Buyers participating in our first market survey of 2025 reported a slight decline in mill lead times compared to our last survey in mid-December. After rising moderately in early December, lead times edged lower through this week and are now only slightly above the lows seen back in July and November. Overall, production times have remained historically short since last summer, with minimal movement since then.
Steel buyers say mills remain open to negotiation on sheet and plate spot prices this week, slightly more so than in mid-December, according to our most recent survey results.
Some world-changing events happen in an instant. Others take many twists and turns. The outcome remains unknowable at every phase. That is, until you finally arrive at the end of the roller coaster, the safety bar lifts up, and you stagger off the ride. It appears such is the case with Japan’s Nippon’s Steel Corp.’s (NSC’s) proposed $14.9-billion buy of Pittsburgh-based U.S. Steel. And the ride ain't over yet.
Steel prices didn't start the new year with a bang - but they didn't bust, either, according to SMU's first survey of 2025. On the sheet side, market participants generally predicted that prices should move higher this year on the coated trade petition and the potential for tariffs under President-elect Trump. But most buyer sources weren’t eager to load up given the uncertain timing and scope of the potential tariffs. They also cited increasing domestic capacity and modest demand.
A bleak outlook for steel demand has undermined market confidence, contributing to the drop in prices.
Prices for pig iron imports into the US continue to retreat in the face of regional weakness in demand for ferrous raw materials in South Asia and the Far East.
Domestic raw steel production is now at the lowest level seen since mid-November. This comes just two weeks after production had recovered to a three-month high.
While steel news may be starting 2025 off with a bang, Nucor’s consumer spot price (CSP) for hot-rolled coil is not.
I’m not sure what to say about President Biden’s blocking Nippon Steel’s deal for U.S. Steel that hasn’t already been said. I think it’s fair to say, as U.S. Steel CEO David Burritt did, that this was ultimately all about politics and had very little to do with national security. SMU has tried to remain […]
Hot-rolled (HR) coil prices were flat in the US this week, while tags in offshore markets were mostly down.
Global steel mill output totaled 146.8 million metric tons (mt) in November, marking the third-lowest monthly rate seen in 2024 to date.
The deal was cleared by the Czech Republic’s anti-trust office which says the transaction will not distort competition.
The number of active oil and gas rigs operating in the US held steady this week for the fifth consecutive week, while Canadian activity declined further, according to the latest figures released from Baker Hughes.
We never eat chicken on New Year’s Day. My Irish-Catholic grandmother thought it was bad luck – because chickens scratch backward. And one should start the year looking forward. But it’s hard to avoid the fact that we’re carrying a lot 2024 issues (and even 2023 ones) forward into 2025. That’s not all bad. We’re starting 2025 with SMU’s hot-rolled coil price at $675/per short ton (st). That’s $370/st lower than $1045/st at the outset of 2023, according to our interactive pricing tool. I think we can safely say that a decline of that magnitude won’t happen in 2025.
SMU’s Monthly Review provides a summary of important steel market metrics for the previous month. Our latest report includes data updated through December 31st.
Construction spending inched higher in November for a second straight month.
The 36th annual Tampa Steel Conference is just four weeks away. We now have over 300 people registered to join us at the JW Marriott Tampa Water Street from Sunday, Feb. 2, through Tuesday, Feb. 4. Join us along with hundreds of industry participants in warm and sunny Florida!
Japan’s Nippon Steel says it has achieved the world’s highest reduction in CO2 emissions to date by using heated hydrogen instead of coal to reduce iron ore in a blast furnace.
SMU offices will be closed from Monday, Dec. 23, 2024 through Wednesday, Jan. 1, 2025.
And just like that, we’re wrapping up the last SMU newsletter of 2024. We’re closing out our 19th year and looking with wide-eyed anticipation to what 2025 will bring.
The November ABI decreased month over month but was still the third-highest reading of the past two years.
It’s not too late to ask Santa for what you really want this year. We’re less than two months away from the 36th annual Tampa Steel Conference! More than 300 people from over 150 companies have already registered to attend at the JW Marriott Tampa Water Street from Sunday, Feb. 2, to Tuesday, Feb. 4. […]
Recovery continues but geopolitical risks remain for 2025
This CRU Insight discusses a few key topics our clients have been asking about as 2024 comes to a close and 2025 begins. This piece introduces these topics briefly now before we discuss them in more detail in a webinar in January 2025. In previous years, we have published a year-end Insight on our ‘Top […]
Both of our Sentiment Indices remain in positive territory and indicate that steel buyers are optimistic about the success of their businesses.
SMU looks back at stories from Decembers past, one, five, 10, and 100 years ago.
Steel mill production times have seen very little change since September, according to buyers participating in our latest market survey.
Steel buyers of sheet and plate products say mills are still willing to bend on spot pricing this week, though not quite as much as they were two weeks prior, according to our most recent survey data.
Lawrence D. ‘Larry’ Romboski, Jr.'s career in steel spanned 35 years, most recently serving as VP of sales for NLMK USA.
The size of the capital structure and the composition of the owners are telling statements about the importance that Beijing has assigned to this venture.