Plate supplier Leeco Steel has added new processing capabilities to its distribution center in Hamilton, Ontario, Canada. The company recently installed a Messer MPC2000 MC combination cutting and drilling machine, allowing for additional plasma cutting, oxy fuel cutting, beveling and drilling at the facility. “Having a Messer combination machine at our Hamilton facility will enable […]
After two months of maintaining plate prices, Nucor Corp. announced it will be lowering plate prices with the opening of its January order book. In a letter to customers, the Charlotte, N.C.-based steelmaker said prices for as-rolled discrete plate, normalized plate, and quench & tempered plate will all be decreasing by $140 per net ton, […]
The bottom end of SMU’s sheet price ranges firmed up this week following price hikes of $60 per ton ($3 per cwt) announced by Cleveland-Cliffs and US Steel on Monday. It’s not clear yet whether the price increases will stick in full, in part, or simply stop the bleeding. Case in point: Our sheet price […]
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 Brett@SteelMarketUpdate.com […]
SMU’s sheet prices slipped again this week. But some market participants predicted that sheet was at or near a bottom. The anticipation of that bottom appeared to pull some big buyers off the sidelines. Large purchases from some pulled the low end of our hot-rolled coil range below $600 per ton ($30 per cwt) and […]
Steel mill lead times were mixed this week compared to our previous market check, with production times slightly shrinking for three products and marginally extending for two. Hot rolled, cold rolled, and galvanized lead times are now at or near multi-year lows. Lead times are down by an average of 0.2 weeks compared to one […]
A very high percentage of sheet buyers continue to report that mills are willing to talk price to secure an order, as they have since May, with more than nine out of ten reporting that this week. Negotiations on plate products are not as common, with slightly more than half of buyers reporting they are […]
US plate prices were down marginally last week as spot tons garnered some discounting on limited demand. Plate tags have been eroding slowly in recent weeks with buyers largely on the sidelines. That’s a shift from late October and early November, when prices were roughly flat. Buyers’ focus remains almost exclusively on managing inventories as […]
The Tampa Steel Conference – which SMU does every February together with the Port of Tampa Bay – offers the tantalizing prospect for those of us in the Midwest of getting out of the cold to network outdoors in Florida. We’ll again hold the conference at the Tampa Marriot Water Street hotel. We’ve got a solid agenda […]
Canadian steelmaker Stelco posted sharply lower earnings in the third quarter on falling steel prices and higher raw material tags. The Hamilton, Ontario-based integrated sheet producer expects lower prices and short lead times to characterize the market through the end of 2022. “Despite market headwinds driven by cost inflation and a further deterioration in steel […]
Steel sheet prices fell across the board again this week, with hot-rolled coil prices dropping to their lowest point since late September 2020 – more than two years ago. But industry opinion about the direction of prices has diverged. That’s a significant shift from prior weeks, when sentiment was almost uniformly bearish. Some market participants […]
On Monday and Tuesday of 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! […]
Most flat-rolled steel imports rose from September to October but were lower compared to year-ago levels. This is according to October import license application data released by the US Department of Commerce’s International Trade Administration. All steel imports into the US require an import license in order to enter through Customs. The license count provides […]
Flat Rolled = 52.5 Shipping Days of Supply Plate = 47.3 Shipping Days of Supply Flat Rolled US service center flat rolled supply in October was steady month on month, according to Steel Market Update data. At the end of October, service centers had 52.5 shipping days of flat-rolled steel on hand on an adjusted […]
Imported sheet and plate products arrived at US ports at a slower clip in September, accounting for a lower share of the domestic market for the third straight month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel […]
Total US mill shipments of steel products were down in September, falling to their lowest total year-to-date (YTD). Mill shipments have been fluctuating up and down all year with little consistency. September’s shipments totaled 7.58 million tons, a 7.2% decline from August’s 8.18 million tons, and the lowest total since February 2021. Apparent supply also saw a […]
Steel prices continue to slide, and apparently so does sentiment. Based on SMU’s latest check of the market, sheet prices once again fell across the board, grinding lower and nearing levels some never expected to see again. Speculation that hot-rolled coil (HRC) prices will be at or near the $600-per-ton mark takes center stage with […]
Equipment from the 2023 “complete” closure of a carbon steel, tin, and sheet material cold-rolling mill in Pittsburg, Calif., is up for sale. It is believed to be the assets of the USS-UPI finishing plant owned by US Steel. The mill equipment — including a pickle line tandem cold reduction mill, a No. 1 continuous […]
Steel buyers continue to hold the upper hand in price negotiations with mills — a position they have enjoyed for nearly six months. A very high percentage of sheet buyers continue to report that mills are willing to talk price to secure an order. Negotiations on plate products are not as common, with slightly more […]
Steel mill lead times were steady to down this week compared to our previous market check. Production times shrunk for four products tracked by SMU and slightly extended for one. Lead times retracted by an average of 0.2 weeks compared to two weeks ago and are half a week shorter than levels one month ago. […]
Sheet prices fell across the board again this week as the slow grind lower that we’ve seen since last spring continued to gain speed. Hot-rolled coil prices fell $30 per ton ($1.50 per cwt) week-over-week. Declines in coated products were more pronounced, with cold rolled down $55 per ton, galvanized down $35 per ton, and […]
US steel export volumes shrunk 10% from August to September, according to the latest US Commerce Department data. 723,000 net tons of steel products exited the country during the month, now the fourth-lowest monthly export rate over the past year and a half. Recall that exports levels in August were at the third-highest monthly rate […]
After posting reduced profits in the second quarter (ended Sept. 30) of its fiscal 2023 year, Sault Ste. Marie, Ontario-based Algoma Steel expects to continue to be impacted in the current quarter by operational challenges and overall softness in the steel market. Company executives commented on these challenges and provided an update on operations during […]
Canadian sheet and plate producer Algoma Steel Inc. posted sharply lower profits for the second quarter of its 2023 fiscal year. The Sault Ste. Marie, Ontario-based steelmaker said the drop resulted from falling steel prices, operational problems, and higher costs. The company had warned in September that its fiscal Q2 earnings would be substantially below […]
Nucor on Thursday confirmed its plate prices would remain unchanged with the opening of its December order book. Though the market was anxiously awaiting the Charlotte, N.C.-based steelmaker’s announcement, few were surprised by it. Why? It’s not clear that a price decrease at this stage in the fourth quarter would generate buying. And it would devalue […]
Nucor Corp. hopes to hold plate prices steady with the opening of its December order book. That’s the same approach the Charlotte, N.C.-based steelmaker took last month with the opening of its November book. Nucor said unchanged plate prices were effective Thursday, Nov. 3, in a letter to customers dated the same day. “We reserve […]
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 Brett@SteelMarketUpdate.com […]
Steel Dynamics Inc. (SDI) appears poised to announce that its new aluminum flat-rolled mill will be located in Mississippi, according to state records and recent comments by the state’s governor. Governor Tate Reeves said he would convene a special session of the state legislature on Wednesday, Nov. 2, to finalize “the largest economic development deal […]
Sheet and plate prices fell across the board once again this week as market participants continue to question when and where the market might bottom. Some not long ago predicted that hot-rolled coil prices wouldn’t fall below $800 per ton ($40 per cwt). Our average price is now well below $700 per ton, with some […]
US plate prices were unchanged this week — the first sideways move in nearly a month. Tags had been eroding slowly of late though buyers have remained largely on the sidelines of the spot market, focused on managing inventories. Nucor’s $120-per-ton ($6-per-cwt) price cut on plate back in mid-September now serves as the top end […]