Low global sheet demand continued to weigh on prices around the world this week. In the US, mills were forced to remain aggressive to secure orders during this period of demand weakness. And compounded by recent new capacity ramp-ups, has forced US hot rolled (HR) coil prices down closer to levels seen in offshore markets. […]
U.S. Steel and Nippon Steel explained their position on USS’ participation in US trade cases should their proposed nearly $15-billion merger deal go through. The companies hope to close the deal by the end of the year.
Offshore cold-rolled (CR) coil remains cheaper than domestic product pricing even as US CR coil prices slip to an eight-month low. Domestic CR coil tags stood at $975 per short ton (st) on average in our check of the market on Tuesday, June 25, down $20/st from the week before. Domestic CR prices are, on […]
Sources contacted by RMU have delivered a bleak forecast for the market’s direction in July, potentially extending into August.
It was great to have Gary Stein, CEO of Triple-S Steel, join SMU for a Community Chat earlier this week. (Btw, you can find a record of the webinar here.) We covered a lot of ground. From Andrew Carnegie and the Johnstown Flood to the current steel market and the state of domestic manufacturing broadly speaking. One thing that stuck with me was how unevenly construction spending appears to be on “green” initiatives and other key items funded by infrastructure spending, the Inflation Reduction Act, and the CHIPS Act.
Following a relatively stable first quarter, steel imports climbed in May to levels not seen in over two-years, according to preliminary Census data released earlier this week. Projected June license data suggests imports could ease from May, though still strong in comparison to levels witnessed over the past year.
US hot-rolled (HR) coil prices have continued to drift lower, pushing them further below offshore hot band prices on a landed basis.
The Canadian Steel Producers Association (CSPA) has lauded Canada’s decision to launch an investigation into China’s unfair trade practices in electric vehicles (EVs). However, the association hopes the government will go even further and extend the investigation into other sectors.
Bull Moose Tube Co. (BMT) announced Jim Fink as its new chief operating officer.
A press conference at a Cleveland-Cliffs mill in Ohio touched upon several topics, including the unfair trade practices of Mexico and China and Nippon Steel’s proposed acquisition of U.S. Steel.
The Index continues to indicate weak business conditions amongst architecture firms.
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.
Uncertainty surrounding demand, the US presidential election, tariffs, and taxes is weighing on North American metalforming companies.
US sheet prices continue to fall, with SMU’s average hot-rolled (HR) coil price now at $670 per short ton (st). Prices for cold-rolled and coated products are now in the mid/high $900s/st. As I noted in my last Final thoughts, the consensus among our readers is that prices will bottom out in July. And that makes intuitive sense. Lead times in mid/late July should be stretching into the typically busier fall months. The question then is where prices bottom.
US sheet prices continued to drift lower this week on lackluster demand, short lead times, and ample supply. SMU’s hot-rolled (HR) coil price now stands at $670 per short ton (st) on average, down $15/st from last week. Hot band is down $175/st from a recent high of $845/st in early April. It is also […]
A cyberattack on CDK Global has shut down the systems at automotive dealerships and slowed down sales across the US.
Algoma executives reiterated that operations are proceeding as normal following an unplanned BF outage earlier this year.
We have heard ominous warnings about a flood of Mexican steel threatening the US market. It's the kind of rhetoric that gets thrown around often with little regard for the facts. The reality is that the Mexican steel surge is simply not happening, and the US steel industry has consistently maintained a significant trade surplus in finished products with Mexico. In 2023 alone, this surplus exceeded $3 billion.
The city of Quincy, Wash., in Grant County is being considered among possible locations for Nucor’s proposed rebar micro-mill in the Pacific Northwest, according to a local report.
Domestic raw steel production ticked up last week following a seven-week low, according to the latest release by the American Iron and Steel Institute (AISI).
JSW Steel USA plans to invest $110 million in steel plate mill modernization projects with sustainable technology in its Baytown, Texas, facility.
Bend, Ore.-based Origami Solar has partnered with three US steel fabricators to prioritize a domestic supply chain for its solar frames.
Many of our contacts remain bearish about the very short-term direction of steel prices. But a consensus seems to be forming, according to our latest survey results, that a bottom will occur in July. Consensus is also that hot-rolled (HR) coil prices won't fall below $600 per short ton (st).
Offshore cold-rolled (CR) coil prices are cheaper than domestic product despite US CR coil prices ticking lower. Domestic CR coil tags stand at $995 per short ton (st) on average, down $25/st vs. our prior check of the market on Tuesday, June 18. (We will update prices again on Tuesday, June 25.) All told, US […]
The chairman of a large American steel company called for Mexico to be dropped from USMCA at a steel industry conference last week. This follows earlier calls from members of Congress to reinstate Section 232 duties on Mexico. How did we get to this point?
Summer has officially begun, and the countdown to SMU Steel Summit is on. More than 800 steel industry professionals from nearly 350 companies have already registered to attend the Summit on Aug. 26-28 at the Georgia International Convention Center (GICC) in Atlanta. Are you one of them? If so, we’re looking forward to seeing you […]
Global steel output rose 6% from April to May, and is now at the highest rate seen since March 2023, according to World Steel Association’s (worldsteel) latest release.
US drill rig activity eased again last week, now down to levels not seen since late-2021, according to the latest data release from Baker Hughes. Canadian counts are moving in the opposite direction, inching higher for the sixth consecutive week to a three-month high.
Steelmaking raw material prices have generally declined over the past month according to SMU’s latest analysis.
SMU’s Current Steel Buyers’ Sentiment Index tumbled this week, while Future Sentiment ticked up slightly, according to our most recent survey data.