Chevrolet recently announced it was retiring the sixth-generation Camaro. An iconic muscle car that first went on sale in late 1966 for the 1967 model year, it had already gone through a few changes. Recall that in 1967 a gallon of gas cost around 35 cents in the USA. That’s for those who can recall […]
SMU’s hot-rolled coil price posted its smallest week-over-week (WoW) price gain since mid-January. Some sources said the market might be at or near a peak. But others said it might be taking a break ahead of domestic mills rolling out another round of price hikes. Our average hot-rolled coil price stands at $1,145 per ton ($57.25 […]
The General Motors Co. (GM) recently recognized its top suppliers at its annual Supplier of the Year event in San Antonio, Texas. The Supplier of the Year award honors outstanding international suppliers who exceed GM’s requirements. Among the award winners were steelmakers Cleveland-Cliffs Inc., Nucor Corp., and Companhia Siderurgica Nacional (CSN). “We are thrilled to […]
We haven’t had a price increase since March 13, the Monday after Silicon Valley Bank collapsed. It’s entirely possible we’ll get another round of price hikes should mills decide the market will support it or should they want to reverse any bearish sentiment before it gains traction. It’s also possible that we won’t see another […]
The appeal for imports of hot-rolled coil (HRC) continues to grow as US prices move higher in response to repeated mill tag hikes. The price advantage domestic HRC had enjoyed over offshore just last month has swung negative at an accelerated rate, according to SMU’s latest foreign vs. domestic price analysis. The most recent pricing […]
Price increases have dominated the headlines thus far in 2023. Since Jan. 1, we’ve had one blitz of tag hikes after another. In the eleven weeks since the start of the year, there’s only been a single week in which not a single mill announced a price increase. It sometimes felt like one mill had […]
Imports of hot-rolled coil (HRC) are becoming more attractive as US mills continue to drive domestic prices higher. The price advantage domestic HRC had enjoyed over offshore hot band as recently as five weeks ago swung negative, mirroring dynamics seen more than a year ago, according to Steel Market Update’s latest foreign vs. domestic price […]
We are less than a month away from our LIVE Steel 101: An Introduction to Steelmaking and Market Fundamentals training course, to be hosted in Cleveland on April 11-12. The workshop will include a guided tour of the Cleveland-Cliffs mill, in the heart of downtown Cleveland. Attendees will be able to see firsthand all stages of production at […]
Evraz North America is joining other steelmakers in raising prices for steel plate. All new orders for carbon, high-strength low-alloy, hot-rolled coils, normalized, and quenched-and-tempered products will immediately increase by a minimum of $60 per ton ($3 per cwt), the Chicago-based steelmaker said in a letter to customers. “We reserve the right to re-quote any […]
What’s perhaps most shocking about Cleveland-Cliffs starting the week up $100 per ton ($5 per cwt) on sheet and targeting $1,200 per ton for hot-rolled coil (HRC) is that many of you didn’t find it shocking. In early February, we got used to prices going up by $50 per ton from one week to the […]
Flat-rolled steel prices continue to rise in response to repeated mill pricing announcements, a trend we’ve seen nearly weekly since Monday, Nov. 28, 2022. Hot-rolled coil (HRC) prices have surged by $490 per ton – a 78% jump – since Cleveland-Cliffs and US Steel kicked off the craze with $60-per-ton price hikes. On Monday, Cliffs […]
Cleveland-Cliffs aims to increase spot market prices for hot-rolled, cold-rolled, and coated flat-rolled steel by at least $100 per ton ($5 per cwt) effective immediately. The Cleveland-based steelmaker also said its new minimum base price for hot-rolled coil (HRC) was $1,200 per ton in a press released on Monday, March 13. That’s up from the […]
The steel industry in the US, and across much of the developed world, finds itself between two greens. On the one hand is the constant innovation towards sustainable, decarbonized “green” steel. And, on the other, is a more traditional green, the bottom line: money. The hope is to keep the two aligned, increasing profits while […]
US plate prices have steadily increased over the past two weeks, largely in response to repeated mill price hikes. The most recent increase came from Cleveland-Cliffs when the steelmaker aimed to increase base prices for steel plate by at least $60 per ton ($3 per cwt). It was Cliffs’ first official plate price notice in […]
The Essar Group announced new global investments in the steel industry totaling $8 billion, including an iron pellet plant under construction in Minnesota. That’s according to a report in India’s Business Standard. The plant would operate under the name Mesabi Metallics, in which the report said Essar had invested $1.5 billion of a proposed $2.5 […]
The US International Trade Commission (ITC) made a preliminary determination that the domestic steel industry has been “materially injured” by imported tin mill products. The US Commerce Department will therefore continue its investigation into the matter. The proceeding started in January when Cleveland-Cliffs and the United Steelworkers (USW) filed a trade case alleging the following […]
Minnesota officials have granted Cleveland-Cliffs new mineral leases for its Hibbing Taconite Co. iron ore mining and pellet processing operations on the state’s Mesabi Iron Range. Cliffs chairman, president, and CEO Lourenco Goncalves said the approvals from the Minnesota Executive Council would keep Hibbing Taconite running through at least 2026. If approved, additional leases in […]
Nucor aims to increase base prices for new orders of steel sheet by at least $150 per ton ($7.50 per cwt) effective immediately. The Charlotte, N.C.-based steelmaker also said that its new base price for hot-rolled coil was $1,150 per ton. “We reserve the right to review and re-quote any offers that are not confirmed […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]
Cleveland-Cliffs Inc. aims to increase base prices for steel plate by at least $60 per ton ($3 per cwt). The Cleveland-based steelmaker said the move was effective immediately on all new, non-contract orders. It applies equally to as-rolled, normalized, and quenched-and-tempered material, Cliffs said in a press release on Thursday, March 2. “Cliffs also reserves […]
February came in with a bang and went out with one too. We saw two rounds of $50-per-ton sheet price increases early in the month. Then one of $100 per ton. And finally Cleveland-Cliffs came in near the buzzer on Monday with another $100-per-ton price hike. We think that was the last shot of the […]
Cleveland-Cliffs aims to push its hot-rolled coil price up by at least another $100 per ton ($5 per cwt) in its fourth sheet price hike this month. Cliffs made the announcement in a press release on Monday, Feb. 27, just six days after announcing another $100-per-ton increase. Cliffs said its new target base price for hot […]
NLMK USA has announced new, higher base prices for steel sheet. The steelmaker said the higher prices were effectively immediately on all new spot orders and justified by “strong demand and extending lead times,” in a letter to customers on Wednesday, Feb. 22. NLMK USA said that its new minimum base price for hot-rolled coil was […]
ArcelorMittal has followed three major domestic mills in increasing sheet prices by at least $100 per ton ($5 per cwt). Luxembourg-based ArcelorMittal, one of the world’s largest steelmakers, also said it was targeting a minimum base price of $1,000 per ton for hot-rolled coil (HRC) effective immediately. That echoes new HRC base prices announced earlier […]
Cleveland-Cliffs has called back workers to its idled Northshore Mining operations in Minnesota, a company spokeswoman confirmed. She declined to say how many workers were being called back or why. “We will provide more details when we decide when and at what capacity this operation will be brought back online,” the spokeswoman said in an […]
US Steel has joined competitors Nucor and Cleveland-Cliffs in raising base prices for steel sheet by at least $100 per ton ($5 per cwt). The Pittsburgh-based steelmaker said the price hike was effective immediately for all new spot orders in a letter to top sales staff dated Tuesday, Feb. 21. The company said the increases […]
Cleveland-Cliffs didn’t take long to join Nucor in increasing spot prices for steel sheet by at least another $100 per ton ($5 per cwt). The Cleveland-based steelmaker, like Nucor, is also targeting a base price of $1,000 per ton for hot-rolled coil (HRC). Cliffs said the increase was effective immediately and applied equally to all […]
BlueScope Steel said earnings at its North Star operations in Delta, Ohio, tumbled on lower steel prices in the six months of its fiscal year 2023. The Australian steelmaker reported underlying ebitda (earnings before interest, taxes, depreciation, and amortization) of $173.4 million in its 1H FY2023 at North Star, down 81% from $925.3 million last year, […]
Cleveland-Cliffs has ruled out spending money to build new electric-arc furnaces (EAFs), the company’s top executive said. The Cleveland-based steelmaker will instead focus on decarbonizing its blast furnaces (BFs) and basic-oxygen furnaces (BOFs), which are better suited than EAFs to supply the automotive industry, company chairman, president, and CEO Lourenco Goncalves said. “Cleveland-Cliffs does not […]
The “new normal,” we have heard that a whole lot since the pandemic took hold. Are we really seeing a paradigm shift? Or is it just a trendy phrase? But, first, let’s talk about price hikes. If three’s a crowd, then what’s five – a herd? The week got off to a quick start early […]