US raw steel production eased to 7.45 million net tons in June, down 5% from May’s six-month high, according to recently released American Iron and Steel Institute (AISI) data. June is the third lowest monthly production figure seen in the last year and a half. Domestic production has trended downward since peaking last summer. Recall […]
US steel exports were up 1% from May to June, totaling just shy of 800,000 net tons, according to the latest US Commerce Department data. This is the third highest monthly export rate seen in the past four years. On a 12-month moving average (12MMA), June exports rose to a 3+ year record high. Total June exports are […]
Steel Market Update sources report ferrous scrap prices declined as much as $70 per gross ton from July to August, the fifth consecutive month of declines since March–April’s record high prices. Prime scrap fell by $70 per ton from the month prior, while obsolete grades declined $15–40 per ton. For the first time since late-2020, […]
Steel Market Update’s Steel Buyers Sentiment Index bounced back from its mid-July dip and is now at the highest level since early June. Our Future Sentiment Index also significantly recovered compared to our previous survey and is now at an eight-week high. SMU surveys steel buyers every other week, asking how they view their chances of […]
Final Census data shows that June steel imports totalled 2.84 million net tons, 24,000 tons higher than preliminary figures reported last week. June imports are down 8% compared to March’s 26-month high of 3.09 million tons. Import licenses for July now total 2.57 million tons through Aug. 3rd data. This is up from 2.15 million […]
The number of active drilling rigs in the US and Canada slightly declined in both countries this week, according to data from oilfield services company Baker Hughes. The number of active oil and gas drilling rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country […]
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 […]
The appeal to purchase foreign hot-rolled coil (HRC) further faded this week, with foreign prices now in close quarters to domestic steel, according to Steel Market Update’s latest analysis. Since mid-May, US steel prices have generally declined at a faster rate than foreign prices, meaning the potential discount on imported products has been shrinking for […]
As has been the case for six weeks now, nearly nine out of ten steel executives polled this week reported that mills are willing to talk price to secure an order. According to our steel market surveys, a high willingness to negotiate has been evident in each of our checks since early May. SMU polls […]
Steel mill lead times were mixed this week, with some products slightly up and others down, according to SMU’s latest market check. Hot rolled and plate lead times rose compared to what we saw two weeks ago, while cold rolled and coated lead times inched further downward. Is this just a blip or the start […]
Sheet prices continued to move lower this week, and plate joined the downward trend following a price decrease announced last week by Nucor Corp. Hot-rolled coil prices now have a tenuous grasp on $800 per ton ($40 per cwt). SMU’s average HRC price stands at $805 per ton, down $35 per ton from last week […]
US manufacturing activity expanded in July, but at a slightly slower pace compared to the month prior, according to the Institute for Supply Management (ISM). Indices for new orders, production, employment, supplier deliveries and prices all contracted in the month of July. July’s Manufacturing PMI fell to 52.8%, down 0.2 percentage-points compared to June’s reading. […]
Steel prices continued to fall in each week of July, following declines in May and June. Hot rolled prices were $955 per ton ($49.75 per cwt) the first week of July, slipping between $35 and $45 per ton each week to reach $840 per ton as of last Tuesday. The SMU Price Momentum Indicator for […]
Domestic raw steel production eased to a four-month low of 1,727,000 net tons for the week ending July 30, reported the American Iron and Steel Institute. This is the lowest weekly production figure reported since early April. The mill capability utilization rate declined to a 14-month low of 78.4%, marking the fourth week below 80%. US production is […]
The relationship between hot rolled and galvanized steel prices has been unstable since late 2021, with galvanized selling at a premium of anywhere between $135-545 per ton ($6.75-$27.25 per cwt) over hot rolled in the past year. The premium reached a record high in February but then quickly narrowed in March. Although steel prices have been […]
Preliminary Census data indicates that June steel imports will total 2.81 million net tons, just 61,000 tons higher than May levels. June figures are down 9% compared to March’s 26-month high of 3.09 million tons. Import licenses for July are currently at 2.15 million tons through July 25th data. (July figures are expected to increase as import […]
Steel Market Update sources expect ferrous scrap prices to weaken further in August, potentially registering the fourth consecutive month of declines since March and April’s record high prices. Obsolete grades are anticipated to decrease around $30 per gross ton over July, while prime scrap is expected to ease marginally. “Despite what I think is slightly […]
Foreign hot-rolled steel imports have all but lost their appeal this week and are now at levels comparable to domestic steel prices, according to Steel Market Update’s latest analysis. Since mid May, US steel prices have generally declined at a faster rate than foreign prices, meaning the potential discount on imported products has been shrinking […]
Prices for all seven of the steelmaking raw materials tracked in this SMU analysis declined over the last 30 days, receding further from record-high levels seen in March and April. Through the latest data available as of July 27, coking coal prices decreased 56% compared to one month prior, pig iron and busheling scrap prices […]
Prices for hot-rolled, cold-rolled and galvanized flat-rolled steel fell again this week with little signs of a near-term bottom. Hot-rolled prices fells into the low $800s per ton ($40s per cwt). Cold-rolled and galvanized base prices, meanwhile, fell into the $1,200s per ton ($60s per cwt) for the first time since mid-March. Spreads between highs […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects including steel prices, supply and demand, and new mill capacity. We are sharing some of the comments we received in each buyer’s own words rather than summarizing them in ours. Want to have your voice heard? Contact Brett@SteelMarketUpdate.com to […]
UPI made downward revisions to most of its galvanized coating extras on Monday, with new extras going into effect immediately. Over the last few weeks, Steel Dynamics, NLMK USA, Wheeling-Nippon, and US Steel also revised their coating extras. SMU provides an updated comparison of mill galvanized coating extras in the Resources section of our website, comparing […]
Nucor made downward revisions to most of its galvanized coating extras on Friday, with new extras going into effect Sept. 3, 2022. “Consistent with our practice to monitor the cost of zinc, we have revised our galvanized coating weight extras effective with orders acknowledged for week ending September 3, 2022,” a Nucor press release reads. “Price […]
The number of total active drilling rigs in the US and Canada increased this week, according to data from oilfield services company Baker Hughes. The number of active oil and gas drilling rigs in operation is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand. The […]
Steel Market Update’s Steel Buyers Sentiment Index fell this week to its lowest level since early August 2020. Our Future Sentiment Index also saw double-digit declines this week, dropping to a near two-year low. SMU surveys steel buyers every other week and asks how they view their chances of success in the current market and […]
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 […]
Once again, nearly nine out of ten steel executives reported that mills are willing to talk price to secure an order, according to buyers polled in this week’s steel market survey. Now standing at a five-month high, this high negotiation rate is similar to what we saw in early July. A high willingness to negotiate […]
Steel mill lead times through this week were relatively flat for sheet products and down slightly for plate, according to SMU’s latest market check. On average this week, lead times declined by 0.1 weeks across the board compared to early July and are down an average of 0.4 weeks compared to one month ago. Having […]
The appeal to import cheaper foreign hot-rolled coil (HRC) instead of domestic steel continues to lessen, according to Steel Market Update’s latest foreign versus domestic price comparison. For the past two months, domestic steel prices have generally declined at a faster rate than foreign prices, meaning the potential discount on imported products has been shrinking. After […]
The spread between hot-rolled coil (HRC) and prime scrap prices is back on the downward trend seen prior to the Russia-Ukraine war, according to Steel Market Update data through this week. The HRC-scrap spread peaked last September, falling to an 18-month low in early March and briefly rebounding through May. The latest spread is nearly […]