We are delighted to announce that Steel Market Update’s Steel 101: An Introduction to Steelmaking and Market Fundamentals training course will be hosted LIVE on April 19-20 in Memphis, Tenn. The workshop will include a guided tour of the Nucor Hickman, just across the Mississippi River in Arkansas. Attendees will be able to see first hand all stages of […]
SMU’s Steel Buyers Sentiment Index surged 11 points this week, the largest change from one survey to the next in 17 months. The surprising jump in sentiment correlates with the unexpected rebound in steel prices caused by the conflict in Ukraine. Steel Market Update’s check of the market this week pegged the benchmark price for […]
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.” The historical survey results presentations also are available in the Survey Results section for “Survey Results History.” If you […]
U.S. heating and cooling equipment shipments in January slipped 1.7% from December to 1.82 million units, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipment levels were down 1.3% from those seen one year prior. The highest level was seen last June when 2.32 million units were shipped in a single month. Recall that […]
Steel mill lead times appear to be extending again. Steel Market Update’s check of the market this week shows lead times for orders of flat rolled and plate products increasing by an average of 1.2 weeks. Buyers polled this week by SMU reported mill lead times ranging from 4-8 weeks for hot rolled, 5-8 weeks […]
Sheet prices saw their biggest week-over-week gains – and by a wide margin – since Steel Market Update’s foundation in 2008. Case in point: SMU’s average hot-rolled coil price jumped to $1,260 per ton this week ($63 per cwt), up $210 per ton (20%) from $1,050 per ton last week. That is more than double […]
Sheet prices saw their biggest week-over-week gains – and by a wide margin – since Steel Market Update’s foundation in 2008. Case in point: SMU’s average hot-rolled coil price jumped to $1,260 per ton this week ($63 per cwt), up $210 per ton (20%) from $1,050 per ton last week. That is more than double […]
The Energy Information Administration’s March Short-Term Energy Outlook (STEO) is subject to an even higher level of uncertainty than usual due to Russia’s invasion of Ukraine. As EIA’s latest report explains, “supply uncertainty results from the conflict in Ukraine, the production decisions of OPEC+, and the rate at which U.S. oil and natural gas producers […]
U.S. apparent steel supply levels slipped 1% from December to January, down 120,000 net tons to 9.36 million tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. Recall that just last September, the market saw the highest monthly supply level in over six years (9.92 million tons). Apparent […]
U.S. steel exports rose 6% in January to 691,000 net tons, a partial recovery following December’s 10% drop, according to the latest U.S. Department of Commerce data. While the last few months have seen declining export levels, the 12-month moving average through January has reached a 34-month high. January exports are 3% higher than levels […]
Hot-rolled coil prices are up an average up $50 per ton ($2.50 per cwt) this week, breaking a six-month trend of flat or falling prices. And that gain might prove modest compared to what’s in store in the weeks ahead. Why? Because the war in Ukraine has the potential to shock the steel market at […]
We are delighted to announce that Steel Market Update’s Steel 101: An Introduction to Steelmaking and Market Fundamentals training course will be running LIVE on April 19-20 in Memphis, Tenn. The workshop will include a guided tour of the Nucor Steel Arkansas, situated in Blytheville, Arkansas. Attendees will be able to see first-hand all stages of production at this facility, which makes […]
U.S. Steel and Steel Dynamics notified customers of an upward revision to their galvanized steel coating extras on Monday, March 7. New USS extras go into effect on May 1, 2022, while SDI extras go into effect on April 1. “The cost to procure zinc and aluminum for our Hot Dipped Galvanized and Galvalume products […]
SMU’s Steel Buyers Sentiment Index continues to inch downward from its late-2021 peak, with the latest three-month moving average sliding to the lowest level seen in nearly 10 months. Although down, sentiment remains at very optimistic levels on the 100-point scale. Steel Market Update surveys buyers every two weeks and asks how they view their […]
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.” The historical survey results presentations also are available in the Survey Results section for “Survey Results History.” If you […]
The number of active oil and gas drill rigs in the U.S. and Canada was flat or fell this week after gains in prior weeks, according to recent data released by oilfield services company Baker Hughes. The active drill rig count is important to the steel industry because it is a leading indicator of oil […]
Steel mill lead times remain short, but yielded minor upward movements this week for most products, based on Steel Market Update’s latest check of the market. SMU’s data on mill negotiations shows buyers still have the upper hand. Buyers polled this week by SMU reported mill lead times ranging from 2-6 weeks for hot rolled, […]
Last year when hot rolled coil prices in the U.S. surged to record highs, foreign steel was hundreds of dollars cheaper, and import orders skyrocketed. Now that U.S. steel prices have come back to earth, foreign steel has lost that competitive advantage. Foreign HRC prices are now approximately $45-108 per ton more expensive than domestic steel, […]
February marked month six of declining steel prices, following a 12-month streak of continuous price increases. Hot rolled prices declined $215 per ton throughout the month, with the SMU index averaging $1,020 per ton at the end of February (recall our HR average this week declined another $20 to $1,000 per ton). The SMU Price Momentum Indicator for sheet products was […]
Sheet prices fell again this week. But price declines for hot-rolled coil have slowed, with HRC tags down $20 per ton ($1 per cwt) and coalescing around $1,000 per ton. While some mills were reported to be cutting deals as low as $900 per ton, others were said to be mulling price hikes. Cold-rolled and […]
Preliminary Census data shows that steel imports in January rose 7% month-over-month to 3.08 million net tons, the highest monthly level seen in the past two years. February import licenses through March 1 are currently at 2.20 million tons, a 29% decline from January and down 24% compared to December. Note that the latest U.S. […]
California Steel Industries, Nucor and USS-UPI notified customers of an upward revision to their galvanized steel coating extras earlier this week. Prior to this change, many mills had revised their galvanized coating extras in late-2021, with new prices going into effect in January 2022. Although the reason for these updated extras was not specifically mentioned by […]
Join us in Memphis, Tenn., for the next LIVE Steel 101 workshop on April 19-20, 2022. We are pleased to offer our first in-person course since the pandemic and will include an in-person tour of Nucor Steel Arkansas. Steel Market Update’s Steel 101: Introduction to Steelmaking & Market Fundamentals workshop has been helping businesses empower their employees (from […]
Sheet prices fell hard again this week. Our average hot-rolled coil number now stands at $1,020 per ton ($51/cwt), down $60 per ton from last week and marking the lowest point for HRC prices since January 2021. Large buyers reported deals in the mid-$900s. Another notable trend: Prices for coated products led the way downward […]
The number of active oil and gas drill rigs continues to recover in both the U.S. and Canada, according to recent data released by oilfield services company Baker Hughes. The active drill rig count is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand. The number […]
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.” The historical survey results presentations also are available in the Survey Results section for “Survey Results History.” If you […]
Prices for five of the seven steelmaking raw materials tracked in this SMU analysis increased over the last 30 days, with only one product decreasing. Through Feb. 17, iron ore prices rose 18% from one month prior, aluminum prices increased 10%, coking coal prices rose 9%, zinc prices were up 3%, and pig iron prices […]
Foreign steel imports from the three regions tracked by Steel Market Update have nearly lost their price advantage over domestic steel, according to our latest foreign versus domestic hot rolled steel price comparison. Foreign HRC prices are now theoretically just $7-80 per ton cheaper than domestic steel, after taking freight costs, trader margins and tariffs […]
Steel prices saw another big drop this week, taking the benchmark price for hot rolled below $1,100 per ton for the first time since January 2021. Cold rolled and coated products registered double-digit declines as well, while plate prices appear to be holding their own, according to Steel Market Update’s check of the market on […]
U.S. apparent steel supply levels slipped 3% from November to December, down 286,000 net tons to 9.48 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. Recall that September 2021 saw the highest monthly supply level in over six years, going back to January 2015 when supply surpassed 10 […]