Cleveland-Cliffs is in the process of restarting the No. 7 blast furnace at its Indiana Harbor steel mill in East Chicago, Ind. “All good with the re-start procedure that is ongoing,” a company spokeswoman said in an email to Steel Market Update on Friday, Dec. 2. The Cleveland-based steelmaker said that there had been a […]
ArcelorMittal US has announced new, higher sheet prices with the opening of its 2023 order books. The company said it has also rolled out new grade extras, which will take effect on Jan 1., to reflect higher alloy costs. The price increases effectively apply to AM/NS Calvert, the Alabama mill jointly owned by Luxembourg-based ArcelorMittal […]
US plate prices were mostly flat this week, but more erosion could be on the horizon now that Nucor announced another round of price cuts. SMU’s most recent check of the market on Tuesday, Nov. 29 placed plate prices between $1,480-1,620 per ton with an average of $1,550 per ton FOB mill east of the […]
If you’re somewhat new to the steel industry, the wave of $60-per-ton sheet price hikes announced by mills in the US and Canada this week might have seemed a little weird. Why did they all announce it at once? Why did they all pick the exact same number to go up by? Let’s say you […]
More North American steel producers are joining in the attempt to increase prices for steel sheet products. NLMK USA said in a Dec. 1 letter to customers that “due to increased order placement and extending lead times,” its base prices will increase by a minimum of $60 per ton ($3 per cwt) for spot orders. […]
Nucor Corp. has joined other sheet producers in the US and Canada in a push to raise base prices by at least $60 per ton ($3 per cwt). The Charlotte, N.C.-based steelmaker said the move was effective immediately for new orders in a letter to customers on Wednesday, Nov. 30. “We reserve the right to […]
Stelco Holdings Inc. intends to increase spot prices for carbon steel sheet by at least CAD $80 per ton (USD $60 per ton or $4 per cwt). The move is effective immediately, the company said in a letter to customers on Tuesday, Nov. 29, and applies equally to all new orders of hot-rolled, cold-rolled, and […]
The bottom end of SMU’s sheet price ranges firmed up this week following price hikes of $60 per ton ($3 per cwt) announced by Cleveland-Cliffs and US Steel on Monday. It’s not clear yet whether the price increases will stick in full, in part, or simply stop the bleeding. Case in point: Our sheet price […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com […]
US Steel Corp. will keep the No. 3 blast furnace at its Mon Valley Works near Pittsburgh idled until market dynamics improve, a company spokeswoman confirmed to SMU. The blast furnace was originally taken offline on Aug. 30 for a month-long planned maintenance outage. The shotcrete (sprayed concrete) reline was completed on Saturday, Sept. 24. […]
US Steel Corp. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt). The move is effective immediately, the company said in a press release on Monday, Nov. 28, and applies equally to all new orders of hot-rolled, cold-rolled, and coated steel products in North America. This […]
Cleveland-Cliffs expects to resume operations this week on the No. 7 blast furnace at its Indiana Harbor steel mill in East Chicago, Ind., after a small fire, a company spokeswoman confirmed. The fire occurred over the weekend and at the beginning of a three-day planned maintenance outage, she told Steel Market Update on Monday, Nov. […]
Cleveland-Cliffs Inc. aims to increase spot prices for carbon steel sheet by at least $60 per ton ($3 per cwt). The move is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled and coated products in North America, the company said in a press release on Monday, Nov. 28. The Cleveland-based company […]
At the end of October, Friedman Industries began shipping material from its new coil processing facility on the campus of Steel Dynamics Inc.’s newest sheet mill in Sinton, Texas. The Longview, Texas-based processor’s new 70,000-square-foot facility includes a new stretcher leveler cut-to-length line that’s able to process coils up to one-inch thick and in widths […]
SMU’s sheet prices slipped again this week. But some market participants predicted that sheet was at or near a bottom. The anticipation of that bottom appeared to pull some big buyers off the sidelines. Large purchases from some pulled the low end of our hot-rolled coil range below $600 per ton ($30 per cwt) and […]
Steel mill lead times were mixed this week compared to our previous market check, with production times slightly shrinking for three products and marginally extending for two. Hot rolled, cold rolled, and galvanized lead times are now at or near multi-year lows. Lead times are down by an average of 0.2 weeks compared to one […]
The potential for a rail strike still remains after the results of union votes were announced on Nov. 21. While members of the SMART yardmasters and Brotherhood of Locomotive Engineers and Trainmen (BLET) voted to accept their proposed labor deals, members of the International Association of Sheet Metal, Air, Rail, and Transportation Workers – Transportation […]
A very high percentage of sheet buyers continue to report that mills are willing to talk price to secure an order, as they have since May, with more than nine out of ten reporting that this week. Negotiations on plate products are not as common, with slightly more than half of buyers reporting they are […]
Hot-rolled coil lead times have been bouncing around four weeks on average since July. HRC prices over that time have fallen from $955 per ton ($47.75 per cwt) to $630 per ton as of last week, a 34% decline. The question now is whether we bottom out around $600 per ton. Will sheet prices and lead […]
As this year winds down, many have 2023 business on their minds. Reports of waning demand have contributed to pessimism among buyers. But the domestic steel industry has reason for optimism heading into the New Year, according to the top executives at steel’s two leading trade associations. Steel Market Update spoke with Phil Bell, president of […]
The number of active drilling rigs increased this week in both the US and Canada, according to data from oilfield services company Baker Hughes. Counts have been trending in different directions in recent weeks. Drilling activity in the US continues to improve, although it is still not back to pre-Covid levels. Canadian rig counts have been […]
Producer prices came in below expectations in October, adding to hopes that inflationary pressures are beginning to ease, the US Labor Department reported. Last month’s Producer Price Index (PPI), a measure of the prices received for final-demand products, advanced just 0.2% month-on-month (MoM) and 8% from a year ago, the smallest annual gain in more […]
The Tampa Steel Conference – which SMU does every February together with the Port of Tampa Bay – offers the tantalizing prospect for those of us in the Midwest of getting out of the cold to network outdoors in Florida. We’ll again hold the conference at the Tampa Marriot Water Street hotel. We’ve got a solid agenda […]
Steel market conditions might be tough for the balance of the year, but Stelco sees the early signs of better times in the first quarter. The Hamilton, Ontario-based integrated sheet producer is also keeping a keen eye out for potential distressed acquisitions, company executives suggested during an earnings conference call with analysts on Wednesday, Nov. […]
Metal products service center Gerber Metal Supply Co. has been purchased by All Metals Industries Inc. (AMI). Gerber is a New Jersey-based distributor of carbon sheet steel, strip, blanks, and edge processed material. Belmont, New Hampshire-based AMI is a finisher and distributor of carbon, aluminum, stainless, and coated sheet and coil products serving the Northeastern […]
Canadian steelmaker Stelco posted sharply lower earnings in the third quarter on falling steel prices and higher raw material tags. The Hamilton, Ontario-based integrated sheet producer expects lower prices and short lead times to characterize the market through the end of 2022. “Despite market headwinds driven by cost inflation and a further deterioration in steel […]
Monthly Key Market Indicators (KMI) have steadily improved since reaching their most recent low in July, though steel buyer sentiment recently tumbled to a 26-month low, according to the latest analysis by Steel Market Update. Positive and neutral indicators have increased, while negatives have eased. Despite some recent improvements, present headwinds are still notable. The […]
Is this the week that prices bottomed, or do we still have room to fall? If you think ~$600 per ton ($30 cwt) is the bottom, you might point to some positive big-picture developments: strong energy prices, moves by China to prop up its property sector, or the weakening of the US dollar. You might […]
Steel sheet prices fell across the board again this week, with hot-rolled coil prices dropping to their lowest point since late September 2020 – more than two years ago. But industry opinion about the direction of prices has diverged. That’s a significant shift from prior weeks, when sentiment was almost uniformly bearish. Some market participants […]
Most flat-rolled steel imports rose from September to October but were lower compared to year-ago levels. This is according to October import license application data released by the US Department of Commerce’s International Trade Administration. All steel imports into the US require an import license in order to enter through Customs. The license count provides […]