Some foreign steel imports are slowly losing their price advantage over domestic steel, according to Steel Market Update’s latest foreign versus domestic hot rolled steel price comparison. The price differentials between domestic HRC compared to foreign imports had surged through February and March to reach record highs in favor of foreign producers. Those spreads have […]
March apparent steel supply rose nearly 1.5 million tons from February’s dip, now at 8.96 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 2020’s 9.52 million tons. March also marks the largest month-over-month increase in supply […]
Nucor has in a leading move increased plate prices by $100-150 per ton ($5-7.5/cwt) along with the opening of its July order book. Nucor’s new ex-works base price for cut-to-length A36 plate is $1,320 per ton ($66/cwt), up from $1,120 per ton last month, according to letters to customers. The steelmaker’s new base prices for […]
Raw steel production by U.S. mills totaled 1,799,000 in the week ending May 15, up 1.4% compared to the week prior when production totaled 1,774,000 net tons, according to the American Iron and Steel Institute (AISI). The mill utilization rate last week averaged 79.2%, up from 78.1% the week before and up 47.1% from the […]
Mesabi Metallics isn’t acting like a firm that is about to lose its position on the Iron Range. The company hired a new president and chief operating officer, selecting Larry Sutherland, former manager of U.S. Steel’s Minnesota Ore Operations, to join the executive team. “I am excited to join Mesabi Metallics’ journey to complete the […]
U.S. Steel may be about to enter the competition for the Nashwauk mining rights recently stripped from Mesabi Metallics. Cleveland-Cliffs is considered the likely successor to take over the mineral leases, but the proximity of the land to U.S. Steel’s Keetac operations would make it an attractive asset for the company. “The close proximity to […]
Steel prices stand at $1,540 per ton ($77/per cwt) and are likely to hit at least $1,600 per ton – with no obvious signs of demand destruction in the short term, according to respondents to Steel Market Update’s most recent survey. And some respondents reported back that the only thing harder to find than metal […]
This report examines the import share of sheet and plate products. Imports’ share of total sheet product shipments was 12.7% in March, down from 14.0% in February. The decrease corresponds to a simultaneous increase in domestic shipments and a rise in imports; however, the surge in domestic shipments at 17.4% month on month outpaced the […]
This report examines the import share of tubular and long products shipments. Imports’ share of total tubular products rose to 46.2% in March, up from 44.6% in February. Despite a 30.7% surge in domestic tubular shipments month on month, imports were even stronger at 39.3% in March compared to February. Tubular imports fell consecutively in […]
The flat rolled steel market was a little tougher to read this week. Steel Market Update’s survey of the market over the past two days clearly shows a further increase in hot rolled prices, with buyers reporting offers as high as $1,600 per ton. SMU puts the average HR price at $1,540 this week as […]
Hot rolled steel prices have been on the rise for 40 weeks in a row now, reaching a new pinnacle of $1,570 per ton—at least until next week when they likely set another new record. Steel Market Update’s Price Momentum Indicator continues to point toward higher prices over the next 30 days. SMU’s check of […]
Raw steel production by U.S. mills edged down 0.8% in the week ending May 8 compared to the week prior, the first decrease in nearly a month, according to the American Iron and Steel Institute (AISI). Production totaled 1,774,000 net tons last week while mill utilization averaged 78.1%, down from 1,788,000 net tons and 78.7% […]
U.S. steel exports jumped 17% in March to 790,000 tons, according to recently released U.S. Department of Commerce trade data, now at the highest monthy level seen since June 2018. Of our six monitored product groups, the greatest month-over-month increase in exports went to plate cut lengths, up 37%, followed by a 35% increase in […]
Cargill Metals and Canadian mining company Black Iron are teaming up to create a new iron ore plant in the Ukraine. The May 10 agreement gives Cargill offtake rights to the first 4 million metric tons of ore produced per year for the next 10 years along with profit sharing. On the profit share, Black […]
The Minnesota Department of Natural Resources announced Wednesday that it will cancel the Iron Range mineral leases for Mesabi Metallics after the company failed to meet a May 1 deadline. Mesabi Metallics missed the deadline to demonstrate that it had $200 million of funding available for its half-finished taconite mine project. Said the department in […]
Final Census data shows that finished steel imports rose 24% from February to March, as more U.S. buyers sought relief from climbing domestic prices and limited supplies. March finished imports were just shy of 1.80 million tons, the highest level seen since August 2019. April finished steel import licenses are currently down 6% from March […]
Raw steel production by U.S. mills rose for the third week in a row, hitting 1,788,000 tons in the week ending May 1, up 0.4% from the previous week when production totaled 1,781,000 net tons. The mill utilization rate last week averaged 78.7%, up from 78.4% the week before and up 44.4% from the same […]
Hot rolled steel prices hit a new eyebrow-raising milestone this week, taking another big jump to an all-time high of $1,500 per ton as supplies continue to fall short of demand. Prices for flat rolled steel products, which have been on a relentless uptrend for the past eight months, rose by a further $60-100 per […]
Atlas Tube, in a leading move, aims to increase prices for mechanical tubing, hollow structural sections (HSS) and piling products by at least $100 per ton ($5/cwt). The increase, effective immediately, applies to all new orders as well as to unconfirmed quotes and contracts, the division of Zekelman Industries said in a letter to customers […]
By CRU Analyst George Pearson from CRU’s Steel Monitor Chinese prices have rebounded this week after three consecutive weeks of decline. However, trading in markets outside of China was lower last week as buyers waited for further developments in Chinese prices and this fed through to lower w/w gains in Europe and the U.S. U.S. […]
By CRU’s Economics Team The Biden administration has recently announced a $2.2 trillion American Jobs Plan (AJP) spending package, which includes around $1 trillion of spending on infrastructure. In this slidepack, we set out what this could mean for metals demand and the wider U.S. economy. Our analysis suggests that the AJP could boost demand […]
Foreign hot rolled steel prices remain attractive compared to steel sourced domestically, albeit at a lesser potential discount than 1-2 months ago, as foreign import prices are now increasing at a greater rate than domestic prices. U.S. buyers continue to place orders for foreign material despite long lead times for delivery. Foreign prices still hold potential […]
Hot rolled steel offers ranged as high as $1,500 per ton this week as steel tags just keep rising to levels never seen before. Steel Market Update’s check of the market this week puts the average HR price at a record $1,440 per ton, up another $30 per ton over last week and 35% higher […]
Final Census data shows that finished steel imports rose 23% in March to 1.78 million tons, as more U.S. buyers sought relief from climbing domestic prices and limited supplies. This is the highest finished-steel import level seen since August 2019 when finished imports were 1.80 million tons. Total steel imports were 2.29 million tons in […]
With trading for May not quite finished this week, ferrous scrap prices appeared surprisingly strong, with obsolete grades up about $20/GT and prime grades moving sideways. Steel Market Update sources put the May price for shred in the range of $450-460 per gross ton, busheling at $590-600 per gross ton, and P/S at $440-445 per […]
Raw steel production by U.S. mills inched up another 0.6% from the previous week, totaling 1,781,000 net tons in the week ending April 24 compared to 1,761,000 net tons the week prior. The mill utilization rate last week averaged 78.4%, up from 78.0% the week before and up 43.6% from the same period last year when production […]
Nucor has increased plate prices by $80-100 per ton ($4-5/cwt) along with the opening of its June order book. Nucor’s new ex-works base price for cut-to-length A36 plate is $1,220 per ton ($61/cwt), up from $1,140 per ton a month ago, according to letters to customers. The steelmaker’s new base prices for quenched-and-tempered Grade A514 […]
Among steelmaking raw materials, the prices of iron ore, pig iron, zinc and aluminum rose through mid-April, on top of large gains seen in previous months. Prices increased as much as 10% month-over-month for those four products. Iron ore prices have reached record levels, while coking coal prices remain down. Pig iron and scrap prices […]
SSAB Americas aims to increase plate prices by at least $60 per ton ($3/cwt) on all new, non-contract orders effective immediately. The steelmaker’s price hike appears to be a leading move, according to market participants. The price increase applies equally to as-rolled mill plate, cut-to-length plate more than 72 inches wide, hot-rolled coils more than […]
The headline price for hot rolled steel crested $1,400 per ton this week, according to Steel Market Update’s latest check of the market, surpassing a mark that few buyers ever expected to see in their careers. SMU pegs the current average hot rolled price at $1,410 per ton, but sources report offers as high as […]