Nucor – the largest steelmaker in the U.S. – in a leading move announced that it was increasing plate prices along with the opening of its October order book. The price hike is $85-165 per ton ($4.25-8.25/cwt) depending on the product. The increase – announced on Friday, Aug. 20 – marks at least the fourth consecutive month […]
Roughly half of the steel executives responding to Steel Market Update’s market trends questionnaire this week believe the infrastructure legislation now working its way through Congress will have a significant impact on steel demand in the next year or two. The other half are unsure if the two parties in Washington can reach agreement even […]
Swedish steelmaker SSAB said it has produced the world’s first-fossil free steel and delivered a trial order to automaker Volvo. “It’s possible to … significantly reduce the global carbon footprint of the steel industry. We hope that this will inspire others to also want to speed up the green transition,” SSAB President and CEO Martin Lindqvist […]
With the exception of coated products, lead times for delivery of flat rolled and plate steel have shortened by a week or more – the first significant decline this year and a possible sign that rising steel prices are losing momentum. Lead times for spot orders of steel have extended continuously since the market bottomed last […]
Lead times have shortened noticeably based on Steel Market Update’s check of the market this week. But don’t read too much into that one data point. Other factors point to more of the same for steel prices, at least for a while. As reported elsewhere in this issue, lead times appear to have shortened by a […]
Flat rolled and plate steel prices were flat to up modestly this week as the year-long uptrend appears to be flattening somewhat. Hot rolled hit yet another historical high mark at $1,915 per ton, according to Steel Market Update’s check of the market this week, up another $15. It’s too soon to tell if prices […]
Leeco Steel, which claims to be the largest supplier of steel plate in North America, has launched a new ecommerce website, Leeco Pro. Leeco Pro is available for current Leeco customers and allows users to browse and purchase 12 core grades of steel plate across 32 thicknesses and in pattern sizes. The platform will offer a […]
Schnitzer Steel Industries Inc. has resumed production at its Cascade Steel Rolling Mills in McMinnville, Ore., following a fire in late May that damaged the facility’s melt shop. The Portland, Ore.-based recycler, which also owns the Oregon mill, said the facility was accepting orders after restarting operations several weeks earlier than expected. “I am proud […]
Flat Rolled = 51.3 Shipping Days of Supply Plate = 49.6 Shipping Days of Supply Flat Rolled U.S. service center flat rolled inventories spiked in July with better on-time delivery from domestic mills, the arrival of imports and a slowdown in shipments. At the end of July, service centers carried 51.3 shipping days of supply, […]
Mill shipments of steel products rose in June by 1.7%, following an increase of 1.9% the month prior. Apparent supply jumped 6.0% in June after a 1.3% increase in May. June’s gains were the fourth in as many months after February’s double-digit contraction. This analysis is based on steel mill shipment data from the American […]
Steel demand remains strong, outpacing supplies in the U.S. and causing prices to continue escalating. The trend is attracting more imports as customers look overseas for price and supply relief. June data shows imports of most steel products have risen over the past two months as imports’ share of total sheet product shipments rose to 16.2%, […]
What does the infrastructure spending plan passed this week by the Senate mean for steel? On Tuesday, in a bipartisan vote, the Senate passed a $1 trillion infrastructure package that includes $550 billion in new federal spending. That measure now moves on to the House for consideration. Around 44% of total U.S. steel demand is […]
Willbanks Metals is upgrading the plate processing capabilities at its Fort Worth, Texas, facility with a new heavy gauge cut-to-length line and stretcher leveler. The new line, from Red Bud Industries, “is an exciting addition giving our current and future customers the flattest plate product in the market,” said Ryan Letz, Willbanks’ co-owner and CCO. The […]
The average spot market price for hot rolled coil reached a notable new benchmark this week at $1,900 per ton, according to Steel Market Update’s check of the market on Monday and Tuesday. That’s an astounding 78% higher than the previous record of $1,070 per ton seen in the summer of 2008. Prices for flat […]
U.S. steel exports rose 5% in June to 778,000 tons, according to new U.S. Department of Commerce trade data. This marks the second highest monthly export level in the last three years, just behind the April 2021 high of 790,000 tons. Of our six monitored product groups, four products declined month-over-month and two increased. Recall that 2020 […]
Lapham-Hickey Steel Corp. has acquired Rebel Steel, a service center specializing in slitting of cold-rolled and coated steels based in Nashville, Tenn. “The acquisition of Rebel Steel is an exciting addition to our existing footprint. Having brick and mortar with rail access in the Nashville area will allow us to competitively service the Tennessee and […]
Klöckner & Co. SE posted its best quarterly results since its stock launch more than 15 years ago. The company attributed its record-setting second-quarter results to the surge in steel prices, a 60% increase in sales and a strong performance from its digital operations. The Duisburg, Germany-based service center, which has significant operations in the […]
The U.S. Senate passed the $1 trillion infrastructure bill. The bill includes $550 billion in new spending. The bill calls for $110 billion for roads, bridges and major infrastructure projects. It also includes $40 billion for bridge repair and replacement, $39 billion to modernize public transit, $66 billion for passenger and freight rail, $65 billion to […]
By Greg Wittbecker, Advisor, CRU Analysis Over the past few months, we have seen a number of short-term strike actions around North America: a Montreal four-day strike in May and the Charleston International Longshoremen Association (ILA) filing strike notices at the same time. While both industrial actions have not resulted in extended work stoppages, they […]
By Greg Wittbecker, Advisor, CRU Analysis The $1.2 trillion infrastructure bill promises to deliver about $550 million in actual new investment. The breakdown of that investment looks as follow. Aluminum and steel have superior sustainability advantages and should exploit them. Clearly, the steel industry is cheering the passage as much as the aluminum industry. Both […]
Steel prices can’t go up forever and could correct downward from their historic highs later this year, steelmaker Evraz said. “Steel prices look unsustainable at current levels and there is a possibility of a gradual price decline in the coming months,” the company said in outlook commentary released with earnings data on Thursday, Aug. 5. […]
Final Census data shows that total foreign steel imports increased 16% from May to June, reaching 2.93 million tons. As stated in our preliminary import analysis, this is now the highest monthly import level of 2021, surpassing the April high. The last time monthly import levels exceeded this rate was January 2020 when 3.16 million tons […]
Steel Market Update’s check of the market this week shows no significant change in lead times for deliveries of spot orders from the mills. Average lead times for hot rolled orders remain above 10 weeks, while those for cold rolled and coated products are still above 12 weeks – at least twice as long as […]
Steel prices have moved steadily and predictably upward week after week for the past year. But Steel Market Update’s check of the market on Monday and Tuesday delivered some mixed signals for the first time since August of 2020. Hot rolled coil prices moved up again by another $30 per ton, falling just short of […]
Steel prices have moved steadily and predictably upward week after week for the past year. But Steel Market Update’s check of the market on Monday and Tuesday delivered some mixed signals for the first time since August of 2020. Hot rolled coil prices moved up again by another $30 per ton, falling just short of […]
JSW Steel (USA) Inc. has increased base prices for plate by at least $120 per ton ($6 per cwt). The U.S. subsidiary of India’s JSW Group said the price hike was effective immediately for all new, non-contract orders. “This increase applies to our as-rolled and normalized plate products. Our full published extras will also remain […]
U.S. offshore wind energy is expected to grow rapidly, but bottlenecks in the market and a crucial lack of infrastructure mean that President Biden’s optimistic offshore wind target of 30GW by 2030 will almost certainly be missed, reports IHS Markit. Wind towers are a promising growth market for steel plate. IHS Markit expects U.S. offshore […]
In a trading update for Q2 2021, Evraz reported favorable market conditions and a 6.1% increase in sales over the first quarter. Although demand remained high in North America throughout the quarter amid a rapid economic recovery from the pandemic, fewer imports and relatively low levels of distributor inventory impacted overall sales in the region. […]
Spot tons of flat rolled steel are still in short supply, report respondents to Steel Market Update’s check of the market this week. Any tons that are available command a rising premium. Flat rolled prices increased by another $10-40 per ton, with some reporting hot rolled offers as high as $1,900, though HRC saw a […]
Preliminary Census data shows that total foreign steel imports are up 15% from May to June, reaching 2.90 million tons. This is now the highest monthly import level of 2021, surpassing the April high of 2.64 million tons. The last time imports were this high was January 2020 when imports totaled 3.16 million tons. July import licenses through […]