Stephen Eisenberg has been named chairman and CEO of Kenwal Steel, succeeding his father Kenneth to become the third generation to lead the company. Detroit-based Kenwal is one of the largest service center organizations in North America, listed at No. 17 on this year’s Metal Center News Top 50 Service Centers ranking with 2020 revenues estimated […]
Industry sentiment inched even higher in the past two weeks now that the presidential election is in the rearview mirror and a COVID vaccine is in sight in the months ahead. The COVID pandemic remains a weight on Future Sentiment, however. Every two weeks, SMU asks steel buyers how they view their company’s chances for […]
Steel buyers continue to feel solidly optimistic about their prospects in the weeks and months ahead, though the limited availability of steel is causing widespread concern. As one service center exec commented this week: “The tightness in supply is what will hinder us from being successful. We can’t make a sale if we can’t get […]
Nucor’s Plate Group announced new, higher pricing on all its plate products on Monday. The mill no longer offers a delivered price for plate. “To continue providing an increased level of clarity and transparency in our plate product pricing, the Nucor Plate Group is now publishing our pricing on an ex-works (EXW) basis,” stated Nucor’s […]
How much further can lead times extend? We’ll let you know. But there is no sign yet that they have peaked. Lead times for delivery of spot orders continue to stretch with hot rolled now averaging nearly seven weeks and coated steel orders nearly nine and a half weeks. Lead times are an indicator of […]
Lead times for spot orders of hot rolled steel have extended by another half-week as demand persistently outpaces supplies. Lead times for steel deliveries continue to stretch with hot rolled now averaging nearly seven and a half weeks and coated steel orders around nine and a half weeks. Lead times are an indicator of steel demand—longer […]
In a market where supplies of various products are so tight that some buyers say they would be willing to pay almost any price just to get material, there is very little negotiation going on between the mills and their spot market customers. The mills have no reason to bargain when demand is so far […]
There is very little negotiation going on between the mills and their spot market customers as supplies remain extremely tight and buyers are happy just to find available material, even if they have to pay a substantial premium. It has been a seller’s market since September, with the mills enjoying most of the leverage, and […]
Three out of four respondents to Steel Market Update’s market trends questionnaire this week said they expect to see shortages and possible allocation of steel in the next few months. Buyers report that deliveries from all the mills are routinely 2-4 weeks late. Service centers are getting inquiries from other service centers, even competitors, who […]
Nucor Tubular Products announced Nov. 20 that it has increased pricing on all new orders for HSS, pipe, mechanical and piling products by $75 per ton as a result of rising raw material costs, strong demand and volatility of transportation costs. All orders booked prior to this announcement will be price protected for shipments through […]
Nucor Tubular Products notified customers on Friday, Dec. 4, that it has increased pricing on all new orders for HSS, pipe, mechanical and piling products by a minimum of $100 per ton as a result of rising raw material costs, strong demand and volatility of transportation costs. All orders booked prior to this announcement are […]
Steel 101 instructor Roger Walburn is the General Manager-Customer Technical Service for NLMK-USA. Roger received his degree in Materials Science Engineering from Carnegie Mellon University. Roger spent the first decade of his career in high-tech alloys and titanium with Allegheny Technologies, and the last 15 years exclusively in carbon steels with NLMK-USA. Having the unique blend of […]
Much has changed since Flack Global Metals announced its plan a year ago to build a new painting and processing center adjacent to Big River Steel in Osceola, Ark. Minority shareholder U.S. Steel plans to buy the rest of BRS. Competitor Nucor got into the prepaint business with its purchase of Precoat Metals’ nearby Armorel, […]
In an interview with Steel Market Update on Thursday, Philip Bell, president of the Steel Manufacturers Association in Washington, shared his thoughts on what the change of presidential administration means for the steel industry and SMA. Following is an edited transcript: SMU: Will the change in administration next year change SMA’s mission? Bell: As a […]
Kevin Dempsey, Interim President and Chief Executive Officer of the American Iron and Steel Institute, is confident the industry trade association will be able to work productively with the incoming Biden administration in pursuit of the steel industry’s goals. “Obviously there will be a change in personality and personnel in key positions, but at the […]
California Steel Industries notified customers on Monday that its February order book is now open and it is increasing transaction prices on its flat rolled products. CSI increased pricing on spot orders of hot rolled and P&O by $50 per ton, and on orders for cold rolled and galvanized by $70 per ton, effective immediately. […]
Steel plate is likely to get more expensive, and not just because of the usual price increases. SSAB Americas informed customers on Monday that it has increased transaction prices by a minimum of $50 per ton effective on all new non-contract orders of As-Rolled Mill Plate, Cut-To-Length Plate >72”, Hot Rolled Coils >72”, Normalized Plate […]
Industry sentiment, which was already at surprisingly optimistic levels, moved even higher in the past two weeks as steel prices continued to rise and the nation picked a new president. Every two weeks, SMU asks steel buyers how they view their company’s chances for success in the current environment as well as three to six […]
Steel Market Update’s check of the market this week shows that the flat rolled mills are extremely busy and operating near full capacity. More than 80 percent of the service center and OEM executives responding to SMU’s questionnaire said they are seeing late deliveries from their mill suppliers. More than 60 percent expect a shortage […]
U.S. steel mills shipped 6,662,904 net tons in September, a 2.0 percent increase from the 6,532,652 net tons shipped in the previous month, but a 14.2 percent decrease from the 7,767,310 net tons shipped in September 2019, reported the American Iron and Steel Institute. Shipments year-to-date totaled 60,449,359 net tons, a 16.7 percent decrease vs. […]
On Wednesday, Steel Market Update reached out to Cleveland-Cliffs Chairman, President & CEO Lourenco Goncalves to get his thoughts on the market as the U.S. is about to change leadership and Cliffs is about to complete their acquisition of ArcelorMittal USA operations (except for Calvert and Dofasco in Canada). SMU: Have you congratulated President-elect Biden? […]
Port Tampa Bay and Steel Market Update announce a new partnership to present the first virtual edition for the 32nd annual Tampa Steel Conference, to be held on Feb. 2, 2021. The Tampa Steel Conference is one of the nation’s oldest and largest steel conferences. As the movement of iron and steel products is extremely […]
Port Tampa Bay and Steel Market Update announce a new partnership to present the first virtual edition for the 32nd annual Tampa Steel Conference, to be held on Feb. 2, 2021. The Tampa Steel Conference is one of the nation’s oldest and largest steel conferences. As the movement of iron and steel products is extremely […]
Pathway to Low CO2: Insight into How the Steel Industry Can Decarbonize Join the next sessions in CRU’s emissions series at 9 a.m. EST on Wednesday, Nov. 11. Reducing emissions is among the top priorities of organizations around the world and presents special challenges and opportunities for the steel industry. CRU analysts will answer such […]
Construction employment increased by 84,000 jobs in October, with jobs added in both nonresidential and residential categories, according to an analysis of government data by the Associated General Contractors of America. Association officials cautioned, however, that the pandemic is causing a growing number of construction projects to be canceled or delayed, according to a survey […]
By Tony Barnes and Andrew O. Callaghan Although the COVID-19 pandemic has caused companies in many industries to scale back various improvement projects and expansion plans, it does not appear to be slowing the adoption of advanced digital technology in the metals industry. Recent survey data, reinforced by extensive industry observation, suggests that many metals […]
Russel Metals’ third-quarter results showed steady gains from rising steel prices and improved demand as the market comes to grip with the coronavirus. Russel also rationalized some assets during the quarter and is taking steps to reduce its exposure to the volatile energy sector. “Although business conditions remain challenging, they are improving,” said Russel President […]
Most of the industry executives polled by Steel Market Update this week reported genuine demand, not just tight supplies, pushing steel prices upward, promising even higher prices ahead. SMU estimates the current spot market price for hot rolled at $700 per ton, up by $260 over the past three months, and likely not yet at […]
California Steel Industries has opened its January order book with a considerable bump in prices. CSI notified customers on Monday that it has increased transaction prices on its flat rolled products by $90-100 per ton. Effective immediately, unconfirmed orders for hot rolled, P&O and galvanized increase by $90 per ton, while cold rolled prices increase […]
Industry sentiment has rebounded to levels exceeding those seen prior to the pandemic, and steel executives polled by Steel Market Update this week have a fairly optimistic outlook on their future as well despite concerns about a second wave of COVID-19. Every two weeks, SMU asks steel buyers how they view their company’s chances for […]