Rig Count Inches Up in US, Rebounds in Canada
The latest data from oilfield services provider Baker Hughes shows the number of active rotary rigs in the US and Canada bounced back during the week ended Friday, Oct. 13.
Tag: demand
SMU Explains: A Brief History of the US Pig Iron Market
The pig iron trade is an important element to the US steel and foundry industry.
CMC Reports Strength in North America as Europe Struggles
With solid demand and attractive margins, the North American market has been helping to prop up CMC’s results as its European operations struggle with weaker demand amid challenging market conditions.
Sponsored: Three Ways Technology Is Changing the Steel Industry in 2023
The steel industry has faced intensified volatility in recent years as companies have navigated supply chain disruptions, economic uncertainty, and increasing customer demands.
Dodge Momentum Index Improved in September
The Dodge Momentum Index (DMI) edged up in September, driven by a slight increase in planning despite tighter lending standards, according to the latest Dodge Construction Network (DCN) data.
CRU Aluminum: Secondary Aluminum to Play A Bigger Role Over The Next 2-3 Years
The LME aluminum three-month price was broadly unchanged on Friday morning, Oct. 6, and was last seen trading at $2,243 per ton. Due to the Mid-Autumn Festival and National Day celebrations, the SHFE is closed for holidays from Sept. 29 to Oct. 6. According to a report from Bloomberg, leaders from the EU and the […]
Final Thoughts
The US steel market appears to have gone from despairing over the possibility of spot HRC prices slipping into the $500s per ton to worrying about spot availability – and in just a matter of 2-3 weeks.
HRC Futures: Hedgers Getting Off Sidelines
What has happened since the August hot rolled (HR) settlement ($767 per short ton)?
Market Chatter This Week
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand, inventories, imports, the UAW strike, and what people were talking about in the market.
ISM: US Manufacturing Improved in September, But Still Contracting
US manufacturing activity improved in September, nearing a recovery, but remained in contraction territory, according to the Institute for Supply Management (ISM).
SMU's September at a Glance
Steel prices continued to decline last month – a trend we’ve seen repeated since mid-April.
Plate Report: Mills Hold the Line Despite Slowing Demand
US plate prices have been relatively flat this year, especially when compared to sheet products. Case in point; SMU's plate prices stands at $1,455 per ton ($72.75 per cwt) on average, down 7% from a $1,560 per ton peak in April. Our HRC price is at $645 per ton, down 44% from an April peak of $1,160 per ton.
CRU Aluminum: Curiously, LME Moves Higher and Midwest Drifts Lower
The LME aluminum 3-month price was up 4.7% during the last week of the month to close September trading at $2,325 per metric ton – its highest price since early August. Several correlations appeared to have broken down in the short term given the weakness in the US stock market, a weaker copper price, and, critically, the resurgent dollar.
Market Chatter: UAW Strike Special
SMU's weekly survey reflects what people in the market are talking about. Lately, a popular topic has been the United Auto Workers (UAW) strike.
UAW Expands Strike to Ford and GM Assembly Plants
The United Auto Workers (UAW) union expanded its strike on Friday, calling on an additional 7,000 workers at Ford and General Motors plants to strike as of 12 p.m. ET.
UAW Strike Hasn't Dampened SMU Buyers Sentiment Indices
SMU's Current and Future Steel Buyers Sentiment Indices both increased this week despite the United Auto Workers (UAW) union strike expansion, based on our most recent survey data.
Nucor Maintains Plate Prices
Nucor Corp. will keep plate prices unchanged with the opening of its November order book.
Most Mills Still Willing To Negotiate Lower Sheet and Plate Prices: SMU Survey
The overall steel mill negotiation rate remained level this week vs. two weeks earlier, but plate’s rate fell by 15 percentage points, according to SMU’s most recent survey data.
Cliffs Increases Sheet Prices, Sets $750/t Base for HRC
Cleveland-Cliffs is increasing its sheet tags, setting a new base price for hot-rolled coil, effective immediately, the company said in a press release on Wednesday, Sept. 27.
Final Thoughts
We’ve been busier than usual lately covering two major events (in addition to our pricing and data services) – the potential sale of U.S. Steel and the United Auto Workers (UAW) union strike. Let’s review some possible developments in each. U.S. Steel Sale – Back in the Headlines We learned last week that Stelco had […]
CRU: Demand-side Factors to Create Drag on Global Sheet Markets
Demand will be the determining factor in what happens to steel sheet prices globally for the remainder of the year, and most risks right now are to the downside. An autoworkers strike has started in the USA and could increase price volatility in the domestic sheet market. The longer and more severe this strike is, […]