Category: Analysis

The basic pig iron (BPI) market remains virtually unchanged despite perceived weakness in other ferrous materials, such as scrap, billets, HRC and iron ore.

Global steel output fell 5% in July according to World Steel Association’s (worldsteel) latest release. Total steel mill production around the world tallied up to 152.8 million metric tons (mt) for the month of July, the second-lowest monthly rate seen this year.

Within the space of a few days, we'll all be leaving on a jet plane. That's not completely true. A couple of SMU staff in the Atlanta area will be driving to Steel Summit 2024. Still, the hour where we kick of conference is quickly approaching. In anticipation, we are providing one of our handy-dandy crosswords in honor of the event.

Swampy. Sticky. Mushy. Murky. These were all words galvanized buyers used this week to describe the current state of the US steel market.

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

Cleveland-Cliffs aims to fetch $730 per short ton (st) for hot-rolled coil, up $30/st from its last published price. The steelmaker said the move was effectively immediately and “due to ongoing market developments” in a letter to customers on Wednesday, Aug. 21.

The price spread between hot-rolled (HR) coil and prime scrap widened slightly in August but remains in territory not seen since late 2022, according to SMU’s most recent pricing data.

Gentlemen (and women), start your engines. The Steel Summit 2024 train has left the station and is en route to Atlanta.

Sheet prices trended sideways to modestly up this week in a market that appears to be in “wait-and-see” mode.

The global steel industry has been overshadowed by China’s surplus in steel supply, wreaking havoc in foreign markets.

More than 1,400 of you are now signed to attend Steel Summit – which kicks off next week at the Georgia International Convention Center (GICC) in Atlanta. We are very close to beating last year’s record attendance. So, if you’re on the fence, help us be part of steel history again – register here!

SMU’s Steel Buyers’ Sentiment Indices moved in differing directions this week. Both indices have generally trended downward across 2024, but continue to indicate optimism among steel buyers.

Here’s a roundup of some of the news making headlines in the aluminum industry this week from CRU’s Aluminum Analyst Marziyeh Horeh.

SMU's latest steel buyers market survey results are now available on our website. Here are some key points that we think are worth your time.

Oil and gas drill rig activity in the US inched lower last week while holding steady in Canada, according to the latest report from oilfield services provider Baker Hughes.

Chinese steel export prices decreased for the eleventh week in a row, with all steel products recording losses of 2-3.7% compared to the previous week.

Lead times for hot-rolled coil and plate have moved out a little, according to our latest survey data. Brett Linton has the details here. I think that might reflect some restocking and a host of fall maintenance outages – many of which are happening in September/October. But lead times aren't galloping away like some of the more bullish corners of the market might have hoped. And those for cold-rolled and coated products are largely unchanged.

Three out of four of our market survey respondents report that steel mills are open to negotiating new order prices this week, a slight decline compared to our previous market check.

Steel buyers continue to report short mill lead times for both sheet and plate products, according to SMU's latest canvass of the market. Lead times for hot-rolled and plate products marginally increased from our late July survey, likely due to limited restocking in anticipation of upcoming mill outages for scheduled maintenance.

This Premium analysis covers North American oil and natural gas prices, drilling rig activity, and crude oil stock levels. Trends in energy prices and rig counts are an advanced indicator of demand for oil country tubular goods (OCTG), line pipe, and other steel products.

US hot-rolled (HR) coil prices are nearly even with prices for offshore material on a landed basis as domestic tags continue to inch up.

The Trade Remedies Authority (TRA) in the UK has proposed raising the tariff rate quota (TRQ) for imports of hot rolled sheet steel because of blast furnace closures at the Port Talbot works in south Wales. Tata Steel shut down one BF in July with the second to follow in September ahead of a switch […]

Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact info@steelmarketupdate.com. Flat rolled = 64.2 shipping days of supply Plate = 60.9 shipping days of supply Flat rolled Flat-rolled steel supply at US service centers grew in July with restocking as […]

SMU’s sheet prices increased across the board this week, marking the third consecutive week of rising prices, while plate prices held stable.

The countdown is on! In less than two weeks, we’ll kick off the 2024 SMU Steel Summit. This year is poised to be the best attended yet. More than 1,350 delegates have already registered – so we’re within sight of last year’s record number of nearly 1,450. I’m looking forward to learning from executives across […]

Specialty steel maker Metallus, formerly known as TimkenSteel, has officially begun work on a bloom reheating furnace at its Faircrest plant in Ohio.

Canada’s steel and aluminum industries joined forces to call on the government for the imposition of tariffs on steel, aluminum, and electric vehicles.

Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil is unchanged from last week at $690/ton.

I asked in a prior Final Thoughts where some of you thought Nucor’s weekly spot HR price would land. One opinion: $720 per short ton (st). That would allow the Charlotte, N.C.-based steelmaker to one up competitor Cleveland-Cliffs and to re-establish its position as a market leader.

After nearing a two-year high in May, the volume of finished steel entering the US market (referred to as ‘apparent steel supply’) receded in June, according to SMU’s latest analysis of data from the Department of Commerce and the American Iron and Steel Institute (AISI).