It is Tuesday, Dec, 1, 2020, and the U.S. has just returned from Thanksgiving. I hope everyone enjoyed their long weekend and did what was necessary to remain safe as we wait for the COVID-19 vaccines to be distributed around the world. There is a light at the end of this long journey we have […]
Flat rolled steel prices just keep ratcheting up as supplies remain extremely tight, with lead times continuing to extend and sources warning of impending shortages of some products (see related articles in this issue). Steel Market Update’s check of the market this week moves the benchmark price for hot rolled up to $770 per ton, […]
Flat rolled steel prices just keep ratcheting up as supplies remain extremely tight, with lead times continuing to extend and sources warning of impending shortages of some products (see related articles in this issue). Steel Market Update’s check of the market this week moves the benchmark price for hot rolled up to $770 per ton, […]
How much further can lead times extend? We’ll let you know. But there is no sign yet that they have peaked. Lead times for delivery of spot orders continue to stretch with hot rolled now averaging nearly seven weeks and coated steel orders nearly nine and a half weeks. Lead times are an indicator of […]
Lead times for spot orders of hot rolled steel have extended by another half-week as demand persistently outpaces supplies. Lead times for steel deliveries continue to stretch with hot rolled now averaging nearly seven and a half weeks and coated steel orders around nine and a half weeks. Lead times are an indicator of steel demand—longer […]
In a market where supplies of various products are so tight that some buyers say they would be willing to pay almost any price just to get material, there is very little negotiation going on between the mills and their spot market customers. The mills have no reason to bargain when demand is so far […]
There is very little negotiation going on between the mills and their spot market customers as supplies remain extremely tight and buyers are happy just to find available material, even if they have to pay a substantial premium. It has been a seller’s market since September, with the mills enjoying most of the leverage, and […]
The thought of a possible steel shortage gained new ground this past week as news of spreading coronavirus infections at ArcelorMittal Burns Harbor, the breakout at the No. 2 caster at Dofasco, the slow return of production at Stelco due to a hack of their computer systems, and the continued strike at the NLMK USA […]
Plate prices have finally gained some traction, seeing a notable jump this past week to an average of $720 per ton, according to Steel Market Update’s latest check of the market. Nucor and SSAB Americas announced plate increases this week in hopes of maintaining that upward momentum. Flat rolled prices continued their relentless climb, with […]
Steel plate is likely to get more expensive, and not just because of the usual price increases. SSAB Americas informed customers on Monday that it has increased transaction prices by a minimum of $50 per ton effective on all new non-contract orders of As-Rolled Mill Plate, Cut-To-Length Plate >72”, Hot Rolled Coils >72”, Normalized Plate […]
Flat Rolled = 43.1 Shipping Days of Supply Plate = 45.9 Shipping Days of Supply Flat Rolled Service center flat roll inventories fell to a new low in October, amid extending mill lead times and shipment delays. Service centers carried 43.1 shipping days of supply at the end of October, which is a 3.8 percent […]
National level import reports do a good job of measuring the overall market pressure caused by the imports of individual products. The downside is that there are huge regional differences. This report examines coiled plate imports by region through September 2020. In September year to date, coiled plate imports were down by 34.2 percent at […]
National level import reports do a good job of measuring the overall market pressure caused by the imports of individual products. The downside is that there are huge regional differences. This report examines cut-to-length plate imports by region through September 2020. In September year to date, cut-to-length (CTL) plate imports were down by 45.2 percent […]
Editor’s note 11/17/20: The data in the “Supply Tons YTD” column on Table 3 didn’t populate correctly, and therefore, was in error. Table 3 has now been updated accordingly. Mill shipments and supply of sheet products continue to see slight yet steady growth since reaching bottom in June. This analysis is based on steel mill […]
The Perfect Storm: Long lead times, late deliveries, low service center inventories, strong demand, higher prices, lack of foreign steel imports, mill outages both planned and unplanned, maximum capacity utilization rates at a number of mills, NLMK USA strike, higher ferrous scrap prices that are expected to go much higher in the coming months, restrictions […]
Flat rolled steel buyers are feeling a little skittish. Based on the results of last week’s flat rolled and plate steel market trends analysis conducted by Steel Market Update, the threat of higher prices, late mill deliveries and fear of a possible steel shortage situation are making steel buyers nervous (see article above with survey […]
U.S. steel exports continued to recover in September, rising 17 percent from August to 646,194 net tons, according to recent U.S. Department of Commerce data. Total September exports are up 83 percent compared to four months prior, when May exports were at the lowest levels seen in SMU’s 24-year data history. Total September exports are […]
On Wednesday, Steel Market Update reached out to Cleveland-Cliffs Chairman, President & CEO Lourenco Goncalves to get his thoughts on the market as the U.S. is about to change leadership and Cliffs is about to complete their acquisition of ArcelorMittal USA operations (except for Calvert and Dofasco in Canada). SMU: Have you congratulated President-elect Biden? […]
The SMU Steel Price Momentum Indicators on all flat rolled and plate steel products are currently pointing toward higher prices over the next 30 days. We expect hot rolled, cold rolled, galvanized, Galvalume and steel plate pricing to increase during the coming weeks. The two major reasons for our position are the limitations of supply […]
Flat rolled steel prices continued to rise last week, though at a modest $5-10 per ton pace. The exception was Galvalume, which jumped by $40 as demand continues to outpace supplies. The benchmark average for hot rolled coil, at $710 per ton, surpassed the $700 level, where many had expected it to peak. With demand […]
My “final thoughts” provide me an opportunity to give my opinions on a wide range of topics. Some are directly steel related and some are not. The question we are all asking ourselves today is what will a Biden administration mean for business? Here are some thoughts I picked up from my reading over the […]
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 […]