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 prices declined each week in October, with all sheet products now back in line with late-2020 levels. Hot rolled prices averaged $736 per net ton ($36.80 per cwt) in October, falling from $765 in the beginning of the month to $710 as of last Tuesday. The SMU Price Momentum Indicator for sheet products was […]
Preliminary US Census Bureau data indicates that steel imports totaled 2.24 million net tons in the month of September. This is down 11% from the prior month, and is potentially the lowest monthly rate seen since February 2021. Recall that monthly import levels also declined 6% from July to August and 6% from June to […]
As steel prices ease week after week, the power position in price negotiations between steel mills and steel purchasers continues to rest with buyers, as it has since June. According to our latest check on the market, a high percentage of buyers continue to report that mills are willing to talk price to secure an […]
Steel mill lead times declined across the board this week for all products tracked by SMU. Our latest lead times analysis shows that production times on sheet products decreased by 0.2–0.5 weeks compared to our previous market check two weeks ago, while plate lead times dipped 0.1 weeks. On average, lead times retracted by 0.3 weeks compared to […]
BICO Steel has acquired Integrity Fab and Machine Inc. (IFABM), further expanding its processing and fabrication capabilities. BICO is a processor of heavy carbon steel plate and forged specialty alloy steel in Mogadore, Ohio, providing die casting, fabrication, machining, and other processes that serve various end-use segments. The addition of Breckenridge, Mich.-based IFABM, which specializes […]
Somewhat better-than-expected demand helped service center behemoth Reliance Steel & Aluminum Co. achieve strong third-quarter sales. And despite macroeconomic uncertainty, inflation, continuing supply chain disruptions, and geopolitical issues, the Scottsdale, Ariz.-based company anticipates healthy demand trends to continue in the current quarter, according to its Q3 earnings report released on Thursday, Oct. 27. The company […]
Oil country tubular goods (OCTG) imports from four countries will now be subject to fresh antidumping and countervailing duties. The news comes after the US International Trade Commission’s (ITC) final ruling that the US industry is being harmed by OCTG imports from Argentina, Mexico, Russia, and South Korea that are being sold at less than […]
Engineered shapes producer McDonald Steel Corp. is adding plate processing capabilities to its portfolio via the acquisition of General Steel Corp. Mac Steel GSC Inc., a wholly-owned subsidiary of McDonald Steel, recently acquired the assets of General Steel, a Cleveland-based plate service center and processor, for an undisclosed sum. The addition of plate processing capabilities naturally […]
There’s something special about tales of yesteryear. Stories of a bygone era — before cell phones, virtual reality, and self-driving cars — can create a longing for nostalgia. For the Quality Metal Stamping (QMS) family, those tales of old are engrained in the company’s history. Steel Market Update sat down with Stephen Serling, a member of […]
Domestic sheet prices slipped again this week across all sheet and plate products. It’s the continuation of a mostly downward trend on the sheet side that we’ve seen since mid/late April. Hot-rolled, cold-rolled and coated products were all down $20–25 per ton ($1–1.25 per cwt). Plate prices slipped a more modest $10 per ton. SMU’s […]
The strong performance of SSAB Americas was a bright spot in Swedish parent company SSAB’s third quarter earnings report as the company’s European segment was impacted by weaker demand and low shipments. SSAB Americas posted Q3 operating profit of SEK 3,036 million (US$276.65 million) — a 61% improvement from the same quarter of 2021. The […]
The news about AD/CVD orders being removed from Brazil on Friday was notable in that it bucked, in a small way, the trend toward regionalism and protectionism that we’ve seen growing since at least 2014. I noted in my initial writeup – as did Lewis Leibowitz in his deeper dive – that the market impact […]
The Biden administration is pushing its Federal Buy Clean Initiative to reduce carbon emissions from American industry and to support the purchase of low-carbon, made-in-America construction materials. The administration last week lauded two domestic steelmakers for their commitments to lower emissions and for participating in the initiative. Cleveland-Cliffs is the first domestic steel producer to […]
US sheet prices continue to slide, and the weakness in the domestic market has buyers confident that they can get domestic suppliers to negotiate. For hot-rolled coil, imports have not been very advantageous relative to futures. There have been some workable offers for tandem mill products. But buyers have been more inclined to buy domestically or […]
Flat steel and tubular producer JSW Steel (USA) Inc. saw lower operating results in the quarter ended Sept. 30, with plate and pipe production and plate sales the only areas showing signs of on-year growth. According to Indian parent company JSW Steel Ltd.’s fiscal second quarter 2023 results, production and sales of slab and hot-rolled […]
Well, earnings season is now well underway. We’ve seen the early reporters like steel processor Worthington Steel (who announced it will be splitting off its steel segment and creating two separate, publicly traded businesses), as well as tube producer Webco, and steel and metal manufacturer Commercial Metals Co. all report strong results in their latest earnings. […]
Nucor Corp.’s new $1.35 billion plate mill in Brandenburg, Ky., remains on track to start up late in the fourth quarter of this year, with “meaningful production” to occur in the first quarter of 2023, Leon Topalian, Nucor’s chair, president, and CEO said on an earnings conference call with analysts on Thursday, Oct. 20. The […]
Nucor Corp. experienced another quarter of strong earnings despite sequential declines in average sales price per ton and total tons shipped in the third quarter ended Sept. 30, the company said in its latest earnings report on Thursday, Oct. 20. Decreased steel mills segment earnings drove the sequential decline in quarterly earnings, the company said. The […]
Total US mill shipments of steel products were down in August, slipping to their second-lowest total year-to-date (YTD). Mill shipments have been fluctuating up and down all year with little consistency. August’s shipments totaled 8.04 million tons, a 0.9% decline from July’s 8.11 million tons. Apparent supply also saw a month-on-month (MoM) decline in August, down 1.3% […]
Steel prices trended lower again this week, the second consecutive week of moderate declines, according to Steel Market Update sources. Sheet prices declined between $10–30 per net ton compared to last week, now at levels not seen since late 2020. Plate prices were broadly unchanged from last week, but are slowly easing towards levels last […]
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! […]
Imported sheet and plate products arrived at US ports at a slower clip in August, resulting in them accounting for a lower share of the domestic market for the second straight month, according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron […]
Flat Rolled = 52.7 Shipping Days of Supply Plate = 50.2 Shipping Days of Supply Flat Rolled US service center flat rolled supply on hand edged down in September, reflecting a higher daily shipment rate. At the end of September, service centers carried 52.7 shipping days of supply of flat rolled, down from 53.9 shipping […]
News that the Biden Administration is considering a total ban on Russian aluminum imports lifted the market Tuesday afternoon, Oct. 11. The LME aluminum three-month price increased sharply to a high of $2,400 per ton before some of the gains were reversed by the close. The price saw some volatile shifts during the week but […]
Flash Steelworks, Inc. is breaking ground on a $12.1 million armor and military-grade plate manufacturing facility in Middlesboro, Ky., the company said in an Oct. 12 release. “Starting in Middlesboro, we will deploy leading-edge advanced steel technology and products in what is planned to be a regional industrial hub,” said Gary Cola Jr., founder, and […]
The apparent lack of change in US plate prices is fast approaching the one-month mark. Prices haven’t moved since Nucor announced a $120-per-ton ($6-per-cwt) price cut on discrete plate on Sept. 19. Despite the recent sideways trend, prices remain under pressure due to a lack of demand. But could potential imports usher in another round […]
Time for a contrarian, optimistic thought experiment. First the bad news: Sentiment is increasingly bearish on months of falling steel and scrap prices, nearly all respondents to our latest survey report that mills are willing to negotiate lower still, and flattish lead times provide paltry evidence for a rebound. A quick check of the headlines […]
Steel mill lead times were relatively unchanged this week for four of the five products tracked by Steel Market Update. Our latest lead times analysis shows that production times on hot-rolled steel held steady compared to our previous market check. Galvanized, Galvalume, and plate lead times all extended just 0.1 weeks, while cold rolled lead […]
With steel prices continuing to ease, buyers clearly hold the upper hand in price negotiations with mills. Market dynamics have turned 180 degrees in the past six months, from a seller’s market in March and April to a strong buyer’s market today. According to our latest steel market survey, a high percentage of buyers continue to report […]