SMU survey: Buyers say mills slightly less willing to talk price
The percentage of steel buyers saying mills were willing to negotiate spot pricing on the products SMU surveys was mixed this week.
Category: Analysis
Import licenses bounce back to five-month high in December
After falling in November, steel imports appear to have bounced back to a five-month high in December.
Final thoughts
SMU doesn’t do forecasts. We leave that to our colleagues at CRU. But we’re pretty good at surveys, and we’ve got a great group of readers. That’s why we decided to ask you what’s in store for 2024. The results are below, along with some insightful comments in italics.
CRU: Mexico imposes import tariffs on Vietnamese steel
The Mexican government has placed anti-subsidy (CVD) duties of almost 80% on cold rolled (CR) sheets from Vietnam, with the caveat that if the importer can prove the steel comes from a country other than China then it is exempt from the levy.
AISI: Raw steel output slips in all regions
The latest American Iron and Steel Institute (AISI) production figures show domestic steel output slipping the week before the Christmas holiday. Domestic mills produced an estimated 1,693,000 net tons of steel during the week ended Dec. 23, AISI said. Output was down 1.2% from the previous week but was 7.4% higher than the same week […]
Final thoughts
The end of one year is often both a time for reflection, and for looking ahead. You make sense of the ups and downs from January through December. Then you wipe off the old crystal ball, and try to make out what’s in store for the next 365 days.
SMU Steel Demand Index slumps to close out 2023
Steel Market Update’s Steel Demand Index declined, falling back into contraction territory after a very short-lived gain just two weeks ago, according to our latest survey data.
SMU market survey results now available
The latest SMU 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.” Historical survey results are also available under that selection. If you need help accessing the survey results, or if […]
Global steel output up in November: Worldsteel
Global steel production rose in November compared to a year earlier with output in China roughly flat and significant gains elsewhere, according to the latest figures from the World Steel Association (worldsteel).
SMU survey: End-of-year lead times show mixed buying patterns
Steel buying lead times remain mixed as we head into the last week of 2023, according to SMU's most recent survey data.
SMU survey: Mills more willing to negotiate price on all products - except cold rolled
All of the products SMU surveys notched an increase in the percentage of buyers saying mills were willing to negotiate spot pricing, with the exception of cold rolled, according to our most recent survey data.
SMU survey: Current Buyers Sentiment Index rises, future index falls
SMU’s Current Buyers Sentiment Index inched up this week, while the future index edged down, based on our most recent survey data.
Final thoughts
I was asked to do an interview for a cable news channel in Ohio about Nippon Steel’s planned acquisition of U.S. Steel for more than $14 billion.
Housing starts climb in November as interest rates fall
US housing starts jumped in November on lower interest rates stimulating home buying, according to the most recent data from the US Census Bureau.
Final thoughts
As 2023 draws to a close, I wanted to look back on some of the key events and themes of the year. But I’m going to hold off on that idea because we were – as of Sunday afternoon - still waiting on news about arguably the biggest event of the year, the potential sale of U.S. Steel.
CRU: Ore-based metallics prices follow scrap price upswing
Pig iron prices rose month over month (MoM) for all major regions, driven by rising scrap prices.
CRU: Aluminum news roundup
The LME aluminum 3-month price is moving higher on the morning of Dec. 15 and was last seen trading at $2,258 /metric ton. This means the price is up 7% already since the new low for 2023 was reached on Wednesday at $2,109 /metric ton. The US Dollar reached its lowest level since early August […]
SMU steel demand index edges up
Steel Market Update’s Steel Demand Index has moved into growth territory, but barely, after recovering slightly from our reading in late November, according to our latest survey data.
Service Center Shipments and Inventories Report for November
Flat Rolled = 54.0 Shipping Days of Supply Plate = 61.7 Shipping Days of Supply Flat Rolled After three months of inventory cuts, US service center flat-rolled steel inventories grew in November as shipments slowed. At the end of November, service centers carried 54 shipping days of flat-rolled steel supply on an adjusted basis, up […]
Final thoughts
Thursday felt eerily quiet after a frenzy of steel and financial market news on Wednesday.
Aluminum regulations proposed for IRA manufacturing credit
The US Treasury Department and Internal Revenue Service (IRS) announced on Dec. 14 proposed regulations for aluminum production under the Inflation Reduction Act (IRA). According to irs.gov, Section 45X of the Internal Revenue Code (IRC) “provides a credit for the production (within the US) and sale of certain eligible components including solar and wind energy […]
Fitch: Expect moderate global steel consumption in 2024
Most steel markets will be more balanced in 2024, according to the latest sector outlook from Fitch Ratings.
Steel market chatter this week
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel sheet prices, demand, inventory, imports, and what people are talking about in the market. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your […]
Final thoughts
Steel is up again this week. Scrap is up by a lot this month: $85 per gross ton for busheling, by our calculations.
Apparent steel supply increased in October
US apparent supply increased to 8.11 million net tons in October, up 4% compared to 7.82 million tons in September, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI).
Construction job openings reach record high
The number of open construction jobs reached a record high in October as workforce shortages persist, the Associated General Contractors of America (AGC) reported.
Final thoughts
‘Twas two weeks before Christmas, and at our publication We kept logging steel price increases from across our fair nation.
Leibowitz: Steel and aluminum intensity—the trade implications
This year saw a huge increase in debate and proposals for addressing greenhouse gas emissions, not only here in the US but around the world.
October steel exports fall to 2023 low
US steel exports declined for the second month in a row in October, falling to the lowest monthly total so far in 2023.
SMU market survey results now available
The latest SMU 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.” Historical survey results are also available under that selection. If you need help accessing the survey results, […]