Market Segment
July 21, 2023
Written by Laura Miller
Fort Wayne, Ind.-based steelmaker Steel Dynamics Inc. is taking advantage of opportunities in the Mexican steel market and plans to continue doing so moving forward.
Mesabi Metallics President and CEO Joe Broking spoke last week in Lee County, Iowa, at a public meeting to discuss some details about the proposed steel plant set to be located there. Recall that President Trump announced in late September that Mesabi Metallics, owned by India’s Essar Group, will build the largest electric-arc furnace steel plant in the US in Iowa.
Imports of tin mill products from Taiwan and Turkey face new anti-dumping duties (AD) in the US after a key Commerce Department determination. In the trade case investigating allegedly dumped tin mill products, Commerce preliminarily determined that tin mill products from both countries are being sold below fair value.
Following the multi-year high recorded one week earlier, domestic raw steel output receded back down to typical levels this week, according to the latest American Iron and Steel Institute (AISI) figures. Aside from a few blips in recent months, production has trended lower since peaking in May, though it remains historically strong compared to recent years. Total US raw steel mill output was estimated at 1,778,000 short tons (st) in the week ending Nov. 7 (Figure 1). Production was down 275,000 st (13.4%) from the prior week, driven primarily by a sharp reduction in output from the Southern region. This year we have seen weekly production rise as high as 2,053,000 st (last week, an 18-year high) and as low as 1,704,000 st (the first week of the year).
Nucor said on Monday, Nov. 9, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,295 per short ton (st) this week, up $15/st from the prior week. The CSP for HR coil from California Steel Industries (CSI) on the West Coast will be $1,365/st, also up $15/st from last week. Nucor continues to offer lead times of three to five weeks, according to its letter to customers. You can track mill price announcements on our website. Steel Market Update (SMU) published a weekly price assessment on Tuesday, Nov. 3, showing HR coil prices averaging $1,350/st, up $45/st from the previous week. We will update our prices on the evening of Tuesday, Oct. 10.
Russel Metals’ earnings soared in the third quarter amid strong market conditions as revenue hit a quarterly record. The Mississauga, Ontario-based metals distributor reported net earnings of Canadian $125.5 million (USD$88.8 million), 259% higher than CAD$35 million a year earlier. Net sales increased 56% to CAD$1.82 billion in the same comparison, a record quarterly level. The company said Q3’26 shipments from its metal service centers fell 3% vs. the second quarter due to normal seasonal factors but rose 29% from a year earlier.