Domestic steelmakers raised the spot price of plate products by $40 per ton yesterday, hoping to stem the slide and capitalize on improving demand as coronavirus restrictions ease and businesses are allowed to gradually reopen. The plate price has been trending downward this year since peaking in January at $710 per ton ($35.50/cwt). Steel Market […]
The United States is beginning to go back to work. Automotive plants are scheduled to begin opening this week. The U.S. is working with Mexico to ensure automotive suppliers in Mexico are deemed “essential businesses” and return to work. From my perch here in Florida, traffic has returned to normal, restaurants are open (50 percent […]
We had to change the way we calculate the adjusted data, which will also change how we derive our analysis. Previously, we adjusted the data to mirror the exact mix of service centers that responded to the previous month’s survey. We saw a decrease in participation in the March survey, which we can understand given […]
Lead times for spot orders of flat rolled steel extended slightly this week after declining since mid-March when the government ordered the closing of nonessential businesses to stop the spread of the coronavirus. Lead times for steel delivery are a measure of demand at the mill level—the longer the lead time, the busier the mill. […]
Negotiations between producers and buyers of flat rolled steel have tightened somewhat following the price increase announcements by the mills earlier this month. Steel Market Update’s canvass of the market this week shows that mills are slightly less likely to negotiate on price than they were in April when competitors were scrambling to win orders […]
We had an exceptional SMU Community Chat Webinar with Dr. Chris Kuehl of Armada Corporate Intelligence on Wednesday morning. I am getting nothing but rave reviews of our free webinars, and I encourage you to inform your management and other teammates to register and then tune in at 11 AM ET every Wednesday. Next week […]
We had an exceptional SMU Community Chat Webinar with Dr. Chris Kuehl of Armada Corporate Intelligence on Wednesday morning. I am getting nothing but rave reviews of our free webinars, and I encourage you to inform your management and other teammates to register and then tune in at 11 AM ET every Wednesday. Next week […]
Despite announcements by the major mills of price increases or higher base prices, flat rolled steel prices saw relatively little change in the past week as the market continues to struggle with weak demand due to the coronavirus shutdowns.Steel Market Update’s Price Momentum remains at Neutral. Here is how we are seeing prices this week: […]
United States steel exports totaled 664,129 net tons of steel in March, up 4 percent from February and up 13 percent from one year prior, according to recent U.S. Department of Commerce data. March export levels are the hightest seen since October 2019 when 709,496 tons were exported to other countries. Prior to October, the […]
The “new normal” is to reinvent oneself or the way you will do business going forward. As many of you are aware, I am no spring chicken. Yet I refuse to live in the past. I learned (the hard way – through unexpected career changes) that I needed to constantly keep myself relevant to my […]
Bank of America is forecasting a slow recovery from the coronavirus crisis, one that will take years not just months, said Metals and Mining Analyst Timna Tanners, who was the featured guest speaker during Steel Market Update’s Community Chat on Wednesday. Bank of America economists anticipate a global recession in the second and third quarters. […]
When I started Steel Market Update back in 2008, I knew I wanted to build something that would become a community centered on providing quality market information and a platform from which I could help educate and motivate those within the industry. On the Steel Market Update website, we describe our mission as follows: To […]
The prices we reference this evening reflect orders being placed this week, as well as the prices being quoted by the mills to their customers. It is important that our readers understand there was a flurry of activity last week at numbers at, or below, the low end of our range. We discussed with one […]
The prices we reference this evening reflect orders being placed this week, as well as the prices being quoted by the mills to their customers. It is important that our readers understand there was a flurry of activity last week at numbers at, or below, the low end of our range. We discussed with one […]
Buyers of flat rolled and plate steels provided insights into the market to Steel Market Update throughout the day. On the flat rolled side, steel buyers seemed to be resigned to paying higher prices. Flat rolled price quotes are firming at the domestic mills, and the mills may well achieve their desired minimums of $500-$520 […]
Buyers of flat rolled and plate steels provided insights into the market to Steel Market Update throughout the day. On the flat rolled side, steel buyers seemed to be resigned to paying higher prices. Flat rolled price quotes are firming at the domestic mills, and the mills may well achieve their desired minimums of $500-$520 […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: It’s hard to blame Roberto Azevedo for quitting. The Director General (Chief Executive) of the World Trade Organization is leaving in September, one year before his term runs out. The WTO is in turmoil because of U.S. hostility […]
“Vacation: An extended period of recreating, especially one spent away from home or traveling.” Last week I took “vacation” time off, and unlike the definition above I did little recreating, rarely strayed from home, and did no traveling. How restful is that? The big news from last week was an apparent “firming” of steel prices. […]
Lead times for spot orders of flat rolled and plate steels declined sharply in April. Lead times ranged from a half-week to a full week shorter at the end of the month than they did at the beginning, depending on the product, according to Steel Market Update’s latest market trends questionnaire. Lead times for steel […]
On Monday of this week, Steel Market Update began canvassing the markets as we conducted one of our flat rolled and plate steel market trends suveys. The vast majority of the responses were received early in the week and the results of those responses are presented below. However, SMU continued to speak directly to both […]
Steel prices declined again this week as shutdowns to control the spread of the coronavirus continue to stifle demand. Steel Market Update’s price momentum remains pointed Lower. Here is how we are seeing prices this week: Hot Rolled Coil: SMU price range is $420-$500 per ton ($21.00-$25.00/cwt) with an average of $460 per ton ($23.00/cwt) […]
By CRU Prices Analyst George Pearson The U.S. plate market has, up to this point, seen prices fall on a slow downward trend. Plate has not been as exposed to the automotive-led manufacturing shutdown, which had allowed prices to only slowly fall by $61 /s.ton since the late January cycle peak. Current prices, though, reflect […]
Steel buyers reported lower spot offers and transactions on flat rolled and plate products this week. However, the offers varied from mill to mill, and even in some cases varied within the same company but coming from different plants. The number of transactions appear to be lower than in weeks past, and the size of […]
April 21, 2020 Dear Steel Market Update “Member”, Your business is important to Steel Market Update and our parent company The CRU Group. We know difficult times may lie ahead and we are here to support your business in any way we can. Steel Market Update began operations in August 2008. By the end of […]
Last week, Steel Market Update conducted an analysis of the flat rolled and plate steel markets as we reached out to more than 500 individuals uniquely qualified to provide insights into these markets. What we found is an almost universal picture of a steel economy in a tailspin. Through our steel survey, SMU has seen […]
Last week, Steel Market Update conducted an analysis of the flat rolled and plate steel markets as we reached out to more than 500 individuals uniquely qualified to provide insights into these markets. What we found is an almost universal picture of a steel economy in a tailspin. Through our steel survey, SMU has seen […]
Lead times for spot orders of flat rolled and plate have continued to shorten despite the mills’ efforts so far to curtail production and match supply with demand. Lead times for steel delivery are a measure of demand at the mill level—the shorter the lead time, the less busy the mill. Average lead times for […]
Lead times for spot orders of flat rolled and plate have continued to shorten despite the mills’ efforts so far to curtail production and match supply with demand. Lead times for steel delivery are a measure of demand at the mill level—the shorter the lead time, the less busy the mill. Average lead times for […]
It’s a buyer’s market with many buyers sitting on the sidelines waiting for federal and state officials to declare the coast is clear and open up the economy once again. Not surprisingly, steel mills are very willing to negotiate to secure orders in the current low-demand environment. More than nine out of 10 buyers responding […]
JSW Steel USA will idle facilities and lay off workers at its plants in Mingo Junction, Ohio, and Baytown, Texas, in an effort to mitigate the impact of the coronavirus pandemic and chaos in the oil and gas market on steel demand. The company said it will temporarily idle the hot rolling mill and EAF […]