Steel Market Update’s Steel Demand Index moved up 2.5 points last week, though it remains in contraction territory and at one of the lowest readings in nearly a year, according to our latest survey data.
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It feels like the summer doldrums arrived a little earlier than usual this year. I know there had been rumors of a price hike. The prospect of a sharply lower June scrap trade probably didn't help the chances of that actually happening.
SMU’s Steel Buyers’ Sentiment Indices both rebounded sharply this week, according to our most recent survey data.
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.
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.
Sideways and range-bound describes the US steel derivatives market over the past week, though the monthly picture shows a more notable decline in front-end flat prices. Week-over-week saw the June futures contract firm slightly, from $770 per short ton (st) to $780/st as of Thursday, May 23’s provisional close. However, the contract was down by […]
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.
US housing starts ticked up through April following March’s dip, according to the latest data release from the US Census Bureau.
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.
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.
The Mexican federal government backed down on the application of tariffs on raw non-alloyed and alloyed aluminum decreed on April 22.
SMU’s Steel Buyers’ Sentiment Indices both declined this week, with Current Sentiment tumbling over 10 points, according to our most recent survey data.
Steel prices trickled lower across the month of April for both sheet and plate products.
As we approach “buy week,” a term industry veterans use to refer to steel mill scrap buying time and an excuse to remain in the office, we have seen a variety of slants on the May market.
ArcelorMittal posted a narrower Q1’24 profit compared to Q1’23 but remained optimistic about steel's long-term demand prospects.
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 were flat or moderately down again this week – underscoring the shift in momentum we’ve seen over the last month. The exception was hot-rolled (HR) coil, which was largely unchanged from last week.
SMU’s Steel Buyers’ Sentiment Indices both rose this week to reach some of the highest levels seen this year.
Galvanized buyers reported steady demand and ample supply this week as pricing momentum has shifted, potentially pointing down. Service centers, distributors, and manufacturers who are members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) association met virtually on Tuesday, April 23, for the monthly meeting of HARDI’s Sheet Metal/Air Handling Council. Sentiment was noticeably […]
Steel sheet prices in many regions of the world were steady week over week in the week ended April 17.
To the surprise of many — myself included — flat-rolled steel prices appear to be in a holding pattern… again. This is not familiar territory for hot-rolled (HR) coil, at least not over the past few years. Its pricing volatility (as my colleague Michael Cowden has noted in past columns) may rival the elastic moves […]
Metalformers expect economic activity to remain level over the next three months, according to the April Business Conditions Report from the Precision Metalforming Association (PMA).
SMU’s Steel Buyers’ Sentiment Indices both rose this week.
Steel prices continued to ease lower in early March – a trend seen since mid-January – before showing signs of bottoming and inflecting up. The SMU Price Momentum Indicator for sheet products shifted from lower to neutral mid-way through the month after Nucor, Cleveland-Cliffs, and ArcelorMittal all targeted new base minimums between $825-840 per short […]
Nucor made waves in the sheet market when it announced on Friday that it would begin publishing a weekly hot-rolled (HR) coil price. The Charlotte, N.C.-based steelmaker arguably made even bigger waves on Monday when it posted its first weekly HR number: $830 per short ton. That’s $70/st lower than the $900/st HR price Cliffs announced in late March. It’s also lower than prices in the mid-$800s that other mills were (less publicly) seeking.
You might have noticed that SMU has been publishing more articles about scrap in recent months. That was no accident. In fact, we’ve found enough of an audience that CRU, our parent company, has decided to launch a new publication – Recycled Metals Update, or RMU. It cover both ferrous and nonferrous scrap. RMU’s website is here. You can go there now and request a 30-day free trial. It’s that simple.
SMU’s Current Steel Buyers’ Sentiment Index fell further week, now at the lowest reading recorded since October 2022
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.