Sheet prices are flattish, with hot-rolled coil averaging approximately $750-800 per ton ($37.50-40 per cwt) for the last month. Should we start talking about mini-cycles within a new, higher normal? Or should we assume that prices will continue to resume their downward trek until we see the typical rebound in Q1 of the New Year? […]
Prices for steel sheet remained mostly flat again this week, up or down modestly depending on the product. Hot-rolled coil was up $5 per ton ($0.25 per cwt), cold-rolled was down $10 per ton, and both galvanized and Galvalume base prices were down $5 per ton. What we’ve seen for the last month is an […]
US Steel has decided to indefinitely idle the No. 3 blast furnace at its Mon Valley Works in western Pennsylvania following a roughly month-long maintenance outage. “We expect planned maintenance on BF 3 to be completed and the furnace to be available for use this week. However, the furnace will remain down until market conditions […]
We’ve seen a wave of mill idlings and outages this fall. But steel buyer reaction to date has been subdued. The yawn now in response to all those tons coming out of the market stands in stark contrast to the almost hysterical reaction to downtime at even the smallest producers in early 2021. Remember the […]
NLMK USA has planned a roughly month-long outage for upgrades to its electric-arc furnace (EAF) sheet mill in Portage, Ind. The work is scheduled for October and November and will be focused on enhancements to the plant’s melt shop and hot strip mill, a company spokesman said. NLMK USA in emails to customers specified the […]
It’s contract negotiation season, and let’s just say that this year is a lot different than the last two years. Mills had pricing power in contract talks in 2020 and in 2021. This year, buyers feel like they have more leverage—and they’re not being shy about pressing mills for lower prices. On the one hand, […]
Has the US steel market reached another downward inflection point? I ask because our survey data has turned a little bearish following an upsurge in sentiment that, in retrospect, might have crested not long after Steel Summit. It wouldn’t be the first time that we saw post-conference euphoria in late August fizzle out in September. Last […]
The long, hot summer of labor unrest that I’d feared early this year didn’t materialize. But that doesn’t mean we’re out the woods yet. The United Steelworkers union and Cleveland-Cliffs Inc. have agreed to a new labor pact. In Canada, meanwhile, the USW has ratified agreements with both Algoma and Stelco. But the union and […]
Sheet and plate prices continued to drift sideways this week as steel mills attempt to hold the line despite weak signals from the scrap market. Mills are more unified in trying to hold the line around $800 per ton ($40 per cwt) on hot-rolled coil following deep discounting ahead of announced price increases last month. […]
It looks like domestic mills are trying to establish a floor at around $800 per ton ($40 per cwt). They’ve arrived there by different means. And whether they’ll be successful remains to be seen. Suffice it to say that some mills that were very, very aggressive in July and August in the spot market aren’t […]
It’s time to forecast 2023, and I’d like to throw out one radical possibility – or at least one worth thinking about. What if there are no black swans? I know, that possibility is so remote that it’s almost laughable. We haven’t had many normal years since 2018. That year gave us the shock of […]
Cleveland-Cliffs Inc. and the United Steelworkers (USW) union continue to work toward a new labor contract for employees at the company’s iron ore mines. A prior contract between the Cleveland-based steelmaker and workers at its mining and pelletizing operations is set to expire on Oct. 1. That contract is separate from one with its USW-represented […]
Will flat-rolled steel prices bounce around roughly where they’ve been for the past few weeks or inflect downward? Our hot-rolled coil price was down a modest $5 per ton today. And HRC prices have been holding roughly between $770-800 per ton since mid-August. How did things stand this time last year? Steel prices popped above […]
Sheet and plate prices were flat or down this week as some market participants questioned whether tags might be beginning to inflect lower. Hot-rolled and cold-rolled prices were down $5 per ton week over week. Galvanized (down $55 per ton) and Galvalume (down $40 per ton) fell more significantly. The steeper declines in coated products […]
US Steel has begun a 60-day planned outage on the No. 2 blast furnace at its steel mill in Košice, Slovakia. The Pittsburgh-based steelmaker operates three blast furnaces at the mill: No. 1, No. 2, and No. 3. The outage on No. 2. began on Sunday, Sept. 4. The No. 1 and No. 3 furnaces remain […]
US Steel has temporarily idled the No. 5 tin line at its Gary Works in northwest Indiana. The Pittsburgh-based steelmaker indicated that the move was necessary because of weaker demand and increased import volumes. “The company’s other tin operations continue to operate in line with customer demand. We expect to bring number 5 tin line back […]
Nucor Corp. aims to keep prices for some plate products flat and to decrease prices on certain cut-to-length items by $50-150 per ton ($2.50-7.50 per cwt). The Charlotte, N.C.-based steelmaker announced the move with the opening of its October order book for plate. “We reserve the right to review and re-quote any offers that are […]
Cleveland-Cliffs Inc. is again operating the No. 5 blast furnace at its steel mill in Cleveland following an extended outage earlier in the year, a company spokeswoman confirmed to SMU. The move is not unexpected. The Cleveland-based steelmaker said in July that it would have the furnace running at full capacity in August following a […]
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $75 per ton ($3.75 per cwt). The move is effectively immediately and applies to equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Wednesday, Aug. 24. It comes […]
We’ve concluded the second day of our Steel Summit conference in Atlanta, and I thought I’d leave you with five things I learned today. So here they are in no particular order: Say Hello to ADI, Say Goodbye to Section 232 (as we know it) It’s not official yet. But Steel Dynamics Inc. (SDI) president […]
Sheet prices are down across the board this week, putting big cracks in any hopes that hot-rolled coil prices would find a bottom around $800 per net ton ($40 per cwt). The declines came as market participants reported that at least one large producer had cut deals at low levels and, in doing so, put […]
United Steelworkers (USW) union Local 8782 has ratified a new, five-year labor agreement with Canadian flat-rolled steelmaker Stelco. The move effectively concludes a summer of protracted contract negotiations between Hamilton, Ontario-based Stelco and the USW. Local 8782 reported that 67% of its members voted in favor of the contract in update to members on Friday, […]
We’ll kick off our Steel Summit conference in Atlanta in just a few short days. I’m looking forward to learning from executives across the supply chain – from steel mills and service centers to automakers and trucking companies. I’m also looking forward to getting the mood of the room when we do our annual poll […]
Canadian flat-rolled steelmaker Stelco has reached a tentative agreement with one local union, and another has ratified a new, five-year labor contract with the company. The negotiating committee for United Steelworkers (USW) Local 8782 broke the news that it had agreed to tentative pact in an update to members on Wednesday, Aug. 17. USW Local […]
Sheet prices were mixed this week as market participants continued to debate whether a recent round of price hikes had stuck. While some said the increases would provide a floor and prevent further price erosion, others said prices were more likely to resume their downward trend in the weeks ahead. There were also questions about […]
North Star BlueScope is “substantially complete” with a $700 million expansion that will provide the Delta, Ohio, EAF sheet mill with additional annual capacity of nearly 950,000 short tons (850,000 metric tonnes). The mill produced the first coil from its expansion in June and has begun the 18-month process of ramping up the facility to […]
We had a big development this week with London-listed Russian steelmaker Evraz Plc announcing plans to sell its North American operations. A move like this has been rumored for some time. We’ve heard versions of it going back to Russia’s full-scale invasion of Ukraine in late February. Still, it was something of a shock to […]
Stelco and United Steelworkers (USW) Local 1005 have at least temporarily avoided a labor disruption at the Canadian steelmaker’s mill in Hamilton, Ontario. The two parties are working toward an agreement on a new labor contract, details of which will be presented to union members on Monday, Aug. 15. “The strike deadline has been suspended. […]
Algoma Steel and United Steelworkers (USW) Local 2251 have once again narrowly averted a potential labor disruption. The Sault Ste. Marie, Ontario-based sheet and plate producer said Local 2251 had agreed to put the company’s “last offer” to union members for a vote. The union has scheduled ratification votes on the contract from Aug. 29-Aug. […]
Canadian steelmaker ArcelorMittal Dofasco aims to increase spot market base prices for steel sheet by at least $65 per ton CAD (~$50 per ton USD). The Hamilton, Ontario-based company said the price hike was effective immediately and applied equally to hot-rolled, cold-rolled and coated products. “We reserve the right to re-quote any previously quoted offer […]