The iron ore price has been rising from the $118 /dry metric ton (DMT) level seen in the last edition, initially due to greater optimism in China after the government’s RMB 1 trillion fiscal stimulus announcement. The price has gotten some extra support from concerns over supply, though the current price level is not backed by […]
In the dynamic landscape of the steel futures market, a confluence of factors is shaping the current narrative.
Steel Market Update’s Steel Demand Index has moved into growth territory after seeing steady improvement since mid-September, according to our latest survey data.
Flat Rolled = 52.6 Shipping Days of Supply Plate = 61.8 Shipping Days of Supply Flat Rolled US service center flat-rolled steel inventories decreased for a third consecutive month in October. At the end of October, service centers carried 52.6 shipping days of supply, according to adjusted SMU data. This is down from 53.3 shipping […]
Domestic scrap prices rose in November month over month for all grades that SMU covers, market sources said.
Cleveland-Cliffs announced it would seek a minimum base price of $1,000 per ton ($50 per cwt) for hot-rolled coil (HRC) on Nov. 7. Nucor said a day later that it was aiming for $950 per ton. Why didn’t Nucor follow Cliffs up to $1,000 ton? I think there might be some possible answers in our […]
US steel imports continue to arrive at a steady pace, as total import licenses in October were about even with September’s import levels.
ArcelorMittal’s earnings declined in the third quarter of 2023 both sequentially and on-year.
Lead times for most sheet products were pushed out even further this week as domestic prices continue to rise. Plate lead times, meanwhile, contracted on falling prices and waning demand.
Declining demand and a challenging economic environment impacted Gerdau’s shipments in North America during the third quarter.
SMU gives an overview of the steel market and economic indicators for October.
GrafTech International reported a bumpy third quarter. But despite the challenges, the company said it's certain that improvement is on the horizon.
Canada's Algoma Steel is planning two 20-day outages next year as it brings the second phase of its plate mill modernization project online.
Algoma Steel said its quarterly earnings were impacted by falling steel prices and lower buying associated with the United Auto Workers (UAW) strikes in the US. But with the strikes wrapping up, it expects a recovery in both pricing and demand moving forward.
The LME aluminum three-month price was unchanged on the morning of Nov. 3 and was seen trading at $2,235 per tonne.
The American steel industry is the backbone of the US economy and produces the cleanest steel in the world.
A large Detroit-area scrap buyer has settled scrap prices for November, with busheling, shredded, and plate and structurals (P&S) all notching gains vs. October, a scrap source told SMU.
Construction spending edged higher in September, but a shortage of workers continues to constrain project completion rates, according to the Associated General Contractors of America (AGC).
Manufacturing activity in the US contracted once again during the month of October.
Nucor’s plate price cut notice caught many off guard this week, especially after the company had maintained its pricing position in late September.
Latin American flat-rolled steelmaker Ternium is seeing strong demand in Mexico, its main market. With its new mill in Pesquería, Mexico, up and running, more lines there set to come online, and the company now holding an increased stake in Brazilian mining and steel company Usiminas, Luxembourg-based Ternium is optimistic about the future direction of the company.
SMU will host a Community Chat on Wednesday Nov. 15 at 12 pm ET with Alan Amici, president and CEO of the Center for Automotive Research (CAR). The webinar is free for all to attend live. A recording will be available to SMU subscribers. You can register here.
SSAB reported lower earnings in the third quarter on weaker demand in Europe that was only partially offset by solid demand for plate in North America.
The ferrous export market in the US has experienced several geopolitical events and natural disasters during 2023.
SMU’s Current and Future Steel Buyers Sentiment Indices both increased this week, based on our most recent survey data. Every other week we poll steel buyers about sentiment. The Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s chances of success in the current market, as well as three to six months down the road. We have historical data going back to 2008. Check our interactive graphing tool here.
With the aluminum industry assembled in Nashville, Tenn., for the Aluminum USA 2023 conference, word was breaking of a tentative deal between the United Auto Workers (UAW) and Ford.
CRU forecasts a stronger year for steel sheet demand in 2024 than in 2023 as growth continues in Asia and a recent period of contraction in the West ends.
U.S. Steel’s third-quarter earnings call with analysts on Friday, Oct. 27, was packed full of insight into the Pittsburgh-based steelmaker’s current state of affairs.
I wrote on Sunday that it could be a busy week for steel. It has been.
Reliance Steel & Aluminum is anticipating overall demand to remain healthy through year’s end despite some weakening in some sectors and normal seasonality.