Market Segment
November 12, 2024
Written by David Schollaert
Cleveland-Cliffs announced the closing of its December order book for hot-rolled coil spot purchases, though it said contract bookings remain available.
The Cleveland-based steelmaker said in a letter to customers on Friday, Nov. 8, it would be “closing solicitations for spot December hot rolled, effective immediately.”
Worthington Enterprises reported higher fiscal first-quarter sales and earnings while citing rapidly growing data center demand and continued tightness in the steel market.
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.