Product
January 8, 2019
2019 SMU Steel Summit Conference - Details
Written by John Packard
People are beginning to ask questions about this year’s SMU Steel Summit Conference. Here is the most updated information:
Latest in Product
Steel market chatter: Tight supply, strong demand keep sheet prices climbing
In this week's Market Chatter, steel buyers point to tight supply and steady demand as reasons sheet prices could keep rising, with many expecting HRC to reach $1,400-1,449 per short ton in two months. Views on when the rally will peak are mixed, with some anticipating further increases while others mention softening demand and political uncertainty. Respondents also disagree on tariffs' impact. They say reshoring is generating activity but has yet to translate consistently into demand.
ArcelorMittal Calvert electrical steel mill remains on track for 2027 start
ArcelorMittal Calvert is progressing on the construction of its new $1.2-billion non-grain-oriented electrical steel (NGO or NOES) mill, with production slated to begin in 2027. The steelmaker reported in its third-quarter earnings that it's on track with the 150,000-metric-ton-per-year project, located adjacent to its existing sheet mill in Calvert, Ala.
Imports fall back slightly in September, slide further in October
Final import data for September from the US Commerce Department shows a slight decline from August’s 15-month high. And October’s license count suggests another month-on-month (m/m) decline in imports. September imports of 2,416,717 short tons (st) were down just 1% from 2,434,108 st in August, a 15-month high. October license data show a steeper 8% m/m fall to 2,214,730 st (Figure 1, left). August appears to have been the peak for the recovery in imports, which has been ongoing since February of this year, when we saw some of the lowest levels since 2020.
Steel exports fall in September to lowest rate of the year
US steel exports eased 3% from August to September, marking the third consecutive monthly decline following June’s 17-month high, according to recently released US Department of Commerce figures. Exports have been historically low since early 2025 and remain weak compared to volumes seen in prior years. In September, 615,000 short tons (st) of steel were shipped outside of the country, 2% below the average monthly export rate of the past twelve months. September trade was 3% higher than the same month of 2025, 19% lower than September 2024, 21% lower than September 2023, and 15% lower than September 2022. For context, exports fell to a five-year low of 469,000 st in December and reached a near-five-year high of 914,000 st in May 2023.
Ferrous scrap market chatter this month
Every month, SMU polls participants in the ferrous scrap market on a variety of topics, including prices. This month's survey results landed just as the November scrap market was starting to settle. Preliminary results show scrap prices rose across the board for all the products SMU tracks. Final prices will be in SMU later this week. As the final numbers come in, we'd like to share where survey respondents thought prices would be on busheling, shredded, and HMS scrap, as well as where they see prices heading over the next 60 days.