We haven’t had a price increase since March 13, the Monday after Silicon Valley Bank collapsed. It’s entirely possible we’ll get another round of price hikes should mills decide the market will support it or should they want to reverse any bearish sentiment before it gains traction. It’s also possible that we won’t see another […]
Galvanized sheet continues to experience stable demand but market sentiment is waning, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the March 22 meeting of its Sheet Metal/Air Handling Council. Bullishness has subsided from sentiment in February. With lead times approaching eight weeks, HARDI members are experiencing tighter inventories and delayed […]
This week started without a price increase. Not that we needed another. Still, it felt weird after so many consecutive weeks of them. Prices continue to move up even without increases and lead times continue to extend. But the pace has moderated. Our hot-rolled coil price stands at $1,140 per ton ($57 per cwt) this […]
Martin Keighley, CEO of CarbonFree Chemical Holdings, recently spoke with SMU to discuss his company’s SkyCycle carbon capture and storage (CCS) and carbon capture and utilization (CCU) technology. As previously reported, US Steel has entered into a preliminary agreement with CarbonFree to address the capture of CO2 at its Gary Works facility in Indiana. SkyCycle, CarbonFree’s second-generation […]
US Steel has restarted the No. 8 blast furnace at its Gary Works in northwest Indiana. The Pittsburgh-based steelmaker said it restarted the furnace in early March in response to improving demand and rising prices. The company had idled the No. 8 furnace in September, citing difficult market conditions and competition from imports. It hinted […]
US Steel said it will begin closing coke-making batteries 1, 2, and 3 at its Clairton plant outside Pittsburgh later this month. First announced in early 2021, the shutdown will take an estimated six days and is expected to be completed by the end of March, the Pittsburgh-based steelmaker said Tuesday. US Steel noted that […]
Flat-rolled steel prices continue to rise in response to repeated mill pricing announcements, a trend we’ve seen nearly weekly since Monday, Nov. 28, 2022. Hot-rolled coil (HRC) prices have surged by $490 per ton – a 78% jump – since Cleveland-Cliffs and US Steel kicked off the craze with $60-per-ton price hikes. On Monday, Cliffs […]
Top executives from US Steel met with White House officials to explore funding opportunities for decarbonization. The Pittsburgh-based steelmaker said president and CEO David B. Burritt and Richard L. Fruehauf, chief of strategy and sustainability, joined White House climate officials as well as industry and labor leaders to discuss “public and private collaborations to support […]
US Steel has been named one of the world’s most ethical companies in 2023 by Ethisphere. The Pittsburgh-based steelmaker said this is the second consecutive year it has been recognized and, out of 135 honorees, is the only integrated steel producer to be chosen. Scrap recycler and long steel producer Schnitzer Steel Industries was also […]
US steel shipments rose 3.6% in January vs. December, but fell 7.9% year over year, according to the most recent figures from The American Iron and Steel Institute (AISI). Domestic steel mills shipped 7,148,270 net tons in January, up from 6,901,567 net tons shipped the prior month, but falling from the 7,757,807 net tons shipped […]
The steel industry in the US, and across much of the developed world, finds itself between two greens. On the one hand is the constant innovation towards sustainable, decarbonized “green” steel. And, on the other, is a more traditional green, the bottom line: money. The hope is to keep the two aligned, increasing profits while […]
Three US senators have asked the US Trade Representative to engage with the European Union on proposed measures that would limit the trade of steel scrap. Thom Tillis (R., N.C.), Joe Manchin (D., W.Va.), and Todd Young (R., Ind.) wrote a letter to USTR Katherine Tai on Feb. 28. The letter outlines the potential fallout to […]
US Steel has signed a preliminary agreement with CarbonFree Chemical Holdings to pursue the capture of CO2 at the steelmaker’s Gary Works in Indiana. The two companies signed a non-binding Memorandum of Understanding (MoU) to use CarbonFree’s SkyCycle™ technology at Gary Works. Pittsburgh-based US Steel said that if a definitive agreement is reached, up to […]
Mexico has historically relied on steel sheet product imports to meet its demand as domestic suppliers, such as Ternium and AHMSA, had insufficient production capacity. But, in recent years, both Ternium and ArcelorMittal have built new capacities for hot-rolled (HR) coil in Mexico. Ternium is also in the process of building more downstream capacity and […]
Minnesota officials have granted Cleveland-Cliffs new mineral leases for its Hibbing Taconite Co. iron ore mining and pellet processing operations on the state’s Mesabi Iron Range. Cliffs chairman, president, and CEO Lourenco Goncalves said the approvals from the Minnesota Executive Council would keep Hibbing Taconite running through at least 2026. If approved, additional leases in […]
NLMK USA has announced new, higher base prices for steel sheet. The steelmaker said the higher prices were effectively immediately on all new spot orders and justified by “strong demand and extending lead times,” in a letter to customers on Wednesday, Feb. 22. NLMK USA said that its new minimum base price for hot-rolled coil was […]
Sheet prices are up again. By a lot. For the third time this month. And it’s not over yet! Nucor alone is up more since Thanksgiving ($310/per ton) than they were after the invasion of Ukraine ($275/ton), according to our price increase calendar. We had obvious drivers for the last two big rallies. The snapback […]
Sheet prices increased this week as another blitz of price hikes – this time $100 per ton ($5/cwt) – spurred the market higher. The latest announcements from the likes of Nucor, Cliffs, US Steel, and ArcelorMittal, all setting a new base price for hot band of $1,000 per ton, are yet to be reflected in […]
ArcelorMittal has followed three major domestic mills in increasing sheet prices by at least $100 per ton ($5 per cwt). Luxembourg-based ArcelorMittal, one of the world’s largest steelmakers, also said it was targeting a minimum base price of $1,000 per ton for hot-rolled coil (HRC) effective immediately. That echoes new HRC base prices announced earlier […]
US Steel has joined competitors Nucor and Cleveland-Cliffs in raising base prices for steel sheet by at least $100 per ton ($5 per cwt). The Pittsburgh-based steelmaker said the price hike was effective immediately for all new spot orders in a letter to top sales staff dated Tuesday, Feb. 21. The company said the increases […]
The “new normal,” we have heard that a whole lot since the pandemic took hold. Are we really seeing a paradigm shift? Or is it just a trendy phrase? But, first, let’s talk about price hikes. If three’s a crowd, then what’s five – a herd? The week got off to a quick start early […]
US apparent steel supply rose 2% in December to 8.2 million net tons compared to the previous month, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Apparent steel supply is determined by combining domestic steel mill shipments and finished US steel imports, then deducting total US […]
ArcelorMittal and NLMK USA have followed three major domestic steelmakers in increasing sheet prices by at least $50 per ton ($2.50 per cwt). Luxembourg-based ArcelorMittal said it was targeting a minimum base price of $900 per ton effective immediately, echoing moves first announced by Nucor and Cleveland-Cliffs. “The increase is applicable to all new spot […]
US Steel said it will supply General Motors (GM) with verdeX® sustainable steel produced at Big River Steel, its electric-arc furnace (EAF) sheet mill in Arkansas. The low-carbon steel produced at the Osceola, Ark., mill will begin shipping to GM manufacturing facilities starting this year, the Pittsburgh-based steelmaker said. “We are pleased to join GM in […]
US steel exports decreased in December compared to November, according to the latest US Commerce Department data. December’s exports total stood at 592,060 tons vs. 697,447 tons the previous month. December was the lowest volume month for 2022. In comparison to recent years, export levels were relatively high for the majority of 2022. Of our six monitored product groups […]
US Steel Corp. got in on the action and increased spot prices for carbon steel sheet by at least $50 per ton ($2.50 per cwt). The move is effective immediately, the company said in a letter to customers dated Monday, Feb.13, and joining Nucor and Cleveland-Cliffs in their efforts to boost sheet tags. The latest price […]
MSS Steel Tubes USA LLC is investing $6 million to open its first US steel tubes production plant in Memphis, Tenn. The company is a subsidiary of Portugal-based MSS Steel Tubes SA, owned by Portugal-based Metalogalva Group in partnership with Brazil-based Soufer Group. “We are thrilled to open this new plant in Memphis subject to approval […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]
Ternium Mexico president César A. Jiménez sees the company’s investment in Pesquería, outside of Monterrey, as an opportunity to replace imports with steel produced in Mexico. Jiménez sat down with SMU managing editor Michael Cowden at SMU’s Tampa Steel Conference for a Fireside Chat. Beyond Pesquería, he gave his thoughts on a range of topics, […]
Whether it’s restarting blast furnaces in the US and abroad, or pushing full-steam ahead at its Big River Steel 2 project, US Steel Corp. is keeping abreast of current demand, with an eye toward a sustainable future. Ken Jaycox, US Steel’s chief commercial officer, sat down with SMU managing editor Michael Cowden on Feb. 7 […]