Category: Analysis

SMU’s sheet and plate prices see-sawed this week as hot-rolled (HR) coil prices held their ground while prices for galvanized product slipped.

Nucor is keeping hot-rolled (HR) coil prices unchanged again this week, according to its latest consumer spot price (CSP) notice issued on Monday, Oct. 6

SMU’s latest survey results indicate that steel market participants think sheet prices are at or near a bottom. But most also think there is limited upside once they inflect higher.

SMU’s Current Sentiment Index for scrap decreased this month, a move mirrored by our Future Sentiment Index, according to the latest data from our ferrous scrap survey.

Let’s take a quick tour of some key stories from SMU in the week of Sept. 29 - Oct. 3.

Participants in the hot-rolled sheet market expressed frustration with the continuing lack of demand this week. 

Each of our Sentiment Indices continues to reflect that steel buyers are positive about their present and future business prospects, though that confidence has eased considerably compared to the beginning of the year.

SMU’s October ferrous scrap market survey results are now available on our website to all premium members.

The price gap between stateside hot band and landed offshore product narrowed this week. Still, with the 50% Section 232 tariff, most imports remain much more expensive than domestic material.

SMU’s latest steel buyers market survey results are now available on our website to all premium members.

Representatives of at least six companies interested in acquiring AHMSA have reportedly begun to carry out physical inspections of the insolvent company’s assets.

A recent IIMA meeting in Brazil shows how the US and much of the rest of the world are operating in parallel realities.

Sheet and plate lead times saw minor shifts this week, according to SMU’s latest market survey. Sheet times have inched up over the last month but remain within days of multi-year lows, as they have since May. Plate lead times have bobbed within a tight range for months, hovering roughly a week longer than this time last year.

Steel buyers say mills remain slightly more willing to negotiate spot prices for sheet and plate products than in mid-September, according to our latest market survey.

The Italian government has received 10 offers for the former Ilva integrated steel works at Taranto, but only two bidders are interested in purchasing all of the company’s assets.

Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."

NEMO Industries has announced a venture to build a pig iron plant in Louisiana. The plant will use advanced technologies, including integrating AI.

We moved our pricing momentum indicators from “lower” to “neutral” for all sheet products this week. For those keeping score, we had been at “lower” for six weeks. And I know some of you think we should have been there for even longer.

Market participants predicted that prices should be at or near a bottom. But while most seemed to agree on that point, many also said they saw little upside given a quiet spot market and ongoing concerns about demand.

Nucor aims to increase prices for steel plate by $60 per short ton with the opening of its November order book.

Raw steel production has stayed historically strong over the past four months, holding near multi-year highs since June.

Metallus and the United Steelworkers (USW) union extended their contract to Oct. 15 as talks continue on a new labor deal.  

Nucor is keeping hot-rolled (HR) coil prices unchanged again this week, according to its latest consumer spot price (CSP) notice issued on Monday, Sept. 29.

Renowned Nucor Chairman and CEO Ken Iverson would’ve turned 100 on Sept. 18 of this year.

Voestalpine and partners have begun building an industrial-scale Hy4Smelt demonstration plant in Linz, Austria, which they hope will become key in the decarbonization of steel.

SSAB Americas sent a price increase notification to customers announcing that transaction prices on all its products are increasing by a minimum of $60 per short ton (st). 

Meanwhile, the nation’s largest rail union said they supported the tie-up between Union Pacific and Norfolk Southern once Union Pacific agreed to secure union jobs.

Most steelmaking raw material prices held steady or ticked higher over the past month

Market chatter from steel buyers this week: prices steady to slightly higher, demand weak, inventories slow, and tariffs clouding the outlook.

Algoma Steel has publicly confirmed that it might scale back its presence in the US market. It's no secret why: 50% Section 232 tariffs remain in place against Canada, which has traditionally been one of our closest allies.