Steel Market Update does not forecast steel prices. That’s a fact that can sometimes get lost in all the pricing data we publish. Please don’t let the good news and happy headlines you’ve been reading in SMU every week make you complacent. It’s convenient to listen to the many readers quoted in this newsletter who […]
The average utlization rate for U.S. steel mills reached 84.1% in the week ending July 17, while domestic raw steel production totaled 1,859,000 net tons, up for the third consecutive week, according to the American Iron and Steel Institute (AISI). Weekly output was up 0.4% when compared with the week prior when production was 1,852,000 […]
Peruvian steelmaker Corporación Aceros Arequipa S.A. (CAASA) has purchased two scrap yards in Florida to ensure it has enough raw materials for a new steel mill. The assets purchased include a shredder as well as a magnetic metal separation system, according to a notice filed with Peruvian securities regulators. Terms of the deal were not disclosed. […]
May apparent steel supply rose 340,000 tons over April to 9.11 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. This is now the highest suppy level seen since January 2020, surpassing the March 2021 recent high of 8.96 million tons. May supply is up by 2.51 million […]
Steel Market Update’s latest analysis of foreign and domestic steel prices shows a growing attraction for foreign imports across the board. After taking freight costs, trader margins and tariffs into consideration, foreign prices now hold potential discounts of 8% to 38%. The spread between domestic HRC and foreign imports has surged since late-May, reaching record highs in favor of foreign HRC producers in Far […]
Steel Market Update is pleased to share this Premium content with our Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Steel demand continues to outpace supplies in the U.S., leading to one price increase after another. Buyers are struggling to source enough steel to meet their customers’ needs and […]
This report examines the import share of tubular and long products shipments. Imports’ share of total tubular products rose to 47.9% in May, up from 46.6% in April. Total tubular imports rose by 6.4% month on month, while domestic shipments ticked up only slightly by 0.4% during the same period. Overall supply was up as […]
Steel prices rose another $35-50 per ton this week with hot rolled and coated products surpassing notable new benchmarks of $1,800/$2,000. Steel Market Update’s canvass of the market this week puts the average HRC price at $1,820 per ton ($91/cwt) and galvanized at $2,030 ($101.5/cwt). Buyers continued to voice concerns about late mill shipments and […]
Pipe and tube producers have notified customers this week of further price hikes in response to strong demand and higher costs for the flat-rolled and plate substrate they use to make their products. On Tuesday, July 13, Chicago-based Atlas Tube raised prices on all new orders for mechanical, hollow structural section (HSS) and piling products […]
U.S. mills produced steel at an average utilization rate of 83.6% last week, the highest rate in more than a decade as they scramble to keep up with the strong demand in today’s economy. Raw steel production by U.S. mills totaled 1,852,000 net tons in the week ending July 10, up 0.5% compared with the week […]
Final Census data shows that May foreign steel imports totaled 2.53 million tons, down 116,000 tons compared to the month prior, a 4% decline. Although May was down from the month prior, levels remain strong compared to recent months; April imports had reached the highest level seen since July 2020. Current June import licenses through this week […]
SMU found no evidence of a summer lull in our latest check of the market. Sheet prices were flat or up in a post-holiday period that in prior years has seen them slip. Hot-rolled coil and cold-rolled coil prices were unchanged. Galvanized and Galvalume prices were up $25 per ton and $50 per ton, respectively. […]
Raw steel production by U.S. mills totaled 1,842,000 net tons in the week ended July 3, up 0.4% compared with the week prior when production was 1,835,000 net tons. The average mill utilization rate was 83.0%, up 0.3% week on week, based on the available data compiled and reported by the American Iron and Steel […]
Schnitzer Steel Industries, Inc., posted its best results in more than a decade in its fiscal third quarter thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $63.6 million in the third quarter after losing approximately $5 million […]
The latest spread between foreign and domestic steel prices shows an increasing attraction for foreign imports, according to our most recent foreign versus domestic hot rolled steel price comparison. The price differentials (after taking freight costs, trader margins and tariffs into consideration) between domestic HRC and foreign imports had surged from February to March of […]
As steel prices around the globe surge in response to the war in Ukraine, the brief competitive advantage domestic prices held over foreign steel has flattened, according to SMU’s latest foreign versus domestic hot rolled steel price comparison. Select foreign HRC prices are anywhere from $138 per ton cheaper than domestic prices to $74 per ton […]
Though he admits it was not the original plan, Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves said Wednesday at AISTech that his company no longer intends to produce merchant pig iron for sale to competitors, as has been widely speculated. In the past two years, Cleveland-Cliffs has purchased AK Steel and ArcelorMittal USA, making it the largest […]
Flat rolled steel prices continued to move higher with benchmark hot rolled coil spot prices now up for the 47th week in a row. But when we looked at HRC, we found prices up only by $10 per ton. This is the lowest rate of increase since mid-March/early April, when we saw HRC increase by […]
Ferrous scrap prices are likely to rise again in July on top of the $50-60 per gross ton increase in June – but just how much remains unclear, according to Steel Market Update sources. “July expectations vary greatly,” said one dealer in the Northeast. “Most consumers are conceding prices will be up $20-50/GT depending on grade and […]
Ferrous scrap prices rose by $20/GT for prime grades, but were unchanged for obsoletes, in trading for July. Prime supplies were influenced by the slowdown in automotive production, while obsolete prices reflect stable export demand. Sources tell Steel Market Update that prices in the Ohio Valley settled around $505-514/GT for shred, $500-510/GT for plate and […]
Ferrous scrap prices, like finished steel prices, have been on the rise for most of the year (see chart), but could see a pause in August. Sources tell Steel Market Update they expect obsolete grades to trade $20/GT lower next month, while prime prices will most likely remain unchanged. “Obsolete grades should trade in the […]
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. Prices for all but one of the steelmaking raw materials tracked in this SMU analysis increased from May to June, with most products following large gains seen in […]
Preliminary Census data shows that total foreign steel imports declined 5% from April to May to 2.51 million tons. Although down from the month prior, recall that April saw the highest total monthly import level since July 2020, when imports were 2.71 million tons. June import licenses through the 28th are at 2.76 million tons, already up 10% […]
Raw steel production by U.S. mills totaled 1,835,000 net tons in the week ended June 26, down 0.2% compared with the week prior when production was 1,839,000 net tons. The average mill utilization rate was 82.7%, also down 0.2% week on week, based on the available data compiled and reported by the American Iron and […]
By Michael Marley The mini sheet mills face a maxi problem, namely no additional supplies of prompt industrial scrap to feed their growing appetites for that raw material. As they move ahead with planned expansions of existing facilities and the construction of greenfield plants, electric arc furnace (EAF) steelmakers may be forced to rely on additional […]
The Russian government has proposed levying tariffs on the country’s ferrous and non-ferrous exports from Aug.1 until year-end to offset extra costs faced by the state’s sub-contractors due to much higher metal prices. “In order to rule out price manipulation during export, as well as the temptation to understate the value of export contracts and […]
U.S. steel imports through the first five months of 2021 totaled 11,780,000 net tons, a 7.1% increase from the same period last year, based on preliminary Census data reported by the American Iron and Steel Institute (AISI). Of that, finished steel imports amounted to 7,966,000 tons, an 8.8% increase, as buyers in the U.S. were […]
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 In June, HR futures prices have continued to push higher on an average daily volume of just over 17,000 ST […]
Nucor has increased base prices for steel plate by at least $120 per ton ($6/cwt) along with the opening of its August order book. The new, higher prices are effective immediately and will be collected along with published freight and extras, the Charlotte, N.C.-based steelmaker said. Nucor’s new ex-works base price for cut-to-length A36 plate […]
If you’re seeking a peak, keep looking. Because it wasn’t this week. Steel Market Update found that spot prices for most sheet and plate products were again higher – despite scattered reports of increased availability for some contract buyers. SMU’s benchmark hot-rolled coil prices stands $1,760 per ton ($88/cwt), up $40 per ton from last […]