Steel prices are always unpredictable, but a confluence of recent events is making price prognostication more difficult than usual. Steel prices have plummeted along with demand ever since the coronavirus appeared in mid-March and undermined the economy. The benchmark base price for hot rolled steel is down to $460 per ton, based on SMU’s canvass […]
No one was injured in an explosion at ArcelorMittal Burns Harbor on Thursday morning, which caused damage to the mill’s “D” blast furnace. A spokesperson for ArcelorMittal said the explosion and resulting fire was caused by a stove dome failure and the furnace was safely taken offline. Burns Harbor Fire and EMS, along with the […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Sheet Products Monitor The U.S. Midwest market has continued to record lower weekly sheet prices. Our assessment of HR coil is now down $23 /s.ton since the July 1 assessment and market participants expect further price declines to emerge for all sheet products over the near […]
Today there was an explosion at the “D” furnace at ArcelorMittal Burns Harbor. Will there be some impact on the market? Will it be enough to put a bottom to the slide in prices? It’s too early to tell, but we will be watching developments closely in the coming days and weeks. Steel shipments between […]
We are seeing further erosion in flat rolled steel pricing this week with the possible exception of Galvalume. Our sources are advising that hot rolled numbers are being offered in the low $400’s for tons. As capacity reopens at integrated mills, the possibility exists for HRC prices to breach the $400 per ton level for […]
After providing Tom Cullen, CEO of Magic Coil Products, a sneak preview of the platform for the 2020 SMU Virtual Steel Summit Conference he told us, “Wow! There is a lot to this.” So far, every single industry executive with whom we have shared insights into our platform (think of a platform as a special […]
Next Generation Manufacturing Canada (NGen), a manufacturing and technology alliance devoted to promoting manufacturing innovation, has announced a $28.8 million collaborative funding effort to support nine cutting-edge Canadian projects, including one at ArcelorMittal Dofasco. NGen runs Canada’s Advanced Manufacturing Supercluster, a government initiative begun in 2018 that pledged up to $950 million to match private […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor Sheet prices in the U.S. Midwest market have fallen from their early June peak as end-user demand, although higher than April and May, remains historically low. Over the near term, sheet prices will fall further as demand is limited by weak underlying economic activity and […]
Quite a bit has happened over the past two days as we have added new speakers and have had quite a few new registrations for the 2020 SMU Virtual Steel Summit Conference. First the speakers: SMU is pleased to announce the addition of Mark Millett, President & CEO of Steel Dynamics, and Maximo Vedoya, CEO […]
Quite a bit has happened over the past two days as we have added new speakers and have had quite a few new registrations for the 2020 SMU Virtual Steel Summit Conference. First the speakers: SMU is pleased to announce the addition of Mark Millett, President & CEO of Steel Dynamics, and Maximo Vedoya, CEO […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor Steel sheet prices in the U.S. Midwest market were mixed this week with slight declines for both HR and HDG coil, while CR coil was slightly higher. Market contacts have noted that markets are weakening as demand has not come about as previously expected. Lead […]
The American Iron and Steel Institute welcomed two new leaders today. The AISI Board of Directors has elected John Brett, president and CEO of ArcelorMittal USA, as chairman for the 2020-2021 term. Brett has been serving as interim chairman since the retirement of Roger Newport, former CEO of AK Steel. “With more than 30 years […]
By CRU Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service U.S. automaker restarts in May drove an increase in steel demand and helped to prop up sheet prices. There is concern, however, over whether there is enough new demand to support mills restarting or if manufacturers are mainly managing pent-up demand. We’ve heard […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices held steady in the past week as Chinese demand remained robust while seaborne supply registered another strong week. After struggling for most of 2020, shipments from Vale’s Northern System reached the highest level of the year in the past week. […]
Flat Rolled = 67.6 Shipping Days of Supply Plate = 61.0 Shipping Days of Supply Flat Rolled Service center flat roll inventories edged down in May, which was consistent with lower on-order volumes seen in April as well as higher shipments in May. Service centers carried 67.6 shipping days of supply at the end of […]
Nucor’s Plate Mill Group informed customers on Friday that it has raised prices for carbon and alloy plate and heat-treated plate by $40 per ton, effective immediately. Nucor’s move follows a similar announcement by ArcelorMittal USA on Thursday. This is the second round of plate price changes in the past month. SSAB raised its prices […]
ArcelorMittal USA informed customers today that it has raised the spot base price of all carbon, HSLA, alloy, heat treated, and specialty plate products by a minimum of $40 per ton. The increase takes effect immediately. This is the latest change to steel plate prices in the past month. SSAB raised its prices by $40 […]
By CRU Analyst Iris Speelmanns, from CRU’s Global Steel Trade Service The spread of Covid-19 has resulted in an annualized loss of 284 Mt of steel capacity outside China. Slowly easing lockdown measures in most regions have allowed for the resumption of some industrial activities and steel producers in some countries are restarting their operations, […]
While it seems counterintuitive given the difficult market conditions and weak demand due to the coronavirus, domestic steelmakers have raised flat rolled prices for the second time this month. Nucor, U.S. Steel, USS-POSCO Industries (UPI), AK Steel and NLMK USA informed customers today that prices for spot orders of hot rolled, cold rolled and coated […]
Following on Monday’s announcement by ArcelorMittal USA and SSAB Americas, Nucor informed customers on Wednesday that it has raised the price of its plate products. Nucor is seeking an additional $50 per ton ($2.50/cwt) on all orders for carbon, alloy and heat-treated plate. The other mills raised their plate price by just $40 per ton ($2.00/cwt). […]
While it seems counterintuitive given the difficult market conditions and weak demand due to the coronavirus, domestic steelmakers have raised flat rolled prices for the second time this month. U.S. Steel, USS-POSCO Industries (UPI) and NLMK USA informed customers today that prices for spot orders of hot rolled, cold rolled and coated products have increased […]
Now more than ever the steel industry must come together to navigate through the COVID-19 pandemic. Steel Market Update hopes to help by promoting a sense of community among producers, distributors, buyers, vendors and their customers. SMU’s Executive newsletter now includes this periodic community news roundup where we report on the human side of the pandemic. […]
U.S. Steel, AK Steel (Cleveland-Cliffs), Nucor, NLMK, ArcelorMittal and UPI all announced price increases today on flat rolled. With the exception of AMUSA, all were +$40/ton. AMUSA provided specific minimum base price guidance of $540 ($27.00.cwt) on hot rolled and $740 ($37.00/cwt) on cold rolled and coated products. Some early comments from various steel service […]
Domestic steelmakers raised the spot price of plate products by $40 per ton yesterday, hoping to stem the slide and capitalize on improving demand as coronavirus restrictions ease and businesses are allowed to gradually reopen. The plate price has been trending downward this year since peaking in January at $710 per ton ($35.50/cwt). Steel Market […]
SMU Contributor David Feldstein is president of Rock Trading Advisors (davidfeldstein@rocktradingadvisors.com, twitter @TheFeldstein). In addition to market analysis, RTA provides price risk management not only for ferrous products, but also base metals, energy and interest rates. RTA also trains sales staff and creates the infrastructure necessary for firms to offer their customers fixed pricing on […]
Cleveland-Cliffs expects operations to normalize during the second quarter as end-markets begin recovering from the COVID-19 pandemic. “Although the pandemic effect led to automotive plant shutdowns over the past six weeks, the timing and pace of production restarts as well as consumer sales data have both exceeded our expectations,” said Cliffs’ Chairman, President and CEO […]
If there is one thing you can count on with the steel industry, it’s for rumors to begin flying as soon as the mills appear to have seized pricing momentum. The domestic steel mills, led by ArcelorMittal USA, began announcing price increases the week ending May 1. The announcements ranged from $50 to $60 per […]
If there is one thing you can count on with the steel industry, it’s for rumors to begin flying as soon as the mills appear to have seized pricing momentum. The domestic steel mills, led by ArcelorMittal USA, began announcing price increases the week ending May 1. The announcements ranged from $50 to $60 per […]
Bank of America is forecasting a slow recovery from the coronavirus crisis, one that will take years not just months, said Metals and Mining Analyst Timna Tanners, who was the featured guest speaker during Steel Market Update’s Community Chat on Wednesday. Bank of America economists anticipate a global recession in the second and third quarters. […]
International steelmaker ArcelorMittal was hit particularly hard by the pandemic, dealing with closures and economic recessions across the globe. The company reported a loss of $1.1 billion for the first quarter of 2020 and expects the remainder of the year to be challenging. “There are still too many uncertainties to accurately predict what the rest […]