The House has finally passed a bipartisan infrastructure bill after months of wrangling not only among Republicans and Democrats but also among factions within the Democratic party. “American steel built this country, and the industry is now ready to get to work on rebuilding this country. Repairing and modernizing our national transportation system is essential […]
South Korea is pushing for “swift consultations” with U.S. trade officials about Section 232 following the negotiation of a tariff-rate quota (TRQ) with the European Union, according to local media reports. Seoul is concerned that the deal with the EU – which will allow approximately 3.6 million short tons of steel into the U.S. duty […]
U.S. mill CEOs generally praised the tariff rate quota (TRQ) agreement reached with the EU. But they stressed that enforcement would be key to its success. The United Kingdom, Japan and countries that have hard quotas – such as South Korea – are places that come to mind when one thinks of where a deal might […]
I thought I’d be writing today that Steel Market Update had switched all its steel pricing momentum indicators to lower. But what you think should happen and what reality serves up are sometimes very different things. Hot-rolled coil prices continued to fall – they’re down $25 per ton compared to last week. That’s not a surprise. […]
Swedish steelmaker SSAB posted record earnings again in the third quarter thanks in part to sharply higher plate prices in North America. But while North American demand is expected to remain strong in the fourth quarter, that in Europe is anticipated to soften because of the automotive chip shortage – which has dented vehicle production on […]
In this year’s edition of CRU Breakfast – part of LME Week – we explored three key themes that shaped the commodities markets – the global economic and commodities outlook, the changing role of China, and Navigating ESG. All three themes have been central to many developments in the industry and remain equally crucial moving […]
Cleveland-Cliffs Inc.’s earnings skyrocketed higher in the third quarter, and the steelmaker predicted that higher priced contract deals would protect it from any slip in spot prices in future quarters. The Cleveland-based steelmaker recorded net income of $1.28 billion in the third quarter of 2021, up from a mere $2 million in the same quarter […]
Nucor Corp. plans to take a 25-day outage at its Gallatin sheet mill in Ghent., Ky., for final equipment installation for a hot-rolled capacity expansion there. The outage will begin on Nov. 23. Once it is completed, the new electric-arc furnace (EAF) and related equipment will be commissioned, company executives said during an earnings conference […]
Nucor Corp. smashed its quarterly earnings record in the third quarter with profits on par with those for the entire year of 2018 – another good year for steel. And the Charlotte, N.C.-based steelmaker, North America’s largest, thinks the string of record profits – the prior record was the second quarter of this year – […]
Algoma Steel shares began trading on the Nasdaq Stock Exchange and the Toronto Stock Exchange (TSX) on Wednesday under the ticker symbol “ASTL.” The development follows an initial public offering (IPO) made possible by a merger between the Canadian flat-rolled steelmaker and New York-based Legato, a special purpose acquisition company (SPAC). The deal resulted in […]
Steel Market Update has adjusted our steel pricing momentum indicator for hot-rolled coil lower. That’s not something we’ve done since July 21, 2020 – and it’s not a decision we took lightly. But the evidence is hard to ignore. Our hot rolled coil price now stands at $1,910 per ton ($95.50 per cwt), down $10 per ton […]
Algoma Steel’s initial public offering (IPO) is around the corner following shareholder approval of a deal between the Canadian steelmaker and Legato Merger Corp., a special purpose acquisition company (SPAC) The merger between the New York-based SPAC and privately held Sault Ste. Marie, Ontario-based Algoma is expected to close this week, an Algoma spokeswoman said. […]
Producer prices posted the smallest advance year-to-date in September, according to data released by the Labor Department. Despite supply chain snarls and shortages that have driven up manufacturing and shipping costs, the negligible expansion kept the historic climb for the index and subcategories for final demand going. Since the fall in early 2020, the composite […]
When the books are written on a historic year for steel prices, we will probably look back at August and September as the months when things started falling apart. Why? Because that’s when the extraordinay gaps – between U.S. steel prices and those abroad, between steel prices and scrap prices, and between market senitment and […]
NLMK USA’s sales surged in the third quarter on record domestic prices and strong demand, Russian parent company NLMK Group said. The solid showing in the U.S. helped to offset slowing demand in Russia and elsewhere as well as a protracted outage at the company’s mill in Lipetsk. “The U.S. became the growth leader, with […]
Mill shipments of steel products jumped 11.2% in August to 9.69 million tons, following an increase of 2.0% the month prior. Apparent supply was up 7.8% in August after a 3.6% increase in July. August’s expansion is the sixth straight month of growth in the steel supply since February’s double-digit contraction. This analysis is based on […]
Olympic Steel Inc.’s sale of its Detroit location to Venture Steel and its subsequent acquisition of Shaw Stainless & Alloys marked the latest step in a years’ long effort to pivot from roots in Midwestern carbon flat-rolled steel markets, the company’s top executive said. The Cleveland-based service center – while by no means exiting the region – […]
Olympic Steel Inc.’s sale of its Detroit location to Venture Steel and its subsequent acquisition of Shaw Stainless & Alloys marked the latest step in a years’ long effort to pivot from roots in Midwestern carbon flat-rolled steel markets, the company’s top executive said. The Cleveland-based service center – while by no means exiting the region – […]
Let’s put aside the question of whether the steel market has peaked. Let’s just assume that it has, for the sake of argument. Will the correction be gradual, rapid, or gradual until it’s rapid? I tend to think it will be the latter. But let’s put the question of timing aside and just look at […]
Market participants have sharply different views of which way prices will go over the next three months – but whichever camp you’re in, futures are your friend, according to one expert on the matter. Futures markets have seen steep selloffs in recent trading sessions, moves indicating that some industry participants think prices have peaked and are […]
Price dynamics in the steel market are starting to resemble an inverted yield curve, and market participants should treat the situation with appropriate caution. Plate mills and tube producers have announced significant price increases: $75 for tubular products ($3.75 per cwt), $80 per ton for plate and as much as $240 per ton for quenched and […]
At least two domestic pipe and tube mills have announced higher prices on the heels of higher hot-rolled coil costs, market participants said. Atlas Tube in a leading move said it was raising prices by at least $75 per ton ($3.75 per ton) for mechanical tubing, hollow structural sections (HSS) and piling products. The pipe-and-tube price […]
Evraz North America (NA) has followed other domestic mills in raising prices for steel plate. The increases are effective immediately for all new orders, the Chicago-based steelmaker, a subsidiary of London-based Evraz Plc, said in a letter to customers dated Monday, Sept. 27. Evraz NA is increasing transactions by at least $80 per ton ($4 […]
North Star BlueScope intends to take a 10-day outage in November at its flat-rolled steel mill in Delta, Ohio, according to SMU sources. The scheduled outage planned for the first week of November will be the final step to tie the new electric arc furnace and caster into the existing mill. The downtime is expected […]
Nucor has enough raw material to supply its planned $2.7 billion, 3-million tpy sheet mill, but is exploring new technologies that might help it further reduce carbon emissions. The Charlotte, N.C.-based steelmaker is eyeing a range of options – including increased use of shredded scrap in its sheet mills’ electric-arc furnaces (EAFs), “green” pig iron […]
Nucor plans to build a new, $2.7 billion electric-arc furnace (EAF) sheet mill with annual capacity of three million tons per year in either Ohio, Pennsylvania or West Virginia. The facility is aimed at customers in the Midwest and Northeast as well as at the automotive industry, the Charlotte, N.C.-based steelmaker said. “These important markets […]
Mill shipments of steel products rose 2.0% in July to 8.7 million tons, following an increase of 1.7% the month prior. Apparent supply jumped 3.6% in July after a 6.0% increase the prior month. July marks the fifth consecutive month of gains after February’s double-digit contraction. This analysis is based on steel mill shipment data from […]
Hot-rolled coil prices fell modestly this week for the first time in more than a year, lead times slipped below nine weeks for the first time since mid-April, and inventories continue to inch upward. Everyone is tired of hearing about a “tipping point” to this “unprecedented” market. But how else do you interpret this? Imports, […]
Nucor predicts that its third quarter earnings will be the highest in its history – surpassing a previous highwater market set in the second quarter. The Charlotte, N.C.-based steelmaker forecast third quarter earnings of $7.30-7.40 per diluted share, up from $5.04 per diluted share int the second quarter in guidance released on Thursday. And the […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Producer prices expanded further in August, albeit at a slower rate. The gains continued, however, maintaining the historic climb for the index and subcategories for final demand, which have […]