US steel export volumes eased further from September to October, falling 4% to 697,000 net tons, according to the latest US Commerce Department data. Exports are now at a nine-month low, with October being the third slowest month of trade over the past 20 months. Exports have trended downwards since peaking in March and April of this […]
After surging in late November to a five-month high, Steel Market Update’s (SMU) Steel Buyers Sentiment Index slipped three points through Dec. 8th. Our Future Buyers Sentiment Index also fell a few points from it’s previous high, down three points in comparison to two weeks prior. Buyers Sentiment remains strong overall, and Current Sentiment is […]
After surging in late November to a five-month high, Steel Market Update’s (SMU) Steel Buyers Sentiment Index slipped three points through Dec. 8th. Our Future Buyers Sentiment Index also fell a few points from it’s previous high, down three points in comparison to two weeks prior. Buyers Sentiment remains strong overall, and Current Sentiment is […]
The US Department of Commerce has updated antidumping and countervailing duties (AD/CVD) on carbon and alloy cut-to-length plate imports from Italy and South Korea after two administrative reviews, according to Federal Register filings reviewed by Steel Market Update. In the AD duty review of Italian CTL plate shipments during the one-year period ended April 30, […]
There has been a reduction in the percentage of sheet buyers reporting that mills are willing to talk price on new orders, according to Steel Market Update’s latest market questionnaire. Mill willingness to negotiate on sheet products is now at the lowest rate recorded since May. Negotiation rates on plate products went in the opposite […]
Steel mill lead times extended across the board this week, with production times increasing for all five products we track. Recall that lead times for hot-rolled, cold-rolled, and galvanized products were previously at or near multi-year lows in our late November market check. Lead times are up by an average of 0.5 weeks compared to […]
Sheet imports into the US slowed noticeably in November, while imports of plate and semifinished slab rose, according to the latest license figures released by the US Department of Commerce’s International Trade Administration. All steel imports into the US require an import license to enter through Customs. The license count provides a first look into […]
JSW Steel USA announced that Mark Bush has stepped down as CEO to pursue other opportunities. Greg Manfredi, current COO of JSW Steel USA, will take interim charge, and lead both the Mingo Junction, Ohio, and the Baytown, Texas, teams. His role will also include the continued execution of the modernization and upgrades of the […]
Sheet price hikes announced last week by domestic mills appeared to have succeeded in putting a floor under tags this week. The question now is to what extent the increases will stick and whether those gains will be sustainable. Our hot-rolled coil price reflects broader market trends. SMU’s average HRC price stood at $615 per […]
2022: A Year of Unprecedented Change and Volatility We entered 2022 expecting plenty of change in aluminum and the market delivered more than its fair share of twists and turns. There were 3 macroeconomic effects that rippled through the entire global economy: Russia’s invasion of Ukraine sent global energy prices soaring, as they “weaponized” their […]
US plate prices were mostly flat this week, but more erosion could be on the horizon now that Nucor announced another round of price cuts. SMU’s most recent check of the market on Tuesday, Nov. 29 placed plate prices between $1,480-1,620 per ton with an average of $1,550 per ton FOB mill east of the […]
If you’re somewhat new to the steel industry, the wave of $60-per-ton sheet price hikes announced by mills in the US and Canada this week might have seemed a little weird. Why did they all announce it at once? Why did they all pick the exact same number to go up by? Let’s say you […]
Preliminary Census data indicates that steel imports will have totaled 2.41 million net tons for the month of October. While up 7% from the prior month, October levels are on the low side compared to the previous 18 months. Recall that monthly import levels declined 11% month-on-month (MoM) in September, having also fallen 6% both […]
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 […]