Steel Market Update is pleased to share this Premium content with Executive members. The information below is excerpted from the full article, which is available to Premium subscribers on SMU’s website. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Total rolled product imports in September were down by 28.7 percent on a three-month […]
Mills have hiked prices on flat rolled and plate steels in the past 10 days and it appears they will collect at least a portion of the increases. Steel Market Update’s check of the market this week shows prices up as much as $30 per ton, depending on the product, on top of a $10 […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Raw Materials Monitor The iron ore price has risen again in the past week as offloading activities have continued while demand from China’s steel mills has been robust. On Tuesday, Sept. 1, CRU has assessed the 62% Fe fines price at $124.5 /dmt, up by $1.5 /dmt […]
Six months of adversity was not what Leon Topalian expected when he took over the reigns of Nucor in January. But a pandemic that devastated the economy, caused demand and pricing to plummet and put the very lives of employees in jeopardy was a formidable challenge to overcome. “I’m not sure I’ve seen before in […]
The future of U.S. Steel and Big River Steel as one entity continues to excite CEOs from both companies. Speaking during the SMU Virtual Steel Summit this past week, U.S. Steel CEO David Burritt could barely contain his enthusiasm regarding the opportunities the marriage of the two companies will provide the iconic steel producer. Burritt […]
Following on a similar move by the plate mills earlier in the week, flat rolled mills announced price changes Wednesday and Thursday ranging from $40 to $60 per ton. Nucor’s Sheet Mill Group notified customers today, Aug. 27, that it has increased base prices on new orders of hot rolled, cold rolled and galvanized steel […]
California Steel Industries has appointed Shinji Tanaka as President and Chief Executive Officer. He will replace Marcelo Botelho Rodrigues who completed his four-year term on Aug. 1, 2020. Tanaka joined CSI in January 2020 as the Executive Vice President of Engineering and Continuous Improvement following a 21-year career at JFE Steel in Japan. At JFE […]
Claiming national security concerns over a slump in the U.S. steel market, President Trump issued a proclamation late Friday that appears to amend the quota limits on Brazil, further restricting steel imports from South American nation. While it’s unclear at this point which products will be affected and to what degree, one source tells SMU […]
Prices for flat rolled steel products moved up by as much as $20 per ton in the past week, while plate increased by $10, according to Steel Market Update’s check of the market on Monday and Tuesday. SMU’s Price Momentum is higher on sheet products, but Neutral on plate products, as the plate mills’ price […]
By CRU Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service U.S. sheet steel prices hit their lowest point of the year on Aug. 12 and are slated to rise as steel consumption has been increasing. Steel mill capacity utilization reached 61.5 percent in the week ended Aug. 15, up from 60.4 percent the […]
The latest CRU Global Economic Outlook indicates that Mexican auto production will not reach 2019 levels until 2023, with expectations that 2020 volumes will be down about 23 percent in 2020 and recover 19 percent in 2021. There is some near-term upside to the Mexican market as production returns to normality after the Covid-19-related shutdowns, […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor Sheet prices in the U.S. Midwest market were led lower by declines in HR and CR coil. The price of HR coil is now back down to the low reached in early May, though market participants have noted that low priced offers have become scarce. […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Monitor Steel markets have recovered from the depths of Covid-19 global disruption, but this has varied in pace across regions and has been stop-start in many. Indeed, as measured by CRU’s global finished steel CRUspi, finished steel prices bottomed in May at 129.3, the lowest reading […]
Seventy percent of the steel buyers polled by SMU last week said they believe prices are near the bottom of the current market. SMU pegs the current benchmark price for hot rolled at around $440 per ton, slightly lower than the consensus view of $460 per ton because SMU learned of some low-$400’s deals late […]
By CRU Chief Economist Jumana Saleheen and Economist Ippolito Tarabini, from CRU’s Steel Sheet Products Monitor The economy is in the midst of a recession triggered by a health crisis. That makes this recession unusual and different. Here we examine how this recession compares to previous recessions. From that we infer key features of the […]
Mill shipments and supply of sheet products began to turn around in June. This analysis based on steel mill shipment data from the American Iron and Steel Institute (AISI) and import-export data from the U.S. Department of Commerce. The analysis summarizes total steel supply by product from 2008 through June 2020 and year-on-year changes. The […]
The analysis breaks down the imported tonnage of six flat rolled products into the district of entry and the source nation. We believe that misinformation (or lack of) about local import volume is often used to influence purchase decisions. Our intent with this analysis is to describe in detail what is going on in a […]
U.S. steel mills shipped 6,023,524 net tons in June, a 10.3 percent increase from the 5,461,851 net tons shipped in the previous month, but a 22.0 percent decrease from the 7,718,499 net tons shipped in June 2019, reports the American Iron and Steel Institute. Shipments year-to-date in 2020 total 41,218,207 net tons, a 14.5 percent […]
Steel Market Update is pleased to share this Premium content with Executive subscribers. For more information on how to upgrade to a Premium subscription, email Info@SteelMarketUpdate.com. July was the ninth consecutive month where imports were down by more than 20 percent compared to the same month last year, according to the latest Commerce Department data. […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor. The U.S. Midwest sheet market was somewhat mixed this week as prices for both HR and HDG coil fell w/w, while CR coil rose by $3 /s.ton. The price of HR coil fell $5 /s.ton w/w and is at its lowest level since the prior […]
By CRU Research Analyst Eduardo Tinti, from CRU’s Steelmaking Raw Materials Monitor Last week, iron ore prices rallied, rising by $10.7 /dmt w/w. This was mainly due to very strong Chinese demand driven by high steelmaking margins, BFs operating at historic high capacity utilization rates and bullish market sentiment. Albeit rising iron ore inventories at […]
By CRU Senior Consultant Ibrahim Yucel, from CRU’s Steel Monitor Efforts to reshore critical supply chains and secure access to strategic materials have become a top political issue for many countries, and trade barriers are a common tool used by governments to help protect local producers of strategic materials. However, trade policy enforcements sometimes lead […]
Hot rolled steel prices have declined nearly every week since early June when the benchmark price was at $515 to the current average of $450 per ton–a 13 percent decline in just seven weeks. Two out of three respondents to SMU’s poll of the market a week ago said they believe flat rolled steel prices are […]
“Second-quarter results are a reminder of why we have to change,” said U.S. Steel President and CEO David Burritt, during his quarterly conference. The second quarter marked the trough of a challenging year, he said, as U.S. Steel remains focused on its “best of both” strategy, which includes the acquisition of EAF mill Big River […]
Metals processor and distributor Ryerson Holding Corp. recorded revenue of $772 million for the second quarter of 2020, a plunge of 35.9 percent from a year ago and 23.6 percent sequentially. Shipments fell 25.8 percent to 462,000 tons. Average selling price declined 13.6 percent to $1,671 per ton. The company reduced warehousing, delivery, general and […]
Learning to do more with less during the COVID crisis is bringing structural changes to ArcelorMittal, said Aditya Mittal, president and CFO of the world’s largest integrated steel and mining company, during today’s second-quarter report to analysts and investors. Without offering specifics about which assets will be affected in pursuit of cost savings, Mittal said […]
By CRU Analyst Iris Speelmanns, from CRU’s Steelmaking Raw Materials Monitor The following is excerpted from CRU’s weekly report on steel supply disruptions and restarts. Several weeks after national lockdowns were eased, activity in steel-consuming sectors continues to resume and mills are restarting or ramping up production in some regions. Outside China, the spread of […]
Nucor surprised analysts with earnings significantly higher than expected for the second quarter of 2020. Earnings for Q2 totaled $108.9 million or $0.36 per diluted share despite Nucor’s own guidance for $0.10-0.15 per share and analyst forecasts of $0.12 to $0.14. The company admits poor forecasting ability resulted in the welcome discrepancy, along with strategic […]
The trough for steel volume, particularly for flat rolled steel, has passed and the second half looks promising, said Steel Dynamics CEO Mark Millett. Back orders are strong and order intake rates have picked up due to increasing demand as businesses resume operations following COVID-19 shutdowns. “It is still not possible to determine the full […]
Wholesalers who sell galvanized steel products to the HVAC sector remain surprisingly upbeat, despite weak steel prices and uncertain demand due to the coronavirus. In a conference call this morning, members of the Heating, Air Conditioning & Refrigeration Distributors International said they are benefiting from some pent-up demand, especially in the Northeast where state and […]