The LME 3-month price for aluminum was broadly stable on the morning of May 24 and, at the writing of this article, was last seen trading at $2,627 per metric ton. The price fell sharply during the week from its recent peak amid hawkish comments from Fed officials, as indicated in the minutes of the […]
Here’s something I didn’t expect to see this week: SMU’s Current Buyers’ Sentiment Index dropped to its lowest point since August 2020.
Offshore cold-rolled (CR) coil prices remain a cheaper option over domestic product, even as US CR coil prices tick lower, according to SMU’s latest check of the market.
US hot-rolled (HR) coil prices declined again and now stand nearly even with offshore hot band on a landed basis.
Sideways and range-bound describes the US steel derivatives market over the past week, though the monthly picture shows a more notable decline in front-end flat prices. Week-over-week saw the June futures contract firm slightly, from $770 per short ton (st) to $780/st as of Thursday, May 23’s provisional close. However, the contract was down by […]
Venture Steel announced plans to expand its flat rolled processing facility in Ramos Arizpe, Coah., Mexico.
Lead times on most steel products tracked by SMU held steady or contracted this week compared to two weeks earlier, according to our latest market survey.
SMU’s Steel Buyers’ Sentiment Indices both plummeted over 10 points this week, both hitting lows for 2024, according to our most recent survey data.
Global steel output in April fell 3.1% from March’s 10-month high, according to World Steel Association’s (worldsteel) latest release.
From integrated to EAF, from hot-dipped galv to cold-rolled sheet, to the reputable vacuum tank degasser, the steel industry definitely has its own jargon. And we know our readers know that lingo backwards and forwards. Rather than test you on it, we thought we'd do something different.
Steel prices eased for both sheet and plate products this week, according to our latest canvass of the market
U.S. Steel’s board of directors has published a letter accusing Cleveland-Cliffs of a campaign of “misinformation” intended to “derail the transaction” of Japan’s Nippon Steel Corp. (NSC) to buy the Pittsburgh-based steelmaker. However, Cliffs has clapped back, with a release rebutting USS’ allegations.
Tenaris is blaming unfairly traded OCTG imports flooding the US market for its decision to lay off approximately 170 employees.
Domestic raw steel production continued to ramp up through last week, now up to a six-week high according to the latest release by the American Iron and Steel Institute (AISI).
The CRU US Midwest hot-rolled (HR) coil index is a dominant and established price benchmark in the US. Many steel-buying contracts are linked to ‘the CRU,’ as it’s commonly called. But how does it work?
Workers at a Mercedes plant in Alabama have voted against membership in the United Auto Workers (UAW) union.
Sometimes even in a bit of chaos there is complacency. And it seems that since March 2020, “a bit of chaos” has been the order of the day. That means in the world at large, and in steel specifically.
The free market operates best when it is freest. But all governments intervene in markets in response to conditions that threaten peaceful progress. President Biden decided last week that market intervention was justified. He approved a report from the US Trade Representative (USTR) that recommended continuing the “Section 301” tariffs on Chinese imports into the United States.
The USMCA should be strong enough to handle trade disagreements on steel between the US and Mexico, according to the American Iron and Steel Institute’s (AISI’s) Kevin Dempsey.
Non-refillable steel cylinder imports from India are subject to new antidumping and countervailing duties (AD/CVD).
US housing starts ticked up through April following March’s dip, according to the latest data release from the US Census Bureau.
Drilling activity ticked up in the US but declined in Canada during the week ended May 17, according to the latest release from Baker Hughes.
President Biden announced an increase in tariffs this week on Chinese EVs, semiconductors, batteries, solar cells, steel, and aluminum.
The recent decline in US hot-rolled (HR) coil and longs prices has further restricted demand for imported material. Despite the decline in US sheet prices, CR coil and HDG imports remain attractive. While demand for imports of longs products has been limited, buyers have increased imports of wire products to avoid wire rods’ higher tariffs. […]
SMU had the pleasure of attending the American Iron and Steel Institute's (AISI's) annual general meeting in Washington this week. It was a slow week in our nation's capital, so we were able to take a leisurely stroll around the National Mall and take in the sights. Just kidding. In fact, the meeting coincided with significant trade actions announced by the Biden administration. It included, among other things, additional tariffs on Chinese steel and aluminum.
Mexican steelmaker Talleres y Aceros (TYASA) broke ground this month on the construction of a new special bar quality (SBQ) rolling mill in the state of Veracruz.
US hot-rolled (HR) coil prices saw further declines this week, while foreign prices were steady to slightly higher in the three regions we monitor
Veteran StoneX futures broker Spencer Johnson will be the featured speaker on the next SMU Community Chat on Wednesday, May 29, at 11 am ET. You can register here. Note that the live webinar is free for all to attend. A recording will be available only to SMU members.
Following the announcement earlier this week that the US will hike import tariffs on Chinese goods, including steel and aluminum, Canada’s steel industry called on its government to consider similar tariffs.
SMU surveyed our market contacts this week about steel prices, demand, and the overall marketplace. Below are some of the buyers' responses in their own words to help you get a feel for current and future market conditions. Demand is a big topic of discussion currently. Is it steady, falling, or on the upswing with summer construction heating up? As you can see from the answers below, it depends on who you ask. One buyer’s response sums it up pretty well: “I still see the marketplace as soft/stable with some segments busy, while others tread water.”