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 […]
For those of you who don’t pay attention to such things, today’s date is 2/22/22…. On Monday, Cleveland-Cliffs announced on their website their intention of indefinitely idling the #4 blast furnace at Indiana Harbor, and a $50 per ton ($2.50/cwt) price increase on orders slated for production in April 2022. Cliffs CEO Lourenco Goncalves spoke […]
Distributors who sell galvanized steel products to the construction and HVAC sectors see Cleveland-Cliffs Inc.’s announcement of a price increase this week as a positive sign the market’s slide may be nearing a bottom. The Cleveland-based steelmaker notified customers this week that it is shutting down a blast furnace and will raise prices for April […]
Spot market prices are moving and moving very quickly. One of the service centers I communicated with today said, “I’ve not seen a market downturn quite like this one (nor the upside either), and it’s making the discovery of legit pricing quite difficult. I will say, the one constant I keep hearing is that the […]
Steel mill lead times, which have shortened to near historical averages, are about as low as they will go and now register only minor movements up or down from week to week, based on Steel Market Update’s surveys of the market. Likewise, SMU’s data on negotiations between mills and buyers has reached a similar steady […]
Foreign steel imports from the three regions tracked by Steel Market Update have nearly lost their price advantage over domestic steel, according to our latest foreign versus domestic hot rolled steel price comparison. Foreign HRC prices are now theoretically just $7-80 per ton cheaper than domestic steel, after taking freight costs, trader margins and tariffs […]
Steel prices saw another big drop this week, taking the benchmark price for hot rolled below $1,100 per ton for the first time since January 2021. Cold rolled and coated products registered double-digit declines as well, while plate prices appear to be holding their own, according to Steel Market Update’s check of the market on […]
Flat Rolled = 56.1 Shipping Days of Supply Plate = 56 Shipping Days of Supply Flat Rolled U.S. service center flat rolled inventories fell from their December highs, though the seasonal pick-up in demand in January was weaker than expected. At the end of January, service centers carried 56.1 shipping days of supply on an […]
Total mill shipments of steel products rebounded in December to 8.985 million tons, a 7.8% increase over November’s 8.334 million tons, and the highest monthly total for 2021. Apparent supply saw a 5.0% boost in December, rising for the second straight month following repeated decreases in September and October. This analysis is based on steel mill shipment […]
On the price front, we’re below $1,200 per ton ($60 per cwt) for hot-rolled coil the first time in almost exactly a year, which had me going back and checking some of the headlines we had a year ago. A recurring theme is that just about everything that happened last year is happening in reverse […]
Cleveland-Cliffs Inc. is expected to take an approximately 80-90 day planned outage on the No. 5 blast furnace at its Cleveland Works starting in mid to late March, according to market participants. The outage is expected to last until roughly mid-June. It is not expected to impact customers because the Cleveland-based steelmaker can stock slabs […]
Sheet prices continue to fall, but the pace of declines has moderated on the hot-rolled coil side. SMU’s average hot-rolled coil price now stands at $1,190 per ton ($59.50 per cwt), down $45 per ton from $1,235 per ton last week. This weeks’ drop was less than half the $100-per-ton decline recorded last week. And […]
Plate prices have been remarkably steady in the face of sheet price declines of hundreds of dollars per ton. That trend probably can’t hold for much longer, and plate prices are overdue for a correction, according to market contacts and SMU data. For starters, look at the chart below: HRC prices have fallen from $1,600 […]
I was going to write something today about steel prices, lead times and the spreads between various products. There is a lot to write about there. And I’ll come back to it on another day. I’m tapping the brakes on prices today to touch on something just as important and just as disruptive: persistent shortages […]
Steel mill lead times have shortened to what is considered nearly normal by historical standards, with hot rolled lead times below four weeks and cold rolled and coated around six weeks, plus or minus. In other words, the time it takes the mills to make steel and process orders can’t get much shorter. But the […]
Hot rolled imports continue to tempt U.S. buyers with potential discounts of 14-23% over domestic prices, according to Steel Market Update’s latest foreign versus domestic price comparison. Foreign hot rolled steel prices are now theoretically $177-283 per ton cheaper than domestic steel, after taking freight costs, trader margins and tariffs into consideration. However, this foreign […]
Flat rolled steel prices declined by another $60-100 per ton in the past week, pushing the benchmark hot rolled price down to $1,235 per ton. That’s a decline of about 37% or a total of $720 per ton since the market peaked five months ago. Why the sharp decline? An imbalance between supply and demand […]
SMU continues to hear that domestic HR prices are moving lower, in particular for large orders. Are mills trying to keep lead times above three weeks, are we going back to a cost plus model on the EAF side, or is it something else entirely? This isn’t 2008-09 or even 2014-15. The music hasn’t stopped […]
January marked the fifth consecutive month of declining steel prices, following a year-long streak of continuous price increases. Hot rolled prices declined $200 per ton throughout the month, with the SMU index averaging $1,335 per ton ($66.75 per cwt) as of Tuesday, Jan. 25. The SMU Price Momentum Indicator for sheet products remains at Lower since its mid-October adjustment. January […]
U.S. Steel isn’t letting current lower prices get it down after a record year in ’21 and in anticipation of more good times rolling into ‘22. The Pittsburgh-based steelmaker said it had expected the first quarter would be weaker but that such weakness would to be temporary. “Supply chain issues will ease, inflationary pressures will […]
The next three months look favorable for metalforming companies, according to the January 2022 Precision Metalforming Business Conditions Report. Only 7% of companies predict a decrease in economic activity during the period, down from 16% in December. The report shows that 37% of metalforming companies anticipate an increase in activity, up from 27% in the […]
I don’t want to lead prices down, but I don’t think it’s any secret at this point that sheet prices are falling fast. “The prophecies have been borne out,” is how one mill executive put it. What does that look like in practical terms? Some mills are offering hot-rolled coil at about $1,200 per ton […]
Steel prices saw a big dip this week as the benchmark hot rolled price dropped to $1,335 per ton. That’s down more than 30% since the September peak and the lowest HR has been since the end of March 2021. Except for plate, which was pretty stable, flat rolled prices declined anywhere from $50-90 per […]
The ongoing correction in steel prices is not a reflection of demand, which is strong now and is expected to remain so for the balance of 2022, Steel Dynamics Inc. (SDI) executives said. Hot-rolled coil prices are roughly in line with published price ranges of $1,300-1,400 per ton ($65-70 per cwt), although a limited number […]
NLMK USA sales slipped in the fourth quarter on expectations of lower steel prices driving buyers to the sidelines. It was not only lower consumer activity that pushed NLMK USA sales volumes and prices lower, so too did the tariff-rate quota (TRQ) agreement with the European Union – which is expected to result in additional […]
As we enter the fifth month of declining domestic steel prices, hot rolled imports continue to tempt U.S. buyers with potential discounts of 26-34%, according to Steel Market Update’s latest foreign versus domestic price comparison. Foreign hot rolled steel prices are now theoretically $365-490 per ton cheaper than domestic steel, after taking freight costs, trader […]
As we enter the fifth month of declining domestic steel prices, hot rolled imports continue to tempt U.S. buyers with potential discounts of 26-34%, according to Steel Market Update’s latest foreign versus domestic price comparison. Foreign hot rolled steel prices are now theoretically $365-490 per ton cheaper than domestic steel, after taking freight costs, trader […]
Steel mill lead times – a leading indicator of prices – continue to trend downward and are approaching what used to be considered “normal.” If lead times are nearing a point at which they may soon level off, what might that say about steel prices? Steel Market Update’s check of the market this week puts […]
By CRU Senior Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service, Jan. 20 U.S. sheet prices fell sharply in the last month, as mills had issues filling their order books and offered steep discounts to convince buyers not to book imports. Multiple buyers said that imports were $400 /s.ton lower than current domestic […]
Steel Market Update’s check of the market this week shows a few hot rolled transactions at prices below $1,400 per ton ($70 per cwt) as flat-rolled steel prices continue their correction from record highs last year. The average price for HRC dropped by another $55 per ton in the past week to $1,425 per ton. […]