US apparent steel supply eased from March to April, declining 4% to 9.09 million net tons, according to the latest US Department of Commerce and American Iron and Steel Institute (AISI) data. Recall that supply reached a six-year high last September at 9.92 million tons, declining each month through February. Supply rebounded 14% in March […]
US heating and cooling equipment shipments fell 9% to 2.07 million units in April, following a 24% jump in March, according to data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Recall that March saw the third highest monthly shipment rate in our history at 2.28 million units, with the record high occurring in June […]
US steel exports declined 2% in April to 830,000 net tons, falling from the 45-month high seen in March, according to the latest US Commerce Department data. On a 12-month moving average, April exports have now risen to a 39-month record high. Total April exports are 9% higher than levels seen one year ago. As shown in the graph […]
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 […]
Steel Market Update’s Steel Buyers Sentiment Index remained unchanged last week, holding steady at the third-lowest level seen in the past 13 months. Our Future Sentiment Index also remains unchanged compared to our late-May reading (which was the largest survey-to-survey decline since March 2020). SMU surveys steel buyers every other week and asks how they view their chances of success […]
The temptation to purchase foreign hot rolled over domestic steel remains high, according to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison. Since mid-April, foreign steel prices have declined at a faster rate compared to domestic prices, resulting in greater potential discounts on imported products. Select foreign prices now range between $119-238 per […]
Steel Market Update’s latest market check indicates steel mill lead times continue to decline for sheet products as they move closer to historical norms. Plate lead times have been relatively flat since mid-May. Lead times over the past two weeks have been roughly in line with what we were seeing in the early weeks of […]
Three out of four buyers report that mills are willing to talk price to secure an order, according to executives polled in our latest steel market survey. Mills’ willingness to negotiate has remained over 50% in each of our market checks over the last four weeks. Every other week, SMU asks survey respondents: Are you […]
Final Census data shows that steel imports in April totaled 2.73 million net tons, falling 12% from March’s 26-month high of 3.09 million tons. May import licenses have risen from our late-May report to 2.61 million tons, 4% less than April levels and 16% lower than the March high. Total finished steel imports were 2.29 […]
US hot-rolled coiled prices have fallen below $1,200 per ton ($60 per cwt) for the first time since the outbreak of the war in Ukraine. SMU’s hot-rolled coil price stands at $1,190 per ton ($59.50 per cwt), down $65 per ton from last week and down $290 per ton from a post-war high of $1,480 […]
Flack Global Metals (FGM) will open a new metals service center near the port of Houston in the fourth quarter of this year, the company announced Tuesday. “FGM Houston” will be located on the campus of North Shore Steel and is FGM’s first physical location. The 60,000-square-foot facility will service flat-rolled steel, aluminum, and stainless […]
Sheet steel prices continue to decline from the March/April bump, while plate prices are easing at a slower rate, according to SMU’s price indices published last Tuesday. Plate prices typically carry a premium over hot rolled prices because plate is a value-added product and requires more time on the mill. Hot rolled coil averaged $1,255 per ton […]
The number of total active drilling rigs in the US remained steady this week, while Canadian rigs increased, 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) […]
Heidtman Steel Products Inc. said it has acquired the remaining two-thirds ownership interest in Fulton County Processing (FCP), effective June 1, 2022. Heidtman had held a one-third ownership stake in the Delta, Ohio-based toll processor in since January 2006. Toledo-based Heidtman, a service center, said it would operate FCP as a wholly-owned subsidiary in press release […]
Earlier this week SMU canvassed buyers on a variety of subjects, ranging from steel prices and demand to supply chain issues and new domestic capacity. Rather than summarizing the comments we received, we thought it would be fitting to share them in each buyers’ own words. Where do you think steel prices will bottom, and […]
Earlier this week SMU canvassed buyers on a variety of subjects, ranging from steel prices and demand to supply chain issues and new domestic capacity. Rather than summarizing the comments we received, we thought it would be fitting to share them in each buyers’ own words. Where do you think steel prices will bottom, and […]
Steel prices eased each week in May, following increases in March and most of April. Hot rolled prices were $1,440 per ton ($72 per cwt) the first week of May, just $40 lower than the mid-April peak. Prices then slipped between $15 and $75 each of the following weeks, with the SMU index averaging $1,255 […]
Sheet and plate prices continued to slip this week on expectations of lower scrap costs in June, increased import competition, and so-so demand, market participants said. Hot-rolled coil prices were down $35 per ton as were plate prices. Coated products were off by $25 per ton. Cold-rolled prices were up $10 per ton – or effectively […]
Sales of new and existing homes retracted in April, now in line with mid-2020 levels, according to recently released data from the US Department of Commerce and National Association of Realtors. New home sales slipped to 591,000 units in April, down 17% compared to the previous month. The last time new sales were this low […]
Steel Market Update’s Steel Buyers Sentiment Index fell 8 points last week, now at the third-lowest level seen in the past 13 months. Our Future Sentiment Index fell 16 points, the largest survey-to-survey decline since March 2020 (when sentiment fell in response to the Covid pandemic). SMU surveys buyers every two weeks and asks how […]
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 […]
Preliminary Census data recently released shows that steel imports in April declined 12% month-over-month to 2.73 million net tons, falling from March’s 26-month high of 3.09 million tons. May import licenses through May 23 and are currently at a 15-month low of 2.02 million tons, down 26% compared to April and 35% lower than the […]
Steel Market Update’s latest check of the market indicates steel mill lead times are slowly reverting back towards historical norms for most sheet products, while Galvalume and plate lead times inched up compared to two weeks prior. Lead times are now in line with levels seen in the beginning of 2022. Buyers surveyed this week […]
Flat-rolled steel prices were down again this week. Not as much as some had feared but the drops were more substantial than those hoping for a modest decline or stable pricing might have liked. The takeaway: Hot-rolled coil is now down $190 per ton ($9.50 per cwt) over the last five weeks. In other words, […]
Steel Market Update sources expect ferrous scrap prices to decline in June, following record high prices in March through May. Some expect prime grades to decline as much as $50 per gross ton from May, with obsolete grades down anywhere from $20-$50 per ton. “Markets are worsening by the day. It looks like there is continued […]
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. Following record price increases in March and April, prices for six of the seven steelmaking raw materials tracked in this SMU analysis declined over the last 30 days. […]
Domestic mill raw steel production increased again last week, with the utilization rate climbing to an 18-week high and production rising to a 16-week high. US output totaled 1,789,000 net tons in the week ending May 21, with a capacity utilization rate of 82.0%, according to the American Iron and Steel Institute (AISI). Production rose […]
The relationship between hot rolled and galvanized steel prices has fluctuated sharply over the last eight months, with galvanized selling anywhere between a $195-545 per ton premium over hot rolled in that time. The premium reached a record high in February, but then quickly dialed back in March as prices shot up in response to the war […]
The number of total active drilling rigs in the US rose again this week, while Canadian rigs remained flat, 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 […]
The temptation to purchase foreign hot rolled over domestic steel remains high, according to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison. Select foreign HRC prices range from $164-364 per ton cheaper than domestic prices, after taking freight costs, trader margins and tariffs into consideration. The price differentials between domestic HRC and foreign import […]