Contributor: David Schollaert

Sheet prices rose this week on the heels of a price increase announced by Cleveland-Cliffs last week that was quietly followed by other mills.

US manufacturing activity improved in September, nearing a recovery, but remained in contraction territory, according to the Institute for Supply Management (ISM).

Steel prices continued to decline last month – a trend we’ve seen repeated since mid-April.

US plate prices have been relatively flat this year, especially when compared to sheet products. Case in point; SMU's plate prices stands at $1,455 per ton ($72.75 per cwt) on average, down 7% from a $1,560 per ton peak in April. Our HRC price is at $645 per ton, down 44% from an April peak of $1,160 per ton.

The latest SMU Market Survey results are now available on our website to all Premium members.

Nucor Corp. will keep plate prices unchanged with the opening of its November order book.

US hot-rolled coil (HRC) prices were down again vs. offshore hot band this week. Domestic HRC lost more ground relative to imported product with US tags sinking at a faster rate than those overseas.

Cleveland-Cliffs is increasing its sheet tags, setting a new base price for hot-rolled coil, effective immediately, the company said in a press release on Wednesday, Sept. 27.

Hot-rolled coil prices were down again this week, continuing a streak of week-over-week (WoW) declines that began in early/mid-July.

The drop in imports continued for the second straight month, in line with license applications and falling lower year on year (YoY).

Ken Simonson, chief economist for The Associated General Contractors of America (AGC), will be the featured speaker on the next SMU Community Chat webinar on Wednesday, Oct. 4, at 11 a.m. ET.

US hot-rolled coil (HRC) prices fell further relative to imported product this week. Domestic hot band remains cheaper than offshore HRC as US tags continue to sink at a sharper rate than those overseas.

North American auto assemblies saw its best total year to date in August, and its best mark in nearly five years, driven by a 32.8% jump in total assemblies vs. July’s output.

US light-vehicle (LV) sales rose to an unadjusted 1.33 million units in August, up 12.8% vs. year-ago levels, while domestic LV sales fell 4.5% month-on-month.

Steel Market Update’s Steel Demand Index remains in contraction territory despite marginal improvement, according to our latest survey data.

he latest SMU Market Survey results are now available on our website to all Premium members.

US hot-rolled coil (HRC) continues to lose ground against imported hot band. Domestic product remains a better deal than offshore HRC as US tags sink further, according to SMU’s latest foreign vs. domestic price analysis.

Sheet prices fell across the board ahead of what many market participants predict will be a strike by the United Auto Workers (UAW) later this week.

US apparent steel supply declined 2% in July to 8.28 million net tons compared to the previous month, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI). 

Steel prices kept falling throughout last month. Hot-rolled coil (HRC) prices ended August at $725 per ton ($36.25 per cwt) on average, having fallen by $105 per ton during the month.

The Dodge Momentum Index (DMI) moved lower in August, driven by a slowdown in planning from tighter lending standards, according to the latest data from the Dodge Construction Network (DCN).

US hot-rolled coil (HRC) is now a better deal than imported hot band, something we haven't seen since early February, according to SMU’s latest foreign vs. domestic price analysis.

US consumer confidence pulled back in August, declining for the first time in four months. The result came in after the index jumped to its highest level in nearly two years the month prior, consumers’ assessment of current business and labor market conditions deteriorated, The Conference Board reported.

Steel Market Update’s Demand Index is still in contracting territory and moving lower, where it has been for the better part of the past four-plus months, according to the latest survey data.

Sheet prices declined again this week amid persistent concerns about a potential strike at union-represented automakers.

Nucor Corp. will lower plate prices by $40 per ton ($2 per cwt) with the opening of its October order book.

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, or if […]

Domestic hot-rolled coil (HRC) is now cheaper than imported hot band as US tags have fallen further and at a faster clip than offshore product, according to SMU’s latest foreign vs. domestic price analysis.

We’re roughly a week removed from the 2023 Steel Summit and some of the discussions, both on stage and the the sidelines of the event, remain of critical importance to many in the industry.

Sheet prices have fallen this week, after a small pause last week when prices saw mixed results. Tags have now been largely trending lower since July.