Sheet prices drifted sideways to down this week, while plate prices fell substantually following the Nucor price decrease announcement on Monday. SMU’s hot-rolled index eased an average of $15 per net ton this week to $770 per ton. This is now tied with our late August price for the lowest HRC price seen since November […]
US plate prices fell this week, responding to Nucor’s latest price announcement on Monday, Sept. 19. Price tags remain under pressure and further declines are expected through the fourth quarter as spot demand is likely to remain limited. But few expect Nucor’s latest plate price announcement to generate any immediate business, sources told SMU, speculating […]
Earlier this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. We are sharing the comments we received in each buyer’s own words, rather than summarizing them in ours. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com to be […]
It’s contract negotiation season, and let’s just say that this year is a lot different than the last two years. Mills had pricing power in contract talks in 2020 and in 2021. This year, buyers feel like they have more leverage—and they’re not being shy about pressing mills for lower prices. On the one hand, […]
Steel Market Update’s (SMU) Steel Buyers Sentiment Index saw double-digit declines last week, falling to the second-lowest level seen in the past two years. Our Future Steel Buyers Sentiment Index also declined, now tied for the third-lowest reading in that same time frame. Buyers attribute their weaking optimism to profitability concerns on high-cost inventory as […]
The prices contractors pay for construction materials and services—chiefly for new nonresidential construction—declined 1.1% month-on-month (MoM) in August, as a steep drop in fuel prices masked increases in the cost of other construction inputs, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC cautioned that limited price declines […]
Flat Rolled = 53.9 Shipping Days of Supply Plate = 59.4 Shipping Days of Supply Flat Rolled US service center flat rolled inventories edged down month on month in August, though the amount of material on order spiked, according to Steel Market Update data. At the end of August, service centers had 53.9 shipping days […]
Steel mill lead times were overall flat this week, with the processing time for some orders slightly extending and others shrinking. Hot rolled and Galvalume lead times increased compared to our previous market check, while cold rolled, galvanized, and plate lead times slightly declined. On average this week, lead times were unchanged compared to two […]
Foreign steel imports from two of the three regions tracked by Steel Market Update have lost their price advantage over domestic steel, according to our latest foreign versus domestic hot-rolled steel price analysis. After taking freight costs, trader margins and tariffs into consideration, foreign HRC prices for just one region remain cheaper than domestic steel […]
Sheet and plate prices continued to drift sideways this week as steel mills attempt to hold the line despite weak signals from the scrap market. Mills are more unified in trying to hold the line around $800 per ton ($40 per cwt) on hot-rolled coil following deep discounting ahead of announced price increases last month. […]
US plate prices were unchanged this past week but remain under pressure. Spot demand is limited, with sources noting that Nucor’s efforts to keep prices flat might be short-lived. Recall that Nucor announced it would keep some plate prices flat and decrease certain cut-to-length items as much as $150 per ton ($7.50 per cwt) with the […]
It’s time to forecast 2023, and I’d like to throw out one radical possibility – or at least one worth thinking about. What if there are no black swans? I know, that possibility is so remote that it’s almost laughable. We haven’t had many normal years since 2018. That year gave us the shock of […]
US manufacturing activity grew in August, expanding for the second straight month amid stronger order growth and employment, according to the Institute for Supply Management (ISM). Supply bottlenecks and price pressures eased, while domestic factory activity grew steadily last month. August’s Manufacturing PMI held at 52.8%, the same reading recorded in July. This is the […]
Foreign hot-rolled coil imports have very little (if any) price advantage over domestic steel prices at this time, according to SMU’s latest analysis. In fact, German HRC prices are more expensive than domestic steel after taking freight costs, trader margins and tariffs into consideration. Prices in Italy and in Asia hold only a 1–3% potential […]
SMU polled steel buyers earlier this week on a variety of subjects including current and future steel prices, inventory strategies, demand, and new 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 to be included in our questionnaires. Where […]
Will flat-rolled steel prices bounce around roughly where they’ve been for the past few weeks or inflect downward? Our hot-rolled coil price was down a modest $5 per ton today. And HRC prices have been holding roughly between $770-800 per ton since mid-August. How did things stand this time last year? Steel prices popped above […]
Sheet and plate prices were flat or down this week as some market participants questioned whether tags might be beginning to inflect lower. Hot-rolled and cold-rolled prices were down $5 per ton week over week. Galvanized (down $55 per ton) and Galvalume (down $40 per ton) fell more significantly. The steeper declines in coated products […]
Steel prices eased overall throughout August, following declines seen in the three previous months. Hot rolled prices were $805 per ton ($40.25 per cwt) the first week of August, falling to a low of $770 per ton in the middle of the month, and rising to $785 per ton as of last Tuesday. The SMU […]
The temptation to purchase foreign hot-rolled coil (HRC) at a discount over domestic steel remains minimal. Adjusted foreign prices now offer little advantage over domestic steel, according to Steel Market Update’s (SMU) latest analysis. After taking freight costs, trader margins, and tariffs into consideration, foreign HRC prices for the three regions covered in this analysis […]
Hot rolled and galvanized prices continue to decline but many continue to go unchanged, members said during this month’s call with HARDI’s Sheet Metal/Air Handling Council. Much like July, members are currently seeing strong demand and foresee stability in the near future. It’s been an eventful month to say the least. Nucor and Cleveland-Cliffs both […]
Flat-rolled steel prices were steady to up based on the data points SMU collected this week. There’s undoubtedly been pressure from recent mill price hikes, but it’s still far too early to tell if they will stick or if this is just a blip. Sheet prices rose for each of our products this week. The […]
NLMK USA is seeking to increase spot base prices for carbon steel sheet by at least $75 per ton ($3.75 per cwt). The price increase is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled, and coated products in North America, the company said in a letter to its customers on Friday, […]
Economic conditions are still iffy at best. Housing data continues to suffer with new home sales plunging and inventory reaching the highest it has been since 2009. The Richmond and Kansas City Fed manufacturing indexes both plunged in July as well. The Richmond Fed’s manufacturing skill availability index, which indicates the demand for skilled labor […]
The temptation to purchase foreign hot-rolled coil (HRC) at a bargain has all but faded, with adjusted foreign prices now offering little or no advantage over domestic steel, according to Steel Market Update’s latest analysis. After taking freight costs, trader margins and tariffs into consideration, foreign HRC prices for two of the three regions covered […]
Earlier this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. We are sharing the comments we received in each buyer’s own words, rather than summarizing them in ours. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com to be […]
Sheet prices are down across the board this week, putting big cracks in any hopes that hot-rolled coil prices would find a bottom around $800 per net ton ($40 per cwt). The declines came as market participants reported that at least one large producer had cut deals at low levels and, in doing so, put […]
US plate prices edged down marginally this week, declining for the third straight week. The easing was driven by a tightening of the range, though sources feel pricing has flattened. The repeated declines are not exactly a surprise given plate prices have been holding an unsustainable premium over coil, while buying remains strategic and mainly hand-to-mouth. […]
Steel Market Update is pleased to share this new Premium content—an index comparing lead time and demand data—with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Apparent demand for flat-rolled steel in the US was sideways in our mid-August reading. The lack of change in the index highlights the current state of […]
End use market demand is mixed as mid-year shipment data is reported The recession, inflation, and interest rates remain hot topics for aluminum producers and consumers. As new economic data is announced, both bright spots and points of concern emerge. First, this month’s report on inflation showed a drop month-on-month (MoM) and may signal that […]
The following article on the hot-rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Weekly changes in the value of spot HR have continued to drop an average of about $30/net ton but it should […]