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    December 11, 2024

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    Written by David Schollaert

    Written by David Schollaert

    November 13, 2024

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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    Latest in Sheet

    Nucor increases spot HR coil by $15/ton

    Nucor said on Monday, Oct. 26, that its consumer spot price (CSP) for hot-rolled (HR) coil will be $1,270 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 $1,340/st, up $20/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, Oct. 20, showing HR coil prices averaging $1,290/st, up $10/st from the previous week. We will update our prices on the evening of Tuesday, Oct. 27.

    Reliance says caution around foreign buys makes import flood unlikely

    Reliance Inc. is keeping a close eye on inventory as extended lead times, elevated prices, and tight material availability complicate purchasing decisions. Executives at the Phoenix-based service center said on Thursday's third-quarter earnings call that inventory levels were appropriate. The company is reducing excess inventory and focusing on inventory turns. Chief Financial Officer Arthur Ajemyan said inventory turns improved 10% year over year.

    Final Thoughts: Is the steel market now tighter than in 2021?

    "Now, the problem is no longer the price. The problem is having access to steel." That would have made a good lead. But I can’t take credit for it. Those (very quotable) words are from Cleveland-Cliffs Chairman and CEO Lourenco Goncalves during the steelmaker’s quarterly earnings conference call on Monday. For a while, I thought the shortages we'd been hearing about might be mostly a problem for small- and mid-sized buyers. But we’re seeing even some of the biggest steel buyers talking openly about supply problems.

    USS confirms nearly $3B for new Mon Valley HSM, targets 2029 production

    U.S. Steel’s board of directors has approved a nearly $3 billion investment in a new hot strip mill (HSM) at the Edgar Thomson Plant, part of the Mon Valley Works outside Pittsburgh. The project confirms Nippon Steel's commitment to modernize the Mon Valley HSM, a pledge made before and after its acquisition of U.S. Steel. It is part of Nippon's broader $14 billion capital investment plan for the Pittsburgh-based steelmaker's facilities.

    Commerce lowers Mexico’s dumping rate in CORE case

    The US Department of Commerce has reduced the anti-dumping duty on corrosion-resistant steel (CORE) for some Mexican producers after a court order. On remand from the Court of International Trade (CIT), Commerce agreed that the record did not show that Galvasid SA de CV’s US customers separately negotiated or paid freight or insurance. The agency therefore removed the adjustment and recalculated the margin. As a result, the agency lowered Galvasid’s coated steel dumping rate to 14.54%, from 24.05%. The all-others rate is now 14.29%, down from 17.42%. Ternium’s rate is unchanged at 14.17%.