The US will import approximately ~50,000 metric tons of steel slab from China in June, according to license data from the US Commerce Department. The figure is notable because the US has imported no significant quantities of Chinese slab in at least the last six years, per Commerce figures. The average price was $694 per metric […]
In SMU’s market check this week, lead times for sheet and plate pulled back to some of the shortest times seen in several months. To see lead times this short, we have to go back to March for plate, January for galvanized sheet, and December for hot-rolled, cold-rolled, and Galvalume sheet. With mills pushing for […]
Algoma Steel said its transition to electric-arc furnace (EAF) steelmaking would be delayed and over budget as it reported a loss in its fiscal fourth quarter. The Sault Ste. Marie, Ontario-based steelmaker said in a statement on Wednesday after markets closed that it estimated the project would exceed its original budget by Canadian $125 million to […]
How can SMU’s sheet prices go down shortly after a round of $50-per-ton mill price hikes? Long story short: It’s because we’re capturing both pre- and post-increase pricing in our survey as well as in calls and emails with some of you. And, as those of you who’ve been in the industry for a while […]
ArcelorMittal has followed U.S. Steel and Nucor in an attempt to increase sheet prices by $50 per ton ($2.50 per cwt). The Luxembourg-based steelmaker also specified new minimum base prices: $950 per ton for hot-rolled coil (HRC) and $1,150 per ton for cold-rolled and coated products. ArcelorMittal made the price hike announcement with the opening […]
Flat Rolled = 51.4 Shipping Days of Supply Plate = 55.4 Shipping Days of Supply Flat Rolled US service center flat-rolled steel inventories were nearly flat month on month in May with shipments still strong. Service centers carried 51.4 shipping days of supply at the end of May, according to adjusted SMU data. This was […]
What to make of the latest round of sheet prices hikes: Are they aimed at stopping the bleeding, getting buyers off the sidelines, or actually getting sheet prices back up again? These are serious questions now in a way that they weren’t after U. S. Steel first announced its price hike last Wednesday. That hike […]
We are counting down the days until SMU’s Steel Summit Conference on Monday-Wednesday, Aug. 21-23, in Atlanta. It’s only a little over two months away. Approximately 755 people have already registered. Our discounted room blocks are almost gone. Register here. The event will again be held at the Georgia International Convention Center, a massive conference center in close […]
Rig counts are down for the seventh consecutive week in the US but up in Canada for the week ended June 16, according to the latest data from oilfield services company Baker Hughes. The total US rig count stands at 687 active rigs as of June 16, down eight from the previous week. The number of active oil rigs […]
The US Federal Reserve has taken some pressure out of the market by announcing a pause in interest rate hikes, leaving rates at 5% to 5.25% after more than a year of consecutive rate increases. The decision on Wednesday came a day after official figures showed US inflation was 4% – the lowest pace of […]
Nucor aims to increase base prices for new orders of steel sheet by at least $50 per ton ($2.50 per cwt), effective immediately. The Charlotte, N.C.-based steelmaker also said that its new base price for hot-rolled coil (HRC) was $900 per ton. “We reserve the right to review and re-quote any offers that are not […]
Nucor Corp. said its second-quarter earnings should beat those of the prior quarter on strength in all its business segments. The steelmaker expects its Q2 earnings to be in the range of $5.45 to $5.55 per diluted share. Although down from the $9.67 per share posted in Q2 last year, it’s an improvement upon Q1 […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, and import offers. 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! Contact david@steelmarketupdate.com to be included in our […]
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 […]