Nucor Corp., the largest steelmaker in the US, expects lower sequential results for its third quarter ending Oct. 1. The Charlotte, N.C.-based steelmaker expects earnings of $6.30 to $6.40 per diluted share in Q3, according to earnings guidance figures released on Wednesday, Sept. 14. That’s down from the record of $9.67 per diluted share in […]
Nucor Corp. is urging buyers to be prepared in case of a strike by railroad workers. The Charlotte, N.C.-based steemaker warned in a Sept. 13 letter to customers that a Sept. 16 rail walkout is possible and provided some details around the situation. A Presidential Emergency Board was established to help the Class I railroads […]
It looks like domestic mills are trying to establish a floor at around $800 per ton ($40 per cwt). They’ve arrived there by different means. And whether they’ll be successful remains to be seen. Suffice it to say that some mills that were very, very aggressive in July and August in the spot market aren’t […]
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 […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Nucor Corp. aims to keep prices for some plate products flat and to decrease prices on certain cut-to-length items by $50-150 per ton ($2.50-7.50 per cwt). The Charlotte, N.C.-based steelmaker announced the move with the opening of its October order book for plate. “We reserve the right to review and re-quote any offers that are […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
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 […]
Nucor Corporation plans to install an air separation unit at its Huger, South Carolina facility. The investment was announced as a contribution to the mill modernization undertaking. The air separation unit (ASU) will supply industrial gases for steelmaking operations. Currently, Nucor Steel Berkeley is under a long-term agreement for its industrial gas supply. However, the […]
Stelco Inc. CEO Alan Kestenbaum got candid with Steel Market Update’s (SMU) Michael Cowden during the third fireside chat of the 2022 SMU Steel Summit conference. This year was Kestenbaum’s first time speaking at the Summit. Forecasting For the Near Future Though we’ve already seen prices skyrocket and dip back down, Kestenbaum clued us in […]
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, […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $75 per ton ($3.75 per cwt). The move is effectively immediately and applies to equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Wednesday, Aug. 24. It comes […]
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. […]
Sheet prices were mixed this week as market participants continued to debate whether a recent round of price hikes had stuck. While some said the increases would provide a floor and prevent further price erosion, others said prices were more likely to resume their downward trend in the weeks ahead. There were also questions about […]
Flat Rolled = 54.7 Shipping Days of Supply Plate = 63.8 Shipping Days of Supply Flat Rolled US service center flat rolled inventories declined slightly in July as service centers worked to align inventories with slowing demand. At the end of July, service centers carried 54.7 shipping days of supply, down from 55 shipping days […]
We had a big development this week with London-listed Russian steelmaker Evraz Plc announcing plans to sell its North American operations. A move like this has been rumored for some time. We’ve heard versions of it going back to Russia’s full-scale invasion of Ukraine in late February. Still, it was something of a shock to […]
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 turned in our early August reading, though it’s too early to note if […]
SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. He and the firm design and execute risk management strategies for clients. They also provide process and analytical support. Before joining Metal Edge Partners, Bryan held commercial leadership roles involving purchasing, sales, and risk management […]
Canadian steelmaker ArcelorMittal Dofasco aims to increase spot market base prices for steel sheet by at least $65 per ton CAD (~$50 per ton USD). The Hamilton, Ontario-based company said the price hike was effective immediately and applied equally to hot-rolled, cold-rolled and coated products. “We reserve the right to re-quote any previously quoted offer […]
US plate prices edged down again this week after seeing their largest decline in nearly five years the week prior. The latest declines are not exactly a surprise given plate prices had been holding an unsustainable premium over coil and buying has been largely hand-to-mouth. But the straw that broke the camel’s back might just […]
Eariler this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, price increase announcements, 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 Brett@SteelMarketUpdate.com to be included […]
Nucor announced a price hike on Monday, and our HRC price is up modestly for the first time since mid-April. It’s too early to say whether those two trends are related. Our HRC price went up $15 per ton. Nucor’s price increase was $50 per ton, and the jury is still out on whether it […]
SMU’s benchmark hot-rolled coil price inched upward for the first time since mid-April, nearly four months ago. The modest gain came even as cold-rolled and coated prices continued to see significant declines. Plate prices were roughly flat. By the numbers: Our average hot-rolled coil price now stands at $820 per ton ($41 per cwt), up […]
Algoma’s plate mill is up and running following the first phase of a modernization project that was completed in June. The second phase of the expansion, initially expected to be finished by November 2022, has been moved to June 2023, a company spokeswoman told SMU on Tuesday, Aug. 9. The reason: “to support our customers […]
Nucor Corp. aims to increase base prices for steel sheet by at least $50 per ton ($2.50 per cwt). The price hike is effectively immediately and applies to all new orders, the Charlotte, N.C.-based steelmaker said in letters to customers dated Monday, Aug. 8. “We reserve the right to review and re-quote any offers that […]
At the request of US pipe and tube producers, the US Department of Commerce has begun inquiries into the alleged circumvention of antidumping and countervailing duties (AD/CVD) on a variety of products from a host of Asian countries. The request came from Atlas Tube Inc., Bull Moose Tube Co., Maruichi American Corp., Nucor Tubular Products […]
Klöckner & Co SE is fortifying its relationship with Nucor by investing in a new plate processing facility on the campus of Nucor’s new steel mill in Brandenburg, Kentucky. Anticipated to be a state-of-the-art facility, Nucor Steel Brandenburg will house an electric arc furnace that will produce heavy plate for infrastructure projects such as wind […]