Steel import permit applications for August totaled 1,394,000 net tons—a 30.5 percent decrease from the 2,006,000 permit tons recorded in July and a 48.4 percent decrease from the July final imports total of 2,703,000, reported the American Iron and Steel Institute, based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data. […]
Nucor’s Plate Group announced a new minimum base price yesterday “to provide an increased level of clarity and transparency to our plate product pricing.” The company added: “This price change reflects continued increases in input costs and changing market dynamics.” Effective immediately, Nucor’s new minimum base price is $29.50/cwt ($590 per net ton), freight included. […]
Mills raised plate prices by an additional $40-50 per ton ($2-2.50/cwt) on Monday and Tuesday, the second increase in the past five weeks and the fourth round of increases since May. Plate prices have lagged the increases in flat rolled as plate demand is more dependent on the infrastructure, commercial construction and energy markets, which […]
Our futures contributor, Tim Stevenson of Metal Edge Partners, raises a good question in his column this week. With the mills moving steel prices higher, have buyers restocked enough to stay out of the market? “If so, service centers and end users can step away from spot buys and wait for prices to fall again. […]
Ferrous scrap prices exceeded even the bullish expectations heading into September as the market settled up $20-35/GT on prime scrap and up $30-55/GT on obsolescent grades, depending on the region of the country. Sources expect prices to move still higher in October, lending support to higher finished steel prices. Demand from U.S. mills picked up […]
After a brief pause in late August, raw steel production resumed its upward trajectory, rising again for the 12th time in the past 13 weeks. Raw steel output by U.S. mills totaled 1,428,000 net tons in the week ending Sept. 5, with the mills at an average utilization rate of 63.7 percent. Production in the […]
What a difference a single month can make. Most respondents to SMU’s questionnaire this week see the mills collecting their last price increase and expect them to hike prices again sometime this month. As one executive commented: “There’s been a complete flip in the market from just 30 days ago. We went from discussions about […]
Zekelman Industries has launched a national advertising campaign advocating for increasing the level of manufacturing in the United States. Over the course of September and October, the company estimates its campaign will generate an estimated 315 million impressions, reaching decision-makers and policy influencers outside of the brand’s typical target audience of distributors, contractors, building developers and […]
Congratulations to Majestic Steel USA for being honored with its 14th NorthCoast 99 Award, which ranks Majestic among the top 99 workplaces for top talent in Northeast Ohio. NorthCoast 99 winners participated in a rigorous application process that asked for detailed information on how their organization addresses top-performer attraction, development and retention in the following areas: […]
Industry sentiment, as measured by Steel Market Update, has improved to relatively healthy levels even higher than this time last year prior to the pandemic. Both the Current and Future Steel Buyers Sentiment Indexes have jumped by 20 points or more in the past month, suggesting buyers are feeling better about the market’s recovery. SMU […]
Lead times for spot orders of flat rolled and plate steels have extended by about a week over the past month as demand continues to recover and buying picks up ahead of rising prices. Lead times for hot rolled now average nearly five weeks and coated products more than seven weeks. Lead times are an […]
Flat rolled steel is no longer a buyer’s market as the mills appear less willing to negotiate while they try to collect the price increases they announced late last month. Steel Market Update’s market trends questionnaire this week shows the majority of buyers reporting mills holding the line in price talks on hot rolled, cold rolled […]
The galvanizing line at Big River Steel’s mill in Osceola, Ark., will be down from 10-14 days for repairs following an electrical failure on Sunday. The company said it will continue to meet customer needs despite the unplanned incident. Big River Steel confirms that its electrical energy provider, Entergy Arkansas, experienced a substation failure on […]
The benchmark hot rolled steel price has jumped back over the psychological line of $500 per ton, to $515 by SMU’s current estimate, which is a positive sign for steel demand, but it begs the question: How high will it go and for how long? SMU asked steel buyers how much of the $40-60 per […]
The Trump administration has announced a tightening of Brazil’s steel quota that will sharply reduce the tonnage of steel slabs imported into the U.S. for the rest of the year. “In light of recent deterioration in market conditions brought on by the COVID-19 pandemic affecting domestic steel producers, the United States has deemed it necessary […]
In response to U.S. complaints of recent surges, Mexico has agreed to strictly monitor exports of standard pipe, mechanical tubing and semifinished products through June 1, 2021. In exchange, the U.S. will maintain Mexico’s exemption from the Section 232 national security tariffs, said U.S. Trade Representative Robert Lighthizer in a statement on Monday. Section 232 […]
After 11 straight weeks of increased steel production, raw steel output and mill capability utilization took a slight step backward last week. Raw steel output by U.S. mills totaled 1,383,000 net tons in the week ending Aug. 29, with the mills at an average utilization rate of 61.7 percent. Production in the Aug. 29 week was down […]
How much has the market recovered from the depths of the pandemic? If steel prices are an indicator, we’ve made some progress. But is the bump we’ve seen in the past several weeks just a temporary blip or a sign that the upturn in steel demand is real and sustainable? Service center and OEM executives […]
The 2020 SMU Steel Summit Conference was a great success, with more than 900 industry executives registered for the virtual event this past week. In spite of the pandemic, this was the second largest conference in SMU’s 10-year history. And it’s not “over” yet. One big advantage of a virtual conference is that it has life […]
Following on a similar move by the plate mills earlier in the week, flat rolled mills announced price changes Wednesday and Thursday ranging from $40 to $60 per ton. Nucor’s Sheet Mill Group notified customers today, Aug. 27, that it has increased base prices on new orders of hot rolled, cold rolled and galvanized steel […]
The “crowd” at this year’s Steel Market Update Virtual Steel Summit was a conservative and somewhat pessimistic one, judging by polling data gathered during the event this week. SMU posed eight questions to the 900 industry executives who registered for the summit and this is the breakdown of their opinions. The majority view of the […]
Sentiment in the ferrous scrap markets is bullish leading into September, pointing to higher prices on both prime and obsolete scrap next month. That bodes well for the price increases on flat rolled and plate steel products announced by the mills this week. Domestic demand continues to improve as scrap yard inflows remain relatively weak. […]
The COVID-19 pandemic has clearly taken a toll on the attitudes of many industry executives. The pessimism is evident in some of the responses to polling conducted during the SMU Virtual Steel Summit this week. We asked the hundreds of executives on the site: Where do you believe steel demand will be at this time next year compared […]
Claiming national security concerns over a slump in the U.S. steel market, President Trump issued a proclamation late Friday that appears to amend the quota limits on Brazil, further restricting steel imports from South American nation. While it’s unclear at this point which products will be affected and to what degree, one source tells SMU […]
Many steel buyers have been anticipating a price increase, and the plate mills were the first to make a move. ArcelorMittal USA, Nucor and SSAB all announced changes to their plate prices, but not in the typical lock-step fashion. Nucor informed customers on Friday that it was setting a minimum base price of $28/cwt ($560 […]
For the 11th week in a row, domestic steelmakers continued to dial up their production–a sign of improving steel demand. Raw steel output by U.S. mills totaled 1,412,000 net tons in the week ending Aug. 22, with the mills hitting an average utilization rate of 63.0 percent, reported the American Iron and Steel Institute. That’s a […]
Industry sentiment has improved in the past two weeks, as measured by Steel Market Update. SMU’s Steel Buyers Sentiment Indexes took a dip in July but rebounded in the latest check of the market for reasons that are not entirely clear. Respondents bemoan the persistent uncertainty, but business is good in certain sectors. SMU asks […]
Galvalume supplies are shaping up to be tight in the fourth quarter, but fears of a shortage may be overstated, sources tell Steel Market Update. Despite a recent press report to the contrary, Galvalume is one of the strongest steel sectors right now. “There is no shortage at the right price,” said one mill executive. […]
For more than 28 percent of steel buyers, business is back to pre-COVID levels already, while at the other end of the spectrum 9 percent have seen little or no recovery. For the vast majority in between, the recovery process is a slow and ongoing one. In the latest market canvass this week, SMU asked: […]
A lot has changed since we all roamed the exhibition hall last year at the Georgia International Convention Center. Most of us are not roaming anywhere this year, out of caution over the coronavirus. In response, Steel Market Update and our parent company the CRU Group have pivoted quickly and embraced the challenge of producing THE best “virtual” […]