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Final thoughts
Is it just me, or does it seem like the summer doldrums might have arrived a little early?
I could be wrong there. It’s possible we could see a jump in prices should buyers need to step back into the market to restock. I’ll be curious to see what service center inventories are when we update those figures on May 15.
In the meantime, just about everyone we survey thinks HR prices have peaked or soon will. (See slide 17 in the April 26 survey.) Lead times have flattened out. And some of you tell me that you’re starting to see signs of them pulling back. (We’ll know more when we update our lead time data on Thursday.)
Leibowitz on trade: Where is the voice of the consumer?
The election campaign is white-hot right now, and the Biden administration is touting its protectionist message.
Just this past week, the Office of the US Trade Representative (USTR) touted this message. In a release entitled “What They are Saying,” USTR quoted many of the usual protectionist groups praising government action against Chinese steel exports and shipbuilding.
Consuming industries in the United States, which employ many times the American workers as the industries seeking trade protection, were not mentioned.
SMU Community Chat: May 15 with CRU principal analyst Ryan McKinley
CRU principal analyst Ryan McKinley will be the featured speaker on the next SMU Community Chat on Wednesday, May 15, at 11 am ET.
McKinley is instrumental in determining CRU’s benchmark hot-rolled (HR) coil price. He’ll discuss his role, his background in steel, and how the index works.
Nucor breaks ground on new Berkeley galv line
Nucor broke ground on a new galvanizing line at its Nucor Steel Berkeley sheet mill in Huger, S.C., on Thursday, May 2.
Steel imports strengthen through April licenses
March 2024 represents the third highest monthly steel import rate seen over the prior year.
CRU aluminum: Trade actions continue to pile up
US announces new import duties on aluminum extrusions The US Department of Commerce has placed preliminary antidumping (AD) duties of 2-600% on imports of aluminum extrusions from 14 countries. The rates are: “[The findings] show just how widespread dumping practices are globally and highlight the importance of strongly enforcing the antidumping laws to shield US […]
US CR tags slip, still more than 25% above imports
Foreign cold-rolled (CR) coil remains much less expensive than domestic product even as domestic prices continue to decline, according to SMU’s latest check of the market.
Active rig counts mixed entering May
Drilling activity declined in the US but increased in Canada, according to the latest data from Baker Hughes.
US construction spending levels off in March
Construction spending in the US in March was basically steady from the previous month but showed notable year-on-year (y/y) growth.
Olympic Steel profits fall 12% in Q1
Olympic Steel logged lower earnings in the first quarter of 2024, but the company said all three of its segments contributed to profitability.
CRU: Brazil proposes quotas on steel imports, with tariff back up
Brazil’s chamber of foreign trade, Camex, has approved quotas on imports of 11 steel products and a 25% levy on shipments 30% above a product’s average import volume between 2020 and 2022.
USS, Nippon merger delayed by DOJ antitrust review
The sale of U.S. Steel Corp. to Nippon Steel Corp. has been delayed by the US Department of Justice’s antitrust investigation. The Justice Department, which is conducting an antitrust review of the merger, has requested additional information from both USS and NSC. The companies originally anticipated closing the sale in the second or third quarter […]
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Pricing
Interactive Pricing Tool
Chart steel and scrap prices against key indicators with our Interactive Pricing Tool.
wdt_ID | Product | Low | Avg | High |
---|---|---|---|---|
1 | HR | 780 | 815 | 850 |
2 | CR | 1,080 | 1,120 | 1,160 |
5 | GI | 1,080 | 1,120 | 1,160 |
6 | AZ | 1,060 | 1,100 | 1,140 |
7 | PL | 1,140 | 1,190 | 1,240 |