Steel Dynamics Inc. remains optimistic about its prospects as it ramps up flat-rolled steel operations and prepares for the production of aluminum products next year. Executives from the Fort Wayne, Ind.-based steelmaker provided an update on the company’s operations on a conference call on Thursday held to discuss SDI’s third-quarter earnings results.
The volume of finished steel entering the US market declined in August from July, according to SMU’s analysis of data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Referred to as ‘apparent steel supply,’ we calculate this monthly rate by combining domestic steel mill shipments and finished US steel imports and deducting total US steel exports.
Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices. The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.
Prices, demand, inventories, evolving market events... What are buyers and sellers of steel talking about this week?
Steel sheet prices mostly edged lower for a second week, while plate prices slipped for the third consecutive week.
The amount of steel exiting the country in August reached the highest monthly rate recorded since August 2023.
August steel imports totaled 2.38 million short tons (st) according to final data released this week by the US Commerce Departmen
SMU’s next Community Chat webinar will feature Barry Zekelman, executive chairman and CEO of Zekelman Industries – the largest independent steel pipe and tube manufacturer in North America. The webinar will be on Wednesday, Oct. 16, at 11 a.m. ET. It’s free to attend. A recording will be available only to SMU subscribers.
SMU’s Steel Buyers’ Sentiment Indices moved in different directions this week. Our Current Steel Buyers’ Sentiment Index eased to a six-week low, while Future Buyers’ Sentiment ticked up to a four-week high. Both of our Indices continue to indicate optimism among steel buyers.
I’m trying to make sure this is not a TL;DR Final Thoughts. As a journalism school professor once told me, ‘No one but your mom reads more than 1,000 words.’ Also, as the old adage goes, a picture is worth a thousand as well. With that in mind, below are a couple of charts that I think go a long way toward explaining how prices and lead times have been relatively stable despite concerns about demand.
Steel mill lead times inched up this week for most sheet and plate products, according to buyers responding to our latest market survey.
Negotiation rates have consistently been in the 70-80% range for over two months, relatively strong in comparison to levels seen across the past year.
SMU’s monthly review provides a summary of important steel market metrics for the previous month. This latest report includes data updated through Sept. 30.
Join SMU’s next Community Chat webinar with Barry Zekelman, executive chairman and CEO of Zekelman Industries – the largest independent steel pipe and tube manufacturer in North America. The webinar will be on Wednesday, Oct. 16, at 11 a.m. ET. It’s free to attend. A recording will be available only to SMU subscribers.
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.
Steel prices ticked higher this week for most of the sheet products SMU tracks, back up to highs last recorded in June and July. Meanwhile, plate prices edged lower following three weeks of stability.
Bull Moose Tube Co. (BMT) will expand its steel pipe and structure operations with a $25 million plant in Gerald, Mo., according to The Economic Times.
Nucor is closing its Nucor Tubular Products Chicago facility and will be laying off 47 workers.
Domestic raw steel mill production declined last week to levels not seen since early last year, according to the latest figures released from the American Iron and Steel Institute (AISI).
Grand Steel has acquired a new toll processing facility in Chattanooga, Tenn., marking the third location for the flat-rolled steel service center.
Drilling activity eased in the US last week, while Canadian counts increased, according to the latest data release from Baker Hughes.
SMU’s Steel Buyers’ Sentiment Indices remain in positive territory and continue to indicate optimism amongst steel buyers.
The price gap between US cold-rolled (CR) coil and offshore product has shrunk slightly this week ended Sept. 27 as stateside tags edged down. The premium slipped moderately but remains well ahead of the 10-month low from late July.
Over three quarters of the steel buyers participating in our market survey this week reported that mills are negotiable on new order prices
Steel mill output around the world totaled 144.8 million metric tons (mt) in August, the lowest monthly rate of 2024.
SMU’s steel price indices were mixed this week as the market seeks direction. All of our indices have fluctuated within relatively narrow ranges across September.
Flack Global Metals (FGM) Founder and CEO Jeremy Flack will sit down with SMU for a Community Chat webinar on Wednesday, Oct. 2, at 11 am ET. The live webinar is free for anyone to attend. A recording will be available only to SMU subscribers.
A transformer caught fire at U.S. Steel’s Midwest Plant in Portage, Ind., on Sunday.
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil increased $10 per short ton (st) from last week to $730/st as of Monday, Sept. 23.
It’s officially fall. And here’s a funny thing about steel prices in the fall over the last few years – they tend to move in the opposite direction of the leaves. SMU’s hot-rolled (HR) coil price averaged $676 per short ton (st) in September 2023. That figure increased to $1,035/st in December 2023, a gain of 53% percent. (You can follow along with our pricing tool.)