Preliminary US Census Bureau data indicates that steel imports totaled 2.24 million net tons in the month of September. This is down 11% from the prior month, and is potentially the lowest monthly rate seen since February 2021. Recall that monthly import levels also declined 6% from July to August and 6% from June to […]
As steel prices ease week after week, the power position in price negotiations between steel mills and steel purchasers continues to rest with buyers, as it has since June. According to our latest check on the market, a high percentage of buyers continue to report that mills are willing to talk price to secure an […]
Foreign hot-rolled coil (HRC) imports offer little to no cost advantage over domestic steel at this time, according to Steel Market Update’s latest analysis. After taking freight costs, trader margins and tariffs into consideration, HRC imported from Germany and Italy are theoretically more expensive than domestic steel, and Far East Asian HRC offers just a […]
Steel mill lead times declined across the board this week for all products tracked by SMU. Our latest lead times analysis shows that production times on sheet products decreased by 0.2–0.5 weeks compared to our previous market check two weeks ago, while plate lead times dipped 0.1 weeks. On average, lead times retracted by 0.3 weeks compared to […]
The number of active drilling rigs were mixed this week, with counts increasing in the US and falling in Canada, according to data from oilfield services company Baker Hughes. Activity in both the US and Canada has leveled out over the last two weeks and is not quite back to pre-Covid levels. The number of […]
This week, foreign hot-rolled coil (HRC) offers little to no cost advantage over domestic steel, according to Steel Market Update’s latest analysis. Foreign prices now hold a theoretical discount of 0–1% over domestic steel, after adjusting foreign prices for estimated freight costs, trader margins, and tariffs. This relationship has teetered back and forth lately, with […]
Steel prices trended lower again this week, the second consecutive week of moderate declines, according to Steel Market Update sources. Sheet prices declined between $10–30 per net ton compared to last week, now at levels not seen since late 2020. Plate prices were broadly unchanged from last week, but are slowly easing towards levels last […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. We are sharing the comments we received in each buyer’s own words rather than summarizing them in ours. We want to hear your thoughts, too! […]
The Energy Information Administration’s (EIA) October Short-Term Energy Outlook was released earlier this month, forecasting spot prices and production for crude oil and natural gas. Crude oil prices are forecast to remain near current levels for the remainder of this year and to slightly increase in 2023. Natural gas prices are expected to rise slighly […]
The relationship between hot-rolled coil (HRC) and prime scrap prices has stabilized in the last few weeks, according to Steel Market Update data. After briefly stalling in August, hot rolled prices have began to slide downwards again since the beginning of this month. Busheling scrap prices settled at down $45 per gross ton last week, the […]
The latest SMU Market Survey results are now available on our website to all Premium members. After logging in at SteelMarketUpdate.com, visit the Analysis tab and look under the “Survey Results” section for “Latest Survey Results.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
US heating and cooling equipment shipments rebounded 12% in August to 1.99 million units, according to data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in August were down 3% from levels one year earlier. The average monthly shipments level for the first eight months of 2022 is now 2.02 million units. […]
Steel Market Update’s (SMU) Steel Buyers Sentiment Indices both saw slight declines this week, following modest gains two weeks prior. Sentiment has trended downward overall since May, with buyers attributing their dismal outlooks to weakening demand, high inventory costs, and recession concerns. SMU’s Buyers Sentiment Index measures how steel buyers and sellers feel about their […]
Steel mill lead times were relatively unchanged this week for four of the five products tracked by Steel Market Update. Our latest lead times analysis shows that production times on hot-rolled steel held steady compared to our previous market check. Galvanized, Galvalume, and plate lead times all extended just 0.1 weeks, while cold rolled lead […]
With steel prices continuing to ease, buyers clearly hold the upper hand in price negotiations with mills. Market dynamics have turned 180 degrees in the past six months, from a seller’s market in March and April to a strong buyer’s market today. According to our latest steel market survey, a high percentage of buyers continue to report […]
The price advantaged once offered by foreign hot-rolled coil (HRC) over domestic steel is gone, according to Steel Market Update’s latest foreign versus domestic price analysis. Foreign prices are now higher than domestic prices after adjusting for freight costs, trader margins, and tariffs. Domestic HRC is priced as much as 2% below current foreign prices. The gap between US and foreign […]
US apparent steel supply declined 3% in August to 8.98 million net tons, according to the latest US Department of Commerce and American Iron and Steel Institute data. This is the lowest figure since February 2022 and the second lowest figure in the past 16 months. August supply levels are 4% below the average monthly […]
Rock Trading Advisors President David Feldstein will be the featured speaker on the next SMU Community Chat webinar on Wednesday, Oct. 12, at 11 a.m. ET. The live webinar is free for anyone to attend. A recording will be available for SMU members. You can register for the webinar here. We’ll discuss the last three years in the […]
US steel exports rebounded 8% from July to August, according to the latest US Commerce Department data. Just over 800,000 net tons entered the country during the month, now the third-highest monthly export rate seen in the last four years (behind March and April 2022). Exports on a rolling annual basis are now at a […]
Steel Market Update sources report that ferrous scrap prices fell again in October. The drop marks the sixth consecutive month of declining scrap tags. Prime scrap prices fell an average of $45 per ton, while obsolete grades were relatively flat to down $25. Scrap sources attributed falling prices to weakening demand on both the domestic and […]
Final US Census Bureau data indicates that steel imports totaled 2.51 million net tons during the month of August, just 267 tons higher than the preliminary figures released in late September. This is down 6% from the prior month. It is also the third lowest monthly rate in the past year and a half (behind […]
The number of active drilling rigs declined in the US this week, while Canadian counts increased, according to data from oilfield services company Baker Hughes. Activity in both the US and Canada has leveled out in recent weeks. The number of oil and gas rigs in operation is important to the steel industry because it […]
The temptation to purchase foreign hot-rolled coil (HRC) at a bargain has all but faded again, with adjusted foreign prices now offering little or no advantage over domestic steel, according to Steel Market Update’s latest analysis. After taking freight costs, trader margins and tariffs into consideration, foreign HRC prices for two of the three regions […]
Rock Trading Advisors President David Feldstein will be the featured speaker on the next SMU Community Chat webinar on Wednesday, Oct. 12, at 11 a.m. ET. The live webinar is free for anyone to attend. A recording will be available for SMU members. You can register for the webinar here. We’ll discuss the last three years in the […]
Rock Trading Advisors President David Feldstein will be the featured speaker on the next SMU Community Chat webinar on Wednesday, Oct. 12, at 11 a.m. ET. The live webinar is free for anyone to attend. A recording will be available for SMU members. You can register for the webinar here. We’ll discuss the last three […]
The spread between hot-rolled coil and galvanized base prices has narrowed further since our September update, now standing at a 28-week low. This is now the second lowest level seen in the past 10 months, just behind the March 2022 low of $300 per net ton. The relationship between hot rolled and galvanized prices has […]
Steel prices were steady to slightly down throughout the month of September, following declines seen in each of the four months prior. Hot-rolled prices averaged $780 per ton ($39.00 per cwt) the first week of September, falling to a low of $770 per ton in the third week of the month, and rising to $775 […]
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 them in each buyer’s own words. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com […]
Steel Market Update’s (SMU) Steel Buyers Sentiment Index saw a slight uptick this week. The modest gain follows a double-digit decline two weeks prior. Industry sentiment has trended downward since May, with continued concerns about demand, profitability, high-cost inventory, and recession. Despite the increased gloom, SMU’s Future Steel Buyers Sentiment Index also bounced back this […]
The latest SMU Market Survey results are now available on our website to all Premium members. After logging in at SteelMarketUpdate.com, visit the Analysis tab and look under the “Survey Results” section for “Latest Survey Results.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]