Category: Analysis

A look back at the evolution of the SMU Steel Summit conference through the eyes of long-time SMU employee Brett Linton.

Buyers continue to report very short mill lead times on sheet and plate products, according to our latest market canvass of steel service center and manufacturer executives

Steel buyers of sheet products say mills are still flexible on spot pricing this week, though less so than two weeks prior, according to our most recent survey data.

US manufacturing activity contracted for a fourth straight month in July, as reported in the latest release from the Institute for Supply Management (ISM). The Index has indicated contraction in the manufacturing sector for 20 of the last 21 months.

SunCoke Energy Inc.’s earnings improved in the second quarter, with the company citing strong performances in its coke-making and logistics segments.

Cleveland-Cliffs said on Wednesday that it would seek at least $700 per short ton (st) for hot-rolled (HR) coil. The Cleveland-based steelmaker said it made the move "due to ongoing market developments." The company said the increase was effective immediately for HR orders for September.

What a difference a week makes! SMU has shifted its sheet momentum indicators from “lower” to “neutral”. And we’ll be on the lookout for evidence of higher prices in the weeks ahead.

SMU’s sheet price was largely flat this week, an unusual sight for the better part of the past four months. The same trend was seen for tandem products and plate as well.

Pennsylvania Governor Josh Shapiro has come out against Nippon Steel’s proposed buy of U.S. Steel because it doesn’t have union support, according to media reports.

Former U.S. Steel executive Kenneth Jaycox is moving from steel to the automotive parts industry.

Domestic raw steel production eased last week following a seven-week high, according to the latest release by the American Iron and Steel Institute (AISI).

Nucor has raised its consumer spot price (CSP) for hot-rolled (HR) coil to $675 per short ton (st), up $25/st from last week.

Nearly 1,200 people have registered for SMU Steel Summit, which is less than a month away now. That means we’re still on pace to meet or exceed last year’s record attendance despite a tough flat-rolled steel market over the last few months. So, a big thank you to everyone who already plans to go for your continued support. If you haven’t booked travel yet, don’t miss out on one of the greatest shows in steel – register here. (You can also check out the latest agenda here.)

GrafTech cited a “challenging” part of the business cycle as its net loss widened in the second quarter.

A roundup of aluminum news from CRU.

Drilling activity rose in both the US and Canada last week, according to the latest data release from Baker Hughes. US rig activity increased to a six-week high but remains near multi-year lows. Canadian counts continue to improve, now at a 20-week high.

Both iron ore and coking coal prices fell this week because of resistance from buyers. Iron ore prices have continued to fall throughout the past week, following sharp declines in steel prices in China, given no new policy announcement from the ‘Third Plenum’ meeting.

Cleveland-Cliffs announced on Friday that it would seek $670 per short ton (st) for hot-rolled (HR) coil. The steelmaker said the move was effectively immediately. It coincides with the opening of the company’s HR order book for September.

SMU has heard from some larger buyers who have stepped back into the market to buy at prices that, if not at a bottom, they assess to be close to one. Is it enough to stretch out lead times and send prices upward again? Or do we continue to scrape along the mid-$600s per short ton (st) as we have been doing for most of the last month?

The majority of steelmaking raw material prices declined in June, following the same trend seen in May, according to SMU’s latest analysis.

Galvanized prices have fallen precipitously from a month ago, though many market participants think a bottom is in sight.

High levels of steel imports, especially from China, in recent months are worrying steel makers in India and Vietnam.

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.

Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.

SMU’s sheet price ranges slid again this week. But the declines were more pronounced on tandem products whereas prices for hot-rolled coil held roughly steady.

Global steel output eased 2% in June following May’s 14-month high, according to World Steel Association’s (worldsteel) latest release.

SMU’s Key Market Indicators include data on the economy, raw materials, manufacturing, construction, and steel sheet and long products. They offer a snapshot of current sentiment and the near-term expected trajectory of the economy. All told, nine key indicators point lower, 16 are neutral, and 13 point higher. One thing worth noting: The nine indicators pointing lower are all lagging indicators. Many of those pointing upward are leading indicators.

Domestic raw steel production rise to a seven-week high last week, according to the latest release by the American Iron and Steel Institute (AISI). Raw output from US steel mills now stands at the highest recorded weekly rate since the first week of June.

The United Auto Workers (UAW) and United Steelworkers (USW) unions have thanked President Biden for his service following his announcement that he is no longer seeking re-election.

Nucor kept its consumer spot price (CSP) for hot-rolled (HR) coil unchanged at $650 per short ton (st) this week. HR prices for CSI, the company's sheet subsidiary in California, held steady at $720/st. Note that sheet prices on the West Coast are typically higher than those east of the Rocky Mountains.