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 […]
North American auto assemblies recovered in January after a usual seasonal slowdown at year-end, according to LMC Automotive data. The result was driven by improved production across the region vs. December’s output.
Canadian steelmaker Stelco swung to a loss in the fourth quarter as revenue declined due to decreased shipping volume and average selling prices.
US light-vehicle (LV) sales rose to an unadjusted 1.08 million units in January, up 2.8% vs. year-ago levels, the US Bureau of Economic Analysis (BEA) reported. Despite the year-on-year (y/y) boost, domestic LV sales were down 5.6% month on month (m/m). On an annualized basis, LV sales were 15 million units in January, down from […]
Falling steel prices at present are not a symptom of demand but of imports arriving into the US and to some parts of Mexico, Ternium’s CEO Maximo Vedoya said this week.
A United Auto Workers (UAW) local has reached a tentative agreement with Ford, avoiding a strike at the automaker’s Kentucky Truck Plant (KTP).
Nucor Corp. announced plans to build a new rebar micro mill in the Pacific Northwest.
We’ve all heard a lot about mill “discipline” following a wave of consolidation over the last few years. That discipline is often evident when prices are rising, less so when they are falling. I remember hearing earlier this year that mills weren’t going to let hot-rolled (HR) coil prices fall below $1,000 per short ton (st). Then not below $900/st. Now, some of you tell me that HR prices in the mid/high-$800s are the “1-800 price” – widely available to regular spot buyers. So what comes next, and will mills “hold the line” in the $800s?
US hot-rolled (HR) coil prices have fallen below $900 per short ton (st) on average for the first time since early November. SMU’s HR price stands at $875/st on average, down $65/st from a week ago and down $170/st from the beginning of the year.
While seaborne trade has been challenging due to weak global steel production, demand for ferrous scrap in the US remains strong, according to Sims Ltd.