US plate prices have been largely stable since the beginning of December after tags fell by $140 per ton following Nucor’s price cut notice at the end of November with the opening of it January order book. A move that caught many by surprise at the time. But since then, plate prices have varied by […]
Now entering the second month of the year, prices are still a top-of-mind conversation. After its run-up to over $2,600/tonne, the London Metal Exchange calmed, and volatility dropped. This signals that, for now, it has hit resistance. The Midwest premium has followed a similar trend. After peaking just over $0.30/lb, it has started to come […]
Cleveland-Cliffs Inc. has rolled out another $50/ton ($2.50/cwt) sheet price increase just a couple of weeks after doing the same in mid-January. The Cleveland-based steelmaker has also announced a target base price of $850 per ton for hot-rolled coil, up from the $800 per ton announced in mid-January. NLMK USA almost immediately upped the ante, […]
Steel mill lead times have remained flat despite rising prices, according to SMU’s latest market survey. SMU’s hot-rolled lead time is approximately 5 weeks, unchanged from our last check of the market two weeks ago. Cold-rolled lead times remained at roughly 6.6 weeks, similar to two weeks ago. Galvanized inched up to 6.3 weeks from 6.1 weeks. […]
Domestic hot-rolled coil (HRC) kept its competitive price advantage run over imported steel – now 14 weeks running – though it did lose momentum week on week (WoW), according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 7% cheaper than foreign prices this week, down slightly from 8% last […]
It’s always interesting to take a peek behind the curtain. For Michael Cowden, managing editor of Steel Market Update (Hey, that’s us!), it’s a common experience. As a seasoned journalist, Michael is no stranger to asking the tough questions. Multiple times a year he moderates panel discussions, live interviews, hosts workshops, and speaks at various industry functions. […]
US manufacturing activity retreated in January, the third consecutive monthly decline, according to the Institute for Supply Management (ISM). The Manufacturing PMI fell to 47.4% in the first month of 2023, the lowest level since May 2020, when it registered a seasonally adjusted 43.5%, ISM said. Any reading below 50% indicates the manufacturing sector is generally contracting. […]
US manufacturing activity slipped in February for the fourth consecutive month, although the pace of contraction slowed, according to the Institute for Supply Management (ISM). The February Manufacturing PMI stood at 47.7%, 0.3 percentage point higher than January. But while that headline figure rose, recall that any reading below 50% indicates that the manufacturing sector in general […]
Hot-rolled coil prices have now risen for 10 consecutive weeks. Let’s put that in perspective. That’s a longer run than the price spike we saw following Russia’s invasion of Ukraine last February. It also marks the longest sheet price rally we’ve seen since the boom times of early 2021 – when a snapback in demand […]
Sheet prices rose again this week, continuing a rally that began shortly after Thanksgiving. SMU’s hot-rolled coil price stands at $780 per ton ($39 per cwt), up $20 per ton from $760 per ton last week and up $165 per ton from a 2022 low of $615 per ton recorded in November. HRC prices haven’t […]
We’ll kick off the Tampa Steel Conference next Sunday, and I’m looking forward to seeing many of you there in person. For kicks, I decided to look back at how the market was in mid-February 2022, when we held the event along with the Port of Tampa Bay last year. So join me for a […]
I’ve written in my last two columns about various factors that indicate the price rally that began after Thanksgiving might be running out of steam. You know the list by now: low capacity utilization, lead times not pushing out in tandem with prices, and a consensus that prices will peak this month or next. All […]
The domestic hot-rolled coil (HRC) competitive price advantage over imported steel has been on a 13-week run, and it’s been gaining ground over the past week, with foreign HRC prices still largely on the rise, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 8% cheaper than foreign prices this week, […]
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 becca@steelmarketupdate.com to […]
The first quarter of this year is off to a much, much better start than the first quarter of 2022. You’ll recall that prices for all sheet products were way higher this time last year. But service centers were slashing prices and trying to move overpriced inventory. Q1 demand – and maybe 1H demand – […]
Sheet prices continued to inch upward as most market participants reported solid first-quarter demand, despite concerns in some corners about 2H activity. But the pace of price gains appears to have slowed, at least temporarily, and lead times have leveled off as well. Any significant additional sheet price gains will hinge less on mill announcements […]
This week’s survey didn’t land quite as I expected. Some data points indicate that the price rally we’ve seen since late November will continue, but others suggest it might be running out of steam. For starters, if you’re an SMU subscriber, you can find our latest market survey results here. If you aren’t, this data […]
The London Metal Exchnage aluminium three-month price was moving up again this week, and peaked near $2,650 per tonne– its highest level since June 13, 2022, but late week trading saw a $100 correction. Still $200-300 higher than on the close of 2022, we can only assume a return to volatility following a 2022 Q4 […]
Steel mill lead times were flat to down this week, declining by an average of 0.5 weeks across all five products we track. Steel buyers reported mill lead times ranging from 4 to 6 weeks for hot rolled and plate, and 5 to 8 weeks for cold rolled, galvanized, and Galvalume. SMU’s hot-rolled lead time […]
Domestic hot-rolled coil (HRC) competitive price advantage over imported steel continues, gaining ground over the past week as foreign HRC prices accelerated, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 9% cheaper than foreign prices this week, doubling the roughly 4.5% mark from last week after consideration of […]
Sheet prices continued to inch upward this week as market participants debated whether a third round of price increases from Cleveland-Cliffs Inc. would gain traction. Those who thought the $50-per-ton price hike would stick pointed to higher scrap costs, solid demand, and new capacity still struggling to ramp up. Those who questioned whether the increases […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Flat Rolled = 61.2 Shipping Days of Supply Plate = 57.3 Shipping Days of Supply Flat Rolled US service center flat-rolled steel supply spiked in December, in line […]
Domestic hot-rolled coil (HRC) continues to hold a competitive price advantage over imported steel, though it has declined over the past couple of weeks, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately just 1–8% cheaper than foreign prices this week, after consideration of freight costs, trader margins, and […]
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 Becca@SteelMarketUpdate.com […]
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 Becca@SteelMarketUpdate.com […]
Sheet prices are up again. I haven’t heard much quibbling with that. Upstream, scrap prices are moving up as they typically do in January. And downstream, we’re seeing service centers raising prices roughly in tandem with domestic mills – or at least holding them steady. No, 2023 is not starting off with a big bang […]
Sheet prices continued their upward trek this week on the heels of a $50-per-ton price increase announced by Nucor Corp. on Monday. Plate prices, which were not impacted by that move, were unchanged. Nucor’s increase, which matched one announced last month by Cleveland-Cliffs Inc., was seen by market participants as timed to reflect an upward […]
Domestic hot-rolled coil (HRC) continues to hold a competitive price advantage over imported steel, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 3–13% cheaper than foreign prices this week, after consideration of freight costs, trader margins, and any applicable tariffs. This is the tenth consecutive week US prices have […]
Steel mill lead times increased again this week, extending by an average of 0.6 weeks across all five products we track. You may recall that lead times for hot-rolled, cold-rolled, and galvanized products were at or near multi-year lows in our late November market check. Lead times have increased an average of 0.9 weeks compared […]
US manufacturing activity slipped in December, for the second consecutive month, according to the Institute for Supply Management (ISM). The ISM’s December manufacturing PMI remains below the neutral 50.0 mark — the level typically dividing expansion from contraction. On the heels of a 29-month period of growth, this is now the lowest level since May […]