The temptation to purchase foreign hot rolled remains high, with potential discounts of 22-40% compared to domestic steel. However, U.S. HRC prices are now declining at a greater rate than foreign prices, narrowing the gap, according to Steel Market Update’s latest domestic and foreign steel price comparison. Foreign hot rolled steel prices are now theoretically $373-673 per ton cheaper […]
U.S. Steel has released updated galvanized steel coating extras, with new prices going into effect on Jan. 2, 2022. Other mills have also adjusted their coating extras due to rising zinc costs in recent months; NLMK, Big River Steel, and Nucor all have revised extras going into effect in January 2022, and ArcelorMittal USA and […]
Apparent steel supply remained high in October at 9.86 million net tons, down just 0.6% from September, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. Recall that in September we saw the highest supply level in more than six years, going back to January 2015 when supply surpassed 10 million tons. October […]
Steel sheet prices fell again this week as mills continued reducing prices on shorter lead times and increased competition from both imports and other domestic producers. Published lead times are as low as 3-4 weeks for hot-rolled coil, for example, and sources reported orders being processed early. Some said mill offers declined substantially over the […]
U.S. heating and cooling equipment shipments slipped 1.9% in October to 2.05 million units, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). October levels are down 1.5% from those seen one year prior. Recall that 2020 monthly shipment levels were somewhat erratic; shipments in the second quarter were significantly impacted by 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.” The historical survey results presentations also are available in the Survey Results section for “Survey Results History.” If you […]
U.S. steel exports fell 2% from September to October and are now at 719,000 net tons, according to the latest U.S. Department of Commerce data. This is the lowest monthly export level in seven months. Recall that in March and June of this year, we saw the two highest monthly export levels in the last three […]
Final Census data shows that foreign steel imports in October totaled 2.74 million net tons, easing 16% from September’s 28-month high of 3.26 million tons. November import licenses through Dec. 6 were at 2.68 million tons, a 2% decline from October and down 18% compared to September. Total finished imports were 2.37 million tons in October, down 8% […]
Sheet and plate prices fell across the board this week on shorter lead times, import competition and increased spot availability from domestic mills. Declines for hot-rolled coil were generally steeper than those for value-added products. And while certain mills are trying to hold the line around $1,800 per ton, EAF producers were reported to be […]
We are delighted to announce that the next Introduction to Steel Hedging: Managing Price Risk course will run LIVE and in-person on Feb. 14-15, 2022, in Tampa, Fla. alongside the Tampa Steel Conference. Don’t miss this opportunity to meet face-to-face with our expert instructors to gain a thorough introduction to hedging in the flat rolled steel market, and to take advantage of the live […]
Late last week both Nucor and Big River Steel notified customers of an upward revision to their galvanized steel coating extras. A letter from Nucor stated, “Consistent with our practice to monitor the cost of zinc, we have revised our galvanized coating weight extras effective with orders acknowledged for the week ending Jan. 8, 2022.” […]
The number of active oil and gas drill rigs was unchanged in the U.S. this past week, while the Canadian rig count increased, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand. The […]
Foreign steel prices continue to tempt U.S. buyers with potential discounts of 24-43% over domestic steel, according to Steel Market Update’s latest comparison of domestic and foreign hot rolled steel prices. Foreign hot rolled steel prices are now theoretically $430-761 per ton cheaper than domestic steel, after taking freight costs, trader margins and tariffs into consideration. […]
Preliminary Census data shows that total foreign steel imports declined 17% in October to 2.71 million net tons, easing from September’s 28-month high of 3.26 million tons. November import licenses are currently at 2.55 million tons, a 6% decline from October and down 22% compared to September. Total finished imports are preliminarily at 2.33 million tons in […]
Steel prices declined for the third consecutive month in November, following a 12-month streak of continuous price increases. Hot-rolled coil prices declined $105 per ton throughout the month, with the SMU index averaging $1,770 per ton ($88.50 per cwt) as of Tuesday, Nov. 30. The SMU Price Momentum Indicator for hot-rolled coil was adjusted from Neutral […]
Plate prices moved up this week as recent mill price increases gained some traction, but prices for sheet products were flat to down, based on Steel Market Update’s check of the market on Monday and Tuesday. The plate price was up $60 to an average of $1,835 per ton, while hot rolled coil was down […]
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 […]
Flat rolled and plate steels all saw double-digit decreases this week as the price trend appears be gaining downward momentum The average price for hot rolled dropped by $50 to $1,780 per ton, the first time that benchmark has been below $1,800 since early July. Prices for cold rolled and coated products saw declines of […]
The number of active oil and gas drill rigs increased in the U.S. this past week, while Canadian rig counts declined by 1, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) […]
Prices for four of the seven steelmaking raw materials tracked in this SMU analysis declined over the last 30 days. Through Nov. 18, iron ore prices fell 27% from one month prior, aluminum prices are down 17%, zinc prices declined 15%, and coking coal prices decreased 4%. In that same time frame, shredded scrap prices […]
Steel Market Update’s poll of buyers on Monday and Tuesday showed further small declines for flat rolled steel prices, while plate prices were up a bit. No sign yet of a sharp correction as prices continue to ease downward. The benchmark price for hot rolled is now down to $1,830 per ton, $25 lower than […]
Steel Market Update is pleased to share the below excerpt of a Premium item with Executive members. SMU publishes service center shipment and inventory data for Premium subscribers on the 11th business day of each month, one day after our data providers receive the data. Premium member reports include expanded analysis with detailed shipment and inventory levels, […]
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U.S. heating and cooling equipment shipments rose in September to 2.09 million units, up 1.7% from August, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). September levels are up 2.9% from those seen one year prior. Recall that 2020 monthly shipment levels were somewhat erratic; shipments in the second quarter were […]
The Energy Information Administration’s November Short-Term Energy Outlook (STEO) forecasts oil prices to remain near current levels throughout the year, while natural gas prices could experience volatility as winter temperatures drive demand and prices. The EIA notes that evolving effects of consumer behavior on energy demand present a wide range of potential outcomes for energy consumption. Spot Prices The spot […]
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 […]
September apparent steel supply increased by 90,000 tons over August to 9.92 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. This is the highest supply level seen in more than six years, going back to January 2015 when supply surpassed 10 million tons. September supply is up […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. U.S. raw steel production in September eased 4.9% from August to 7.89 million net tons, a 408,000-ton seasonal decline, according to American Iron and Steel Institute data. One month prior, production had reached a 20-month high […]
U.S. steel exports decreased 4% from August to September to 732,000 tons, according to the latest U.S. Department of Commerce data. September marks the lowest monthly export level seen in six months. Recall that in March and June of this year, we saw the two highest monthly export levels in the last three years (790,000 and 778,000 […]
Even as domestic prices ease, foreign steel imports continue to tempt U.S. buyers with potential discounts of 24-43%, according to Steel Market Update’s latest comparison of domestic and foreign hot rolled steel prices. Foreign hot rolled steel prices are now theoretically $452-801 per ton cheaper than domestic steel, after taking freight costs, trader margins and tariffs […]