We’d like to invite you to join us for the Steel 101 Workshop, which will be running Oct. 20-21, 2020, in our customized virtual platform. This workshop is a must for anyone in the steel industry, or related business, who would like to understand how steel is made, processed, bought and sold, as well as some of the market […]
We’d like to invite you to join us for the Steel 101 Workshop, which will be running Oct. 20-21, 2020, in our customized virtual platform. This workshop is a must for anyone in the steel industry, or related business, who would like to understand how steel is made, processed, bought and sold, as well as some of the market […]
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 September Energy Information Administration (EIA) Short Term Energy Outlook remains subject to heightened levels of uncertainty due to evolving COVID-19 mitigation and reopening efforts. In its outlook, EIA reports that reduced economic activity has caused changes in energy demand and supply patterns. Crude oil production has risen as operators have brought wells back online […]
Steel prices continue to see some upward momentum as flat rolled and plate prices rose by another $5-15 per ton, according to Steel Market Update’s check of the market this week. The mills announced further $40-50 price hikes on plate on Monday and Tuesday in hopes of sustaining that momentum. Here is how we see […]
Recently released Census data has preliminary August steel imports totaling 1.30 million net tons, less than half of the volume imported in July due to the quarterly reset on semifinished import quotas. This is the lowest total monthly import level seen since September 2009. Finished imports in August total 1.20 million tons, down 16 percent […]
The number of active U.S and Canadian gas and oil rigs increased this past week, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs increased by 6 to […]
This week’s comparison of foreign and domestic hot rolled prices shows that the large price advantage held by U.S-producers over foreign imports is rapidly loosing steam, according to the latest SMU and CRU indices. The price differentials between domestic HRC compared to foreign imports had widened over the last few months to reach record highs […]
Flat rolled steel prices continue to rise as demand improves, lead times extend and supplies remain a bit tight. Prices rose a further $10-40 per ton, based on Steel Market Update’s check of the market this week, with hot rolled reaching the psychological high mark of $600 per ton. SMU’s price momentum indicators remain pointed […]
Flat rolled steel prices continue to rise as demand improves, lead times extend and supplies remain a bit tight. Prices rose a further $10-40 per ton, based on Steel Market Update’s check of the market this week, with hot rolled reaching the psychological high mark of $600 per ton. SMU’s price momentum indicators remain pointed […]
U.S apparent steel supply remained flat from June to July, up 0.8 percent to 6.98 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. While June and July supply levels have both shown improvement, recall that April and May were the two lowest levels seen in […]
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. manufacturing indicators continued to show signs of improvement in July and August data as the economy recovers from the coronavirus shutdowns. The health of the manufacturing economy has a direct bearing on the health of the steel industry. The Industrial Production Index The Industrial Production (IP) index is a gauge of output from factories, […]
Better-than-expected demand and higher scrap prices have allowed the mills to boost flat rolled and plate steel prices, with the benchmark average for hot rolled reaching $580 per ton, according to Steel Market Update’s check of the market this week. With a few mills announcing new increases on flat rolled on Monday and Tuesday, the […]
July heating and cooling equipment shipments totaled 2.11 million units, up 16.6 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Recall that last month, we saw the highest monthly shipment level in SMU’s 12+ year limited history, surpassing the previous monthly high in […]
The number of active U.S and Canadian gas and oil rigs remained flat this past week, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs decreased by 2 […]
This week’s comparison of foreign and domestic hot rolled prices shows that U.S-produced steel continues to hold a price advantage over foreign imports, but that price advantage is lessening due to the rapid rise in domestic prices, according to SMU and CRU indices. The price differentials between domestic HRC compared to foreign imports had widened over […]
U.S. steel exports continued to recover in July, up 13 percent from June to 478,182 net tons, according to recent U.S. Department of Commerce data. This is up 35 percent from two months prior when exports were at the lowest levels seen in SMU’s 24-year data history. Although up, July exports remain low historically, down […]
Steel Market Update’s check of the market this week shows prices for hot rolled, cold rolled and coated steels up by $20-30 per ton as demand continues to improve, lead times extend and scrap prices rise. The benchmark price for hot rolled steel now averages $540 per ton, up $100 from the low point in […]
Recently released Census data shows final July steel imports totaled 2.70 million net tons, up 93 percent from June due to the quarterly reset on semifinished import quotas. This final July figure is just 5,995 tons higher than the preliminary import figures SMU reported one week ago. Finished imports in July totaled 1.43 million tons, […]
Last Thursday, USS-POSCO notified customers of a revision to its galvanized steel coating extras. UPI advised customers the new extras will apply on all new orders effective immediately. UPI is the fifth mill to revise its galvanized coating extras recently, following Steel Dynamics, California Steel Industries, Nucor and U.S. Steel. SMU has done an analysis […]
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 […]
On Wednesday, U.S. Steel notified customers of a revision to its galvanized and galvannealed steel coating extras. USS advised customers, “The cost to procure zinc for our Hot Dipped Galvanized products has increased significantly in recent weeks, with the average LME zinc price now above the current coating weight tables that we put in place […]
Steel prices gained momentum in August as demand improved and the mills announced a new round of price increases. As of last week, Steel Market Update’s hot rolled price average had risen to $485 per ton, up $45 in just two weeks from the mid-month low, and has since topped the $500 mark. Scrap prices were flat […]
Mills have hiked prices on flat rolled and plate steels in the past 10 days and it appears they will collect at least a portion of the increases. Steel Market Update’s check of the market this week shows prices up as much as $30 per ton, depending on the product, on top of a $10 […]
Last Friday, Nucor notified customers of a revision to its galvanized coating extras. Nucor advised customers, “Consistent with our practice to monitor the cost of zinc, we have revised our galvanized coating weight extras effective with new orders acknowledged for the week ending Oct. 10, 2020.” Nucor is the third mill to revise its galvanized […]
Among steelmaking raw materials, the prices of iron ore, pig iron and zinc have seen big gains in the past three months. Scrap prices have been challenged, but saw some improvement in August, notably in the coastal regions, and are expected to rise in September, lending support to higher finished steel prices. Table 1 summarizes […]
The latest Energy Information Administration estimates show U.S. liquid fuels consumption averaged 16.2 million barrels per day (b/d) in Q2 2020, down 20 percent from Q2 2019 due to COVID-related travel restrictions and reduced economic activity. EIA forecasts U.S. liquid fuels consumption will average 18.9 million b/d in Q3 (down 1.8 million b/d YOY), rising to […]
Recently released preliminary steel import data shows July imports totaling 2.69 million net tons, according to the U.S. Department of Commerce. This is up nearly twofold over final June import figures, primarily due to the quarterly reset on semi-finished import quotas. Taking semifinished products out of the picture, imports of finished steels rose 7 percent from […]
Active U.S and Canadian gas and oil rigs were flat to down this past week, according to oilfield services company Baker Hughes. The active drill rigs count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active U.S. rigs remained steady at 254, […]