Analysis
October 19, 2021
Written by Michael Cowden
Steel Market Update has adjusted our steel pricing momentum indicator for hot-rolled coil lower. That’s not something we’ve done since July 21, 2020 – and it’s not a decision we took lightly.
But the evidence is hard to ignore. Our hot rolled coil price now stands at $1,910 per ton ($95.50 per cwt), down $10 per ton from last week and down $45 per ton from $1,955 per ton in early September.
The Commerce Department has made its preliminary findings in the anti-dumping portion of the trade case investigating large-diameter graphite electrodes (LDGE) from China and India. The agency found that LDGEs from both countries are being, or are likely to be, sold in the US at less-than-fair-value.
The US Department of Commerce has determined that the anti-dumping duty (AD) suspension agreement on cut-to-length plate imports from Ukraine should not be sunset.
This October, SMU is introducing a new way to keep you informed on the latest steel market news and insights: the Daily Digest. Beginning in mid-October, our new Daily Digest will replace the three newsletters currently delivered each week.
There has been sustained export activity from the US on both the East and West Coasts. Prices have continued to rise, influenced by several factors, including elevated freight costs and firming markets in exporting countries.
Nucor said its consumer spot price for hot-rolled coil will be $1,220 per short ton (st) for the week of Sept. 28. That's a 10/st increase from a week earlier.