Steel prices rose each week in March, and the increases were the first in six months. Hot rolled prices were down to $1,000 per ton ($50 per cwt) the first week of March, the lowest level seen since December 2020. Prices then surged $435 per ton throughout the month, with the SMU index averaging $1,435 per ton […]
Sheet prices continue to rise with new, higher offers from some domestic mills: as much as $1,500 per ton for hot-rolled coil and $1,900 per ton for cold-rolled and coated product. Despite those higher pricing levels, gains on the hot-rolled side have moderated. SMU’s benchmark hot-rolled coil price now stands at $1,435 per ton ($71.75 […]
The US Commerce Department has decided to continue anti-dumping duties on cut-to-length plate from a dozen nations. It has also determined that countervailing duties – more than 250% – on plate from China should remain in place. The Sun Doesn’t Set on Steel Duties Those decisions follow an expedited “sunset” review that began on December […]
The market has worked itself into a frenzy about rising costs: for fuel, for labor, and for raw materials. All that translates into sharply higher prices for steel. There is a good case to be made that these factors – especially when it comes to fuel and raw materials – won’t go away anytime soon […]
Producer prices rose moderately in February, maintaining a sustained 23-month growth run. Last month the headline index grew by just 0.8%, seasonally adjusted, but was a gain of 10% when compared to the same year-ago period, reports the U.S. Labor Department. Wholesale prices accelerated as steady consumer demand and pandemic-related supply-chain snarls continued to fuel […]
Steel prices continued to shoot upward at a breakneck pace as mills raced to keep ahead of spiraling raw material costs. Supply chain shocks caused by Russian forces’ invasion of Ukraine have led to higher pig iron prices, expectations of big gains in scrap prices next month – and all that comes on top of already […]
Canadian Pacific is engaged in a “structured shutdown” of its train operations across Canada after negotiations between the company and the Teamsters Canada Rail Conference (TCRC) soured. Each side blamed the other for the work stoppage. “The TCRC is well aware of the damage this reckless action will cause to the Canadian supply chain,” CP […]
Nucor aims to increase base prices for steel sheet by at least $125 per ton ($6.25 per cwt) effective immediately. “We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said in a letter to customers dated […]
Steel Dynamics Inc. (SDI) expects modestly higher first-quarter earnings despite lower average flat-rolled steel selling prices over the last three months. The Fort Wayne, Ind.-based steelmaker expects earnings of $5.55-5.59 per diluted share in the first quarter, according to figures released after the close of markets on Wednesday, March 16. That’s up from $5.49 per […]
Sheet prices saw their biggest week-over-week gains – and by a wide margin – since Steel Market Update’s foundation in 2008. Case in point: SMU’s average hot-rolled coil price jumped to $1,260 per ton this week ($63 per cwt), up $210 per ton (20%) from $1,050 per ton last week. That is more than double […]
Sheet prices saw their biggest week-over-week gains – and by a wide margin – since Steel Market Update’s foundation in 2008. Case in point: SMU’s average hot-rolled coil price jumped to $1,260 per ton this week ($63 per cwt), up $210 per ton (20%) from $1,050 per ton last week. That is more than double […]
Total mill shipments of steel products fell in January to 8.153 million tons, a 9.4% decline from December’s 8.995 million tons, 2021’s strongest monthly performance. Apparent supply also fell in January, down 7.6% versus the prior month, and unable to keep the upward trajectory seen during the final quarter of 2021. This analysis is based on steel […]
Steel Market Update’s hot-rolled coil price was at $1,050 per ton ($52.50 per hundredweight) last week. Several mills are now offering hot band at $1,200 per ton ($60 per cwt). I don’t know where things will settle when we adjust prices on Tuesday. But I think it’s fair to say that prices will be significantly […]
SSAB Americas will put in place a raw material surcharge (RMS) in response to skyrocketing raw material costs. The Mobile, Ala.-based steelmaker said the move was necessary because of “extraordinary market pressures brought on by recent global events,” in a letter to customers dated Wednesday, March 9. The global events in question are almost certainly a reference to […]
It seems all the swans are black now. First we had a pandemic. Now war. You don’t need a reminder from SMU on the terrible human suffering caused by each. When it comes to steel, the result is higher raw material costs and higher prices. Pricing levels that were unimaginable a month ago, when it […]
Hot-rolled coil prices are up an average up $50 per ton ($2.50 per cwt) this week, breaking a six-month trend of flat or falling prices. And that gain might prove modest compared to what’s in store in the weeks ahead. Why? Because the war in Ukraine has the potential to shock the steel market at […]
SMU’s Steel Buyers Sentiment Index continues to inch downward from its late-2021 peak, with the latest three-month moving average sliding to the lowest level seen in nearly 10 months. Although down, sentiment remains at very optimistic levels on the 100-point scale. Steel Market Update surveys buyers every two weeks and asks how they view their […]
The war in Eastern Europe is hitting close to home for some steel buyers. Steel Market Update’s survey this week asked readers: How might the Russian invasion of Ukraine impact your business? Roughly three out of four of the service center and manufacturing executives who responded said they fear at least some fallout from the […]
February marked month six of declining steel prices, following a 12-month streak of continuous price increases. Hot rolled prices declined $215 per ton throughout the month, with the SMU index averaging $1,020 per ton at the end of February (recall our HR average this week declined another $20 to $1,000 per ton). The SMU Price Momentum Indicator for sheet products was […]
The fog of war. That’s what we’re all dealing with now. Even in steel as realization grows that the war in Ukraine will have consequences here in North America too. The exact contours are still uncertain. We know that pig iron prices are up sharply, and that concerns about shortages are mounting – not just […]
Sheet prices fell again this week. But price declines for hot-rolled coil have slowed, with HRC tags down $20 per ton ($1 per cwt) and coalescing around $1,000 per ton. While some mills were reported to be cutting deals as low as $900 per ton, others were said to be mulling price hikes. Cold-rolled and […]
Nucor has joined Cleveland-Cliffs Inc. in increasing base prices for steel sheet by at least $50 per ton ($2.50 per cwt). The move is effective with all new orders, the Charlotte, N.C.-based steelmaker said in a letter to customers on Friday, Feb. 25. “We reserve the right to review and re-quote any offers that are […]
You don’t need SMU pontificating about how the Russia-Ukraine conflict marks the end of the post-WWII order. Suffice it to say the world we woke up to today is vastly different from the one we reported on in our last edition. We’re also getting used to thinking about things we haven’t had to think about […]
Ryerson, the Chicago-based steel processor and distributor, reported record annual results for 2021 highlighted by capital investment in two new service centers and significant debt reduction that positions the company well for what management expects to be a strong 2022. Ryerson reported net income of $294.3 million on revenues of $5.68 billion in 2021. That’s […]
Some North American flat-rolled steelmakers were silent when asked what the impact of the conflict between the U.S. and Russia might be on their operations. Others said their supply lines weren’t in the crossfire. One reason for the silence in some corners: Many rely heavily either on Russian slab or Russian or Ukrainian pig iron […]
Stelco Holdings Inc. posted record annual results in 2021 but warned – unlike other North American steelmakers – that the good times would not roll into this year. “We certainly benefited from exceptional price levels for much of the year,” Stelco Executive Chairman and CEO Alan Kestenbaum said. “In 2022, however, we expect to see […]
Sheet prices fell hard again this week. Our average hot-rolled coil number now stands at $1,020 per ton ($51/cwt), down $60 per ton from last week and marking the lowest point for HRC prices since January 2021. Large buyers reported deals in the mid-$900s. Another notable trend: Prices for coated products led the way downward […]
Cleveland-Cliffs Inc. will indefinitely idle the No. 4 blast furnace at its Indiana Harbor steelmaking campus in northwest Indiana. The Cleveland-based steelmaker also announced that it was raising prices for April orders of carbon hot-rolled, cold-rolled and coated flat-rolled steel by at least $50 per ton ($2.50 per cwt). Cliffs will transfer hot metal production […]
Prices for steel sheet have fallen across the board since September of last year. But the pace of declines for hot-rolled coil has been much faster than for galvanized products. The result: Spreads between HRC prices and galv base prices – which have been at record levels since late last year – continue to widen. […]
Prices for steel sheet have fallen across the board since September of last year. But the pace of declines for hot-rolled coil has been much faster than for galvanized products. The result: Spreads between HRC prices and galv base prices – which have been at record levels since late last year – continue to widen. […]