Sheet prices saw a slight momentum shift this week after consecutive gains in the prior two weeks. Plate edged lower on greater competition off easing demand, according to our latest check of the steel market.
The latest US Department of Commerce data shows 840,000 short tons (st) of steel left the country in February. This is the highest monthly export rate since August 2023.
Nucor said its spot hot-rolled (HR) coil price this week will be $830 per short ton (st).
Steel import licenses through March have now reached a nine-month high according to the latest data from the US Commerce Department.
Reliance Inc. said it has completed its buy of Houston-based American Alloy Steel, effective as of April 1.
On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.
Sheet prices moved higher this week for the second consecutive week, while plate prices ticked lower, according to our latest canvas of the steel market.
Nucor intends to keep plate prices unchanged with the open of its May order book, according to a letter to customers dated Thursday, March 28. The Charlotte, N.C.-based steelmaker said the announcement would be effective with new orders received on Friday, March 29.
SMU latest' steel market survey paints the picture of sheet market that has hit bottom and begun to rebound. Lead times are extending again after stabilizing earlier this month. Mills are far less willing to negotiate lower sheet prices - even if there are still deals to be had on plate, according to the steel buyers we canvassed.
After stabilizing in our last check of the market, production times for flat-rolled steel have begun to push out further, according to steel buyers responding to SMU's market survey this week.
Steel buyers report that mills are less willing to talk price on new sheet orders than they were in weeks past, according to our most recent survey data. In contrast, mills’ willingness to negotiate on plate products remains relatively high, now at the second-highest rate of the year.
The Biden administration this week announced landmark industrial funding to support potentially transformational industrial decarbonization projects. In total, thirty-three projects across eight industrial sectors will receive up to $6 billion in federal funds from the US Department of Energy’s (DOE) Office of Clean Energy Demonstrations (OCED).
After reaching a seven-month high in January, steel imports fell back 3% in February, according to preliminary Census data released earlier this week.
Sheet prices reversed course and moved higher this week, while plate priced remained flat, according to our latest canvas of the market.
With the help of a large government grant, SSAB may soon expand its operations in the US – including constructing a fossil-fuel-free green ironmaking facility in Mississippi.
I’ve had questions from some of you lately about how we should think of the spread between hot-rolled (HR) coil prices and those for cold-rolled (CR) and coated product. Let’s assume that mills are intent on holding the line at least at $800 per short ton (st) for HR. The norm for HR-CR/coated spreads had been about $200 per short ton (st). That would suggest CR and coated base prices should be ~$1,000/st. Good luck finding anyone offering that.
Sheet and plate prices mostly moved lower this week after little change was noted the week prior. Despite edging down, sentiment is mixed, and many suggest a bottom may be near.
Across industries and nations, it’s clear sustainability is the path towards the future. Moving ahead means creating dialogue and building bridges. For Nucor, building bridges means reaching out to new audiences. Actually, it also literally means soon building bridges from the plate made at its Brandenburg mill in Kentucky.
Flat Rolled = 56.6 Shipping Days of Supply Plate = 58.8 Shipping Days of Supply Flat Rolled After weaker-than-expected shipments in January, US service center shipments of flat-rolled steel picked up in February, which caused supply to decrease. At the end of February, service centers carried 56.6 shipping days of flat-rolled steel supply on an […]
According to the latest “Index of Net New Orders of Aluminum Mill Products” released by the US Aluminum Association (AA), total orders in February 2024 were up 9.3% compared to February 2023. This is a noticeable improvement from the growth of 2.1% year over year (y/y) seen in January.
To the surprise of few if any, prices are in a holding pattern – a trend not seen since late December. The pause comes largely in response to a pricing notice blitz from mills late last week.
Steel buyers found mills more willing to negotiate spot pricing on the products SMU tracks with the exception of hot rolled, according to our most recent survey data.
Steel mill lead times were flat to slightly up, according to our market survey this week.
Sheet and plate prices were mostly flat this week – largely in response to the mill price blitz from last week – pausing the downtrend they’d been on for the better part of 2024.
US steel exports jumped to 770,649 short tons (st) in January, rising 25% from the 12-month low recorded one month prior.
As I see it, the market looked to be a perfect storm for consumers this month while two large steel mills tried to put a floor on hot-rolled coil (HRC). One source speculated that “flat rolled mills coordinated their downtime and will take out 250,000 tons of capacity in April,” which made them attempt to put a bottom on flat-rolled product.
The LME three-month price continued to strengthen through Friday, March 8, defending its position close to its five-week high and rising further to $2,262 per metric ton (mt), up 0.3%, on the day. Gains were also noted over the last week in other industrial metals, including copper, zinc, and lead. The price gains appeared to be due to weakness in the US dollar, which fell sharply against a basket of currencies after Fed Chairman Jerome Powell said on Wednesday that rate cuts were still expected this year.
The latest steel import license data from the US Commerce Department shows 2.39 million short tons (st) of steel entered the country in February 2024, down 6% from the month prior.
The premium plate prices have held over hot-rolled coil (HRC) are nowhere near recent highs seen in 2022 but remain higher compared to historical levels.
The US plate market has been largely quiet over the past week since Nucor’s $90-per-ton price cut at the close of February.