Final Thoughts
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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).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/05/SMU-crossword-puzzle-5-2-24-1024x709.png)
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.
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Brett Linton
Read more from Brett Linton![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2024/02/SMU_EB_headshot.png.jpg-150x150.png)
Ethan Bernard
Read more from Ethan BernardLatest in Final Thoughts
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Final thoughts
SMU has heard from some larger buyers who have stepped back into the market to buy at prices that, if not at a bottom, they assess to be close to one. Is it enough to stretch out lead times and send prices upward again? Or do we continue to scrape along the mid-$600s per short ton (st) as we have been doing for most of the last month?
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/gears.png)
Final thoughts
Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.
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Final thoughts
They say a picture is worth a thousand words. Well, when you add in some commentary from respected peers in the steel industry to those pictures, that may shoot you up to five thousand words, at least. In that spirit, we’ve added some snapshots from our market survey this week, along with some comments from market participants.
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/images/Featured_News_Icons/gears.png)
Final thoughts
I thought we’d have more clarity this week on Section 232, Mexico, and a potential carve-out for steel melted and poured in Brazil. As of right now, the only official comment I have is from the Office of the United States Trade Representative (USTR).
![](https://www.steelmarketupdate.com/wp-content/uploads/sites/2/2023/11/SMU-Steel-Summit.png)
Final thoughts
There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!