier in the month. According to the American Iron and Steel Institute (AISI), production by U.S. mills was estimated at 1,880,000 net tons while the average utilization […]
By CRU Aluminum Advisor Greg Wittbecker Aluminum prices touched a 13-year high last week, flirting with $3,000 per metric ton on the LME. That throwback to 2008 is not a coincidence, corresponding to the last time that primary aluminum supply-demand balances were as tight as they are in 2021. In the period 2006 to first […]
By Stephen Williamson, CRU Research Manager, Aluminum Aluminum prices continue to flirt with $3,000 per metric ton on the LME. While off a bit, now at $2,866, recent upsets in the market make price volatility the norm in the near term. Energy curtailments in China exacerbate not only global aluminum supply but also silicon (Si) […]
By Stephen Williamson, CRU Research Manager, Aluminum As in last week’s report, aluminum prices continue to flirt with the $3,000 per metric ton mark on the LME, $2,908/t as of this writing. However, this apparently steady price range belies a torrent of market activity. The protracted energy curtailments in China continue to cast doubt on […]
Finished steel imports into the United States rose by nearly 27% in the first eight months of the year. Census Bureau data reported by the American Iron and Steel Institute showed a 25.5% increase in total steel imports to 20.56 million tons, including a 26.9% increase in finished steel imports to 14.21 million tons, for […]
SSAB Americas has followed competitor Nucor in raising prices for steel plate by at least $80-200 per ton ($4-10 per cwt). The price hike is effective immediately for all new spot orders, the Mobile, Ala.-based steelmaker said in letters to customers on Friday, Sept. 24 The increase of $80 per ton (Canadian $100 per ton) applies […]