Hot-rolled coil (HRC) imports remain attractive, even as US price gains have slowed, according to SMU’s latest foreign vs. domestic price analysis. And while domestic tags continue to inch higher, they remain well behind the targeted base price of $1,300 per ton ($65 per cwt) for HRC issued by Cleveland-Cliffs back on April 3. The price […]
Buyers of most sheet products are finding mills much more willing to talk price this week, while this number fell to 0% for plate buyers, according to SMU data. With mixed results across the products SMU surveys, galvanized products showed the biggest gain, increasing 24 percentage points to 57% of buyers saying mills were willing to […]
Cleveland-Cliffs Inc. this week provided an early look into its first-quarter earnings – which the company will disclose in full detail on April 23. Q1 steel shipments, revenues, and adjusted EBITDA are all expected to be higher than the prior quarter, the steelmaker said in a news release. At the same time, despite higher shipments, […]
Despite economic headwinds on the horizon, we are probably in store for a “shallow recession” rather than a prolonged one, according to Josh Spoores, CRU’s principal analyst – steel. Spoores sat down with SMU managing editor Michael Cowden on an April 5 Community Chat where they spoke about the outlook for the steel industry for the […]
Rig counts dropped this week in the US and Canada, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 751 for the week ended April 6, down four rigs from the week prior. The number of active oil rigs in the US dropped by two from the prior week’s 592. The […]
Altos Hornos de México (AHMSA) is proceeding with a plan that would see the company sold to a group of investors, according to a filing with the Mexican Stock Exchange. Under terms of that deal, the Mexican steelmaker is expected to receive an initial infusion of $200 million to pay for working capital and labor obligations. AHMSA makes […]
US steel mill shipments declined 3.2% in February vs. January, and were off 4.4% from February 2022, the American Iron and Steel Institute (AISI) reported on Wednesday. Domestic steel mills shipped 6,917,842 net tons in February, compared with 7,148,270 tons in January and 7,232,679 tons in the same month a year earlier. AISI said that shipments […]
Sheet prices moved slightly higher as domestic steelmakers held to previously announced price increases and as Cleveland-Cliffs rolled out another round of price hikes. Cliffs had been inching prices above $1,200 per ton ($60 per cwt) before the price hike was announced, some sources noted. It’s not clear whether other producers will follow Cliffs’ move. […]
Nucor has chosen Primetals Technologies to build a continuous galvanizing line (CGL) at its Nucor Steel Berkeley facility in Huger, S.C. The new, automotive-grade CGL is designed for annual production of 500,000 tons, London-based Primetals said in a press release on March 29. The line will increase Nucor’s galvanized production capacity and enable this sheet […]
You may have wondered what goes on behind the scenes over here at CRU and Steel Market Update. CRU principal analyst Josh Spoores will talk about what goes into forecasts as well as his take on the latest market trends at the next SMU Community Chat on Wednesday, April 5, at 11 am ET. (You can register […]
Rig counts are down in the US and Canada this week, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 755 for the week ended March 31, down three rigs from the week prior. The number of active oil rigs in the US dropped by one from the prior week’s 593. The […]
Steel mill leads time were largely flat this week, a trend change in a year that has seen them mostly rising, according to SMU’s latest steel market survey data. Case in point: hot-rolled coil lead times were flat for the first time since early January. We’ve noted a similar trend in prices, which tend to trend […]
The appeal for imports of hot-rolled coil (HRC) remains strong even as US price gains have slowed, according to SMU’s latest foreign vs. domestic price analysis. And while we haven’t seen an official mill pricing notice in nearly three weeks, domestic tags continue to inch higher towards the targeted base price of $1,200 per ton […]
The percentage of steel buyers finding mills willing to negotiate prices slipped below 25% this week, according to SMU data. Across the products surveyed by SMU, cold rolled took the largest tumble, falling 10 percentage points to 19% of respondents saying mills were willing to talk price. Every two weeks, SMU asks steel buyers whether domestic mills are […]
SMU’s hot-rolled coil price posted its smallest week-over-week (WoW) price gain since mid-January. Some sources said the market might be at or near a peak. But others said it might be taking a break ahead of domestic mills rolling out another round of price hikes. Our average hot-rolled coil price stands at $1,145 per ton ($57.25 […]
The LME aluminum three-month price steadied this week despite a whirlwind of upsetting news, finding its footing near $2,300 per metric ton. That’s below the $2,500-per-ton mark we saw as 2023 opened on a more optimistic tone. The recent news from across the geopolitical and macroeconomic scene has dampened demand sentiment in the near term. […]
Rig counts dropped in Canada but increased again in the US this week, according to data from oilfield services company Baker Hughes. The total US rig count was 758 for the week ended March 24, up four rigs from the week prior. The number of active oil rigs in the US increased to 593 from the prior week’s […]
The appeal for imports of hot-rolled coil (HRC) continues to grow as US prices move higher in response to repeated mill tag hikes. The price advantage domestic HRC had enjoyed over offshore just last month has swung negative at an accelerated rate, according to SMU’s latest foreign vs. domestic price analysis. The most recent pricing […]
Galvanized sheet continues to experience stable demand but market sentiment is waning, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the March 22 meeting of its Sheet Metal/Air Handling Council. Bullishness has subsided from sentiment in February. With lead times approaching eight weeks, HARDI members are experiencing tighter inventories and delayed […]
Imported sheet and plate products’ arrival at US ports rose in January, leading their share of the US markets to recover, while domestic shipments varied during the month. That’s according to a Steel Market Update’s analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel Institute […]
Flat-rolled steel prices are still trending up in the wake of recent mill tag hikes, albeit at a slower pace this week. We’ve seen a rather notable market cycle over the past 15-plus weeks with repeated price hikes. Is it starting to peter out, or just catching its breath? Hot-rolled coil (HRC) prices have increased […]
Finding your passion in life can take time, sacrifice, and dedication. For Jeremy Flack, founder and CEO of Flack Global Metals, it’s been a lifelong journey. On the heels of the inaugural Risk Initiatives Summit for Executives (RISE) Summit, Steel Market Update sat down with Jeremy for an exclusive interview. A lightly edited transcript of […]
Rig counts dropped in Canada and rose in the US this week, according to data from oilfield services company Baker Hughes. The total US rig count was 754 for the week ended March 17, up eight rigs from the week prior. The number of active oil rigs in the US fell by one to 589 from the […]
US Steel has restarted the No. 8 blast furnace at its Gary Works in northwest Indiana. The Pittsburgh-based steelmaker said it restarted the furnace in early March in response to improving demand and rising prices. The company had idled the No. 8 furnace in September, citing difficult market conditions and competition from imports. It hinted […]
The number of steel buyers finding mills willing to negotiate prices sank even further this week, according to SMU data. Galvanized was the only product surveyed by SMU to top 30% of respondents saying mills were willing to talk price, while plate dipped below 10%. Every two weeks, SMU asks steel buyers whether domestic mills are […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Imports of hot-rolled coil (HRC) are becoming more attractive as US mills continue to drive domestic prices higher. The price advantage domestic HRC had enjoyed over offshore hot band as recently as five weeks ago swung negative, mirroring dynamics seen more than a year ago, according to Steel Market Update’s latest foreign vs. domestic price […]
We are less than a month away from our LIVE Steel 101: An Introduction to Steelmaking and Market Fundamentals training course, to be hosted in Cleveland on April 11-12. The workshop will include a guided tour of the Cleveland-Cliffs mill, in the heart of downtown Cleveland. Attendees will be able to see firsthand all stages of production at […]
Despite strong profitability within its different product segments, Nucor Corp. expects first-quarter earnings to be down both sequentially and year on year. The Charlotte, N.C.-based steelmaker said Q1 operating income should be higher than the previous quarter while net earnings will be lower. This is due to higher state tax benefits seen in Q4 as […]
Total US mill shipments of steel products increased in January, recovering from a 23-month low the month prior. January’s shipments were the highest since last August and totaled 7.63 million tons, a 6.5% increase from December’s 7.17 million tons. Apparent supply also saw a month-on-month (MoM) increase in January, up 7.9% vs. the prior month. This analysis […]