The US International Trade Commission has completed five-year sunset reviews of import duties on cold-rolled steel flat products from six countries. While determining that the duties on imports from five of the countries should be continued, the ITC also decided to allow the duties on Brazilian product to expire. The ITC conducted full sunset reviews […]
Steel Dynamics (SDI) this week announced plan to enter the aluminium flat-rolled products market. Pledging a $2.2 billion investment in rolling and recycling operations, SDI seeks to leverage its recycling expertise and technology, alongside its performance culture, to penetrate the underserved domestic can sheet and automotive flat-rolled markets in North America. With a nearly 30-year history […]
Algoma Steel Group Inc. has reached a tentative labor agreement with the United Steelworkers (USW) union local representing its salaried workers, both parties confirmed. USW Local 2724 – which represents technical, professional and front-line supervisors – will hold ratification votes on the tentative pact from July 21-25. The union said in an update to members […]
Steel Dynamics Inc.’s plan to construct a $2.2 billion recycled aluminum flat-rolled mill and two supporting recycled aluminum slab centers is an unprecedented and an exciting move for a steelmaker, its top executive said. “I haven’t been this excited about a project since we first launched this business,” SDI chairman, president and CEO Mark Millett said […]
SMU’s average hot-rolled coil prices dropped below $900 per ton ($45 per cwt) for the first time since December 2020. And some sources, citing short lead times and spotty demand, said they see little reason for the trend to reverse in the short term. SMU’s hot-rolled coil prices now stand at $875 per ton ($43.75 […]
Steel Dynamics, Inc. (SDI) unveiled its plan to build a $2.2 billion recycled aluminum flat-rolled mill and two supporting recycled aluminum slab centers. The proposed $1.9 billion aluminum flat-rolled mill will be located in the southeastern US, with an annual production capacity of 650,000 metric tons of finished products. It will serve the sustainable beverage […]
Flat Rolled = 55 Shipping Days of Supply Plate = 54.7 Shipping Days of Supply Flat Rolled US service center flat rolled inventories edged up in June. At the end of June, service centers carried 55 shipping days of supply on an adjusted basis, according to SMU data. This was up from 54.7 shipping days […]
Startup company Altex Tube LLC is setting up shop on the campus of Steel Dynamics Inc.’s flatrolled sheet mill in Columbus, Miss. Altex’s new, $100 million HSS and mechanical tube mill will manufacture black and pre-galvanized steel tubing ranging in size from 1–6 inches square and 1.25–7.625 inches round, up to 48 feet in length […]
Kaiser declares force majeure due to an inability to secure its required magnesium Kaiser Aluminum, which operates a major aluminum can sheet rolling mill in Warrick, Ind., declared force majeure on July 8, citing its inability to obtain enough magnesium to sustain its production. Kaiser’s mill specializes in the production of food container and beverage […]
SSAB Americas will hold its raw materials surcharge, or RMS, on #1 Heavy Melting Scrap (HMS) unchanged effective July 31 on all spot orders and all contractual agreements. The Mobile, Ala-based steelmaker said the sideways move was due to a declining HMS #1 price tag, which is currently valued at $351 per gross ton, and […]
The United Steelworkers (USW) and United States Steel Corp. got underway with master contract bargaining talks this week, and they got straight down to business, according an update sent to union members. The USW struck a hopeful tone in early talks with Cliffs. The tone in an update on bargaining with USS was more business-like. The notice […]
The United Steelworkers (USW) and Cleveland-Cliffs Inc. both seem eager to get a new labor pact done quickly, with potentially few hurdles along the way, statements by both parties indicate. The USW provided members with an upbeat report following an initial round of master contract bargaining with the Cleveland-based steelmaker. Meetings were held in Pittsburgh […]
Total mill shipments of steel products grew in May, after shrinking the month prior. May’s mill shipments totaled 8.38 million tons, a 3.1% increase from April’s 8.12 million tons. Apparent supply also recovered in May, up 3.9% versus the prior month. This analysis is based on steel mill shipment data from the American Iron and Steel Institute […]
Imported sheet and plate products arrived at US ports at a slower pace in May, resulting in them accounting for a lower share of the domestic market, according to Commerce Department data. Imports’ share of US sheet and plate markets peaked in December, reaching their highest levels in the past 4.5 years. The trend was […]
Hot-rolled coil prices fell again this week and now have a tenuous grip on $900 per ton ($45 per cwt). We remain at the lowest price levels since mid-December 2020 – more than 18 months ago. What’s going on? For starters, we know that the low end of our range might come as surprise to some […]
Sheet prices continued to slide this week and plate prices to defy gravity. If there is an upside, it’s that the pace of sheet declines has moderated slightly. SMU’s hot-rolled coil price now stands at $910 per ton ($45.50 per cwt), down $45 per ton from $955 per ton a week ago and down $190 […]
Contract negotiations between Stelco and the United Steelworkers union are progressing slowly, and as a result, a third group of Stelco steelworkers has filed for conciliation and scheduled a strike mandate vote, a union official said. Members of the USW Local 8782-03, responsible for Stelco’s pickling operations, have now joined the USW Local 8782 and […]
ArcelorMittal Mexico has started up a new hot skin pass mill at its new hot rolling mill in Lázaro Cárdenas, Michoacán. The hot skin pass mill has come into operation seven months after the new $1 billion, 2.75-million-short-ton-per-year hot rolling mill produced its first coil. “We are very happy to reach today an important step […]
A second local United Steelworkers (USW) chapter at Algoma Steel has voted to authorize a strike. Local 2274 held a vote on the matter late last week, and 95.1% voted in favor of a strike mandate, according to an update to union members. Algoma, a Canadian sheet and plate mill, is represented by two unions: […]
I promised there would be more “Final Thoughts” from me before I retire. Today, I am going to write about conversations I had with steel buyers late last week about the market. But first, a couple of key reminders that are important (at least to me): • SMU Steel Summit Conference = 43 days (Aug. […]
By CRU Research Analyst James Mills, from CRU’s Multi-Commodity Monthly Report The upside risk to commodity prices created by the war in Ukraine diminished in June as markets assessed the impact of a slower global demand growth outlook, higher inflation expectations, and a continuation of Covid-19 lockdowns in China. Bearish Economic Forecasts Are Downside Risk […]
Sheet steel prices declined last week for the eleventh week in a row, while plate prices have remained relatively stable in comparison, according to SMU’s price indices published last Tuesday. Plate prices typically carry a premium over hot rolled prices because plate is a value-added product and requires more time on the mill. SMU’s hot […]
Steel mill lead times continued to shorten into July for both sheet and plate products, according to our latest market check this week. On average this week, lead times declined by 0.3 weeks compared to late June and are down an average of half a week compared to one month prior. Having gradually declined from […]
The United Steelworkers (USW) is preparing to start master contract bargaining with US Steel in the first half of July, according to communications sent to union members. Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh and which will likely begin next week, a union spokesman told Steel […]
Is this a case of the summer doldrums or something more serious? That might be a more important question to answer than where the bottom is and when we might hit it. But first let’s start with a recap of where prices landed this week. SMU’s hot-rolled coil price is now at $955 per ton ($47.75 […]
Domestic sheet prices continue to slide back to levels not seen since late 2020 or early 2021. Even plate prices, which had been stable to date, are starting to show signs of cracking. SMU’s average hot-rolled coil price now stands at $955 per ton ($47.75 per cwt), down $300 per ton (24%) from early June […]
The local United Steelworkers (USW) chapter representing hourly workers at Algoma Steel has voted nearly unanimously to authorize a strike. Local 2251 held a vote on the matter on Monday, July 4, and 99% voted in favor of a strike mandate, according to an update to union members. Algoma, a Canadian sheet and plate mill, […]
ArcelorMittal SA has completed a deal to acquire an 80% stake in a south Texas hot-briquetted iron (HBI) plant built by Austrian steelmaker Voestalpine. The Luxembourg-based steelmaker said the deal was finalized following the receipt of customary regulatory approvals on Thursday, June 30. The agreement, announced in April, values the HBI plant – located near […]
The United Steelworkers (USW) is preparing to start master contract bargaining with Cleveland-Cliffs Inc. in mid-July, according to communications sent to union members. Local union chapters will send representatives to the master negotiations, which are being held in Pittsburgh. The USW’s current labor pact with the Cleveland-based steelmaker expires on Sept. 1. Talks will focus […]
The rally was fun while it lasted, but new capacity delayed in large part because of Covid has arrived or soon will, popular analyst Timna Tanners said. And it will coincide with some demand weakness. The result: “steelmageddon” (aka “sheet storm”) might have been delayed. But it has finally arrived, she said. “Here we are with capacity starting […]