Category: Analysis

SMU's Current Sentiment Index slipped this week, while the Future Steel Buyers Sentiment Index jumped 10 points from the last market check, according to our most recent survey data.

I am happy to announce that there are officially now more than 1,400 people attending SMU Steel Summit next week in Atlanta. That’s a new record for us, and I thank all of you for making it possible. I am also happy to say that Barry Zekelman, executive chairman and CEO of Zekelman Industries, will be joining us for the first fireside chat of Steel Summit on Monday, Aug. 21, at 3:40 pm ET.

Mill lead times for most sheet products this week were basically flat compared to SMU's market check two weeks ago. Those for plate shortened once again.

I wrote on Sunday about U.S. Steel being for sale and Cleveland-Cliffs announcing that it was the among bidders for the iconic Pittsburgh-based steelmaker. I have heard some interesting theories on who the other bidders might be. Foreign mills, domestic mills, private equity - even Elon Musk, which I think is when things started to really jump the shark.

US service center flat-rolled steel inventories spiked in July with a slowdown in shipments. At the end of July, service centers carried 56.1 shipping days of flat roll supply, according to adjusted SMU data.

I planned to write this column about some of the big themes we’ll be discussing at Steel Summit. That plan changed when U.S. Steel announced on Sunday afternoon that it was conducting a formal review of a sale of all or part of the company after receiving multiple unsolicited offers. It changed yet again when Cleveland-Cliffs said its offer for U.S. Steel had been rejected.

CRU research manager Stephen Williamson shares his views of this week's aluminum market.

First, I want to say a big “thank you” to everyone who is attending Steel Summit this year. Earlier this week, we officially broke the attendance record we set last year. Numbers continue to rise. More than 1,300 will be there when the event kicks off on Monday, Aug. 21, at the Georgia International Convention Center in Atlanta.

SMU’s hot-rolled coil price slipped a little below $800 per ton ($40 per cwt) this week for the first time in more than six months. You’d think that might have caused more of a fuss than it appears to have. Instead, many of the conversations I’ve had with folks in the market today have been […]

SMU senior analyst David Schollert provides an overview of steel market indicators for the month of July.

This is a tough time to be in the forecasting business, especially when it comes to steel. You might have a battle-tested model based on the latest macroeconomic data, prices, inventories, and lead times. The catch: Whatever a forecast might showing now could be overshadowed by events next month. Namely, labor negotiations between the United Auto Workers (UAW) union and automakers General Motors, Ford, and Stellantis.

Steel Market Update’s Demand Index has now been contracting territory for the better part of the past 3-plus months, according to the latest survey data.

Iron ore prices remained elevated in July, averaging $112 /dmt for the month, unchanged from June.

It feels like the market is in a bit of a holding pattern. Lead times are roughly sideways, according to our latest check of the market. Will they begin to extend now that most mills are into September not only for cold-rolled and coated products but also for hot band?

Our sheet prices are down again this week. Some of you think it’s a sign of something ominous, others think it’s just a case of seasonality. It might help to step back and put things in perspective.

There is a lot going on at SMU right now. We’re going to be rolling out a new website over the next few days. We’ve also got more than 1,200 people registered to attend Steel Summit this year, putting us on pace to potentially break last year’s attendance record of nearly 1,300. The event is […]

China recently became the world’s largest exporter of cars. Experience from the steel industry suggests this is not a trend that will reverse.

There is a lot going on at SMU right now. We’re going to be rolling out a new website over the next few days. We’ve also got more than 1,200 people registered to attend Steel Summit this year, putting us on pace to potentially break last year’s attendance record of nearly 1,300.

China recently became the world’s largest exporter of cars. Experience from the steel industry suggests this is not a trend that will reverse, though it might reduce. Changes in auto supply chains and metals demand outside China are likely. China Is Now the World’s Largest Car Exporter China recently became the world’s largest exporter of […]

For starters, thanks to Barry Zekelman, chairman and CEO of Zekelman Industries, for taking time for a Community Chat on Wednesday. Zekelman was, as always, sharp on steel. He also caught my attention and some of yours when he said he was interested in buying a steel mill.

For starters, thanks to Barry Zekelman, chairman and CEO of Zekelman Industries, for taking time for a Community Chat on Wednesday. Zekelman was, as always, sharp on steel. He also caught my attention and some of yours when he said he was interested in buying a steel mill. “I’ve dreamed of owning a steel mill […]

On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, import offers, and inventory. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! Contact david@steelmarketupdate.com to be included in […]

General Motors (GM) has raised its full-year earnings guidance, but this depends on the outcome of its labor negotiations with the United Auto Workers (UAW) union in the US and Unifor in Canada. “This is the second time we’ve raised guidance this year and it assumes that we successfully negotiate new labor agreements without a work stoppage,” […]

We weren’t supposed to see hot-rolled coil prices dip below $800 per ton ($40 per cwt) anytime soon.

We weren’t supposed to see hot-rolled coil prices dip below $800 per ton ($40 per cwt) anytime soon. Or at least that seemed to be the consensus in mid-June after mills rolled out a round of $50-per-ton price hikes, with a second round rumored to be in the works. That second round of price hikes […]

I’ll dive into the latest sheet market trends in a moment. But first some big news: We’re less than a month away from the start of SMU’s Steel Summit in Atlanta! Nearly 1,100 people were registered to attend when I last checked on Friday. The pace of registrations has picked up, so we’ll probably be […]

Over the last month, the iron ore price has shown more weakness as fewer participants in the market maintain a positive outlook based on more stimulus measures in China. Simultaneously, on the supply side, Australia followed seasonal trends with a marginal y/y increase. Recovered Brazilian volumes have also begun to weigh on the market. Supply […]

I’ll dive into the latest sheet market trends in a moment. But first some big news: We’re less than a month away from the start of SMU’s Steel Summit in Atlanta! Nearly 1,100 people were registered to attend when I last checked on Friday. The pace of registrations has picked up, so we’ll probably be […]

he latest SMU Market Survey results are now available on our website to all Premium members.

In 2021, the US and EU called a timeout on their disputes about the US “national security” steel and aluminum tariffs and the resulting retaliatory measures by the EU.