Final Thoughts
Final Thoughts
Written by John Packard
December 15, 2017
Happy Holidays to everyone. I know I have told you on a number of occasions that I am now no longer at my desk, but rather slowly moving out to sea for an extended period of rest. Well, as much rest as a workaholic can possibly get. The rest of the SMU team is busy at work and we should not miss a beat.
We will publish as normal this week (Tuesday evening and Thursday evening) with Thursday’s issue being the last one of the year. Steel Market Update will close our offices the week of Dec. 24 and will not reopen until Tuesday, Jan. 2, 2018. If you need to reach someone at SMU, the best way is to send an email to info@SteelMarketUpdate.com or to contact our office at 772-932-7538 or 706-216-2140.
There are rumors that the domestic mills may try to press their luck and go for another price increase before the end of the calendar year. A steel buyer who works with Steel Dynamics reported seeing two $30 per ton price increases over the past 10 days. Whether this was an effort to move prices up to where they should have been or because their order book is stronger than normal, we don’t know for sure right now. Steel buyers should be aware of the potential for more price moves as we slip into the New Year.
Our last flat rolled steel market trends analysis (survey) will begin at 8 a.m. on Monday, Dec. 18. If you receive an “invitation to participate” from SMU, please take a moment to open the email and click on the “Start Here” button. If you are not receiving an invitation, check your SPAM folder for 8 a.m. (or very close to that time) to see if it is there. If you have never received an invitation, please contact Brett@SteelMarketUpdate.com . As long as you are an active buyer or seller (or executive management) of a manufacturing company, flat rolled or plate service center, steel mill, trading company or toll processor, you are eligible to participate. Currently, we have 640 individuals registered to participate and we are always looking for more participants. You can also call Brett Linton if you would like information on how to “white list” the inbound email that is used to deliver the invitations. He can be reached at 706-216-2140. If you would like to have your name removed or applied to someone else in your company, please contact Brett.
Our offices, with the exception of mine (800-432-3475), are open this week.
As always, your business is truly appreciated by all of us at Steel Market Update.
John Packard, Publisher
John Packard
Read more from John PackardLatest in Final Thoughts
Final thoughts
Sometimes even in a bit of chaos there is complacency. And it seems that since March 2020, “a bit of chaos” has been the order of the day. That means in the world at large, and in steel specifically.
Final thoughts
SMU had the pleasure of attending the American Iron and Steel Institute's (AISI's) annual general meeting in Washington this week. It was a slow week in our nation's capital, so we were able to take a leisurely stroll around the National Mall and take in the sights. Just kidding. In fact, the meeting coincided with significant trade actions announced by the Biden administration. It included, among other things, additional tariffs on Chinese steel and aluminum.
Final thoughts
Our spot price is little changed this week after moving sharply lower last week on the heels of Nucor’s unexpected price cut. Here’s one thought on that trend: Nucor's weekly HR price (aka, its “Consumer Spot Price” or CSP) has to date functioned almost more like a monthly price.
Final thoughts
What's the tea in the steel industry this week? Here's the latest SMU gossip column! Just kidding... kind of. Yes, some of the comments we receive in our weekly flat-rolled market steel buyers' survey are honestly too much to put into print. Some make us laugh. Some make us cringe. Some are cryptic. Most are serious. We appreciate them all. Below are some highlights from our survey results this week. Some of the comments that we can share with you are also included, in italics, in the buyers' own words, with minimal editing on our part.
Final thoughts
Last week we wrote about a brief lull in price movement, labeling it a period of wait and see. It did, in fact, turn out to be pretty brief. This week... things are little bit different. Perhaps right now we are more in a period of "hope and pray" or "Here we go, hold on to your hats."