The HARDI wholesalers who participate in the distribution of galvanized steel into the HVAC industry held their monthly conference call this morning to discuss the steel market. At the time of the last call held in late January, AK Steel had just announced a $40 per ton price increase and the HARDI members were waiting […]
With the exception of SteelBenchmarker which only produces pricing twice per month, the rest of the indexes followed by Steel Market Update were bunched fairly closely together. Hot rolled coil price assessments were reported at $610 by three – SMU, CRU and Steel Orbis while Platts was at $620 and SteelBenchmarker at $631. Many of […]
The American Institute for International Steel (AIIS) put out there monthly newsletter to their members today (Thursday) and they had an excellent article on the Conflict Minerals Act which has a potential to impact steel mills, trading companies, service centers and manufacturing companies (publically traded). They recommended reading what Metal Miner (www.agmetalminer.com) had on their […]
Written by: John Packard “The key to the steel industry is you have to put steel in the hands of people who want to make money with it.” Quote attributed to Service Center Executive. Earlier this week Steel Market Update (SMU) wrote an article about the break-down of the pricing cycle as service centers were […]
Prices crept up on most of the indexes watched by Steel Market Update on a regular basis – even the straggler, Steel Orbis, raised their indices last week. CRU and Steel Orbis are at the low end of the range for Benchmark hot rolled with SMU and SteelBenchmarker somewhere in the middle and Platts at […]
Written by: Andre Marshall, Crunchrisk LLC Financial Markets: Big news today was that the Euro cratered on the back of Draghi’s comments about the Euro from, in USD terms, $1.357 to $1.34. Unless, of course, you think that ArcelorMittal losing $3.99 billion in the Quarter was bigger news. Ouch! I don’t think any of us are […]
After speaking with Platts on Friday – Mr. Surma of US Steel was correct in his call with analysts, there is one index which has hot rolled coil (Midwest) at $630 this week. A split has developed amongst the indexes as various price points have been gathered over the past week to ten days (depending […]
One week ago, ArcelorMittal circulated their price increase announcement and in their internal memo the company raised the issue of, “The market manipulation and discounting of the CRU has had a dampening effect on industry spot prices.” AM then went on to raise prices by $45 per ton but did so by taking the benchmark […]
Steel Market Update likes to review the transcripts of the earnings conference calls between analysts and the steel mills to see what we can glean from the comments being made by the top executives at the mills. We found a number of items of interest in the U.S. Steel conference call. USS Running at 90% […]
This will most likely be the last time Steel Market Update will use the table below. We will begin rolling out some new products in the coming days which are meant to replace and improve upon what we have been providing our members to date. We will go into more details on the changes soon. […]
With the exception of Steel Orbis (which if you haven’t noticed tends to take few positions on a weekly basis) and SteelBenchmarker who did not produce new numbers this past week, CRU and SMU both dropped HRC price assessments by double digits by the middle of the week. By the end of the week, Platts […]
The issue of excessive discounting against CRU and other index-based issues raised by ArcelorMittal in their price increase announcement are ones which Steel Market Update has been researching and which we began raising in our last steel market survey. During conversations with service centers, steel mills and end users we were catching frustrations with the […]
Written by: Andre Marshall, Crunchrisk Financial Markets The last of the obstacles to an improving economy, the debt ceiling and the spending cuts etc seem to be rolling over. The Republicans have cleverly put in a temporary debt ceiling increase covering us until May which will be after the budget talks in April and the […]
ArcelorMittal raised flat rolled spot prices on Wednesday and in the process took a shot at the rest of the industry (and perhaps themselves?) when they identified, “The market manipulation and discounting of the CRU has had a dampening effect on industry spot prices.” They then used the most recent index benchmark plus $45 to […]
Benchmark hot rolled coil (HRC) declined across each of the indexes watched by Steel Market Update, as did each of the other flat rolled products. Steel Orbis took their numbers down the most after sitting at $620 on HRC and $720 on CRC for 9 weeks. SteelBenchmarker, which produces their numbers twice per month, and […]
On Tuesday, January 15th, Steel Market Update (SMU) began our second steel survey of the New Year. Our surveys are focused on the flat rolled steel market and are conducted by inviting slightly less than 700 companies who are asked to participate by invitation. Of those participating in last week’s survey 48 percent of the […]
Written by: Andre Marshall, Crunchrisk LLC Financial Markets On the equities markets we hit a new 5 year high reaching 1485 on SP 500 today. In this current rally you might recall our target point for this move is 1488 and so we may be near a point for a little retracement. If this current move […]
At the moment we have broken into two camps when it comes to hot rolled coil – the CRU and SteelBenchmarker (which did not report prices this past week) who both pegged their HRC prices in the mid-$630’s – and the rest of the indexes we follow on a regular basis and ourselves (SMU) who […]
Have tons to buy? Negotiate… What price you will pay for steel at the beginning of January will depend on a number of variables – but one thing is for certain – if you have tons to buy it is best to negotiate with your suppliers. At least that is what our sources have been […]
Platts may be providing a hint as to what we will see coming from the other indices as we enter a full week. SMU did see weakness in our steel survey but we have decided not to make any adjustments in our index until Tuesday evening since last week was 1) a short week and, […]
Financial Markets Who knew it was so easy, all the Republicans had to do was to agree to over $600 bln in tax increases, kick the can down the road on spending cuts by 2-3 months and voila!; No Fiscal Cliff! And with that the markets were off. The SP has gained 60 points in […]
Hot rolled coil average $655 per ton according to Steel Market Update (SMU) monthly average price assessments. SMU was $1 off the CRU ($656 per ton) monthly settlements against the CME HRC contract once all the numbers had been crunched. For those who are unaware, SMU publishes our indices on Tuesdays prior to the CRU […]
The month of December was best illustrated by the SMU Price Momentum Indicator which spent the entire month stuck in Neutral as flat rolled spot prices essentially moved sideways through the month. Whether using our index or the CRU price assessments, the monthly average on hot rolled was very close to where prices were measured […]