A strike at the Big Three Detroit automakers continues to loom on the horizon, and that potential is increasing as the United Autoworkers (UAW) union is pushing for big changes to labor contracts in the wake of soaring profits from the automakers.
Steel buyers continue to keep a close eye on prices and inventory levels as we head into the last four months of 2023.
SMU senior analyst David Schollert provides an overview of steel market indicators for the month of July.
Steel Market Update’s Demand Index has now been contracting territory for the better part of the past 3-plus months, according to the latest survey data.
US Midwest premium has continued to trend lower. Slack end-use demand is the main driver as the CME backwardation holds for dates further out in 2023. Lower freight and weak LME prices lower the replacement costs of aluminum and thus lower the floor for the premium.
The spread between hot-rolled coil (HRC) and galvanized coil base prices widened over the last month as hot rolled prices declined faster than prices for galvanized product.
US steel imports look to have fallen significantly during the month of July, based off license data from the US Department of Commerce collected through July 31.
It feels like the market is in a bit of a holding pattern. Lead times are roughly sideways, according to our latest check of the market. Will they begin to extend now that most mills are into September not only for cold-rolled and coated products but also for hot band?
The summer cycle has brought more focus around the uncertainty of where HR prices are headed. Spot indexes continue to bleed lower despite price hikes from sheet mills. Market talk is of still lower prices as the gap grows between the slow-moving index versus expectations for HR future prices declines. (The index likely reflects smaller, […]
Movements in lead times were again mixed in SMU’s market check this week, with most products mostly sideways compared to two weeks ago.
Our sheet prices are down again this week. Some of you think it’s a sign of something ominous, others think it’s just a case of seasonality. It might help to step back and put things in perspective.
Sheet prices slipped for the third consecutive week on continued discounts from certain mills for larger buyers.
In administrative reviews of the antidumping and countervailing duty orders on corrosion resistant (galvanized/Galvalume) steel from South Korea, the US Department of Commerce has preliminarily adjusted the duties downward.
Nucor has received its final federal permit to begin construction on its sheet mill in Mason County, W.Va.
Nucor has received its final federal permit to begin construction on its sheet mill in Mason County, W.Va. The Charlotte, N.C.-based steelmaker said it received the permit on Friday from the US Army Corps of Engineers to start work on the ~$3.1-billion project. Construction is set to begin immediately and expected to last approximately two years, Nucor […]
The rig count roller coaster continues, with numbers dropping in the US but inching up in Canada this week, according to the latest data from oilfield services company Baker Hughes. The total US rig count dipped to 664 active rigs as of July 28, down five from the week prior. Active oil rigs in the US decreased […]
There is a lot going on at SMU right now. We’re going to be rolling out a new website over the next few days. We’ve also got more than 1,200 people registered to attend Steel Summit this year, putting us on pace to potentially break last year’s attendance record of nearly 1,300. The event is […]
Steel prices and shipment volumes will probably be lower in the third quarter than they were in the second, U.S. Steel executives said.
There is a lot going on at SMU right now. We’re going to be rolling out a new website over the next few days. We’ve also got more than 1,200 people registered to attend Steel Summit this year, putting us on pace to potentially break last year’s attendance record of nearly 1,300.
The rig count roller coaster continues, with numbers dropping in the US but inching up in Canada this week, according to the latest data from oilfield services company Baker Hughes. The total US rig count dipped to 664 active rigs as of July 28, down five from the week prior. Active oil rigs in the US decreased […]
The LME aluminum three-month price is moving higher again, closing the week on the morning of July 28 at $2,215 per tonne. The previous day, the price dropped sharply at the close and briefly moved below $2,200/t. The next day the price was seen increasing again, suggesting support at $2,200/t has once again been regained.
The LME aluminum three-month price is moving higher again, closing the week on the morning of July 28 at $2,215 per tonne. The previous day, the price dropped sharply at the close and briefly moved below $2,200/t. The next day the price was seen increasing again, suggesting support at $2,200/t has once again been regained. […]
Indian steelmaker JSW Steel reported improved performance at its JSW Steel USA operations in the first quarter of its 2024 fiscal year.
Indian steelmaker JSW Steel reported improved performance at its JSW Steel USA operations in the first quarter of its 2024 fiscal year. Recall that JSW operates a sheet and slab mill in Mingo Junction, Ohio, and a plate and pipe mill in Baytown, Texas. The Mingo mill makes slabs not only for internal consumption but also for sale to […]
U.S. Steel recorded lower profits in Q2’23 compared to Q2’22 on the heels of a drop in steel prices and a dip in shipments. The Pittsburgh-based steelmaker reported net income of $477 million in Q2’23, down 51% from $978 million in Q2’22 on sales that fell 20% to $5.01 billion over the same period. The […]
For starters, thanks to Barry Zekelman, chairman and CEO of Zekelman Industries, for taking time for a Community Chat on Wednesday. Zekelman was, as always, sharp on steel. He also caught my attention and some of yours when he said he was interested in buying a steel mill.
A preliminary count of imports during the month of June shows little changes from SMU’s previously reported import license analysis. Total imports were 2,792,674 net tons in June’s preliminary count by the US Department of Commerce. As SMU reported earlier this month, that’s the highest level imports have been over the past year. Flat-rolled imports […]
For starters, thanks to Barry Zekelman, chairman and CEO of Zekelman Industries, for taking time for a Community Chat on Wednesday. Zekelman was, as always, sharp on steel. He also caught my attention and some of yours when he said he was interested in buying a steel mill. “I’ve dreamed of owning a steel mill […]
ArcelorMittal’s earnings increased sequentially in the second quarter of 2023, but fell on-year, with recent acquisitions in Brazil, Texas, and Mexico contributing to underlying performance. The Luxembourg-based steelmaker posted net income of $1.86 billion in Q2’23, up 70% from $1.1 billion in the prior quarter, but down 59% from $4.49 billion a year earlier on […]
ArcelorMittal’s earnings increased sequentially in the second quarter of 2023, but fell on-year, with recent acquisitions in Brazil, Texas, and Mexico contributing to underlying performance.