Nucor Corp. will begin to ramp up the $650 million expansion and upgrade of its Gallatin sheet mill in Ghent, Ky., next month, a company spokeswoman confirmed. The Charlotte, N.C.-based steelmaker will take a one-week outage from Tuesday, May 31, to Tuesday, June 7, for final equipment installation. The ramp will begin after that, she […]
Prices are down across the board this week. That’s not new if you’ve been paying attention lately. Price increases are often announced. Decreases rarely are. What’s new is Nucor’s almost aggressively transparent pricing strategy – announcing not only price increases but also flat and decreasing prices. That is new on the sheet and plate side […]
Flat-rolled steel prices were down again this week. Not as much as some had feared but the drops were more substantial than those hoping for a modest decline or stable pricing might have liked. The takeaway: Hot-rolled coil is now down $190 per ton ($9.50 per cwt) over the last five weeks. In other words, […]
Nucor will decrease plate prices by $50-200 per ton ($2.50-10 per cwt) depending on the product. The Charlotte, N.C.-based steelmaker made the announcement with the opening of its July orderbook for plate. Prices for as-rolled and normalized plate will be cut by $50 per ton, those for cut-to-length plate less than 72 inches wide will […]
What’s up with plate? I’ve been asked again and again how plate has managed to maintain such a high premium over sheet this year. Here are a few arguments that have been made to me over the past week in support of high plate prices. And below that are a few charts I still find […]
Alan Beaulieu Comments, Stanislav Kinchenko Webinar, Steel Prices, Events SMU’s Michael Cowden and David Schollaert are at the Boy Scout Dinner in Chicago this evening (Thursday). Steel Market Update is a supporter of the event which has been hosted by the metals industry for 50 years. If you have never attended the dinner, I highly […]
Sheet steel prices are moving downwards after the March/April bump, while plate prices continue to hold their ground, according to SMU’s price indices published each 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. Hot rolled coil averaged $1,350 per ton ($67.50 per cwt) this week and has […]
Sheet prices slipped again this week on what some sources described as a summertime market that has arrived a few weeks earlier than usual. SMU’s hot-rolled coil price was down $15 per ton week-over-week (WoW) to an average of $1,350 per ton ($67.50 per cwt). Other sheet products also fell, with cold-rolled down $30 per […]
Flat Rolled = 51.4 Shipping Days of Supply Plate = 48.3 Shipping Days of Supply Flat Rolled US service center flat rolled inventories declined slightly in April in terms of shipping days of supply, while the amount of material on order rose again. At the end of April, service centers carried 51.4 shipping days of […]
The firm grip mills have held on price negotiations in March and April has loosened, according to buyers polled in our latest steel market survey. A large portion of steel buyers now report that mills are willing to talk price to secure an order. Every two weeks, SMU asks survey respondents: Are you finding domestic mills willing to negotiate spot […]
The US Department of Commerce has made affirmative preliminary determinations in the trade case investigating the dumping of OCTG by Argentina, Mexico, and Russia. High dumping margins were set for most producers and exporters from the three countries, which could slow down OCTG imports further in an already undersupplied market. Critical circumstances were found to […]
Steel Market Update’s market check this week indicates steel mill lead times are shortening for both sheet and plate products, easing an average of 0.9 weeks compared to two weeks prior. This also marks the first time lead times have fallen consecutively since January. Lead times for all tracked products are now roughly in line with levels […]
Imports of less expensive sheet and plate products continue to arrive at US ports, and at a faster pace in March. Following lighter volumes in February, overall flat product imports accelerated in March and took a larger share of the domestic steel market, according to Commerce Department data. Imports’ share of US sheet and plate markets […]
Total mill shipments of steel products recovered in March following repeated declines at the start the year. March’s mill shipments totaled 8.342 million tons, a 9% increase from February’s 7.655 million tons. Apparent supply also surged in March, up 12.9% versus the prior month, and expanding for the first time in three months. This analysis is based […]
Sheet prices fell hard this week after bouncing around between about $1,440-1,480 per ton ($72-74 per cwt) for much of April. Our average hot-rolled coil price dropped to $1,365 per ton this week, down $75 per ton (5.2%) from $1,440 per ton a week ago and down $115 per ton (7.8%) from $1,480 per ton […]
Sheet prices have fallen sharply following weeks of more modest declines. The big drops this week prompted SMU to shift all its sheet price momentum indicators from neutral to lower. SMU’s hot-rolled coil price plunged $75 per ton ($3.75 per cwt) week-over-week, falling well below the $1,400-per-ton threshold. Cold rolled fell $55 per ton, galvanized […]
US steel exports jumped 16% in March to 843,000 net tons, now the highest monthly level seen since June 2018, according to the latest US Department of Commerce data. On a 12-month moving average, March exports continue to hold onto a 3-year record high at 741,000 tons per month. Total March exports are 7% higher than levels seen […]
SSAB Americas aims to increase plate prices by at least $50 per ton ($2.50 per cwt) effective immediately on all non-contract orders confirmed to ship on or after July 3. The Mobile, Ala-based steelmaker said the price hike would be $65 per ton CAD for customers in Canada. The increase applies equally to as-rolled, normalized, […]
The US will for one year lift Section 232 tariffs from Ukrainian steel, the Commerce Department said. The move is necessary to support Ukraine in its war against Russia and because steel plays an outsized role in the Ukrainian economy, Commerce said in a press release on Monday, May 9. Case in point: Steel employs […]
Final US Department of Commerce data shows that steel imports in March rebounded 32% month-over-month to 3.09 million net tons, a 2+ year high. But April import licenses through May 4 are currently at 2.58 million tons, down 17% from March. (That said, April is still up 10% compared to February.) Final finished steel imports were 2.52 […]
Sheet prices were flat or lower again this week on expectations of lower scrap prices and concerns about increased import competition over the summer months. Hot-rolled coil prices were down $10 per ton, cold-rolled prices were unchanged, galvanized base prices down $30 per ton, and Galvalume base prices down $35 per ton. Plate prices were […]
Sheet and plate prices were flat or down modestly again this week. And it has become clearer and clearer that the market has gotten over the initial shock of the war in Ukraine. Mill after mill lined up during earnings calls last month to say that they were no longer sourcing pig iron from Russia […]
US Steel is in the midst of a 45-day planned outage on the No. 8 blast furnace at its Gary Works in northwest Indiana. The outage began on April 11 and is for typical repairs, a spokeswoman for the Pittsburgh-based steelmaker told SMU. She did not have an end date for the repairs. That said, […]
US Steel is no longer importing pig iron from Ukraine and Russia for its Big River Steel Works – now the official name of its Osceola, Ark., electric arc furnace (EAF) sheet mill. The Pittsburgh-based steelmaker has also mostly weaned its integrated steel mill in Košice, Slovakia, off Russian raw materials as well, they said. […]
Nucor aims to keep plate prices flat with the opening of its June 2022 order book. The decision marks a departure for the Charlotte, N.C.-based steelmaker, which had increased plate prices on March 9 for April orders and again on March 31 for May orders. “Effective with new orders received as of April 28, 2022, […]
Strong demand, growing shipment levels, and robust metals pricing allowed Reliance Steel & Aluminum Co. to achieve another record quarter with first quarter sales of $4.49 billion and gross profit of $1.39 billion. “Notwithstanding ongoing macroeconomic challenges, our performance was supported by positive underlying trends including continued strong demand with improving shipment levels in each […]
Steel mills appear to be loosening their firm grip on price negotiations, according to buyers polled in our latest steel market survey. Over half of hot rolled steel buyers now report that mills are willing to talk price to secure an order. Every two weeks, SMU asks respondents: Are you finding domestic mills willing to negotiate spot pricing […]
Steel Market Update’s latest check of the market indicates steel mill lead times are sideways to down for sheet and plate products, decreasing by an average of 0.4 weeks compared to two weeks prior. This is the first time lead times have declined on average since late January. Hot rolled, cold rolled, and galvanized lead […]
Sheet prices continue to bump around what some sources think might be the top of the market, with prices for most products down modestly week-over-week. Hot-rolled coil and cold-rolled prices slipped $30 per ton ($1.50 per cwt). Galvanized base prices were down $20 per ton. And Galvalume prices slipped $45 per ton. The dip comes […]
NIM Group has announced plans to acquire the PlatePlus Inc. facility in Tulsa, Oka. The deal between the two service center groups is expected to close on April 29, NIM Group said. It comes after NIM Group scooped up another PlatePlus facility in Windsor, Colo., earlier this year. “We are pleased to welcome the Tulsa […]