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 […]
Russel Metals Inc.’s planned purchase of seven service centers in western Canada from Samuel, Son & Co. has been delayed.
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.
Flat Rolled = 58.3 shipping days of supply Plate = 60.6 shipping days of supply Flat Rolled US service center flat-rolled steel inventories edged up in March as shipments remained low. At the end of March, service centers carried 58.3 shipping days of supply on an adjusted basis, up from 56.6 shipping days in February. […]
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.
Steel Warehouse Co. has announced the rebranding of its Cold Mill division as “Specialty Strip,” a boutique cold mill.
Sheet prices continue to inch higher. That’s a welcome development for many. But it’s also a far cry from the price surge many predicted about a month ago. Remember the theory that supported a spring surge: Sheet prices would soar on a combination of mill outages, stable-to-strong demand, restocking, mill price increases, and (potentially) trade action against Mexico as well.
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.
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.
Reliance Inc. has acquired flat-rolled steel service center MidWest Materials of Perry, Ohio.
Galvanized buyers reported solid demand and balanced inventories this week and were anticipating the sheet price increase announced by Cleveland-Cliffs on Wednesday.
APAC steel prices are likely to bottom out in the near term as seasonally higher demand coupled with production cuts may support prices. In the EU, prices are likely to remain under pressure, while fresh price increases are expected in the US. APAC steel prices are likely to bottom out in the near term In […]
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.
Varsteel, a Canadian steel and pipe service center, has announced the acquisition of Pacific Steel in Laval, Quebec.
SMU’s price for hot-rolled (HR) inched lower this week. I wouldn’t be surprised, however, if we start to see prices and lead times move higher in the weeks ahead. The modest declines in HR this week are probably the result of lingering deals cut at “old” prices, as sometimes happens after mill price increases. But those deals will probably be out of the market soon if they aren’t already. So why do I float the idea of higher prices? Some big buys have been placed. It reminds me a little of what we saw last fall, when people restocked in anticipation of higher prices once the UAW strike was resolved.
Are we still looking for a bottom on sheet prices? In what direction are steel and scrap prices headed? How’s demand holding up at the moment?
The CRUspi fell by 8.3% month over month (m/m) in March to 206.6 as weaker-than-expected demand weighed on markets around the world. Price falls were notable across all regions, with elevated inventory levels pushing prices in the US and Europe, and disappointing stimulus measures from the Chinese government weighing on those in Asia.
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 […]
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.
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.
Estelle Tran, prices lead at CRU, Michael Cowden, managing editor at SMU and Josh Spoores, principal analyst at CRU, will be the featured speakers on a special CRU webinar. It will take place on Thursday, March 21, at 10 a.m. ET. You can learn more and register here.
A Detroit-area mill entered the scrap market on Thursday offering down $70 per gross ton (gt) on #1 busheling. And Nucor announced a minimum base price of $825 per short ton (st) for hot-rolled (HR) coil. What's the best way to interpret would could be read as contradictory trends?
Sheet and plate prices this week continued the downward trend they’ve been on for most of 2024. Some market sources predicted that a wave of spring maintenance outages would help to stabilize lead times and prices in the weeks ahead – especially should service center inventories, high at the beginning of the year, come down meaningfully.
I want to give a big shoutout to the good folks at the Fabricators and Manufacturers Association (FMA) for inviting me to their annual conference this week in Clearwater, Fla. I also want to give a special thanks to the FMA for awarding SMU founder John Packard with a lifetime achievement award – on that also gave me a chance to catch up with my old boss in person.
US hot-rolled (HR) coil prices have fallen further this week, working their way to $800 per short ton (st) on average – a mark not seen since late October.
Falling US sheet prices have reduced the attractiveness of hot-rolled (HR) coil imports as domestic mills price competitively to secure limited business. However, tightness in the CR coil market has extended delivery to June or July in some cases, and buyers may consider to import given competitive prices and arrival times.
Olympic Steel said it's open to future acquisitions in all three of its business segments.
Olympic Steel’s earnings jumped in the fourth quarter, even as the company dealt with "significant" price volatility in hot rolled for full-year 2023.
Ryerson swung to a net profit in the fourth quarter, though revenue declined from the same period last year.