Nucor has agreed to buy racking and hollow structural section (HSS) manufacturer Hannibal Industries Inc. for $370 million. “Acquiring Hannibal Industries gives us a new growth platform and broadens our offering to the fast-growing warehouse channel,” Nucor President and CEO Leon Topalian said. “This acquisition reflects our strategy of expanding beyond our core steel businesses and establishes […]
U.S. steel mills shipped 7,987,038 net tons in May, a 46.2% increase compared with the 5,461,851 net tons shipped in May 2020 when the economy was struggling with the worst of the pandemic. May shipments also were up 1.8% from the 7,845,008 net tons shipped in the previous month, reported the American Iron and Steel Institute. […]
Producer prices continue to rise into the summer months showing no signs of slowing down. The index and subcategories for final demand have not only recovered from the collapse seen at the onset of COVID-19 but have now surpassed pre-pandemic levels. Since the repeated decreases from February through April of 2020, the composite Producer Price […]
Steel Market Update’s latest analysis of monthly Key Market Indicators highlights that the road to recovery from the COVID-19 doldrums is far from over. Markers for the Present Situation have contracted a bit while Trends show small but positive moves from a month ago. The markers are not necessarily an evaluation of the economy’s journey from affliction to […]
Mill shipments of steel products rose in May by 1.9%, rebounding from the 2.0% decline seen the month prior, while apparent supply was up 1.7% compared to April. Although mill shipments and apparent supply gains have decelerated from the nearly 20.0% rally seen in March, May’s gains were the third increase in as many months […]
Steel Market Update is pleased to share this Premium content with our Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Steel demand continues to outpace supplies in the U.S., leading to one price increase after another. Buyers are struggling to source enough steel to meet their customers’ needs and […]
So much for the summer doldrums. After a brief pause following Independence Day (and Canada Day), sheet prices have resumed their sharp upward trajectory. Hot-rolled coil prices are now over $1,800 per ton ($90 per cwt) while cold-rolled and galvanized base prices are above $2,000 per ton ($100 per cwt). If this pace of gains […]
Canada has launched an antidumping trade case against oil country tubular goods (OCTG) from Austria. The investigation by the Canada Border Services Agency (CBSA) – initiated on Wednesday, July 7 – stems from a complaint filed by Tenaris SA’s Canadian subsidiaries. “The CBSA will investigate whether the imports are being dumped and will make a preliminary decision […]
SMU found no evidence of a summer lull in our latest check of the market. Sheet prices were flat or up in a post-holiday period that in prior years has seen them slip. Hot-rolled coil and cold-rolled coil prices were unchanged. Galvanized and Galvalume prices were up $25 per ton and $50 per ton, respectively. […]
SMU found no evidence of a summer lull in our latest check of the market. Sheet prices were flat or up in a post-holiday period that in prior years has seen them slip. Hot-rolled coil and cold-rolled coil prices were unchanged. Galvanized and Galvalume prices were up $25 per ton and $50 per ton, respectively. […]
Cleveland-Cliffs has launched a cash-incentive program across all its facilities to encourage employees to get their COVID-19 vaccines. “The program works per site. The company will pay all vaccinated employees a cash bonus based upon the level of vaccination achieved by that site,” a Cliffs spokeswoman said. If 85% of workers at a given mine, mill or […]
Canada has launched an anti-dumping trade case against oil country tubular goods (OCTG) from Mexico. The probe stems from a complaint filed by Regina, Saskatchewan-based Evraz Inc. NA Canada and Concord, Ontario-based Welded Tube of Canada, according to documents from the Canada Border Services Agency (CBSA). The CBSA, which initiated its investigation on June 30, […]
Mark Bula sees an analogy between the latest green steel technology and the electric arc furnaces (EAFs) that transformed traditional steelmaking back in the 1980s. “Just as minimills once disrupted the industry, we must once again take a monumental leap forward,” he said. Bula is well known in the steel industry for his prior role […]
By Michael Marley The mini sheet mills face a maxi problem, namely no additional supplies of prompt industrial scrap to feed their growing appetites for that raw material. As they move ahead with planned expansions of existing facilities and the construction of greenfield plants, electric arc furnace (EAF) steelmakers may be forced to rely on additional […]
Cleveland-Cliffs Inc. plans to take a 45-day maintenance outage at the big No. 7 blast furnace at its Indiana Harbor steel works in East Chicago, Ind., a company spokeswoman said. The planned outage, for a partial reline of the furnace, is scheduled to start on Sept. 1, she said. The No. 7 furnace has capacity […]
The Russian government has proposed levying tariffs on the country’s ferrous and non-ferrous exports from Aug.1 until year-end to offset extra costs faced by the state’s sub-contractors due to much higher metal prices. “In order to rule out price manipulation during export, as well as the temptation to understate the value of export contracts and […]
Let’s talk about lead times. Because the results from our latest survey caught my attention. This is the first time in since January-February that you can maybe discern a potential peak in pricing – at least judging by that metric. Lead Times: Trend or Head Fake I’m going to display our lead latest lead time […]
Let’s talk about flat rolled and plate steel mill lead times. Because the results from our latest steel market survey caught my attention. This is the first time in since January-February that you can maybe discern a potential peak in pricing – at least judging by that metric. Lead Times: Trend or Head Fake I’m […]
Nucor has increased base prices for steel plate by at least $120 per ton ($6/cwt) along with the opening of its August order book. The new, higher prices are effective immediately and will be collected along with published freight and extras, the Charlotte, N.C.-based steelmaker said. Nucor’s new ex-works base price for cut-to-length A36 plate […]
SSAB Americas aims to increase plate prices by another $50 per ton ($2.50 per cwt) – just days after lifting tags by $100 per ton. The latest increase is effective immediately on all non-contract orders, and it means SSAB’s prices are up $150 per ton within a span of only three days. The latest increase […]
Producer prices have not only recovered from the COVID-19-driven fallout, but have now overtaken pre-pandemic levels. Since the repeated decreases from February through April of 2020, the composite Producer Price Index (PPI) of all commodities from the Bureau of Labor Statistics (BLS) has seen consistent month-on-month increases. May’s index registered a 3.2% increase versus the […]
If you’re seeking a peak, keep looking. Because it wasn’t this week. Steel Market Update found that spot prices for most sheet and plate products were again higher – despite scattered reports of increased availability for some contract buyers. SMU’s benchmark hot-rolled coil prices stands $1,760 per ton ($88/cwt), up $40 per ton from last […]
Plate prices have seen an astronomical rise, but the big gains have not been enough to keep the spread between sheet and plate from ballooning. And that spread is already the inverse of what is the norm. Normally plate prices carry a premium to sheet prices – now the reverse is true. Sheet carries around a […]
The Ashland Works steel mill is coming down after operating for the better part of 100 years on the Ohio River. Cleveland-Cliffs Inc. confirms that it will demolish the idled Kentucky mill that it acquired from AK Steel in 2019. Although there were initial discussions about restarting the mill to produce pig iron, ultimately the […]
SSAB Americas aims to increase steel plate prices by at least $100 per ton ($5/cwt) effective immediately on all new spot orders. The increase applies equally to as-rolled mill plate and coil, cut-to-length plate, normalized plate, and quenched-and-tempered plate, the company said in a letter to customers on Monday, June 21. “In addition to this […]
2021 SMU Steel Summit Conference Revised Agenda as of June 20, 2021 There are 55 days before the start to the 2021 SMU Steel Summit Conference. We should have close to 300 companies and 800+ executives attending this year based on where we are today. The conference agenda is close to its final shape. There […]
2021 SMU Steel Summit Conference Revised Agenda as of June 20, 2021 There are 55 days before the start to the 2021 SMU Steel Summit Conference. We should have close to 300 companies and 800+ executives attending this year based on where we are today. The conference agenda is close to its final shape. There […]
USS-POSCO Industries has officially changed its name to USS-UPI, LLC. The West Coast subsidiary of Pittsburgh-based U.S. Steel said the change means its email domain is switching from ussposco.com to ussupi.com. “This transition period will occur over the next few months,” the company said in a letter to customers on Friday, June 18. USS-UPI also […]
Steel Market Update’s latest analysis of monthly Key Market Indicators underscores that the recovery is still under way. Markers for both the Present Situation and Trends show small but positive moves from a month ago and now exceed pre-pandemic levels. SMU’s Key Market Indicators include a host of data on the economy, raw materials, manufacturing, construction, and […]
By CRU Prices Analyst Estelle Tran U.S. sheet prices are still trending higher, which has supported further gains in raw materials, slabs and imported steel. Even though CRU HR coil prices have increased 7.4% m/m to $1,655 /s.ton on June 16, market contacts still report a lack of workable offers, especially given lead times into […]