Most flat-rolled steel imports rose from September to October but were lower compared to year-ago levels. This is according to October import license application data released by the US Department of Commerce’s International Trade Administration. All steel imports into the US require an import license in order to enter through Customs. The license count provides […]
I wish I could offer you some hope about steel prices getting better. But at the moment, the thing that strikes me most is that $600 per ton ($30 per cwt) for hot-rolled coil (HRC) sure looks like the “new” $600 per ton. That’s a joke of course. I make it in remembrance of all that […]
By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor The CRU metallics price indicator (CRUmpi) for November fell by 3.5% month-on-month (MoM), to 298.3, which is the lowest level since December 2020. Global scrap demand continues to be undermined by weak steel market fundamentals in key markets, causing prices to stay […]
The Department of Commerce on Thursday published its decision that Russia was again a non-market economy (NME) in antidumping cases. The move will change fundamentally the way antidumping duties will be calculated for imports from that country. All antidumping investigations, reviews, and sunset reviews will incorporate this change in all cases over the next several […]
Imported sheet and plate products arrived at US ports at a slower clip in September, accounting for a lower share of the domestic market for the third straight month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel […]
Total US mill shipments of steel products were down in September, falling to their lowest total year-to-date (YTD). Mill shipments have been fluctuating up and down all year with little consistency. September’s shipments totaled 7.58 million tons, a 7.2% decline from August’s 8.18 million tons, and the lowest total since February 2021. Apparent supply also saw a […]
The US Department of Commerce said on Thursday that it would no longer consider Russia a market economy in antidumping cases. The move could allow for higher duties on Russian imports in trade cases going forward. An analysis done by third parties for Commerce found that Russia’s government has had considerable involvement in its economy, […]
Domestic hot-rolled coil (HRC) continues to hold the upper hand over imported steel when it comes to price, according to Steel Market Update’s latest foreign versus domestic price analysis. US HRC is approximately 4–7% cheaper than foreign prices this week, after consideration of freight costs, trader margins and any applicable tariffs. Prior to this week, […]
US apparent steel supply eased further in September, down 8% from August to 8.29 million net tons, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI). As the lowest monthly figure since February 2021, this was a 19-month low. September supply was 10% below the average monthly rate […]
After posting reduced profits in the second quarter (ended Sept. 30) of its fiscal 2023 year, Sault Ste. Marie, Ontario-based Algoma Steel expects to continue to be impacted in the current quarter by operational challenges and overall softness in the steel market. Company executives commented on these challenges and provided an update on operations during […]
The US Department of Commerce’s International Trade Administration (ITA) is updating import duties on hot-rolled steel flat products from Turkey and South Korea. The agency just released preliminary results in reviews of the countervailing duties on Turkish product and antidumping duties on South Korean product, according to Federal Register filings. In the initial results of […]
Nucor on Thursday confirmed its plate prices would remain unchanged with the opening of its December order book. Though the market was anxiously awaiting the Charlotte, N.C.-based steelmaker’s announcement, few were surprised by it. Why? It’s not clear that a price decrease at this stage in the fourth quarter would generate buying. And it would devalue […]
This past week the Biden administration released a list of questions for the public on the four-year review of the Section 301 tariffs on China. The questions and the procedures in the review reveal quite a bit about where this investigation is going, and what policy choices will be coming out after the 2022 midterm […]
With the recent trade case decision resulting in antidumping duties placed on both seamless and welded oil country tubular goods (OCTG) imports, Tenaris plans to ramp up its OCTG production in the US as demand and pricing remain strong, according to company executives speaking on a third-quarter earnings conference call with analysts on Friday, Nov. 4. […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our SMU Community Chat webinar on Wednesday, Nov. 30, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, as well […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our SMU Community Chat webinar on Wednesday, Nov. 30, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, as well […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from Princeton […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from Princeton […]
Hot-rolled coil (HRC) imports offer no cost advantage over domestic steel this week, according to Steel Market Update’s latest analysis. Domestic HRC prices are now approximately 1-3% cheaper than foreign steel, after consideration of freight costs, trader margins and any applicable tariffs. Although down, the relationship between foreign and domestic prices has remained within $18 […]
The US Department of Commerce’s International Trade Administration (ITA) has set new, lower dumping rates on hot-rolled steel flat product imports from Japan and South Korea. The time period covered in both the ITA’s administrative reviews of the antidumping duties is Oct. 1, 2020, through Sept. 30, 2021, according to the Federal Register filings reviewed by […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com […]
Sheet and plate prices fell across the board once again this week as market participants continue to question when and where the market might bottom. Some not long ago predicted that hot-rolled coil prices wouldn’t fall below $800 per ton ($40 per cwt). Our average price is now well below $700 per ton, with some […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com […]
Steel prices declined each week in October, with all sheet products now back in line with late-2020 levels. Hot rolled prices averaged $736 per net ton ($36.80 per cwt) in October, falling from $765 in the beginning of the month to $710 as of last Tuesday. The SMU Price Momentum Indicator for sheet products was […]
The Brazilian ambassador to the US said it’s time for the removal of Section 232 tariffs and quotas in an editorial sent to the Wall Street Journal. The 232 tariffs and quotas have been in effect for more than four years – since 2018, when then-President Donald Trump imposed a 25% tariff on steel and a […]
People who purchase imported steel don’t like Section 232 tariffs. And domestic steel producers don’t like exclusions to the 25% duties. Recent cases have highlighted a legal problem that mirrors commercial reality. If a domestic steel producer benefits from protective tariffs, does it have a right to participate in litigation against importers challenging the denial […]
The Global Arrangement on Sustainable Steel and Aluminum Just over a year ago, on Oct. 3, 2021, the EU and the US signed an agreement to negotiate on carbon intensity and global overcapacity in both steel and aluminum. This lofty goal seemed to have been trumped by the agreement that the US suspended Section 232 […]
Preliminary US Census Bureau data indicates that steel imports totaled 2.24 million net tons in the month of September. This is down 11% from the prior month, and is potentially the lowest monthly rate seen since February 2021. Recall that monthly import levels also declined 6% from July to August and 6% from June to […]
The US economy posted its first period of growth for 2022 in the third quarter. Gross domestic production (GDP) accelerated to a 2.6% annualized pace for the period, temporarily stymying recession fears, according to the advanced estimate from the US Commerce Department’s Bureau of Economic Analysis (BEA). The latest GDP reading follows two consecutive negative […]
Foreign hot-rolled coil (HRC) imports offer little to no cost advantage over domestic steel at this time, according to Steel Market Update’s latest analysis. After taking freight costs, trader margins and tariffs into consideration, HRC imported from Germany and Italy are theoretically more expensive than domestic steel, and Far East Asian HRC offers just a […]