September heating and cooling equipment shipments came in at 1.58 million units, down 0.4 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Residential and commercial storage water heater shipments rose 2.2 percent year over year to a combined 674,144 units; 654,894 units were […]
Flat rolled prices are beginning to shift gear and are slowly rising after the recent $40 per ton price increase announcements by the domestic steel mills. SMU continues to see a wide variety of pricing in our survey this week, but our channel checks are providing details of prices firming (although some mills appear to […]
October saw a small increase in finished steel imports, but a big increase in semifinished imports, based on Commerce Department license data for the full month. Finished steel imports saw a 14 percent decline from August to September in a comparison of the final Census Bureau data for the two months, followed by a small, […]
Two-thirds of the way through the month, steel imports into the United States are trending significantly lower in November compared with the prior month and averages for the year. Steel Market Update projections based on Commerce Department license data estimate imports will total about 2.1 million tons this month, well below the average for the […]
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel prices (delivered to U.S. ports) and domestic hot rolled coil prices (FOB domestic mills). We want our readers to be aware that this is only a “theoretical” calculation as freight costs, trader margin and other costs […]
Steel prices continued their decline in October to an average hot rolled price below $500 per ton, prompting a $40 per ton price increase announcement by the flat rolled mills late in the month. With a price change in play, Steel Market Update switched its Price Momentum Indicator to Neutral. Widespread concerns about the declining […]
The U.S and Canada active rig count declined again 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 fell by 8 to 822, with oil […]
U.S. steel imports likely totaled around 2.4 million tons in October, near the 12-month average, based on the latest import license data from the Department of Commerce. Imports of semifinished steel approached a million tons as the mills moved to secure slabs in the first month of the fourth quarter. Slab imports, notably from Brazil, […]
The market is just starting to react to the $40 price increase announced by the flat rolled mills late last week, making it a little tricky to settle on the price ranges in this issue of Steel Market Update. Generally speaking, it appears flat rolled prices are leaning upward, though SMU’s Steel Price Momentum Indictor […]
As expected, import licenses for semifinished steel have seen a big jump in October, the first month of the fourth quarter, as domestic mills seek to secure needed slabs ahead of quarterly quota restrictions on imports from Brazil and other nations. Steel Market Update’s forecast of import licenses for the entire month show semifinished imports […]
We saw modest movement in hot rolled this week as our survey respondents, both manufacturing and service centers, were consistent in reporting a decrease in the upper end of our range while holding the line at the bottom. As we reviewed the data, the vast majority of buyers were reporting numbers in the $460-$480 range […]
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel prices (delivered to U.S. ports) and domestic hot rolled coil prices (FOB domestic mills). We want our readers to be aware that this is only a “theoretical” calculation as freight costs, trader margin and other costs […]
The U.S and Canada active rig count declined again 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 fell by 5 to 851, with oil […]
Flat rolled prices took a steep dive lower this week as benchmark hot rolled dropped below $500 per ton for the first time since early November 2016. The spreads between hot rolled and cold rolled/coated products continue to be close to $200 per ton and even higher for Galvalume. We are collecting a small number […]
August apparent steel supply rose to 9,625,558 net tons, the highest level seen since April of this year, according to data from the American Iron and Steel Institute and U.S. Department of Commerce. Apparent steel supply, a proxy for demand, is determined by adding domestic steel shipments and finished U.S. steel imports, then subtracting total […]
August heating and cooling equipment shipments came in at 1.85 million units for the month, up 4.7 percent over the same month one year ago, according to data recently released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the second consecutive month that total monthly equipment shipments have increased on a year-over-year basis […]
Preliminary data for the full month of September, based on Commerce Department import licenses, shows that steel imports likely totaled less than 2 million tons last month. This is comparable to the final Census data for August, putting imports for the past two months at well below average. One notable difference in September–estimated finished steel […]
The U.S. exported 650,838 tons of flat rolled steel in August, according to final Census data, a 5 percent rise from July, and up 1 percent from the same month one year ago. This is the highest monthly export figure since July 2018 when 655,937 tons of steel were exported outside of the country. August […]
Prices for all steel products saw further declines this week as price momentum continues to point firmly downward. The benchmark hot rolled price set a new low for the year, below the $520 per ton level reached in June. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $480-$550 […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined last week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 5 to 855, with oil rigs down 3, gas rigs down 2, and miscellaneous rigs unchanged. Compared to this time last year, the […]
U.S. raw steel production in August fell 0.3 percent to 8,152,796 net tons, reports the American Iron and Steel Institute in Washington. August production is in line with the 2019 average of 8,147,242 tons and down 1.1 percent compared to the same month last year. Broken down by production method, 5,752,849 tons (70.6 percent) were […]
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel prices (delivered to U.S. ports) and domestic hot rolled coil prices (FOB domestic mills). We want our readers to be aware that this is only a “theoretical” calculation as freight costs, trader margin and other costs […]
September saw big downturns on both steel price momentum and steel buyers sentiment that aren’t readily evident in the monthly data (below) from Steel Market Update. SMU’s Price Momentum Index was pointing downward for the entire month of September. The benchmark price for hot rolled steel averaged $565 per ton for the month, down nearly […]
Questions about demand, tariffs, trade wars and the overall health of the economy continue to put downward pressure on steel prices. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $500-$550 per ton ($25.00-$27.50/cwt) with an average of $525 per ton ($26.25/cwt) FOB mill, east of the Rockies. The […]
With about a week left in the month, U.S. steel imports in September are trending to total about 2 million tons, based on Steel Market Update’s projection of Commerce Department license data. Total imports in both August and September are significantly below average, primarily because of the surge in semifinished imports in July. Slab imports, […]
We saw further weakening in pricing this week, based on the active flat rolled and plate steel market trends questionnaire which began on Monday. We did see evidence of pressure on prices from a number of different areas. From the service centers, we saw reports of hot rolled at $500 per ton. However, we do […]
Total U.S. raw steel production in the month of July rose 2.4 percent to 8,178,563 net tons, reports the American Iron and Steel Institute in Washington. August production is right in line with the 2019 average of 8,146,449 tons and is up 0.5 percent compared to the same month last year. Broken down by production […]
July apparent steel supply was calculated at 9,351,701 net tons, according to data recently released by the American Iron and Steel Institute and U.S. Department of Commerce. Apparent steel supply, a proxy for demand, is determined by adding domestic steel shipments and finished U.S. steel imports, then subtracting total U.S. steel exports. July apparent steel […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 18 to 868, with oil rigs down 14, gas rigs down 5, and miscellaneous rigs up 1. Compared to this time last year, […]
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel prices (delivered to U.S. ports) and domestic hot rolled coil prices (FOB domestic mills). We want our readers to be aware that this is only a “theoretical” calculation as freight costs, trader margin and other costs […]