Market Segment
April 4, 2023
Written by Michael Cowden
Sheet prices moved slightly higher as domestic steelmakers held to previously announced price increases and as Cleveland-Cliffs rolled out another round of price hikes.
Cliffs had been inching prices above $1,200 per ton ($60 per cwt) before the price hike was announced, some sources noted. It’s not clear whether other producers will follow Cliffs’ move.
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
Metalformers’ optimism softened in the Precision Metalforming Association (PMA) September Business Conditions Report.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.
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 proposed Hyundai-POSCO steel mill in Louisiana has been approved for up to $1.3 billion in bond financing, according to state records and local media reports.