Steel buyers of sheet and plate products say mills are still willing to bend on spot pricing this week, though not quite as much as they were two weeks prior, according to our most recent survey data.
We have seen very little change in sheet and plate prices across the past month.
Cleveland-Cliffs plans to increase prices for hot-rolled (HR) coil to $800 per short ton (st). Cliffs said the increase announcement coincides with the opening of its February order book for both contract and spot tons of HR.
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 events.
Steel prices have remained relatively stable in recent weeks, though they have generally trended downward since October.
This week, the spread between SMU's hot rolled and galvanized indices is only a few dollars away from a 16-month low.
Steel sheet prices remain at or near multi-month lows, while plate prices continue edging lower from their mid-2022 peak.
SMU’s Monthly Review provides a summary of important steel market metrics for the previous month. Our latest report includes data updated through November 30th.
Cleveland-Cliffs has officially had spot HRC prices at $750/st since mid-September.
SMU's price indices saw minor fluctuations on sheet products this week, while our plate and Galvalume indices held steady.
US plate prices are at their lowest level in nearly four years and mills continue to do what they can to limit the bleeding. Domestic prices are now just a fraction of their all-time high of $1,940 per short ton (st) reached in May 2022, and trending lower.
On Monday, Nucor published new extras effective Jan, 4, 2025.
Steel Market Update’s Steel Demand Index recovered by nearly 10 points last week, though it still remains in contraction territory.
Prices were stable to down in November for all seven steelmaking raw materials tracked by SMU, according to our latest analysis.
Following months of fluctuations, SMU’s Steel Buyers’ Sentiment Indices rebounded this week, now at multi-month highs. Both of our Indices remain in positive territory and indicate that steel buyers are optimistic about the success of their businesses.
Most steel buyers SMU polled this week reported that mills remain willing to negotiate new order pricing.
SMU’s flat-rolled steel prices were mixed this week with slight declines across most products and a modest increase in prices for cold-rolled coil.
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil was unchanged week on week (w/w) at $750 per short ton (st) on Monday, Nov. 18.
In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels. Trends in energy prices and rig counts are an advance indicator of demand for oil country tubular goods (OCTG), line pipe and other steel products.
No more excuses! The election is over. Donald Trump will be inaugurated on Monday January 20 with the Republican party in control of Congress. Now, it is time to get back to work!
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events. Rather than summarizing the comments we collected, we are sharing some of them in each buyer’s own words.
President-elect Donald Trump will officially retake the White House on Jan. 20. I’ve been getting questions about how his administration’s policies might reshape the steel industry and domestic manufacturing. I covered the tumult and norm busting of Trump's first term: Section 232, Section 301, USMCA - and that's just on the trade policy side of things. It's safe to say that we'll have no shortage of news in 2025 when it comes to trade and tariffs.
Prices for sheet and plate products were mixed this week. While market participants have noted a post-election uptick in activity, most said that it was (so far) nothing to write home about.
Nucor raised its weekly consumer spot price (CSP) for HRC this week to $750/short ton.
The price spread between US-produced cold-rolled (CR) coil and offshore products remained largely flat in the week ended Nov. 8, on a landed basis.
Russel Metals Inc.’s profit shrank during the third quarter as steel prices continued to be volatile.
Most steel buyers polled in our market poll this week continue to report mills are open to negotiation on new order pricing. In fact, negotiation rates have been strong for the majority of 2024, trending higher since September.
US hot-rolled (HR) coil prices moved lower this past week while tags in offshore markets were largely higher. Domestic tags are again nearly level with imports on a landed basis.
Timna Tanners, managing director of equity research for Wolfe Research, will be the featured speaker on the next SMU Community Chat. The webinar will be on Wednesday, Nov. 13, at 11 am ET. It’s free to attend. You can register here. Timna – who has coined Sheet Storm, Scrap Squeeze, and Galv Galore – is one of the most popular guests on our Community Chats. Her insights and forecasts are always thought-provoking.
Votes were still being counted when this column posted on Tuesday evening. And I’d be surprised if we know who the president will be by the time some of you are reading it on Wednesday morning.