Category: Analysis

We're going to have to wait a bit longer for the final outcome of the Nippon/USS deal.

Steel Market Update will be taking time off in observance of Memorial Day.

Now the hard work starts on the Oklahoma aluminum smelter.

Global raw steel production dipped from March to April, according to the latest release from the World Steel Association.

Here are highlights of what’s happened and a few things to keep an eye on this upcoming week.

According to our latest analysis, prices for four of the seven steelmaking raw materials we track increased from April to May. However, select materials saw a collective 1% decline month over month and are down 4% compared to three months ago.

Metallus shuffles the management deck with new appointments.

One cause of this was increased competitiveness from imports that have put pressure on some domestic producers.

On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.

Sure, demand isn’t as good the market had hoped it would be earlier this year. But assuming it doesn’t fall of a cliff, buyers will have to restock at some point. And that might give domestic mills enough leverage to raise prices again.

Most sheet and plate prices edged lower again this week, albeit at a slower pace compared to the movements seen over the last seven weeks. Buyers remain cautious and hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.

We keep hearing that there are backroom discussions about pitching a ban on used beverage containers (UBC) from the US.

Following three weekly increases, domestic mill output edged lower last week, according to the American Iron and Steel Institute (AISI).

While I would anticipate market sentiment to pivot and improve if all the questions around tariffs were answered, that still leaves us with a few other factors.

Market participants in both the US and Europe noted that most buyers are patiently waiting for prices to reduce as they have enough inventory at hand.

Since March 21 when UAE announced plans to invest $1.4 trillion in the US, including an aluminum smelter, the market has been waiting for details. Now, we have some.

SMU’s Buyers’ Sentiment Indices resumed their downward trend this week, erasing the modest recovery seen two weeks ago.

Let's see what SMU survey respondents are saying about Trump's tariffs.

SMU’s Mill Order Index (MOI) declined for a second straight month in April after repeated gains at the start of the year, according to our latest service center inventories data.

Sheet and plate lead times declined across the board this week, according to buyers responding to the latest SMU market survey. While our lead time ranges were unchanged compared to mid-April levels, average production times for each steel product we measure have declined from they were two weeks ago.

Quotas featured in the UK agreement may show up in future deals.

Domestic mills are largely negotiable on spot prices, according to the majority of steel buyers responding to our latest market survey.

The Tariff Town amusement park ride shows no signs of slowing down.

All of SMU’s sheet and plate steel price indices declined this week, easing by $30-40 per short ton (st) on average since early May. Prices continue to slide lower as buyers remain on the sidelines, wary of holding much excess inventory and expecting further declines.

The price spread between hot-rolled coil (HRC) and prime scrap narrowed again in May, according to SMU’s most recent pricing data.

Since the US ferrous scrap settlements for May have been finalized, steelmakers are turning their attention to continued pig iron flows with the wind behind their backs.

This is the kind of partnership that stands out. A global trading powerhouse, a sharp and growing recycled metals producer, and a seasoned commercial team are coming together to reshape how recycled aluminum is processed and delivered to customers across the United States.

Domestic mill output continues to grow, with raw steel production rising last week to the highest rate recorded since last September, according to the American Iron and Steel Institute (AISI).

The volume of finished steel entering the US market rebounded in March, according to our analysis of US Department of Commerce and American Iron and Steel Institute (AISI) data.

A Pennsylvania state senator plans to submit legislation to incentivize steelmaking in the state.