The US economy added 339,000 new jobs in May, according to data from the US Department of Labor. The labor market again outperformed economists’ consensus expectations with another show of resilience, and beating April’s total of 253,000. May’s job growth came despite the Federal Reserve’s aggressive efforts to cool the economy to slow the labor […]
Hot-rolled coil (HRC) imports remain at a discount to domestic hot band tags as both offshore and US product continue to decline at a similar rate, according to SMU’s latest foreign vs. domestic price analysis. Even as domestic tags have been on a seven-week decline, HRC imports have fallen at a comparable rate, keeping US hot […]
US plate prices have changed little over the past several weeks, and Nucor’s latest price notice – a sideways move – might mean demand is not as robust as recently as mid-April, according to market participants contacted by SMU. The most recent mill increase came from Nucor on April 19, when the steelmaker aimed to increase […]
US light-vehicle (LV) sales rose to an unadjusted 1.35 million units in April, the US Bureau of Economic Analysis (BEA) reported. The month-on-month (MoM) boost pushed April’s total 9% higher year-on-year (YoY), and is the eighth consecutive month to see a YoY increase in sales. On an annualized basis, LV sales were up 7.2% MoM in April, […]
Raw steel production by US mills edged up again last week, moving higher for the third straight week, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, May 30. Domestic production stood at 1,737,000 net tons in the week ended May 27 vs. 1,728,000 tons the previous week, and the highest […]
North American auto assemblies declined by 15.5% in April, edging down for the first time year-to-date, and for the first time since last November. Last month’s assemblies, however, were still 7.8% higher year-on-year (YoY), according to LMC Automotive data. While supply levels began to rebound in the second half of last year, inventories fell modestly in […]
Nucor Corp. will keep plate prices unchanged with the opening of its July order book. The sideways move by the steelmaker comes after it increased plate prices in March and April, by $50 per ton ($2.50 per cwt) and $40 per ton ($2.00 per cwt), respectively, according to SMU’s steel mill price increase calendar. The Charlotte, N.C.-based steelmaker […]
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.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
Less than half of US states added construction jobs in April, according to Associated General Contractors of America (AGC) figures. Despite the poor employment showing vs. month-ago totals, more than three-quarters of states added construction jobs year-on-year (YoY), the report said. The poor month-on-month (MoM) performance is likely a result of low unemployment rates and […]
Raw steel production by US mills edged up slightly last week, expanding for the second straight week, according to data released by the American Iron and Steel Institute (AISI) on Monday, May 22. Domestic production stood at 1,728,000 net tons in the week ended May 20 vs. 1,725,000 tons the previous week. Output was off 2.4% from […]
Foreign cold-rolled coil remains much less expensive than domestic CRC even as prices in the US fall roughly in tandem with those abroad, according to SMU’s latest check of the market. Domestic CRC was, on average, $77 per ton ($3.85 per cwt) more expensive than imported steel in the four regions we track as recently as early February. […]
Hot-rolled coil (HRC) imports are lingering at a notable price discount to domestic hot band tags despite repeated price decreases in the US market, according to SMU’s latest foreign vs. domestic price analysis. Domestic tags are still markedly more expensive than imported product, as both offshore and US steel prices continue to ease. The price advantage domestic […]
Raw steel production by US mills recovered last week, up 0.8% from the week prior and moving to its highest output since late August 2022, according to data released by the American Iron and Steel Institute (AISI) on Monday, May 15. Domestic production stood at 1,725,000 net tons in the week ended May 13 vs. 1,712,000 […]
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.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
Hot-rolled coil (HRC) imports remain a feasible alternative despite repeated price decreases in the US market, according to SMU’s latest foreign vs. domestic price analysis. Domestic tags are still notably more expensive than imported product, as offshore steel prices and US prices decline in tandem. The price advantage domestic HRC had enjoyed over imported material as recently […]
Steel prices peaked at the start of the month, with hot-rolled coil reaching $1,160 per ton ($58 pet cwt) on average on April 10. Tags began to decline near the month’s halfway mark and closed out the month $40 per ton lower at $1,120 per ton. The SMU Price Momentum Indicator for sheet products was […]
Hot-rolled coil (HRC) imports remain attractive to US buyers despite the current price correction in the domestic market, according to SMU’s latest foreign vs. domestic price analysis. Domestic tags are still significantly more expensive than imported product, namely because offshore steel prices are declining concurrently with US tags. The price advantage domestic HRC had enjoyed over imported […]
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.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
Has the domestic hot band pricing rally run its course? Data and market sentiment seem to suggest as much, and prices could indeed be heading down. Hot-rolled coil just slipped for the first time since late November, according to SMU’s latest check of the market. I’m certainly not willing to speculate what will happen next, […]
Raw steel production by US mills rose slightly last week, up 0.7% from the week prior and moving higher for the second straight week, according to data released by the American Iron and Steel Institute (AISI) on Monday, April 17. Domestic production stood at 1,687,000 net tons in the week ended April 15 vs. 1,675,000 tons […]
Hot-rolled coil (HRC) imports remain attractive, even as US price gains have slowed, according to SMU’s latest foreign vs. domestic price analysis. And while domestic tags continue to inch higher, they remain well behind the targeted base price of $1,300 per ton ($65 per cwt) for HRC issued by Cleveland-Cliffs back on April 3. The price […]
Raw steel production by US mills recovered slightly last week, rising 1% from the week prior, according to data released by the American Iron and Steel Institute (AISI) on Monday, April 10. Domestic production stood at 1,675,000 net tons in the week ended April 8 vs. 1,658,000 tons the previous week. Output was off 6.3% from 1,788,000 […]
Raw steel production by US mills slipped again last week, down 1.3% from the week prior, according to data released by the American Iron and Steel Institute (AISI) on Monday, April 3. Domestic production stood at 1,658,000 net tons in the week ended April 1 vs. 1,679,000 net tons the previous week. It was off 3.7% from […]
The wide spread between foreign and domestic cold-rolled coil (CRC) prices remains in place despite recent price increases in Europe, according to SMU’s latest check of the market. Domestic CRC was, on average, $77 per ton more expensive than imported steel in the four regions we track as recently as early February. That premium has […]
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.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
The appeal for imports of hot-rolled coil (HRC) remains strong even as US price gains have slowed, according to SMU’s latest foreign vs. domestic price analysis. And while we haven’t seen an official mill pricing notice in nearly three weeks, domestic tags continue to inch higher towards the targeted base price of $1,200 per ton […]
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 […]