Contributor: David Schollaert

Steel Market Update’s Steel Demand Index has moved lower, having remained in contraction territory for the better part of the past two months, according to our latest survey data.

US hot-rolled (HR) coil prices have fallen below $900 per short ton (st) on average for the first time since early November. SMU’s HR price stands at $875/st on average, down $65/st from a week ago and down $170/st from the beginning of the year.

Domestic production of raw steel moved higher again last week, improving for the third consecutive week, according to the most recent data from the American Iron and Steel Institute (AISI).

The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, […]

Rig counts in the US and Canada were mixed again for the week ended Feb. 16. The US saw totals move down, while Canadian rig figures ticked up week on week (w/w), Baker Hughes’ latest data shows.

US hot-rolled coil (HRC) prices moved lower again this week, remaining largely on a downtrend since mid-January. The result has caused domestic tags to lessen their price premium over imported products week on week (w/w).

Reliance Inc. – formerly Reliance Steel & Aluminum Co. – introduced its “new company identity” that emphasized its “evolution to more than steel,” the company said in its fourth-quarter and full-year earnings report.

The pace of sheet price declines accelerated this week as steel buyers said that domestic mills were competing against each other while also coping with higher-than-expected import volumes. “They are getting rid of the fluff. When you can pit 2-3 mills against each other, the fat margins get cut,” one industry source said.

The US apparent steel supply moved up to 7.79 million short tons (st) in December, a rise of 2% from 7.67 million st in November, according to data from the Department of Commerce and the American Iron and Steel Institute (AISI). Apparent steel supply is determined by combining domestic steel mill shipments and finished US […]

Domestic production of raw steel increased again last week, according to the most recent data from the American Iron and Steel Institute (AISI). Output moved higher for the second straight week after declining for more than a month to start the year.

Steel prices stabilized in early January before they began to inflect lower midway through last month. Tags peaked at $1,045 per short ton (st) during the first week of January, even as some mills tried to push prices higher, to no avail. Hot-rolled coil (HRC) prices ended January at an average of $1,000/st, declining by $45/st during the month.

Rig counts in the US and Canada were mixed for the week ended Feb. 9, with US totals moving up and Canadian holding unchanged week on week (w/w), Baker Hughes’ latest data shows. US The number of active rotary rigs in the US inched back up by four to 623. Oil rigs were unchanged at […]

The Dodge Momentum Index (DMI) was largely unchanged in January, moving up marginally due to improved institutional conditions, according to the latest Dodge Construction Network (DCN) data.

US hot-rolled coil (HRC) prices were again lower this week, pushing the price premium domestic hot band carries over imported products lower vs. the prior week.

Consumer confidence in the US rose in January and accelerated to a two-year high, The Conference Board reported. Results came amid slacking inflation and expectations that the Federal Reserve could soon start cutting interest rates. The headline Consumer Confidence Index rose to 114.8 in January from a downwardly revised 108.0 in December. The index, which […]

Sheet prices fell across the board this week as SMU’s hot-rolled (HR) coil price slipped below $1,000 per short ton (st) on average for the first time since November.

Domestic manufacturing activity continued to draw back in January, receding for the 15th straight month, according to the latest Institute for Supply Management (ISM) Manufacturing PMI report.

Domestic production of raw steel recovered a bit last week, according to the most recent data from the American Iron and Steel Institute (AISI). The result was the first increase in roughly a month.

Rig counts in the US and Canada were mixed, with US totals slipping and Canadian counts moving higher week on week (w/w) for the week ended Feb. 2, Baker Hughes’ latest data shows.

The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, […]

SunCoke Energy Inc.’s earnings improved in the fourth quarter, driven by higher coal-to-coke yields, the company said in its Q4, and full-year results on Feb. 1.

US hot-rolled coil (HRC) prices law little movement this week, a similar trend seen in offshore markets. Thus, the price premium domestic hot band carries over imported products was largely unchanged vs. the prior week.

Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its March order book. The Charlotte, N.C.-based steelmaker said in a letter to customers on Tuesday, Jan. 30, that tags would be lowered by $50 per short ton (st) to $1,380/st.

Sheet prices were mixed this week, with hot-rolled (HR) coil unchanged but cold-rolled and coated prices down.

Domestic production of raw steel moved down marginally last week, according to the most recent data from the American Iron and Steel Institute (AISI). The decline was the third straight dip in as many weeks. Steel output in the US totaled an estimated 1,680,000 short tons (st) in the week ended Jan. 27. That’s down […]

Rig counts in the US and Canada both notched week-on-week increases for the week ended Jan. 26, Baker Hughes’ latest data shows.

Global steel output fell in December, led by cuts in China, the World Steel Association (worldsteel) said in its latest monthly report. Annual totals in 2023 saw a similar trend.

US hot-rolled coil (HRC) prices declined further this week, easing to their lowest level since late November. And while domestic tags remain notably more expensive than offshore product, the premium has declined as imported hot band tags have moved higher.

Domestic sheet prices slipped again this week, marking the first week of consecutive declines for hot-rolled (HR) coil since September. SMU’s HR price now stands at $1,000 per short ton (st) on average, down $25/st from last week and down $45/st from the start of the year.

US housing starts moved lower in December, even as single-family production topped the million mark for the second straight month, according to the most recent data from the US Census Bureau.