Russel Metals’ third-quarter results showed steady gains from rising steel prices and improved demand as the market comes to grip with the coronavirus. Russel also rationalized some assets during the quarter and is taking steps to reduce its exposure to the volatile energy sector. “Although business conditions remain challenging, they are improving,” said Russel President […]
Most of the industry executives polled by Steel Market Update this week reported genuine demand, not just tight supplies, pushing steel prices upward, promising even higher prices ahead. SMU estimates the current spot market price for hot rolled at $700 per ton, up by $260 over the past three months, and likely not yet at […]
Growing up I was a bit of a history nerd and my original intention was to be a political science major when I entered Hamline University where I went to college. Over time I morphed into a bit of a political nerd, so elections are exciting times for me. They may not be for many […]
Steel Market Update’s check of the market this week puts the average price for hot rolled steel at $700 per ton, a psychological milestone for the steel sector as the economy continues to make progress from the severe early effects of the COVID pandemic. This marks the 12th week in a row that flat rolled […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor Lack of supply and higher demand is causing sheet prices to diverge further from plate across regions, with U.S. sheet prices reaching their highest level since April 2019 this week. New lockdown announcements have not had an impact on the European market at this point, […]
By CRU Principal Analyst Josh Spoores and Senior Analyst Ryan McKinley, from CRU’s Steel Monitor Strong underlying demand continues to provide substantial support to finished steel prices in the USA. Sheet prices have risen at their quickest pace since CRU started tracking them and, while there was little change m/m for long products, mills have […]
By CRU Principal Analyst Josh Spoores and Senior Analyst Ryan McKinley, from CRU’s Steel Monitor Strong underlying demand continues to provide substantial support to finished steel prices in the USA. Sheet prices have risen at their quickest pace since CRU started tracking them and, while there was little change m/m for long products, mills have […]
Editor’s note 11/3/20: Some of the data as originally published in Table 1 was incorrect due to a spreadsheet error (specifically the change in shipments 3M Y/Y column). The table has been updated with the correct information below. Mill shipments and supply of sheet products have turned, albeit slightly, since reaching bottom in […]
For those of us who live in the United States, today should be one where we recognize we have expressed our opinions about politics and politicians with our vote. We recognize the strength of our democracy is rooted in the belief that we are all Americans no matter our political ilk. To believe otherwise only […]
When I look at the results of our flat rolled survey, sometimes I have to scratch my head. In the survey we just completed last week, we asked at what point hot rolled prices would peak. Sixty-two percent of our respondents believe prices will peak at $700 or lower. To them I ask, what is […]
Lead times for spot orders of steel continue to extend with hot rolled delivery now averaging more than six and a half weeks and coated steel orders around eight and a half weeks. Lead times are an indicator of steel demand—longer lead times mean the mills have more orders to process and are less likely […]
Signaling that the mills remain busy, lead times for delivery of spot orders continue to lengthen with hot rolled now averaging more than six and a half weeks and coated steel orders around nine weeks. Lead times are an indicator of steel demand—longer lead times mean the mills have more orders to process and are […]
Mills continue to control negotiations over hot rolled, cold rolled and coated steel orders as they seek to collect higher prices in a market characterized by extended lead times and tight supplies. About 86 percent of the hot rolled steel buyers responding to Steel Market Update’s market trends questionnaire this week said the mills are […]
Mills continue to hold the upper hand in negotiations over hot rolled, cold rolled and coated steel orders as they work to collect higher prices in a tight market with extended lead times. Buyers report the mills will only negotiate on big tonnages to be delivered in 2021. About 86 percent of the steel buyers […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Sheet Products Monitor HR coil was the standout product across all regions this week. HR coil deal prices and buyer bids increased in Vietnam, strong demand data supported prices in China, and tight availability continued to bolster U.S. prices and sure up the market in Europe. […]
Flat rolled steel prices increased by another $10-20 per ton in the past week as demand continues to outpace the tight supplies, lead times remain extended and there’s limited competition from imports. Only about one-quarter of the steel buyers polled this week believe prices are near a peak. So, with scrap prices expected to move […]
JSW Steel’s assets in Texas and Ohio both reported losses for the second quarter of FY 2021. At Baytown, the pipe mill remained idled and the plate mill operated at only 22 percent of capacity, producing 54,137 metric tons. EBITDA for the subsidiary was positive at $17.24 million, but only due to a $30.4 million […]
Nine days to go… I don’t know about you but my cell phone is being lit up with political calls/texts from both parties – including states I don’t live in. November 4th can’t get here fast enough… Steel Dynamics reported that their mills (all products) operated at 85 percent and their sheet mills achieved a […]
Nucor reported better than expected results for the third quarter of 2020. The company’s bar and structural mills led earnings, benefiting from a good nonresidential construction market. Joist and deck orders, quotes and backlogs are up year-over year with strong demand from nonresidential, including data and distribution center construction, company executives told investors and analysts […]
Steel prices are showing some strength in the fourth quarter as mill lead times remain extended, competition from imports is minimal, inventories are near record lows and demand is maintaining momentum as the economy slowly recovers from COVID. Supplies remain tight as a strike, unplanned outages and planned maintenance are keeping mill capacity below normal […]
I made a boo-boo when disclosing the date for Dr. Schultz doing one of our SMU Community Chat Webinars. The webinar will be on OCTOBER 28TH, not this Wednesday as was originally advertised. My apologies to those who were looking forward to listening to Dr. Schultz this week. I have information about the webinar a […]
SSAB Americas has announced another price increase on steel plate, informing customers Friday, Oct. 16, that it has increased transaction prices by a minimum of $50 per ton effective on all new non-contract orders. SSAB said the increase applies to As-Rolled Mill Plate, Cut-To-Length Plate >72”, Hot Rolled Coils >72”, Normalized Plate and Quenched & […]
ArcelorMittal USA has notified customers of a $50 per ton increase in the minimum base price for its plate products, following a similar announcement by SSAB Americas last week. This is the second $50 plate price increase for ArcelorMittal USA since Sept. 29, when SSAB and Nucor also announced increases. Plate prices had struggled to […]
Lead times for hot rolled steel now average longer than six weeks, and coated steel orders longer than eight weeks, as the mills remain busy in a market adjusting to business in a pandemic. Lead times are an indicator of steel demand—longer lead times indicate the mills have more orders to process and are less […]
Flat Rolled = 45 Shipping Days of Supply Plate = 51.3 Shipping Days of Supply Flat Rolled Service center flat roll inventories fell significantly month on month as shipments increased and mill lead times extended. The SMU service center inventories data for September shows that service centers carried 45 shipping days of supply of flat […]
This analysis breaks down the imported tonnage of six flat rolled products into the district of entry and the source nation. Our intent is to describe in detail what is going on in a company’s immediate neighborhood and thus provide a negotiating advantage for our Premium subscribers. Premium members will find reports on our website […]
Welcome to the year that never ends…and the worst part is just beginning. First, the good news. According to the manufacturing and service center executives who made up 82 percent of the respondents to this week’s survey, the steel economy is going to be much improved in 2021 versus what we have seen this year. About […]
The benchmark price for hot rolled remained unchanged at around $650 per ton, according to Steel Market Update’s check of the market this week, even as the mills worked to collect the price increases announced earlier in the month. Other flat rolled products saw a modest increase. Begging the question: Is the upward price momentum […]
U.S. steel exports recovered further in August, rising 15 percent from July to 551,372 net tons, according to recent U.S. Department of Commerce data. August levels are up 30 percent from June, and are up 56 percent compared to May (when exports were at the lowest levels seen in SMU’s 24-year data history). Total August […]
We are now 23 days from the close of the 2020 presidential election. I think all of us, no matter how we use our vote, are hoping for a quick decision and then an orderly move to either the second term of President Trump or the new Biden administration. If you have not already voted, […]