Quality information is KEY…in steel and in life. I have been struggling on how to deal with what I saw Wednesday at the U.S. Capitol. We cannot allow thugs to attack the workings of our democracy. At the same time, we should hold those who spread disinformation to the public accountable for the disservice they […]
Global manufacturing ended 2020 with growth rates for production and new orders among the strongest of the past decade. The J.P. Morgan Global Manufacturing PMI posted 53.8, unchanged from November’s 33-month high. Output continued to expand in December, although at a slightly slower pace, and was led by growth in Germany, Brazil and India. New […]
Flat rolled steel prices have started the new year strong, jumping by another $25-55 per ton and taking the benchmark hot rolled price above $1,000, within sight of the record high of $1,070 per ton seen in 2008. With steel still in tight supply and ferrous scrap prices likely to increase again in January, Steel […]
Flat rolled steel prices have started the new year strong, jumping by another $25-55 per ton and taking the benchmark hot rolled price above $1,000, within sight of the record high of $1,070 per ton seen in 2008. With steel still in tight supply and ferrous scrap prices likely to increase again in January, Steel […]
Two phenomena that we have not seen in a long time have recently appeared. Whether they are short-term events or long-term realities is provoking debate. I am speaking of the distinct but related issues of inflation and shortages of, it seems, nearly everything. Inflation was a major factor in the U.S. economy throughout the 1970s. […]
As we enter the New Year (goodbye 2020, welcome 2021), you will notice changes to Steel Market Update. One of the very first things you will notice is that our newsletters will have more relevant content in them. This is due to the addition of Michael Cowden who joins us after spending 13 years with […]
John Packard, President & CEO of Steel Market Update discusses changes being made at the company, events on the books for 2021, and the status of the flat rolled and plate steel markets – including steel price commentary: As we enter the New Year (goodbye 2020, welcome 2021), you will notice changes to Steel Market […]
Recently we were asked how we can produce our flat rolled and plate price indices when there are limited transactions either due to high prices or a holiday period like we are in now. In both scenarios there continue to be transactions (although few and far between), but we are careful not to overheat or […]
Steel Market Update has heard reports of buyers paying well over $1,000 a ton to secure much-needed hot roll, but the average from respondents to SMU’s poll this week puts the HR price at around $985 per ton (among those who have managed to find available steel). With demand persisting despite year-end seasonality and mill […]
Steel Market Update’s check of the market a few days before Christmas shows no let-up in steel demand, as prices continue to rise and lead times continue to extend. With steel supplies remaining extremely tight, lead times for deliveries of hot rolled have stretched to more than eight weeks and coated steel orders to around […]
Weekly raw steel production by U.S. mills totaled 1,619,00 net tons in the week ending Dec. 19, up from 1,567,000 net tons week on week. The operating rate was 73.2 percent, up 3.3 percent from 70.9 percent the week prior. The increase is likely a reflection of mills adding capacity, including U.S. Steel’s restart of […]
U.S. Steel is optimistic about its financial outlook for 2021. The addition of a strong performer to their portfolio with the acquisition of Big River Steel and improved demand and higher prices in the fourth quarter bode well for the new year. Positive EBITDA is expected in the flat rolled segment for the fourth quarter, […]
Steel Market Update’s latest foreign vs. domestic hot rolled steel price comparison shows that, with U.S. HRC prices nearing $1,000 per ton, foreign imports theoretically have become cheaper than domestic steel prices. U.S. producers have lost their price advantage over HRC imports from Far East Asia by over $100 per ton, and imports from Germany […]
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 Hot rolled futures markets have experienced high velocity upward price moves along the futures curve in conjunction with spot over […]
Nucor expects improved fourth-quarter earnings due to higher pricing of sheet and plate as well as strong results at its bar and structural mills. Profitability for the steel products segment is expected to decrease modestly, consistent with typical seasonality. The raw materials segment will benefit from higher prices for raw materials and improved financial performance […]
Flat Rolled = 40.0 Shipping Days of Supply Plate = 45.7 Shipping Days of Supply Flat Rolled Service center flat rolled steel inventories continue to reach new lows. At the end of November, service centers carried 40 shipping days of supply, down from 43.1 days in October. November had 19 shipping days, compared to October’s […]
With hot rolled steel fast approaching $1,000 a ton, it’s only a matter of time before prices begin to cut into demand. Some SMU sources already report early signs of a demand shift. Others are less concerned about the volume of orders than about where they will get the steel to fill them if supplies […]
Hot rolled steel prices have not yet hit $1,000 a ton, but they are not far behind. Buyers tell Steel Market Update they are seeing offers as high as $1,020 per ton, but no takers so far. SMU puts the average HR price at around $950 per ton, up substantially over last week as the […]
Not only are wholesalers who service the HVAC and construction industries wondering how high galvanized steel prices can possibly go, they’re even more worried about how low prices could go once the market normalizes next year. In a conference call this morning, members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) reported firm […]
How much higher can steel prices go? It’s impossible to know, but given the current lead times, level of demand and the support higher prices are getting from distribution, and it appears prices may have some more upside. Steel Market Update estimated the average HRC price this past week at $865 per ton, with reports […]
Let’s play “fun facts.” Last week Steel Market Update published our average hot rolled spot price as $885 per ton ($44.25/cwt). With the domestic steel mills asking $900-$960 per ton for new orders of spot (if they are offering at all, which is a separate issue all by itself) SMU expects HRC spot prices to […]
Let’s play “fun facts.” Last week Steel Market Update published our average hot rolled steel spot price as $885 per ton ($44.25/cwt). With the domestic steel mills asking $900-$960 per ton for new orders of spot (if they are offering at all, which is a separate issue all by itself) SMU expects HRC spot prices […]
Steel supplies are so tight these days that $1,000 hot rolled is not out of the question. Which makes predictions of a coming “Steelmageddon” seem that much harder to believe. In fact, 60 percent of the service center and manufacturing executives who responded to Steel Market Update’s questionnaire this week do not view Steelmageddon as […]
Flat rolled and plate steel prices continue to be quite fluid based on the analysis of the data from Steel Market Update’s survey of the market this week, as well as individual channel checks with both buyers and sellers. By “fluid,” we mean we are capturing variances in prices over a short period of time. […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor U.S. Steel announced the full buyout of Big River Steel this week, while Cleveland-Cliffs closed on its acquisition of ArcelorMittal’s U.S. assets. In any other week, these headlines would drive the news flow for steel buyers and sellers. However, news this week remains […]
Manufacturing has continued to reshore back to the United States this year, despite the challenges presented by COVID-19. Reshoring will continue to be an essential part of the recovery of the U.S. economy in 2021 and beyond, said Harry Moser, founder of the Reshoring Initiative, an advocacy group he formed in 2010 to bring manufacturing […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein. During the […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein. For some […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein. Today’s CME […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein. This week, […]