US manufacturing activity contracted in May for the second month in a row, according to the latest report from the Institute for Supply Management (ISM). After a brief expansion in March, ISM’s manufacturing index has since returned to contraction, where the manufacturing sector has been for 18 of the last 19 months. The ISM Manufacturing […]
There seems to be more question than usual about which way prices will go over the next few weeks. There is talk in some corners that Nucor’s announced $760 per short ton (st) for HR through mid-May, and subsequent increases marked a public attempt to call a price bottom. (Our price announcement calendar here is […]
Hot-rolled coil prices are known for their volatility. There are a variety of hedging strategies industry players have used to manage it, one of them being the use of HRC futures. However, some have been hesitant to dip in their toe, and their money, in futures and have preferred other approaches.
Week over week, the futures curve saw minimal change.
Earlier 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 slipped again this week on a combination of moderate demand, increased imports, and higher import volumes.
Let's take a collective deep breath ::in:: and ::out::... And we're back. But where exactly are we? Are steel prices going up or down? Is demand really decelerating or is it an illusion? How is the market navigating the new mill pricing mechanisms?
Prices for galvanized products have fallen from last month, and many market participants expect tags to continue their descent or at best remain flat in the month ahead.
The Biden administration recently announced tariffs on several products from China, including steel and aluminum. There has been much rejoicing over this move and there has been a great deal of support from the steel industry.
Steel Market Update’s Steel Demand Index fell five points to a 12-month low and moving further into contraction territory, according to our latest survey data.
The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, or if […]
Here’s something I didn’t expect to see this week: SMU’s Current Buyers’ Sentiment Index dropped to its lowest point since August 2020.
Offshore cold-rolled (CR) coil prices remain a cheaper option over domestic product, even as US CR coil prices tick lower, according to SMU’s latest check of the market.
Hot rolled buyers found mills less willing to negotiate spot pricing this week, while other products SMU tracks were mixed, according to our most recent survey data.
US hot-rolled (HR) coil prices declined again and now stand nearly even with offshore hot band on a landed basis.
Steel Market Update will be taking time off in observance of Memorial Day.
SMU’s Steel Buyers’ Sentiment Indices both plummeted over 10 points this week, both hitting lows for 2024, according to our most recent survey data.
Steel prices eased for both sheet and plate products this week, according to our latest canvass of the market
The CRU US Midwest hot-rolled (HR) coil index is a dominant and established price benchmark in the US. Many steel-buying contracts are linked to ‘the CRU,’ as it’s commonly called. But how does it work?
The spread between hot-rolled coil (HRC) and prime scrap prices narrowed this month, according to SMU’s most recent pricing data.
Earlier this month, steelmakers entered the scrap market at mixed pricing. The prevailing price for obsolescent grades fell $20 per gross ton (gt). However, some notable districts decided to only drop $10/gt.
Domestic scrap prices this month are flat for prime material, but down for HMS and shredded, scrap sources told SMU.
SMU surveyed our market contacts this week about steel prices, demand, and the overall marketplace. Below are some of the buyers' responses in their own words to help you get a feel for current and future market conditions. Demand is a big topic of discussion currently. Is it steady, falling, or on the upswing with summer construction heating up? As you can see from the answers below, it depends on who you ask. One buyer’s response sums it up pretty well: “I still see the marketplace as soft/stable with some segments busy, while others tread water.”
Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact info@steelmarketupdate.com. Flat Rolled = 57.8 shipping days of supply Plate = 58.3 shipping days of supply Flat Rolled US service center flat-rolled steel supply edged lower in April, though shipments continue to […]
Steel prices were overall mixed this week, according to our latest check on the market. Sheet prices were flat to down, while plate prices inched up. SMU indices on hot rolled, cold rolled, and galvanized are now down to the lowest levels seen since November.
Prices for hot-rolled (HR) coil in recent weeks have been declining faster than those for galvanized sheet, resulting in a growing price spread between the two steel products.
Wolfe Research Managing Director Timna Tanners cautioned clients about the darkening clouds of a brewing steel sheet storm in the company's Basic Materials Weekly Webcast on Monday. “This one we’ve been talking about for a while, and we feel like the theme is coalescing here,” she said.
What's the tea in the steel industry this week? Here's the latest SMU gossip column! Just kidding... kind of. Yes, some of the comments we receive in our weekly flat-rolled market steel buyers' survey are honestly too much to put into print. Some make us laugh. Some make us cringe. Some are cryptic. Most are serious. We appreciate them all. Below are some highlights from our survey results this week. Some of the comments that we can share with you are also included, in italics, in the buyers' own words, with minimal editing on our part.
Offshore cold-rolled (CR) coil prices remain much less expensive than domestic product, even as domestic prices have slipped to a six-month low, according to SMU’s latest check of the market.
The Mexican federal government backed down on the application of tariffs on raw non-alloyed and alloyed aluminum decreed on April 22.