Final Thoughts

Final thoughts

Written by Brett Linton & Ethan Bernard

May 2, 2024

Everybody has a plan… until they’ve dealt with volatility in the hot-rolled (HR) coil market. While Mike Tyson’s original quote was about getting punched in the mouth, it’s unlikely the ex-champ has gone many pricing rounds with HRC.

SMU’s HR coil prices were flat this week. As noted in our pricing article on Tuesday, some sources think published prices by Nucor and Cleveland-Cliffs will result in less volatile pricing swings. Others think those prices could push prices down in the near term. There are a lot of plans out there. Whatever the results are, it’s going to be interesting to watch.

In this (perhaps brief) time of wait and see, what will people be talking about at the water cooler? (Or whatever the virtual version of a water cooler is these days.) The upcoming election? The twists and turns in the sale of U.S. Steel? AHMSA’s restart? Evraz NA sale? Well, we thought we’d like to throw our hat in the ring and add a little diversion.

So, below, for the pleasure of our readers, we’ve included a little steel crossword to test your knowledge, and the knowledge of your co-workers. Feel free to get competitive, but remember to keep it friendly (click here to attempt).

Please note: For anyone looking for an edge in their steel knowledge or for new hires aiming to turbocharge their steel learning, nothing beats our Steel 101 course. The next one will be June 11-12 in Fort Wayne, Ind., and includes a mill tour of SDI Butler. You can register here.

Brett Linton

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

Read more from Brett Linton

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

Read more from Ethan Bernard

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Final Thoughts

Even before the news about Mexico, I didn’t want to overstate the magnitude of the change in momentum. As far as we could tell, there hadn’t been a frenzy of new ordering following President Trump’s announcement of 50% Section 232 tariffs. But higher tariffs had unquestionably raised prices for imports, which typically provide the floor for domestic pricing. We’d heard, for example, that prices below $800 per short ton for hot-rolled (HR) coil were gone from the domestic market – even for larger buyers.