A Pennsylvania state senator wants the Keystone State’s governor to work with him to land Nucor and U.S. Steel’s new, multibillion-dollar sheet mills in the western part of the state. Sen. Joe Pittman, a Republican, wants to meet with Gov. Tom Wolf, a Democrat, in hopes of attracting the electric arc furnace (EAF) mill projects – […]
By CRU Senior Analyst Helen O’Cleary, from CRU’s Steel Sheet Products Monitor CRU recently developed a bottom-up zinc demand model to improve our medium-term demand forecasts. The model calculates demand in key regions and countries for the six major first uses of refined zinc: galvanized sheet, general galvanizing, copper-zinc alloys, die casting alloys, zinc oxide […]
Monthly Key Market Indicators, as analysed by Steel Market Update, slipped again in the past month, albeit slightly. The typical summer slowdown may have been compounded by the ongoing drag of COVID-19 as well as an uneasy economic and political landscape. Markers for the Present Situation have contracted for a third straight month and Trends […]
Much like when seasons change, wholesalers of galvanized steel products sense a whiff of something different in the atmosphere, brought to U.S. shores along with thousands of tons of low-priced imports. “The import market has opened people’s eyes. With that type of a price spread – coupled with auto steel still being impacted by the […]
Nucor has enough raw material to supply its planned $2.7 billion, 3-million tpy sheet mill, but is exploring new technologies that might help it further reduce carbon emissions. The Charlotte, N.C.-based steelmaker is eyeing a range of options – including increased use of shredded scrap in its sheet mills’ electric-arc furnaces (EAFs), “green” pig iron […]
Nucor plans to build a new, $2.7 billion electric-arc furnace (EAF) sheet mill with annual capacity of three million tons per year in either Ohio, Pennsylvania or West Virginia. The facility is aimed at customers in the Midwest and Northeast as well as at the automotive industry, the Charlotte, N.C.-based steelmaker said. “These important markets […]
Steel Market Update’s check of the market this week puts the average spot price for hot rolled at an incredible $1,950 per ton. But for the first time in nearly a year, we are not reporting a new record high this week. Our HRC price actually dipped by a small $5 per ton. Next week […]
U.S. domestic steel demand remains strong, but supplies have been catching up and are largely in balance. These dynamics are starting to show as steel prices have seen a slower rate of rise and may be near a peak. Lead times are also contracting, with hot rolled now below nine weeks. These changes are largely a […]
Mill shipments of steel products rose 2.0% in July to 8.7 million tons, following an increase of 1.7% the month prior. Apparent supply jumped 3.6% in July after a 6.0% increase the prior month. July marks the fifth consecutive month of gains after February’s double-digit contraction. This analysis is based on steel mill shipment data from […]
By CRU Senior Editor Ryan McKinley, from CRU’s Steel Sheet Products Monitor Steel sheet prices were either little changed or fell w/w across most of the globe, with the U.S. market now joining in the global cooldown. Prices in the U.S. fell w/w for the first time in over year, albeit the decline was only […]
By CRU Senior Economist Henry Hao and Principal Economist Alex Tuckett, from CRU’s Global Economics Outlook Since China rolled out the “three red lines” policies, China’s second-largest developer China Evergrande (EG) has grown to be the most indebted with more than RMB1.97 tn of liabilities. Market investors are concerned that Evergrande will collapse and default […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Producer prices expanded further in August, albeit at a slower rate. The gains continued, however, maintaining the historic climb for the index and subcategories for final demand, which have […]
Steel Dynamics Inc. (SDI) forecasts a new quarterly record in the third quarter of 2021 when it comes to steel operations’ profitability, according to guidance issued Wednesday. The gains versus second-quarter results come thanks to strong steel demand and significant metal spread expansion, the electric-arc furnace (EAF) steelmaker said. “Third-quarter 2021 steel shipments are expected to be […]
Sheet prices continue to wobble with hot-rolled coiled prices actually declining, albeit modestly, for the first time in more than a year. The concern: that the market is at a peak – and perhaps heading down the other side. Hot rolled coil prices have been flat in prior weeks, but they have not declined since […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor Market fundamentals in the North American sheet market continue to evolve and clearly suggest that supply tightness is easing. From a broad point of view, these fundamentals include rising supply, service center inventories that are balanced with outbound shipments, and demand growth that […]
By CRU Aluminum Advisor Greg Wittbecker China has been wrestling with inflationary tendencies in its aluminum market for some time: Spot Shanghai Futures Exchange (SHFE) high aluminum is at $3,516 per ton; that compares to $2,139 a year ago and $1,849 five years ago. The Chinese State Reserve Board (SRB) is releasing part of its […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor Regional sheet markets have continued to exhibit divergent trends for not only prices, but also production and demand. The lone continent where sheet prices have yet to fall from a peak is North America. All other markets now have prices below their recent […]
Despite some regional shifts in commercial construction, demand remains robust – while some project delays are creating backlogs that will likely drive additional construction activity in late Q4 and into early 2022, said members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI). Demand for HVAC and other galvanized-intensive steel products remains strong, said members of […]
We often talk a lot about hot-rolled coil prices in Final Thoughts. I’d like to take a deeper dive into coated prices today. It’s been an almost straight line up for an entire year for flat-rolled steel prices. And galvanized is no exception. Galvanized base prices are at $2,070 per ton ($103.50 per cwt). That’s […]
Mexican steelmaker Altos Hornos de México (AHMSA) has called off its deal with service center Grupo Villacero, according to regulatory filings in Mexico. AHMSA said it had scrapped the agreement with Alianza Minero Metalúrgica Internacional because of alleged “legal irregularities.” Alianza is a group of investors led by Grupo Villacero President Julio Villarreal, per Mexican […]
Electric vehicle (EV) sales have gotten a big boost from President Biden’s pledge to reduce harmful CO2 emissions. And the Biden administration’s infrastructure bill now under debate in Congress, which includes $7.5 billion in funding for a nationwide network of EV charging stations, could go a long way toward reducing the “range anxiety” that is […]
Total steel imports into the United States jumped by more than 20% in the first seven months of the year, versus the same period in 2020, reported the American Iron and Steel Institute, based on preliminary Census data. Foreign steel, including billet and slabs, totaled 17.7 million net tons for a 20.6% year-over-year increase. Finished […]
Two of the steel industry’s most respected analysts delivered a reality check to the market on Monday during SMU’s Steel Summit in Atlanta. Record-high steel prices enjoyed by steelmakers and distributors for the past year “can’t last,” they declared. Simply put, supply-demand fundamentals indicate that prices are due – indeed overdue – to drop significantly in the next […]
Nucor might be wrapping up an approximately $4-billion expansion campaign, but it has no intentions of stopping there, the company’s top executive said. “We’re going to be a growth company. … And we’ve got the balance sheet to continue to invest,” President and CEO Leon Topalian said. Topalian declined to specify where the company might […]
Nucor Corp. has acquired Hannibal Industries, Inc., a national provider of steel racking solutions headquartered in Los Angeles, Calif. “We are excited to officially welcome our Hannibal teammates as part of the Nucor team,” said Giff Daughtridge, president of Sheet and Tubular Products. “Adding steel racking solutions to our product portfolio expands our ability to […]
Steel Market Update will not be updating sheet and plate prices during our Steel Summit conference in the week of Aug. 23. The SMU staff will be busy with the conference, and many of the usual data providers will be in attendance at the event in Atlanta. SMU will resume its weekly price updates the […]
Roughly half of the steel executives responding to Steel Market Update’s market trends questionnaire this week believe the infrastructure legislation now working its way through Congress will have a significant impact on steel demand in the next year or two. The other half are unsure if the two parties in Washington can reach agreement even […]
Settling on the direction of SMU’s Price Momentum Indicators has been an easy task for the past year. Prices on all products were clearly moving upward week after week as demand continued to outstrip supplies. Today, the market is changing, and the trend is less clear. Determining price momentum is considerably trickier. SMU does not […]
Allegheny Technologies Inc. (ATI) has sold its Flowform Products business to Consolidated Boring Inc. for $55 million in cash. Proceeds from the sale of Billerica, Mass.-based Flowform will be used to boost ATI’s liquidity and to strengthen its balance sheet, the company said. “While ATI Flowform is a strong performer with a great team serving […]
On Friday, Steel Market Update sent data providers the final analysis for July of service center inventories, shipments, steel on-order, and percentage of inventories tied up for contract sales. Premium members will receive the report on Monday. As expected, after reviewing our Flash Report which is provided to data providers five days into the new […]