Join us for SMU’s next Community Chat webinar with Wolfe Research managing director Timna Tanners. The webinar will be held on Wednesday, July 12, at 11 a.m. ET. It’s free for all to attend. A recording will be available to SMU members. You can register here. We’ll talk about what Tanners describes as “the myth […]
Join us for SMU’s next Community Chat webinar with Wolfe Research managing director Timna Tanners. The webinar will be held on Wednesday, July 12, at 11 am ET. It’s free for all to attend. A recording will be available to SMU members. You can register here. We’ll talk about what Tanners describes as “the myth […]
U.S. Steel and Wheeling-Nippon Steel have joined other domestic mills in reducing coating extras. Wheeling-Nippon said the new, lower extras would be effective with new orders quoted for the week ending July 22. The new extras apply to aluminized, galvanized, and galvanneal, the company said in a letter to customers dated Wednesday, June 14. One […]
Sheet prices fell at a more modest pace this week after a sharp decline last week, as business seemed somewhat curbed. After Memorial Day prices fell, leading to the sharpest price drop since June 21, 2022. Now, the slide seems to have temporarily cooled, though sources indicated it was almost exclusively due to a lack of activity. SMU’s hot-rolled […]
Go figure, in the last month, HR spot has continued to decline. The index tied to CME HR futures has given up $140/ST ($1,130/ST to $990/ST). A look at the fundamentals would appear to support the latest market direction. The list includes declining steelmaking component prices (zinc, coking coal, iron ore and scrap), a sharply […]
Sheet prices fell hard across the board this week as business ramped back up after Memorial Day. Recall that prices were steady last week largely because of a lack of activity following the holiday. SMU’s hot-rolled coil price now stands at $935 per ton ($46.75 per cwt), down $55 per ton a week ago and […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Prices of steelmaking raw materials have been largely on the decline over the last 30 days, as they were the month prior, the exception being pig […]
Steel Dynamics Inc. (SDI) has published new, lower coating extras that are effective July 3. The Fort Wayne, Ind.-based steelmaker has reduced extras by an average of 10%, according to market participants and the new coating extras sheet. SDI’s current extras took effect on Aug. 1, 2022. Under that schedule, a 0.07-0.054 G90 coating was […]
Steel prices continued to erode in May, following a trend that began halfway through the previous month. Hot-rolled coil (HRC) prices ended May at $990 per ton ($49.50 per cwt) on average, falling by $130 per ton throughout the month. The SMU Price Momentum Indicator for sheet products remained Lower during May after shifting to […]
What’s up with galvanized coating extras? Galvanized lead times and prices have been falling since April, according to SMU data. SMU’s galvanized base price stands at $1,170 per ton ($58.50 per cwt), down nearly 12% from $1,325 per ton last month and down 31% from $1,700 per ton from a year ago. Lead times are at […]
CME Midwest HRC futures continue to be under pressure. Every month from June through March has declined since the start of May. The July and August futures were hardest hit, dropping $50 and $53, respectively, through today’s close. These two months outpacing the others lower has flattened the curve. Editor’s note: SMU Contributor David Feldstein […]
Steel prices peaked at the start of the month, with hot-rolled coil reaching $1,160 per ton ($58 pet cwt) on average on April 10. Tags began to decline near the month’s halfway mark and closed out the month $40 per ton lower at $1,120 per ton. The SMU Price Momentum Indicator for sheet products was […]
Directors of Canadian miner Teck Resources have unanimously turned down what it described as an “opportunistic acquisition proposal” from Glencore. The offer values the Canadian miner at around US$23 billion (€21 bn). Glencore made the move soon after Teck announced first copper production from the QB2 expansion at Quebrada Blanca, Chile. Teck’s CEO Jonathan Price […]
Teck Resources is now producing zinc with a low-carbon footprint. A new report independently reviewed by PricewaterhouseCoopers shows the extremely low-carbon footprint of refined zinc from Teck’s Trail Operations in British Columbia, Canada. The report shows that Trail Operations’ zinc generates far less CO2e (carbon dioxide equivalent) per ton than the global average: 0.93 metric […]
Galvanized sheet continues to be in high demand, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council. Since the January HARDI meeting, prices have increased, lead times have extended, scrap is up, and zinc is down. Despite the roller coaster, HARDI members remain bullish on demand in general. […]
The outbreak of war in Ukraine triggered an energy crisis in Europe. Gas and consequently electricity prices soared and remain high. European production of commodities such as ammonia, aluminum, and zinc which require significant energy and/or natural gas were and remain disrupted to differing degrees. Natural gas is supposed to be a ‘transition fuel’ in […]
Moving goods from one location to another may seem simple enough. But as we’ve seen in the past few years, it’s not always that easy. Fortunately, there are experts like Anton Posner, CEO of The Mercury Group, who take on the chaos of transportation. The Mercury Group is a consulting firm that specializes in global […]
US Steel is increasing the warranty policy on Galvalume-coated coils. The Pittsburgh-based steelmaker said it is doubling the standard limited warranty policy for Galvalume-coated coils used in nonresidential and residential building construction. The new warranties will range from 40-60 years vs. 20-25 years for existing warranties, the company said in a statement. “At US […]
Prices of steelmaking raw materials moved in differing directions over the last 30 days, as they did the month prior, according to Steel Market Update’s latest analysis. Through the latest data available as of Nov. 16, pig iron and aluminum increased 7% in the last month, coking coal prices rose 6%, and zinc prices increased 4%. […]
Steel prices declined each week in October, with all sheet products now back in line with late-2020 levels. Hot rolled prices averaged $736 per net ton ($36.80 per cwt) in October, falling from $765 in the beginning of the month to $710 as of last Tuesday. The SMU Price Momentum Indicator for sheet products was […]
Prices of steelmaking raw material moved in differing directions over the last 30 days, according to Steel Market Update’s latest analysis. Through the latest data available as of Oct. 27, coking coal prices increased 15% over the last month, aluminum prices rose 8%, and zinc prices increased 2%. Pig iron prices remained stable. Busheling scrap […]
Steel prices were steady to slightly down throughout the month of September, following declines seen in each of the four months prior. Hot-rolled prices averaged $780 per ton ($39.00 per cwt) the first week of September, falling to a low of $770 per ton in the third week of the month, and rising to $775 […]
Prices for each of the steelmaking raw materials tracked in this SMU analysis decreased over the last 30 days, further declining from the record-high levels seen in March and April. Through the latest data available as of Sept. 21, zinc prices decreased 12% in the last month, busheling scrap and aluminum prices fell 7%, pig […]
Steel prices eased overall throughout August, following declines seen in the three previous months. Hot rolled prices were $805 per ton ($40.25 per cwt) the first week of August, falling to a low of $770 per ton in the middle of the month, and rising to $785 per ton as of last Tuesday. The SMU […]
Prices for five of the seven steelmaking raw materials tracked in this SMU analysis decreased over the last 30 days, further declining from the record levels seen in March and April. Through the latest data available as of August 31, pig iron prices decreased 38% in the last month, busheling scrap prices fell 14%, aluminum […]
Steel prices continued to fall in each week of July, following declines in May and June. Hot rolled prices were $955 per ton ($49.75 per cwt) the first week of July, slipping between $35 and $45 per ton each week to reach $840 per ton as of last Tuesday. The SMU Price Momentum Indicator for […]
Prices for all seven of the steelmaking raw materials tracked in this SMU analysis declined over the last 30 days, receding further from record-high levels seen in March and April. Through the latest data available as of July 27, coking coal prices decreased 56% compared to one month prior, pig iron and busheling scrap prices […]
Nucor made downward revisions to most of its galvanized coating extras on Friday, with new extras going into effect Sept. 3, 2022. “Consistent with our practice to monitor the cost of zinc, we have revised our galvanized coating weight extras effective with orders acknowledged for week ending September 3, 2022,” a Nucor press release reads. “Price […]
Steel Dynamics (SDI) has lowered metallic coating extras in response to declining zinc and aluminum prices. The new extras are effective Aug. 1, 2022. They apply not only to galvanized products but also to Galvalume, Galfan, and aluminized material, the Fort Wayne, Ind.-based steelmaker said. “Since the most recent adjustment to our published metallic coating […]
Steel prices continued to ease each week throughout June, following declines in May as well. Hot rolled prices were $1,190 per ton ($59.50 per cwt) the first week of June. Prices then slipped between $45 and $90 each of the following weeks, with the SMU index averaging $995 per ton as of last Tuesday. (This […]