Ferrous scrap prices for October traded sideways to slightly lower in most parts of the country, surprising the experts who had been expecting scrap to move higher for another month. “October sales have brought stable pricing for the majority in the Ohio Valley and Midwest. There seems to be a balance between supply and demand as […]
Nearly three out of four (72 percent) of the service center and OEM executives responding to Steel Market Update’s questionnaire last week said they feel upbeat about their company’s prospects in the fourth quarter. Yet SMU received twice as many negative comments as positive ones. Clearly, even the optimists are concerned about COVID and the […]
Steel buyers have mixed views on the sustainability of steel demand and the likelihood the mills will continue to collect higher prices. In our latest check of the market, SMU asked: Do you think the mills will be able to collect the price increases they announced last week on flat rolled and plate products? Do […]
Steel imports declined by more than 20 percent in the first nine months of 2020, including a nearly 27 percent drop in finished steel imports, reports the American Iron and Steel Institute. The estimated finished steel import market share for the year to date is 18 percent, down from 19 percent in full-year 2019. Including […]
Industry sentiment, as measured by Steel Market Update, has seen little change in the past month, but has stabilized at relatively healthy levels. Every two weeks, SMU asks steel buyers how they view their company’s chances for success in the current environment. The Current Sentiment reading was unchanged at +56 this week. Compared with the […]
Lead times for spot orders of hot rolled and Galvalume steels continued to lengthen a bit over the past two weeks, while lead times for cold rolled, galvanized and plate products were flat to slightly lower. Lead times for hot rolled now average more than five and a half weeks, cold rolled more than seven […]
It’s a seller’s market as the mills hold firm in price talks on hot rolled, cold rolled and coated steel orders, while they seek to collect the higher prices announced this week in an improving market, according to respondents to Steel Market Update’s market trends questionnaire. About 77 percent of the hot rolled steel buyers […]
Mills continue to stand firm in price talks on hot rolled, cold rolled and coated steel orders as they seek to collect the $40-50 price increases they announced two weeks ago, report respondents to Steel Market Update’s market trends questionnaire. Based on SMU’s latest check of the market, the benchmark price for hot rolled steel […]
Following on the heels of plate price increases earlier this week, the mills have announced another $50 increase on flat rolled. On Wednesday, Nucor’s Sheet Mill Group notified customers that it is increasing base prices on new orders of hot rolled, cold rolled and galvanized products by a minimum of $50 per ton, effective immediately. […]
Following on the heels of plate price increases announced this week, the mills have begun raising prices on flat rolled as well. Sources tell Steel Market Update that ArcelorMittal USA has informed customers of new minimum base prices of $650 per ton for hot rolled, and $850 per ton for cold rolled and coated products, […]
Building on the success of Steel Market Update’s Virtual Steel Summit in August, which attracted more than 900 attendees to the COVID-safe online event, SMU will host a virtual version of its popular Steel 101 Workshop on Oct. 20-21 using a similar online platform. SMU’s team of expert instructors will describe the structure of the steel […]
Cleveland-Cliffs’ purchase of ArcelorMittal USA took many steel buyers by surprise this week. Initial reactions from some Steel Market Update readers ranged from “a major development” to “business as usual.” Here are some of their comments: “Quite surprised by this development. Initial reaction is this gives them an incredibly strong position with automotive. Not sure […]
Raw steel production by U.S. mills jumped by 2.4 percent in the week ending Sept. 26 to 1,480,000 net tons, following a small dip in the previous week. The operating rate last week hit 66.1 percent, up from 64.5 percent in the prior week. The last time production topped 66 percent of the mills’ capability was 25 […]
Following on a big jump in ferrous scrap in September, scrap prices are expected to move higher for obsolete grades and sideways or higher for prime grades in October, lending further support to rising finished steel prices. “Domestic steel capacity utilization and prices are rising, but the large price increase last month has not resulted […]
Wholesalers who sell HVAC and galvanized steel products to the construction sector have been pleasantly surprised by the resilience of demand in a market dealing with the COVID pandemic. They have been downright shocked by the spike in galvanized steel prices, which have jumped by about $7/cwt or $140 per ton in just the past […]
Wholesalers who sell HVAC and galvanized steel products to the construction sector have been pleasantly surprised by the resilience of demand in a market dealing with the COVID pandemic. They have been downright shocked by the spike in galvanized steel prices, which have jumped by about $7/cwt or $140 per ton in just the past […]
Galvanized steel prices have skyrocketed by more than $200 per ton since August, leaving wholesalers who serve the HVAC market to wonder how much higher the price can possibly go before it begins to cut into demand. On a conference call this morning, members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) said […]
Demand remains strong even as galvanized steel prices have topped $900 per ton, reported members of the Heating, Air Conditioning & Refrigeration Distributors International in a conference call this morning. But the HARDI members—wholesalers who serve the HVAC market—expressed concern about the tight availability of galvanized steel and fear of running low on supplies. “We are […]
California Steel Industries notified customers on Monday, Sept. 21, that it has raised prices on its flat rolled products by $60-70 per ton ($3.00-3.50/cwt) due to changing market conditions. Effective immediately on all unconfirmed orders, prices for hot rolled, P&O and galvanized have increased by a minimum of $60 per ton, while cold rolled is […]
Domestic steel production dipped a bit last week for only the second time in the last 15 weeks. Production by U.S. mills totaled 1,446,000 net tons in the week ending Sept. 19, with the mills operating at an average utilization rate of 64.5 percent. Production in the Sept. 19 week was down 0.9 percent from the prior […]
Industry sentiment, as measured by Steel Market Update, took a small step back in the past two weeks, but remains at healthy readings well above recent lows as well as this time last year. With demand and steel prices on the upturn, buyers are still feeling relatively positive about the slowly improving market conditions. SMU […]
Service centers and and other buyers traditionally jump into the market to buy ahead of rising steel prices. Steel prices are clearly on the rise, but only about one-third (33 percent) of buyers responding to Steel Market Update’s questionnaire this week said they feel it’s time to add inventory. Their comments reveal some disagreement about […]
As of Friday, the National Interagency Fire Center was reporting that 80 large fires were still burning across the western United States. Varying reports indicate the flames have consumed anywhere from 4-7 million acres so far and at least 34 people have died. The death and destruction is heartbreaking, no doubt. Viewed in terms of […]
Lead times for spot orders of flat rolled and plate steels continue to extend and are around two weeks longer than in April at the depth of the pandemic as demand recovers and supplies tighten. Lead times for hot rolled now average five and a half weeks, cold rolled and galvanized over seven weeks, and […]
With steel prices on the rise and another round of increases in play, the mills appear to have the upper hand in negotiations. The mills are holding the line in price talks on hot rolled, cold rolled and coated steel orders, as well as plate, according to respondents to Steel Market Update’s market trends questionnaire […]
Nothing like a spike in steel prices to give the market a much needed attitude adjustment, one the mills and service centers can really use as the pandemic continues to weigh on day-to-day operations and individuals’ emotions. Steel prices have jumped by nearly $140 per ton in the last month. SMU’s Steel Buyers Sentiment Index, […]
Mills are hoping to boost flat rolled prices by an additional $50-60 per net ton as the economy and steel demand continue to improve, iron ore and scrap prices rise and mill outages tighten supplies. On Monday, U.S. Steel and sister company USS-POSCO Industries (UPI) informed customers they have raised spot prices for hot rolled, cold […]
Domestic steelmakers continued to dial up production last week, with raw steel output rising for the 13th time in the past 14 weeks. Production by U.S. mills totaled 1,459,000 net tons in the week ending Sept. 12, with the mills at an average utilization rate of 65.1 percent. Production in the Sept. 12 week was up […]
We can all agree steel prices are on an upward trajectory right now. How high they will go, and for how long, is another matter. SMU’s check of the market on Monday and Tuesday puts the benchmark price for hot rolled steel at $580 per ton, up about $40 in the past week. U.S. Steel, […]
Our thoughts and prayers go out to the millions of people on the West Coast who are suffering the threat and devastation of historic forest fires. The loss of life and property is staggering. And the blow to business and commerce in the region has yet to be measured. Face masks are doing double duty […]