Category: Analysis

GrafTech International’s third-quarter net loss increased from last year, with the company anticipating continuing weakness in near-term demand for graphite electrodes.

Nucor raised its weekly consumer spot price (CSP) for HRC this week to $750/short ton.

The total amount of finished steel to enter the US market in September fell to its lowest level in seven months, according to our analysis of recent Department of Commerce and the American Iron and Steel Institute (AISI) data

Another presidential election cycle has come to an end. If you’re anything like me, part of you is just happy you no longer need to unsubscribe or “text STOP to opt-out” from the onslaught of political text messages this cycle produced.  

US counts have hovered in this territory since June, just above multi-year lows. Canadian counts have trended lower since early October but remain historically high.

After rising to a one-year high in August, the volume of steel that exited the country in September fell 10% month on month (m/m) to 760,000 short tons (st).

A roundup of this week's CRU aluminum news.

SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]

SMU’s Steel Buyers’ Sentiment Indices continue to show that steel buyers are optimistic about the success of their businesses, though that confidence has eased compared to earlier in the year.

China’s steel export volumes reached 11.2 million metric tons (mt) in October, the highest monthly level since September 2015. Steel export prices were mostly stable in China and India this week, while in Turkey steel export prices increased week over week (w/w).

With the US presidential election decided, ‘wait and see’ has quickly turned into ‘we’re about to find out.’ Following Donald Trump’s victory, I had a chance to sit down with Kevin Dempsey, president and CEO of the American Iron and Steel Institute (AISI). He gave his thoughts on what he thought we might see in Trump’s second term in office, and what it means for steel.

Sheet lead times are stable to slightly extended compared to late-October levels, but are down for all products relative to production times one month ago.

September steel imports were 10% less than August levels, marking the lowest monthly import rate seen this year

Most steel buyers polled in our market poll this week continue to report mills are open to negotiation on new order pricing.  In fact, negotiation rates have been strong for the majority of 2024, trending higher since September.

Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.

Votes were still being counted when this column posted on Tuesday evening. And I’d be surprised if we know who the president will be by the time some of you are reading it on Wednesday morning.

SMU price indices edged lower this week for all products but one, marking the fifth consecutive week of overall declining prices.

The negative impact of high interest rates on consumer behavior, particularly in the automotive and housing sectors, was the primary driver of the demand weakness seen across the third quarter, according to Cleveland-Cliffs executives.

Nucor’s weekly consumer spot price (CSP) for hot-rolled coil was unchanged week on week at $740 per short ton as of Monday, Nov. 4.

Next week promises to be a big week for the country. Could even top the World Series (congrats to the Dodgers). As we all hold our breath to see what happens next, it’s a good time to reflect.

US rig activity has been historically weak since June, hovering just above multi-year lows for four months. Canadian counts have ticked lower in recent weeks but remain strong.

SMU is pleased to share this Insight piece from CRU economists. You can visit the CRU website to learn about its global commodities research and analysis services. The US presidential election will take place this Tuesday, Nov. 5, with opinion polls indicating a tight race between the two main contenders, Democrat Kamala Harris and Republican Donald Trump, […]

A roundup of this week's CRU aluminum news.

It’s official. U.S. Steel has made the first coil at Big River Steel 2 (BRS2). We congratulate the company and all the hard work that went into achieving that milestone. USS said BRS2 would begin shipments to customers this quarter. And we’re assuming those volumes will increase into Q1'25.

The premium galvanized-coil prices carry over hot-rolled (HR) coil continues to decline following the uptick seen earlier this year.

The theme of “unprecedented stability” in pricing predominated among galvanized steel buyers this month.

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 is keeping its market price for HRC flat at $750/short ton with the opening of its December order book.

After closing the third quarter -3.84% on a y/y basis, our first look at fourth-quarter flatbed spot rates puts us virtually flat y/y, coming in at -0.68%.

Nucor said it is seeking $740 per short ton (st) for hot-rolled (HR) coil this week, up $20/st from last week. USS, meanwhile, is shooting for up $30/st for sheet products in general. (USS did not announce a target price for HR.)