Sheet steel prices are moving downwards after the March/April bump, while plate prices continue to hold their ground, according to SMU’s price indices published each 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 $1,350 per ton ($67.50 per cwt) this week and has […]
Sheet prices slipped again this week on what some sources described as a summertime market that has arrived a few weeks earlier than usual. SMU’s hot-rolled coil price was down $15 per ton week-over-week (WoW) to an average of $1,350 per ton ($67.50 per cwt). Other sheet products also fell, with cold-rolled down $30 per […]
US heating and cooling equipment shipments jumped 24% from February to March to 2.28 million units, up 2% from levels one year prior, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the third highest monthly shipment rate in our history, with June 2021 holding the record at 2.32 million […]
US apparent steel supply rebounded from February to March, rising 14% to 9.51 million 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 thereafter and reaching an 11-month low in February (8.37 million […]
According to the latest Steel Market Update data, the spread between hot rolled coil prices and prime scrap prices has leveled out over the past eight weeks, after reaching an 18-month low in early March. The latest spread through May 10 is down compared to this time last year, but still higher than pre-pandemic spreads. […]
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 firm grip mills have held on price negotiations in March and April has loosened, according to buyers polled in our latest steel market survey. A large portion of steel buyers now report that mills are willing to talk price to secure an order. Every two weeks, SMU asks survey respondents: Are you finding domestic mills willing to negotiate spot […]
Steel Market Update sources report ferrous scrap prices fell $75-100 per gross ton in May, following record high prices in March and April due to the war in Ukraine. Heavy melt (HMS) was down nearly $100 per gross ton, whereas shredded and busheling prices were down $75 per gross ton. “Demand is okay, but there’s just too much supply […]
Steel Market Update sources report ferrous scrap prices fell $75-100 per gross ton in May, following record high prices in March and April due to the war in Ukraine. Heavy melt (HMS) was down nearly $100 per gross ton, whereas shredded and busheling prices were down $75 per gross ton. “Demand is okay, but there’s just too much supply […]
Steel Market Update’s market check this week indicates steel mill lead times are shortening for both sheet and plate products, easing an average of 0.9 weeks compared to two weeks prior. This also marks the first time lead times have fallen consecutively since January. Lead times for all tracked products are now roughly in line with levels […]
Foreign steel imports continue to hold a competitive price advantage over domestic steel, albeit at a slightly lesser potential discount this week compared to last. According to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison, select foreign HRC prices range from $92-345 per ton ($4.6-$17.25 per cwt) cheaper than domestic prices, after taking […]
The Energy Information Administration’s May Short-Term Energy Outlook (STEO) remains subject to a high level of uncertainty due to Russia’s invasion of Ukraine. Regarding price forecasts, the EIA continues to warn that “actual price outcomes will largely depend on the degree to which existing sanctions imposed on Russia, any potential future sanctions, and independent corporate […]
US raw steel production increased to 7.57 million net tons in March, up 8% from February’s 12-month low, according to recently released American Iron and Steel Institute (AISI) data. While up month over month, March holds the second lowest monthly production rate of the past 13 months. Recall that last August production reached a 20-month high of 8.29 million tons. […]
Sheet prices have fallen sharply following weeks of more modest declines. The big drops this week prompted SMU to shift all its sheet price momentum indicators from neutral to lower. SMU’s hot-rolled coil price plunged $75 per ton ($3.75 per cwt) week-over-week, falling well below the $1,400-per-ton threshold. Cold rolled fell $55 per ton, galvanized […]
US steel exports jumped 16% in March to 843,000 net tons, now the highest monthly level seen since June 2018, according to the latest US Department of Commerce data. On a 12-month moving average, March exports continue to hold onto a 3-year record high at 741,000 tons per month. Total March exports are 7% higher than levels seen […]
Final US Department of Commerce data shows that steel imports in March rebounded 32% month-over-month to 3.09 million net tons, a 2+ year high. But April import licenses through May 4 are currently at 2.58 million tons, down 17% from March. (That said, April is still up 10% compared to February.) Final finished steel imports were 2.52 […]
The number of total active drilling rigs in the US rose again this week, while Canadian rigs continued their seasonal decline, 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 […]
Foreign steel imports continue to hold a competitive price advantage over domestic steel, with the spread between the two widening nearly every week since mid-March. According to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison, select foreign HRC prices range from $114-375 per ton cheaper than domestic prices, after taking freight costs, trader margins […]
Sheet prices were flat or lower again this week on expectations of lower scrap prices and concerns about increased import competition over the summer months. Hot-rolled coil prices were down $10 per ton, cold-rolled prices were unchanged, galvanized base prices down $30 per ton, and Galvalume base prices down $35 per ton. Plate prices were […]
Steel Market Update’s Steel Buyers Sentiment Index rose 2 points last week, in line with the strong levels we’ve seen over the last six weeks. Our Future Sentiment Index rose to a new high, surpassing a prior record set in November 2021. SMU surveys buyers every two weeks and asks how they view their chances of […]
Steel prices were relatively steady in April, following increases in March. Hot rolled prices were at $1,460 per ton ($73 per cwt) the first week of April, the highest level seen since January 2022. Prices then bounced around within a $30 per ton range for the remainder of the month, with the SMU index averaging $1,450 per ton as […]
Alro Steel announced Friday that it has completed the acquisition of certain assets of Klein Steel, a metals service center with locations in Buffalo, Rochester, and Syracuse, New York. The transaction, terms of which were not disclosed, was announced on March 29, 2022. Founded in 1971, Klein Steel offers multiple metals for next-day delivery to customers in the Northeast, […]
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 […]
Foreign import prices are gaining a greater competitive advantage over domestic steel this week, according to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison. Select foreign HRC prices range from $60-351 per ton cheaper than domestic prices, after taking freight costs, trader margins and tariffs into consideration. Recall that the price differentials between […]
Steel mills appear to be loosening their firm grip on price negotiations, according to buyers polled in our latest steel market survey. Over half of hot rolled steel buyers now report that mills are willing to talk price to secure an order. Every two weeks, SMU asks respondents: Are you finding domestic mills willing to negotiate spot pricing […]
Steel Market Update’s latest check of the market indicates steel mill lead times are sideways to down for sheet and plate products, decreasing by an average of 0.4 weeks compared to two weeks prior. This is the first time lead times have declined on average since late January. Hot rolled, cold rolled, and galvanized lead […]
Data on US industrial production, capacity utilization, new orders and inventories continue to improve. February and March 2022 reports indicate a strengthening manufacturing sector. The health of the manufacturing economy has a direct bearing on the health of the steel industry. The Industrial Production Index The IP index is a gauge of output from factories, mines […]
Sheet prices continue to bump around what some sources think might be the top of the market, with prices for most products down modestly week-over-week. Hot-rolled coil and cold-rolled prices slipped $30 per ton ($1.50 per cwt). Galvanized base prices were down $20 per ton. And Galvalume prices slipped $45 per ton. The dip comes […]
Preliminary Census data shows that steel imports in March increased 31% month-over-month to 3.09 million net tons, rising from an 11-month low to a 2+ year high. April import licenses through April 24 are currently at 2.07 million tons, down 33% from March and down 12% compared to February. Preliminary finished steel imports were 2.52 million tons in March, up […]
Steel Market Update sources expect ferrous scrap prices to decline in May, following record high prices in March and April due to the Ukraine-Russia war. Some expect obsolete grades to decline significantly from April, with busheling prices potentially down as well. “Just looking at the export market makes me think US domestic will see significant drops for all […]