Raw steel production by US mills slipped 0.4% last week from the week prior, according to data released by the American Iron and Steel Institute (AISI) on Monday, March 27. Domestic production stood at 1,679,000 net tons in the week ended March 25 vs. 1,686,000 net tons the previous week. It was off 1.8% from 1,710,000 net tons […]
Global crude steel production was estimated at 142.3 million metric tons in February, as steelmakers around the world cut output by 1.4 million metric tons vs. the same year-ago period, the World Steel Association (worldsteel) reported. Last month’s estimated production was also down sequentially, declining 2%, or 2.9 million metric tons, from January’s total crude […]
Foreign cold-rolled coil’s (CRC) pricing advantage over domestic product widened this past week as US prices rose further in response to continued mill tag hikes, according to Steel Market Update’s latest foreign vs. domestic price analysis of the CRC market. The move continues to widen the gap between US and offshore cold-rolled. Longer lead times […]
New, single‐family home sales were up marginally in February, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. Monthly gains were impacted by high mortgage rates and prices, while rising construction costs were also to blame. Despite dull results, signs point towards improvement later in […]
The appeal for imports of hot-rolled coil (HRC) continues to grow as US prices move higher in response to repeated mill tag hikes. The price advantage domestic HRC had enjoyed over offshore just last month has swung negative at an accelerated rate, according to SMU’s latest foreign vs. domestic price analysis. The most recent pricing […]
US light-vehicle (LV) sales declined to an unadjusted 1.14 million units in February, the US Bureau of Economic Analysis (BEA) reported. Despite the month-on-month (MoM) decline, February’s total was still 8.7% higher year-on-year (YoY), and the seventh consecutive month to see a YoY increase in sales. On an annualized basis, LV sales were down 6.2% MoM in […]
North American auto assemblies rose 1.3%% in February, expanding for a second straight month after declining repeatedly to close out 2022. Last month’s assemblies are 8.4% higher year-on-year (YoY), according to LMC Automotive data. Despite the repeated increases through February, production hasn’t topped the 1.2-million-unit mark since November. And while inventories have improved, the market remains […]
Imported sheet and plate products’ arrival at US ports rose in January, leading their share of the US markets to recover, while domestic shipments varied during the month. That’s according to a Steel Market Update’s analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel Institute […]
Flat-rolled steel prices are still trending up in the wake of recent mill tag hikes, albeit at a slower pace this week. We’ve seen a rather notable market cycle over the past 15-plus weeks with repeated price hikes. Is it starting to peter out, or just catching its breath? Hot-rolled coil (HRC) prices have increased […]
Existing home sales rebounded in February from January, swinging positive for the first time in 13 months, according to the National Association of Realtors (NAR). However, all four major regions in the US registered year-over-year (YoY) drops, though month-on-month (MoM) sales were up among the four regions, NAR said. Sales of existing homes surged 14.5% […]
Raw steel production by US mills rose 0.5% last week from the week prior, according to data released by the American Iron and Steel Institute (AISI) on Monday, March 20. Domestic production stood at 1,686,000 net tons in the week ended March 18 vs. 1,677,000 net tons the previous week. It was off 1.4% from 1,710,000 net tons […]
Price increases have dominated the headlines thus far in 2023. Since Jan. 1, we’ve had one blitz of tag hikes after another. In the eleven weeks since the start of the year, there’s only been a single week in which not a single mill announced a price increase. It sometimes felt like one mill had […]
More than three-quarters of US metro areas added construction jobs year-over-year (YoY) through January, according to Associated General Contractors of America (AGC) figures. Despite the employment boost, construction firms struggled to find enough qualified workers to hire, the report said. The report cautioned that projects may stall or be canceled altogether if contractors lack an […]
Imports of cold-rolled coil (CRC) extended their pricing advantage over domestic product as US mills continued to drive prices higher, according to Steel Market Update’s latest foreign vs. domestic price analysis of the CRC market. US mills have announced multiple rounds of price increases since the beginning of the year, widening the gap between US […]
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Imports of hot-rolled coil (HRC) are becoming more attractive as US mills continue to drive domestic prices higher. The price advantage domestic HRC had enjoyed over offshore hot band as recently as five weeks ago swung negative, mirroring dynamics seen more than a year ago, according to Steel Market Update’s latest foreign vs. domestic price […]
We are less than a month away from our LIVE Steel 101: An Introduction to Steelmaking and Market Fundamentals training course, to be hosted in Cleveland on April 11-12. The workshop will include a guided tour of the Cleveland-Cliffs mill, in the heart of downtown Cleveland. Attendees will be able to see firsthand all stages of production at […]
Total US mill shipments of steel products increased in January, recovering from a 23-month low the month prior. January’s shipments were the highest since last August and totaled 7.63 million tons, a 6.5% increase from December’s 7.17 million tons. Apparent supply also saw a month-on-month (MoM) increase in January, up 7.9% vs. the prior month. This analysis […]
Flat-rolled steel prices continue to rise in response to repeated mill pricing announcements, a trend we’ve seen nearly weekly since Monday, Nov. 28, 2022. Hot-rolled coil (HRC) prices have surged by $490 per ton – a 78% jump – since Cleveland-Cliffs and US Steel kicked off the craze with $60-per-ton price hikes. On Monday, Cliffs […]
Raw steel production by US mills rose 0.8% last week from the week prior, according to data released by the American Iron and Steel Institute (AISI) on Monday, March 13. Domestic production stood at 1,677,000 net tons in the week ended March 11 vs. 1,664,000 net tons the previous week. It was off 1.9% from 1,710,000 net tons in […]
The United Autoworkers (UAW) union announced on Sunday, March 2, they have agreed to a new labor pact with Caterpillar Inc. after UAW members ratified the terms of a new, six-year collective agreement. A tentative pact was settled ahead of the expiration of a prior contract on March 1, according to both parties. The UAW […]
SSAB Americas has announced plans to increase plate prices by at least $80 per ton ($4 per cwt), the third of its kind in as many months. The notice follows in short order from Nucor’s $50-per-ton increase announced today. The price hike applies equally to rolled, normalized, quenched-and-tempered, and wide cut-to-length plate products. It is […]
Nucor Corp. aims to increase base prices for steel plate by at least $50 per ton ($2.50 per cwt) with the opening of its May order book. The plate increase is the first of its kind for the steelmaker since March 31, 2021, according to SMU’s steel mill price increase calendar. Nucor had repeatedly maintained […]
US plate prices have steadily increased over the past two weeks, largely in response to repeated mill price hikes. The most recent increase came from Cleveland-Cliffs when the steelmaker aimed to increase base prices for steel plate by at least $60 per ton ($3 per cwt). It was Cliffs’ first official plate price notice in […]
The price advantage domestic cold-rolled coil (CRC) had recently enjoyed over imported steel was short-lived, as US mills continue to drive prices higher, according to Steel Market Update’s latest foreign vs. domestic price analysis of the CRC market. Repeated mill price hikes through February and into March has seen the US CRC price advantage over foreign […]
February license data indicate that steel imports will have totaled 2.19 million net tons last month, down 16.2% from January. February levels are also down 13.8% when compared to the previous 12-month average. Recall that monthly import levels declined nearly 17% month on month (MoM) in November, before rebounding in December and January. February figures […]
The price advantage domestic hot-rolled coil (HRC) had enjoyed over offshore hot band has evaporated as US mills drive prices higher, according to Steel Market Update’s latest foreign vs. domestic price analysis. Nucor and ArcelorMittal last week announced a target price $1,150 per ton ($57.50 per cwt) for HRC. Market contacts have told SMU that some […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Monthly Key Market Indicators (KMI) improved over the past month, advancing repeatedly since hitting a recent low last November, according to the latest analysis by […]
Aggressive mill price increases are pushing flat-rolled tags up at a sharp clip, rivaling the spike seen in response to the war in Ukraine last March. On Friday, Nucor came out with yet another notice – up an extra $150 per ton ($7.50 per cwt) and setting a new base price for hot band of […]
The Dodge Momentum Index (DMI) rose 1.9%% in February to 203 from the revised January reading of 199.3, according to data and analytics from the Dodge Construction Network (DCN). Additionally, the commercial component of the DMI also advanced 1.4% and the institutional component increased 2.9%, respectively, last month. The Dodge Momentum Index returned to growth […]