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 […]
Flat Rolled = 52.2 Shipping Days of Supply Plate = 45 Shipping Days of Supply Flat Rolled US service center flat-rolled steel supply in February edged down slightly, while the amount of material on order surged. At the end of February, service centers carried 52.2 shipping days of supply, according to adjusted SMU data. This […]
What’s perhaps most shocking about Cleveland-Cliffs starting the week up $100 per ton ($5 per cwt) on sheet and targeting $1,200 per ton for hot-rolled coil (HRC) is that many of you didn’t find it shocking. In early February, we got used to prices going up by $50 per ton from one week to the […]
Flat-rolled steel prices continue to rise in response to repeated mill pricing announcements, a trend we’ve seen nearly weekly since Monday, Nov. 28, 2022. Hot-rolled coil (HRC) prices have surged by $490 per ton – a 78% jump – since Cleveland-Cliffs and US Steel kicked off the craze with $60-per-ton price hikes. On Monday, Cliffs […]
US steel shipments rose 3.6% in January vs. December, but fell 7.9% year over year, according to the most recent figures from The American Iron and Steel Institute (AISI). Domestic steel mills shipped 7,148,270 net tons in January, up from 6,901,567 net tons shipped the prior month, but falling from the 7,757,807 net tons shipped […]
The LME aluminium three-month price eased lower again last week and was seen trading Friday at around $2,300 per tonne. Still below the high mark for 2023, recent news from the macroeconomic scene has dampened demand sentiment and prices accordingly. Market participants awaited Jerome Powell’s semi-annual congressional testimony, with Friday’s focus the nonfarm payrolls report. […]
Cleveland-Cliffs aims to increase spot market prices for hot-rolled, cold-rolled, and coated flat-rolled steel by at least $100 per ton ($5 per cwt) effective immediately. The Cleveland-based steelmaker also said its new minimum base price for hot-rolled coil (HRC) was $1,200 per ton in a press released on Monday, March 13. That’s up from the […]
The steel industry in the US, and across much of the developed world, finds itself between two greens. On the one hand is the constant innovation towards sustainable, decarbonized “green” steel. And, on the other, is a more traditional green, the bottom line: money. The hope is to keep the two aligned, increasing profits while […]
By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor The CRU metallics price indicator (CRUmpi) for March rose by 7.4% month on month (MoM), to 357.7, which is its highest value since June 2022. Strong Turkish buying of scrap and pig iron since the second half of February is the key […]
US plate prices have steadily increased over the past two weeks, largely in response to repeated mill price hikes. The most recent increase came from Cleveland-Cliffs when the steelmaker aimed to increase base prices for steel plate by at least $60 per ton ($3 per cwt). It was Cliffs’ first official plate price notice in […]
The White House recently released the president’s 2024 federal budget proposal. It is a huge document, proposing to spend nearly $7 trillion during the year beginning Oct. 1. That is a significant increase over the FY2023 budget approved by Congress. It even surpasses federal spending during the pandemic in 2020 and 2021. For those oncerned […]
Rig counts dropped in Canada and the US this week, according to data from oilfield services company Baker Hughes. The total US rig count was 746 for the week ended March 10, down three rigs from the week prior. The number of active oil rigs in the US fell to 590, down two from the prior […]
Steel Dynamics Inc. (SDI) has broken ground on its previously announced aluminum rolling mill outside of Columbus, Miss., according to local media reports. When local TV station WCBI asked SDI chairman, president, and CEO Mark Millett why the company chose the area, he said it was in large part because of opportunities in the beverage […]
The price advantage domestic hot-rolled coil (HRC) had enjoyed over offshore hot band has evaporated as US mills drive prices higher, according to Steel Market Update’s latest foreign vs. domestic price analysis. Nucor and ArcelorMittal last week announced a target price $1,150 per ton ($57.50 per cwt) for HRC. Market contacts have told SMU that some […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Monthly Key Market Indicators (KMI) improved over the past month, advancing repeatedly since hitting a recent low last November, according to the latest analysis by […]
Aggressive mill price increases are pushing flat-rolled tags up at a sharp clip, rivaling the spike seen in response to the war in Ukraine last March. On Friday, Nucor came out with yet another notice – up an extra $150 per ton ($7.50 per cwt) and setting a new base price for hot band of […]
Three US senators have asked the US Trade Representative to engage with the European Union on proposed measures that would limit the trade of steel scrap. Thom Tillis (R., N.C.), Joe Manchin (D., W.Va.), and Todd Young (R., Ind.) wrote a letter to USTR Katherine Tai on Feb. 28. The letter outlines the potential fallout to […]
A sheet supply squeeze is on and, according to some market participants, chances are it’s only going to get tighter. There is no one thing, a war or pandemic, that’s causing the squeeze this time. Instead, it’s a litany of comparatively smaller events that combined have created some real havoc. You know that list by […]