U.S. Steel aims to increase base prices on spot orders of flat-rolled steel by at least $50 per ton ($2.50 per cwt.) The move is effective immediately and applies to “all open quotations and/or negotiations where an agreement is yet to be concluded,” the Pittsburgh-based steelmaker said in a letter to it sales executives on […]
Sheet prices fell at a more modest pace this week after a sharp decline last week, as business seemed somewhat curbed. After Memorial Day prices fell, leading to the sharpest price drop since June 21, 2022. Now, the slide seems to have temporarily cooled, though sources indicated it was almost exclusively due to a lack of activity. SMU’s hot-rolled […]
After hitting an almost five-year high in March, US steel exports fell back during the month of April. Exports totaled 768,235 net tons in April, according to the latest figures available from the US Department of Commerce. This was a 13% month-on-month (MoM) and a 7% year-on-year (YoY) decline. Note that March exports of 886,458 […]
NLMK USA has published new, lower coating extras that are effective June 8. The steelmaker’s Sharon, Pa.-based galvanizing facility has reduced extras by an average of nearly 14%, according to market participants and the new coating extras sheet. NLMK’s prior extras had taken effect on Aug. 1, 2022. Our website reflects NLMK’s latest coating extras, as […]
Steel Market Update’s latest survey shows movements in lead times were varied across products this week, with hot rolled falling below the 5-week mark for the first time since early February. The average lead times for hot-rolled, cold-rolled, and galvanized sheet all fell back slightly from our market check two weeks ago, while those for […]
Steel shipments in the US fell 1.7% in April vs. the same month last year, the American Iron and Steel Institute (AISI) reported on Wednesday. AISI said US steel mills shipped 7,499,979 net tons in April, down from 7,629,985 tons shipped a year earlier, but up 1.7% from the 7,372,430 tons shipped during March. Year-to-date […]
General Motors will soon be sourcing low-carbon steel from ArcelorMittal North America. The steelmaker said it will provide the Detroit-based automaker with its XCarb™ recycled and renewably produced (RRP) steel made at its ArcelorMittal Dofasco plant in Hamilton, Ontario. Shipments are anticipated to begin in the current quarter, ArcelorMittal said in a statement. Made via […]
Sabel Steel Service Inc. has acquired Beaumont, Texas-based metals service center Sampson Steel Corp., effective Thursday, June 1. “Sampson Steel joins the Sabel Steel family with 107 years of history in the metals industry,” Keith Sabel, president and CEO of Sabel Steel, said in a statement via Linkedin. Stephen Eisen, previously president of Sampson Steel, […]
Sheet prices fell hard across the board this week as business ramped back up after Memorial Day. Recall that prices were steady last week largely because of a lack of activity following the holiday. SMU’s hot-rolled coil price now stands at $935 per ton ($46.75 per cwt), down $55 per ton a week ago and […]
Steel Dynamics Inc. (SDI) has published new, lower coating extras that are effective July 3. The Fort Wayne, Ind.-based steelmaker has reduced extras by an average of 10%, according to market participants and the new coating extras sheet. SDI’s current extras took effect on Aug. 1, 2022. Under that schedule, a 0.07-0.054 G90 coating was […]
The LME aluminum three-month price continued to make steady gains on the morning of June 2 and was seen trading at $2,308/t. The move marks the successful test of the key $2,200/t support earlier last week. SHFE aluminum prices also traded higher on that day. The cash price settled at RMB18,585/t and last traded at RMB18,665/t, […]
Steel prices continued to erode in May, following a trend that began halfway through the previous month. Hot-rolled coil (HRC) prices ended May at $990 per ton ($49.50 per cwt) on average, falling by $130 per ton throughout the month. The SMU Price Momentum Indicator for sheet products remained Lower during May after shifting to […]
Rig counts fell in the US for the fifth consecutive week, but increased in Canada for the week ended June 2 compared with a week earlier, according to the latest data from oilfield services company Baker Hughes. The total US rig count stands at 696 active rigs as of June 2, down 15 from the previous week. The number of active oil rigs in the US dropped […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! […]
Sheet prices were broadly flat this week mostly because of a dearth of activity around Memorial Day. The consensus is prices will resume their downward trajectory, especially with nearly everyone we surveyed reporting that mills remain willing to negotiate lower spot prices. So where and when might prices bottom? For starters, very few people think […]
Sheet prices were flat or down only modestly this week, the first period of relative stability since mid-April. But several market participants said the flattish trend reflected limited activity around Memorial Day rather than stability in the broader market. Mills remain willing to negotiate spot prices and to match lower prices from their competitors, some […]
Rig counts fell in the US while they inched up in Canada for the week ended May 26 vs. the week prior, according to the latest data from oilfield services company Baker Hughes. The total US rig count stands at 711 active rigs as of May 26, down nine from the previous week. The number of active oil rigs in the US fell […]
What’s up with galvanized coating extras? Galvanized lead times and prices have been falling since April, according to SMU data. SMU’s galvanized base price stands at $1,170 per ton ($58.50 per cwt), down nearly 12% from $1,325 per ton last month and down 31% from $1,700 per ton from a year ago. Lead times are at […]
Steel buyers across all products surveyed by SMU this week are finding mills more willing to negotiate lower spot pricing vs. two weeks ago. Galvanized saw the percentage of buyers saying mills were willing to talk price climb to 100% this week, up from 90% at the previous market check, while cold rolled rose 28 percentage […]
Altos Hornos de México (AHMSA) has sold approximately 19,000 tons of scrap to help pay for workers’ salaries, according to a local media report. The Mexican steelmaker is also raising money by selling coke from its coke plants, Mexico’s El Tiempo reported, citing comments from bankruptcy trustee Elmer Rocha. AHMSA and hedge fund Argentem Creek […]
There are many great, supportive organizations in the steel and metals industry. One that continues to grow as the industry evolves is the Association of Women in the Metal Industries (AWMI). Founded in 1981, AWMI is an international organization that was established to promote and develop the growth of women in the metal industries. AWMI […]
The National Transportation Safety Board (NTSB) is urging action for bridges nationwide made of “uncoated weathering steel” (UWS). Based on an ongoing investigation of a 2022 bridge in Pittsburgh, the NTSB recommended on May 18 that federal and state authorities go over inspection reports and identify incomplete follow-up actions for bridges that included the material. “On Jan. […]
Sheet prices came down harder than I expected this week. I probably shouldn’t have been surprised. For starters, mills are still making money at these levels, so there is not a lot of friction to lowering prices to get an order. Also, lead times are or will soon be overlapping with a period when we’re […]
SMU’s domestic hot-rolled coil price has fallen below $1,000 per ton ($50 per cwt) for the first time since early March as a broad-based sheet price decline picks up speed. Our HRC price now stands at $990 per ton on average, down $50 per ton from $1,040 per ton last week and off $170 per […]
As pricing and lead times continue to drop, buyers are keeping a close eye on the market, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the Tuesday, May 23, meeting of its Sheet Metal/Air Handling Council. Cautious optimism carried over from April’s meeting. Currently, 90% of galvanized buyers say […]
The price spread between hot-rolled sheet and steel plate rose for the sixth consecutive week as hot-rolled prices continued their descent and plate prices remained relatively stable, according to SMU’s price indices published last Tuesday. SMU’s hot-rolled coil index averaged $1,040 per net ton ($52.00 per cwt) in the latest market check on May 16. […]
Rig counts fell in both the US and Canada for the week ended May 19 vs. the week prior, according to the latest data from oilfield services company Baker Hughes. The total US rig count stood at 720 as of May 19, down 11 from the previous week. The number of active oil rigs in the US fell by 11 to 575 […]
A lot of steel companies are talking about being carbon neutral by 2050. But how are we going to get there? And how do we get the rest of the world to come with us? As we proceed with decarbonization, what actually qualifies as “green steel,” and who gets to decide? A conversation today with Kevin […]
There is debate brewing about whether sheet prices will see a long, slow slide or whether they’ll fall off the proverbial cliff. Some of you have told me you’re still trying to pass along costs for steel bought following the last round of mill price hikes. That’s not been an easy thing to do, especially […]
Prices for steel sheet continue to move lower as market participants debate how far and how fast prices might fall before they reach bottom. Some are also questioning when and how quickly prices might rebound. But most don’t see that happening until the back half of the year. SMU’s hot-rolled coil price has in the […]