Analysis
November 29, 2022
Written by Michael Cowden
Is the market at a bottom or not? Cleveland-Cliffs and US Steel have each announced price hikes of $60 per ton ($3 per cwt). And we’re told other mills might follow.
If this isn’t a bottom, it sure looks like domestic mills are trying to create one with a floor of ~$600 per ton for HRC and ~$800 per ton for CR and coated.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
The domestic plate market is showing few signs of relief for steel buyers. Lead times are stretching well beyond seasonal norms, spot availability has all but evaporated, and mills are drawing hard lines on contract volumes heading into 2027 negotiations.
SSAB Americas announced immediate changes to pricing extras on select products, according to a letter sent to customers Friday morning.
Kibar Americas said production has started at its aluminum plant in Fairmont, W.Va., where it will manufacture products for the HVAC, packaging, automotive and industrial sectors.
The phrase “Fortress North America” seems to resurface anytime US, Canada, and Mexico trade negotiations roll around. The idea of an economic Fortress North America burst onto the scene in the late 1980s and early 1990s in the lead up to NAFTA. In theory...