Algoma Steel Inc. said lower plate shipments and falling steel prices are expected to hit earnings in its fiscal third quarter of 2023. The Sault Ste. Marie, Ontario-based sheet and plate producer said total steel shipments are expected to be around 455,000 tons for its third quarter ended Dec. 31. Adjusted earnings before interest, taxes, depreciation, […]
Nucor plans to increase base prices for all new orders of steel sheet by $50 per ton ($2.50 per cwt). The price hike is effective immediately, the Charlotte, N.C.-based steelmaker said in a letter to customers on Monday, Jan. 9. “We reserve the right to review and re-quote any offers that are not confirmed with […]
Higher prices rolled out by North American sheet mills are gaining traction downstream, according to our latest survey results. Service centers report that they are raising prices to their customers. And manufacturers say they are seeing higher prices from their service center suppliers. Both trends are more pronounced than what we saw in late August […]
Starting after the recovery of the financial system from the 2008 global financial crisis, and continuing until Covid-19 hit, the economy was remarkably stable and consistent. Demand for aluminum in general grew at a steady pace, with some end-use segments outperforming historical averages. For financial markets, the running joke became “stock prices go up.” Since 2020, […]
Canadian drilling rig numbers have made a post-holiday rebound, while working rigs in the US declined, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), a key […]
Steel mill lead times increased again this week, extending by an average of 0.6 weeks across all five products we track. You may recall that lead times for hot-rolled, cold-rolled, and galvanized products were at or near multi-year lows in our late November market check. Lead times have increased an average of 0.9 weeks compared […]
Sheet prices started out the year modestly higher. That’s what you’d expect given that Q1 is typically a busy and that scrap prices usually rise over the winter months. The question now is whether prices, which have been moving upward since Thanksgiving, continue to increase or whether the current upswing might prove to be a […]
At the start of each year, CRU continues to feature top expectations and outliers for the year ahead. This annual list of expectations is a thought piece, meant to stimulate internal discussions, scenario analysis, and strategic planning around potential risks to the markets we cover. This 2023 edition covers six expectations and three potential outliers. […]
Sheet prices entered 2023 moving upward on expectations of higher prime scrap prices, and on a modest uptick in activity as some buyers looked to get ahead of anticipated higher steel prices as well. The gains also came on the heels of a price increase of $50 per ton ($2.50 per cwt) initiated last month […]
The number of active Canadian drilling rigs dropped for the second week in a row, while rigs in the US stayed the same, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for […]
With 2022 now in the past, the door has closed on one of the most volatile years for the aluminum industry. Supply chain disruptions as a residual fallout from Covid-19 and elevated levels of geopolitical risk raised uncertainty throughout the value chain. The shift in import trends has also been a major topic and is […]
Steel mill lead times increased again this week, extending by an average of 0.3 weeks across all five products we track. Recall that lead times for hot-rolled, cold-rolled, and galvanized products were at or near multi-year lows in our late November market check. Lead times have increased an average of 0.8 weeks compared to levels […]
A significant percentage of steel buyers continue to report that mills willing to negotiate lower prices on new order prices. But that rate has been declining since early November, according to Steel Market Update’s recent market checks. Mills’ willingness to negotiate lower prices for sheet products is at its lowest point since late April, when tags […]
The number of active Canadian drilling rigs dropped significantly this week, while rigs in the US increased slightly, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), […]
Worthington Industries is building cash to strengthen its balance sheet as it prepares to move its Steel Processing segment into a separate business. The Columbus, Ohio-based company said it had had $129.6 million of cash at the end of its fiscal second 2023 quarter ended Nov. 30, an increase of $95.1 million from May 31, […]
I’m eager to see the results of our survey later this week because I think it might shed some light on what appears to be a tale of two steel markets. Some of you are telling me that you’re already busy and will only get busier as people come back into the market after the […]
Sheet prices continued to inch upward this week, but the pace of gains slowed ahead of the holidays. Some market participants noted sharply higher offers from mills following a round of $50-per-ton ($2.50/cwt) price hikes last week. They also said activity and backlogs were strong heading into 2023. But others said mills were still offering […]
Nucor plans to build a new, $370-million continuous galvanizing line at California Steel Industries (CSI) to serve construction markets in the western US. The Charlotte, N.C.-based steelmaker said the galv line would have annual capacity of 400,000 tons per year (tpy), and would increase CSI’s total hot-dip galvanizing capacity to 1.2 million tpy. The project […]
Trying to neatly summarize the North American steel market right now can give you a case of cognitive dissonance. Domestic mills think they have some momentum, and they’re trying as hard as they can to get prices higher for Q1. Case in point: ArcelorMittal has put the heft of one of the world’s largest steelmakers […]
The number of active drilling rigs dipped this week in the US and in Canada, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG), a key […]
Sheet markets in most areas of the world have established a price floor within the last week. Still, in all markets we cover, demand weakness persists and threatens to either cap potential price increases or even reverse them. The CRUspi was little changed month-on-month (MoM) in December at 190.8 after nearly all markets reached a […]
ArcelorMittal has joined the effort initiated by Cleveland-Cliffs to increase spot prices for steel sheet by at least $50 per ton ($2.50 per cwt). The move is effective immediately for material from AM/NS Calvert, the steelmaker’s joint venture mill in Alabama with Japan’s Nippon Steel. “We reserve the right to modify any outstanding quotations,” the […]
The LME aluminum three-month price has found a higher trading range and has settled in near the $2,450/metric-ton mark this week. The price rallied by over $60/metric ton after lower-than-expected US inflation data was seen in the market as a positive sign that inflation is cooling. Yet as the week closed out on Dec. 16, […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
Flat Rolled = 52.4 Shipping Days of Supply Plate = 50.3 Shipping Days of Supply Flat Rolled US service center flat-rolled supply in November was steady month on month (m/m), according to Steel Market Update data. At the end of November, service centers had 52.4 shipping days of flat-rolled steel supply on an adjusted basis, compared […]
Monthly Key Market Indicators (KMI) deteriorated over the past month after steadily improving since July, while steel buyer sentiment inched up after it had tumbled to a 26-month low, according to the latest analysis by Steel Market Update. Positive and neutral indicators have eased, while negative indicators rose. Despite recent improvements, headwinds remain. The economy […]
Nucor Corp. said it expects lower earnings in its steel mills segment in the fourth quarter ending Dec. 31 vs. the previous quarter. Reasons cited include lower average selling prices, margin compression and lower volumes, with the largest decrease in profitability expected at its sheet mills. The Charlotte, N.C.-based steelmaker said it expects overall fourth-quarter […]
Imported sheet and plate products’ arrival at US ports varied in November, leading their share of the US market to diverge, even though domestic shipments declined during the month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel […]
Imported sheet and plate products arrived at US ports at a slightly higher clip in October, though their share of the US market diverged as domestic shipments varied during the month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron […]