US steel exports fell 4% in May to 793,000 net tons, further declining from a 45-month high in March, according to the latest US Commerce Department data. On a 12-month moving average (12MMA), May exports have reached a 3+ year record high. Total May exports are 7% higher than levels seen one year ago. As shown […]
A second local United Steelworkers (USW) chapter at Algoma Steel has voted to authorize a strike. Local 2274 held a vote on the matter late last week, and 95.1% voted in favor of a strike mandate, according to an update to union members. Algoma, a Canadian sheet and plate mill, is represented by two unions: […]
Sheet steel prices declined last week for the eleventh week in a row, while plate prices have remained relatively stable in comparison, according to SMU’s price indices published last Tuesday. Plate prices typically carry a premium over hot rolled prices because plate is a value-added product and requires more time on the mill. SMU’s hot […]
Final Census data reveals that May steel imports totaled 2.75 million net tons, just 17,000 tons higher than April, but down 11% from March’s 26-month high of 3.09 million tons. June import licenses are at 2.79 million tons through July 6th data, (up from 2.29 million tons last week), now in line with April and […]
Steel mill lead times continued to shorten into July for both sheet and plate products, according to our latest market check this week. On average this week, lead times declined by 0.3 weeks compared to late June and are down an average of half a week compared to one month prior. Having gradually declined from […]
Nearly nine out of ten steel executives polled this week reported that mills are willing to talk price to secure an order, according to our latest steel market survey. A high willingness to negotiate has been evident in our market checks since early May and now stands at the highest level since early February 2022. […]
The United Steelworkers (USW) is preparing to start master contract bargaining with US Steel in the first half of July, according to communications sent to union members. Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh and which will likely begin next week, a union spokesman told Steel […]
We are now ~45 days away from the start of the 2022 SMU Steel Summit Conference, which is being held at the Georgia International Convention Center in Atlanta on Aug. 22-24. Registrations are nearing 900 executives representing 318 separate companies. Over the past few days the following companies have registered (an * means more than […]
Nucor is keeping plate prices flat with the opening of its August 2022 order book. The Charlotte, N.C.-based steelmaker said it would maintain plate prices, effective with new orders. All published adders and extras will be applied, the company said in a letter to customers dated June 30. In its previous letter to customers dated June 13, Nucor […]
Domestic sheet prices continue to slide back to levels not seen since late 2020 or early 2021. Even plate prices, which had been stable to date, are starting to show signs of cracking. SMU’s average hot-rolled coil price now stands at $955 per ton ($47.75 per cwt), down $300 per ton (24%) from early June […]
The local United Steelworkers (USW) chapter representing hourly workers at Algoma Steel has voted nearly unanimously to authorize a strike. Local 2251 held a vote on the matter on Monday, July 4, and 99% voted in favor of a strike mandate, according to an update to union members. Algoma, a Canadian sheet and plate mill, […]
The United Steelworkers (USW) is preparing to start master contract bargaining with Cleveland-Cliffs Inc. in mid-July, according to communications sent to union members. Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh. The USW’s current labor pact with the Cleveland-based steelmaker expires on Sept. 1. Talks will focus […]
Earlier this week SMU canvassed steel buyers on a variety of subjects, ranging from steel prices to supply and demand to new mill capacity. We are sharing the comments we received in each buyers’ own words, rather than summarizing them in ours. Want to have your voice heard and share your comments with SMU? Contact Brett@SteelMarketUpdate.com […]
Preliminary Census data shows that steel imports in May currently total 2.74 million net tons, 6,000 tons higher than April, but down 11% from March’s 26-month high of 3.09 million tons. June import licenses are now at 2.29 million tons, 16% less than April and May levels, and potentially the lowest level seen since Feb. […]
Steel Market Update’s average hot-rolled coil price has fallen below $1,000 per ton ($50 per cwt) for the first time since December 2020 – or 18 months ago. The move comes as some market participants said that a floor might be near while others said such talk was mostly wishful thinking. Our benchmark hot-rolled coil […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our next SMU Community Chat webinar on Wednesday, June 29, at 11 a.m. ET. Don’t miss it! You can register here. The live webinar is free for all. A recording will be available free only to SMU members. We’ll talk about Tanners’ outlook […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our next SMU Community Chat webinar on Wednesday, June 29, at 11 a.m. ET. Don’t miss it! You can register here. The live webinar is free for all. A recording will be available free only to SMU members. We’ll talk about Tanners’ outlook […]
Business is booming for global metals plant technology and equipment provider SMS group Inc. amid growing demand for decarbonization and recycling technologies. Order intake during 2021 for the Düsseldorf, Germany-based company was at its highest level in ten years at €3.5 billion. This year that number is expected to be comparable, with the company expecting […]
Canadian flat-rolled steelmakers Stelco and Algoma face looming summer contract expirations with the United Steelworkers (USW) union. That’s well ahead of US mills, whose contracts with the USW don’t expire until Sept. 1. Here is where things stand now: Stelco The most pressing deadline is at Hamilton, Ontario-based Stelco, whose five-year agreement with the USW […]
Steel Market Update’s latest market check revealed that steel mill lead times continue to inch down for sheet and plate products as they move closer to historical norms. On average, lead times declined by 0.2 weeks compared to our early June figures and are down 0.4 weeks compared to one month ago. Lead times over […]
Approximately 84% of steel buyers report that mills are willing to talk price to secure an order, according to executives polled in our latest steel market survey. The rate of willingness to negotiate has remained over 50% in each of our market checks since early May and is now at the highest level since early […]
Sheet prices continued to fall this week on lower raw material costs, a buyers’ strike and concerns in some corners about a potential recession. But that gloomy sentiment was not universally shared, with some sources pointing to strong or at least steady demand despite the lower prices. SMU’s average hot-rolled coil price now stands at […]
As an industry, we should strive to recognize young talent within the industry as one of the ways to motivate and inspire our employees. Over the years, one of the things I have learned through the conversations I have with young people in manufacturing, steel distribution, steel mills, and others associated with the flat rolled […]
Austal USA has won another contract with the US Navy. This latest design and construction contract is valued at $128 million. Austal will build a medium auxiliary floating dry dock for the US Navy at its shipbuilding facility in Mobile, Ala. The dry dock will have an overall length of 694 feet, an overall pontoon […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our next SMU Community Chat webinar on Wednesday, June 29, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our next SMU Community Chat webinar on Wednesday, June 29, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, […]
Evraz North America is idling production of large-diameter pipe at its Regina, Saskatchewan, mill due to market conditions, resulting in the layoff of hundreds of Canadian employees. “Although our overall business is strong, including demand for our other steel products, the large-diameter pipe market has been soft,” a company spokeswoman told SMU in an email on […]
Editor’s note: Steel Market Update is please to share this abbreviated Premium content with our Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. If you are part of a service center company and interested in becoming a data provider, please contact Estelle.Tran@CRUGroup.com. Flat Rolled = 54.7 Shipping Days of Supply […]
There have been some interesting developments in the plate market lately if you’ve been paying close attention. Let’s start with Nucor’s price decrease on cut-to-length (CTL) plate. For starters, let’s be clear that it’s only CTL prices that were dropped. Prices for discrete plate are unchanged. First, a little background. CTL plate refers to material […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]