Welcome back from Labor Day, from Steel Summit, and from whatever fun you might have had over the long weekend. Personally, I enjoyed camping with friends and family near Starved Rock. No one starved, there were no major injuries, and we enjoyed the many splendors of Mystical Fire. (Speaking of which, does that have industrial uses? But I digress.)
SMU indices moved higher on cold rolled products this week, while galvanized prices were flat. Our indices for plate, hot rolled, and Galvalume all edged lower.
Steel Market Update will be taking time off in observance of Labor Day. We will not publish an issue on Sunday, Sept. 1, and our offices will be closed on Monday, Sept. 2. Our weekly pricing service will not be impacted. We will resume our regular publication schedule and our pricing service on Tuesday, Sept. […]
Current steel mill lead time averages are a few days longer than levels seen one month prior, but remain near historical lows for both sheet and plate products.
Both our Current and Future Indices are now up to multi-month highs, indicating continued optimism among steel buyers.
Having risen for three weeks in a row, weekly production is now at the highest rate seen since February 2023.
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil increased $15 per short ton (st) from last week to $710/st.
The big show is just about here. SMU Steel Summit will be getting underway on Monday. Where does the networking begin? I’d say at the airport. So don’t forget your business cards. And it can't hurt to wear a company golf shirt.
The utility industry has sounded the alarm over potential increases in Section 301 tariffs affecting solar photovoltaic cells, batteries and transformers. The Office of the US Trade Representative (USTR) and the White House have unveiled proposals to increase the current 7.5% tariffs to 25% after the end of this month. An announcement is pending.
Steelmaking raw material prices have moved in differing directions across August, a change of pace from the declines seen in June and July, according to SMU’s latest analysis.
Global steel output fell 5% in July according to World Steel Association’s (worldsteel) latest release. Total steel mill production around the world tallied up to 152.8 million metric tons (mt) for the month of July, the second-lowest monthly rate seen this year.
Cleveland-Cliffs aims to fetch $730 per short ton (st) for hot-rolled coil, up $30/st from its last published price. The steelmaker said the move was effectively immediately and “due to ongoing market developments” in a letter to customers on Wednesday, Aug. 21.
Sheet prices trended sideways to modestly up this week in a market that appears to be in “wait-and-see” mode.
Three out of four of our market survey respondents report that steel mills are open to negotiating new order prices this week, a slight decline compared to our previous market check.
SMU’s sheet prices increased across the board this week, marking the third consecutive week of rising prices, while plate prices held stable.
Specialty steel maker Metallus, formerly known as TimkenSteel, has officially begun work on a bloom reheating furnace at its Faircrest plant in Ohio.
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil is unchanged from last week at $690/ton.
Total US steel exports declined again in June, down 2% month-on-month (m/m) to 773,000 short tons (st) according to the latest US Department of Commerce data.
The company is in the process of being acquired by Cleveland-Cliffs in a deal valued at USD$2.5 billion.
June steel import data was finalized at 2.15 million short tons (st) this week, down 24% from May according to the latest US Commerce Department release. June represents the lowest monthly import rate seen this year. July import licenses now tally up to 2.29 million st as of Aug. 4, potentially recovering 6% from June. […]
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.
SMU’s sheet prices rose by an average of $10 per short ton (st) this week on most products, the second consecutive week of recovering prices. Aside from the marginal uptick seen last week, this is the first instance of increasing sheet prices since the first week of April.
Domestic steel mill output eased last week for the second consecutive week, according to the latest release by the American Iron and Steel Institute (AISI). Although production has declined, it remains relatively on the high side compared to rates seen across this year.
The wind energy sector continues to be a key feature of our forecasts for steel plate demand. As overall demand in China slows, it will assume a greater importance in shaping future global trends.
The US Commerce Department on Friday released its determination confirming that the Socialist Republic of Vietnam continues to function as a non-market economy (NME). The department’s decision represents a significant victory for domestic manufacturing. It is also critical to leveling the playing field for US industries and will support greater opportunities for growth and fair trade in the United States. The government of Vietnam had requested that Commerce reconsider its NME designation. It argued that Commerce Secretary Gina Raimondo had pledged to support the changing of its status to a market economy.
SMU’s Monthly Review articles summarize important steel market metrics for the prior month. Our July report contains figures updated through July 31.
Steel buyers of sheet products say mills are still flexible on spot pricing this week, though less so than two weeks prior, according to our most recent survey data.
What a difference a week makes! SMU has shifted its sheet momentum indicators from “lower” to “neutral”. And we’ll be on the lookout for evidence of higher prices in the weeks ahead.
Pennsylvania Governor Josh Shapiro has come out against Nippon Steel’s proposed buy of U.S. Steel because it doesn’t have union support, according to media reports.
Charter Manufacturing, a diversified metals manufacturer, has agreed to buy regional scrap metal recycler Niles Iron & Metal Co.