The “new normal,” we have heard that a whole lot since the pandemic took hold. Are we really seeing a paradigm shift? Or is it just a trendy phrase? But, first, let’s talk about price hikes. If three’s a crowd, then what’s five – a herd? The week got off to a quick start early […]
ArcelorMittal and NLMK USA have followed three major domestic steelmakers in increasing sheet prices by at least $50 per ton ($2.50 per cwt). Luxembourg-based ArcelorMittal said it was targeting a minimum base price of $900 per ton effective immediately, echoing moves first announced by Nucor and Cleveland-Cliffs. “The increase is applicable to all new spot […]
US Steel Corp. got in on the action and increased spot prices for carbon steel sheet by at least $50 per ton ($2.50 per cwt). The move is effective immediately, the company said in a letter to customers dated Monday, Feb.13, and joining Nucor and Cleveland-Cliffs in their efforts to boost sheet tags. The latest price […]
Cleveland-Cliffs has joined Nucor in increasing spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). The Cleveland-based steelmaker, like Nucor, is also targeting a base price of $900 per ton for hot-rolled cold. Cliffs said the increase was effective immediately and applied equally to all new orders of hot-rolled, […]
Nucor Corp. is pushing hot-rolled coil price up by at least another $50 per ton ($2.50 per cwt), its second sheet price hike in ten days. The Charlotte, N.C.-based company, the largest steelmaker in the US, said the move was effective immediately for base prices on new orders. Nucor made the announcement in a letter to […]
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 […]
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 some of them in each buyer’s own words. We want to hear your thoughts, too! […]
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 […]
Nucor Corp. has joined the push to increase sheet prices by at least another $50 per ton ($2.50 per cwt). The Charlotte, N.C.-based steelmaker, the largest in the US, said the move was effective immediately for base prices on new orders. The company made the announcement in a letter to customers dated Friday, Feb. 3. […]
The Steel Manufacturers Association (SMA) has announced the election of Ty Garrison as chairman. Garrison is senior vice president of operations at Irving, Texas-based Commercial Metals Co. (CMC). He leads operations and commercial teams in the US and Poland, along with supply chain and engineering functions. Garrison joined the CMC commercial team in 2000 and […]
Nucor Corp. shipped its first customer order from its new $1.7-billion plate mill in Brandenburg, Ky., on Jan. 25, Allen Behr, executive VP of plate and structural products, said on an earnings conference call with analysts on Thursday, Jan. 26. “We are sitting here today exactly where we wanted to be,” said Behr when addressing […]
Nucor Corp. will keep plate prices unchanged with the opening of its March order book. The steelmaker has now maintained its plate tags since its sharp price cut in late November. The Charlotte, N.C.-based steelmaker said the move was effective on Jan. 26, according to a letter to customers. Published adders and extras will continue to […]
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 […]
Nucor Corp.’s ramp-up at its Gallatin operations are six months behind schedule, Leon Topalian, Nucor’s chair, president, and CEO, said on an earnings conference call with analysts on Thursday, Jan. 26. “We’re about six months behind where were wanted to be on the ramp-up,” Topalian said. “However, over the last few months that team has […]
Nucor Corp.’s fourth-quarter net earnings slid 44% from a year ago, but the company still reported the most profitable year in its history. The Charlotte, N.C.-based steelmaker posted net earnings of $1.26 billion in the quarter ended Dec. 31 vs. $2.25 billion in the same quarter of 2021 on net sales that dropped 16% to […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 445 people have already registered, which is more than total attendance last year. New companies are being added […]
We’re less than two weeks away from the Tampa Steel Conference. It’s not too late to register, but you should do it ASAP. The event will be at the Tampa Marriott Water Street hotel on Sunday-Tuesday Feb. 5-7. Approximately 430 people have already registered, which is more than total attendace last year. We expect that number to […]
Nucor Corp. has introduced its new sustainable, heavy-gauge steel plate “Elcyon.” The product will be made exclusively for the US offshore wind energy sector, and will be manufactured at Nucor’s new $1.7-billion ultramodern plate mill in Brandenburg, Ky. “By launching Elcyon at Brandenburg we have effectively created the first domestic supply chain of sustainable steel for our […]
We’ve seen several sheet price hike announcements from mills over the past couple of months, to the tune of $160 per ton ($8.00 per cwt) since late November. This week alone we’ve seen at minimum Cleveland-Cliffs and ArcelorMittal officially increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). […]
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 […]
Let’s just clear the air of any confusion here. It looks like Nucor’s price increase – $50 per ton ($2.50 per cwt) – announced earlier this week was a catch-up to an increase of the same amount announced by Cleveland-Cliffs in mid-December. Assuming that’s the case, we’ve had two rounds of price increases since Thanksgiving. […]
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 […]
We’re less than one month away from the Tampa Steel Conference. The event will be at the Tampa Marriott Water Street hotel again, so mark your calendar for Sunday-Tuesday, Feb. 5-7. There are nearly 375 attendees registered, and the list is growing daily. Keep in mind that this is the high season for tourism in Florida, and […]
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 […]
Nucor plans to increase base prices for all new orders of steel sheet by $50 per ton ($2.50 per cwt). The price hike is effective immediately, the Charlotte, N.C.-based steelmaker said in a letter to customers on Monday, Jan. 9. “We reserve the right to review and re-quote any offers that are not confirmed with […]
The new year is off to a great start, and there’s still time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again, so mark your calendar for Sunday-Tuesday, Feb. 5-7. Nearly 300 of you have registered already. We’re on track […]
The year-end market close was quiet this time around when it came to the newswire, but Nucor’s status update on its ultramodern $1.7-billion steel plate mill in Brandenburg, Ky., was the big news we all saw this morning after the holiday break. After rolling its first steel plate on Dec. 30 – an important step […]
Sheet prices entered 2023 moving upward on expectations of higher prime scrap prices, and on a modest uptick in activity as some buyers looked to get ahead of anticipated higher steel prices as well. The gains also came on the heels of a price increase of $50 per ton ($2.50 per cwt) initiated last month […]
Nucor Corp. rolled its first steel plate at its new $1.7-billion plate mill in Brandenburg, Ky., on Dec. 30, the company said in a statement on Tuesday, Jan. 3. The Charlotte, N.C.-based steelmaker confirmed final commissioning and first customer shipments from the mill are expected in the first quarter of 2023. “Congratulations to our more than […]