Final Thoughts
Final Thoughts
Written by John Packard
July 16, 2018
I am back in my office and will be here for the balance of the week. Diana is back as well and will be in her office until we leave for Atlanta at the end of August.
Graber Post Buildings, Esmark, CMC Impact Metals, North American Steel Alliance, Fluor, Whirlpool Corporation, Metal One America, Gateway Terminal, Argus Media, USS/Posco, Steel & Pipe Supply, JN Linrose Mfg., ArcelorMittal Dofasco, LISSMAC Corporation and Cooper Consolidated are just a few of the many registrations we have received this week for the 8th SMU Steel Summit Conference. We also saw Nucor, Flack Global Metals, Alliance Steel and other companies add to existing registrations. I am truly humbled by the reception our conference is receiving this year as we close in on 750 attendees. It is almost assured that we will reach our goal of 800 executives at this year’s conference, and we are already getting calls about concerns that we may sell out the conference (which is what happened last year). We will sell up to 850 seats and then review the space situation to see if we need to call the conference a sellout or if we can expand the footprint in order to accommodate everyone who wishes to attend. If you are concerned, book now: www.SteelMarketUpdate.com/Events/Steel-Summit or by calling our office at 772-932-7538.
Here are some data points for you to consider about the 2018 conference: As of 5 p.m. ET today, we have 747 registrations from executives representing 326 companies. Last year on this date, we had 483 people registered for the 2017 conference. We ended up with 650 attendees (we sold 667 tickets but refunded 17 due to the Houston hurricane).
Remember, we have a special rate of $151 per night at the Atlanta Airport Marriott Hotel, which is located about one mile from the Georgia International Convention Center and about one-half mile from the airport. We have arranged with the hotel to have a bus available that will shuttle attendees to and from this hotel and the convention center. You can make reservations by going directly to the hotel with this link or by calling 888-239-1203 and ask for the Steel Market Update room block rate for the Atlanta Airport Marriot Hotel (do not confuse this hotel with the Atlanta Airport Marriott Gateway Hotel, which is next to the GICC and where our room block is sold out). If you are having any issues making a hotel reservation, please contact Jill Waldman at Jill@SteelMarketUpdate.com.
On Wednesday, July 17, we will close our exhibition area to new exhibitors. If you have inquired about a booth, you have until 5:30 p.m. ET tomorrow to commit to the space (subject to space still being available). We have room to take one or perhaps two more exhibitors and that will be it for 2018.
We are now 40 days removed from the start of the 2018 conference. A note about refunds and changes to existing registrations for this year’s conference–we will refund monies up to 30 days prior to the start of the conference. After that we will only allow substitutions or issue a credit for an event to be held within the next 12 months. No-shows will forfeit their registration fees and will not receive any credits.
In Thursday’s issue we will try to concentrate on evaluating the import license data for June and July as the flow of imports (or lack thereof) is becoming very important to understanding supply, both now and in the coming months.
As always, your business is truly appreciated by all of us here at Steel Market Update.
John Packard, President & CEO
John Packard
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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."
Final thoughts
Unless you've been under a rock, you know by know that Nucor's published HR price for this week is $760 per short ton, down $65/st from the company’s $825/st a week ago. I could use more colorful words. But I think it’s safe to say that most of the market was not expecting this. For starters, US sheet mills never announce price decreases. (OK, not never. It has come to my attention that Severstal North America rescinded a price increase back on Feb. 14, 2012. And it caused quite the ruckus.)