Tag: US

Steel mill lead times shrunk by an average of 0.3 weeks, according to our latest market survey, now nearing levels last seen in September of last year.

The March outlook for most ferrous products is trending down faster than most participants thought as recently as a week ago.

Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its April order book.

Mexico has said it will place retaliatory steel tariffs on the United States if the US acts to reimpose Section 232 on its neighbor, according to an article in Reuters.

What are some “Black Swans” to watch out for? With the war in Ukraine entering its third year, your mind might understandably move to conflicts overseas. Here is one closer to home to consider: US trade relations with Mexico taking a turn for the worse. I mention that because the Office of the United States Trade Representative (USTR) dropped a (virtual) bombshell earlier this month.

US hot-rolled (HR) coil prices have fallen further this week, working their way to $800 per short ton (st) on average – a mark not seen since late October.

Metalformers expressed increased optimism about business activity this month, according to the February 2024 Precision Metalforming Association (PMA) Business Conditions Report.

The United Auto Workers (UAW) union said that over 50% of workers at Mercedes-Benz’s plant in Vance, Ala., “have signed union cards in support of joining the UAW.”  

January’s import level was even higher than an earlier license count had suggested, making it the highest month for imports since June 2023.

Foreign cold-rolled coil (CR) remains much less expensive than domestic product even as prices in the US have declined at a rapid pace over the past month, according to SMU’s latest check of the market.

The United Steelworkers union expressed a lack of trust in assurances from Japan’s Nippon Steel Corp. (NSC) regarding its proposed buy of U.S. Steel.

Domestic production of raw steel moved up again last week, improving for the fourth straight week, according to the most recent data from the American Iron and Steel Institute (AISI).

Falling US sheet prices have reduced the attractiveness of hot-rolled (HR) coil imports as domestic mills price competitively to secure limited business. However, tightness in the CR coil market has extended delivery to June or July in some cases, and buyers may consider to import given competitive prices and arrival times.

The United Auto Workers (UAW) executive board has voted to start a new “solidarity project” to support auto workers in Mexico.

Domestic prices have been sliding since the beginning of the year, and I don’t see any obvious reasons why the slide might stop this week. But let’s put the timing of a bottom aside for a minute. The question among some of you seems to be whether we’ll see another price spike, or at least a “dead-cat bounce,” before the typical summer doldrums kick in.

This week, the World Trade Organization (WTO) ministerial conference convenes in Abu Dhabi, UAE. There are many issues on the WTO’s plate. The question is whether any resolution of these matters is likely or even possible. One of the most important issues is the future of the dispute settlement system, which has been rendered impotent […]

Olympic Steel said it's open to future acquisitions in all three of its business segments.

US Trade Representative Katherine Tai has voiced the United States’ unease at a marked increase in steel and aluminum imports from Mexico, and what she termed a lack of transparency about Mexican imports of the metals from third countries.

Nippon Steel Corp.’s (NSC) operations in China are a potential security concern of the Biden administration, according to a Bloomberg report citing anonymous sources close to the matter.

Rig counts in the US and Canada were mixed again for the week ended Feb. 23. The US saw totals move higher, while Canadian rig figures slipped week on week (w/w), Baker Hughes’ latest data shows. US rigs The number of active rotary rigs in the US expanded by five to 626 from the previous […]

In the period between mid-February and mid-March, CRU forecasts global demand for steelmaking raw materials to change little from the previous month,but buying activity will improve towards the end of next month

The Mid-American ISRI Chapter held its annual meeting in St. Louis this month. Over the years, this event has become a “must attend” for the scrap community nationwide.

The US already had strict regulations on air-quality standards for particulate matter, but they are going to get even tighter.

At SMU, our goal is not to tell you what to think but to keep the conversation going. We asked you in our survey this week what you were seeing when it comes to steel prices, demand, imports, and wildcards. In your own words, with minimal editing, here’s what some of you in the SMU community shared with us this week.

I’ve had discussions with some of you lately about where and when sheet prices might bottom. Some of you say that hot-rolled (HR) coil prices won’t fall below $800 per short ton (st). Others tell me that bigger buyers aren’t interested unless they can get something that starts with a six. Obviously a lot depends on whether we're talking 50 tons or 50,000 tons. I've even gotten some guff about how the drop in US prices is happening only because we’re talking about it happening.

Alan Kestenbaum, the CEO of Stelco, said the company is actively evaluating ways to grow the company, including both organic and inorganic opportunities.

Having just attended the historically significant ISRI Mid-America Chapter Consumers Night Banquet in St. Louis and waiting for my delayed flight, it seemed I had the perfect opportunity to inform the industry of a few items that came out while wheeling and dealing in the beautiful Union Train Station Hotel. For the West Coast export […]

Over my years of observing the steel market, there's been a recurring belief that current market disruptions in either the physical spot market or steel futures are temporary anomalies, destined to fade, and that normalcy will soon return. However, the events of the first few weeks of 2024 served as a stark reminder that this expectation seldom materializes, and that the US steel market is still the most volatile steel market in the world.

Canada will soon require steel imports to report “country of melt and pour” information.

The premium US hot-rolled coil (HRC) held over offshore product is disappearing in a hurry. Domestic hot band prices continue to fall at a fast clip, erasing a nearly $300/st gap they had over imported HRC just two months ago. All told, US HRC prices are now 8.8% more expensive than imports. The premium is […]