SMU’s Current and Future Steel Buyers Sentiment Indices swapped directions again this week, with current increasing and future sentiment easing, according to our most recent survey data. Every other week we poll steel buyers about sentiment. The Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s chances of success in the current market, as well as […]
The ITC announced today it is taking up the fact-finding investigation requested by the US Trade Representative into greenhouse-gas emissions intensity in the US steel and aluminum industries. In steel, more than 50 products will be examined for their GHG emissions-intensity as of 2022. The study is set to be completed by Jan. 28, 2025. […]
Lead times were broadly stable this week, with sheet products rising modestly and plate unchanged from SMU’s market check two weeks ago. More meaningful movements in lead times should be seen in the coming weeks as buyers return to the market after the Fourth of July holiday. Should the mills’ recent sheet price hikes take […]
The US International Trade Commission (ITC) said Wednesday it is conducting a fact-finding investigation to assess the greenhouse gas (GHG) intensity of steel and aluminum made in the US. This is in response to a letter sent by US Trade Representative Katherine Tai on June 5 requesting a Section 332 investigation in the midst of ongoing […]
The overall mill negotiation rate dropped this week following the July 4th holiday, though plate bucked the trend, increasing by four percentage points, according to SMU’s most recent survey data. The percentage of respondents saying steel mills were willing to talk price on plate stood at 63% this week, up from 59% two weeks ago, while […]
We’re now less than two months away from the kickoff of SMU’s 2023 Steel Summit Conference, which runs from Monday-Wednesday, Aug. 21-23, in Atlanta. Registrations for Steel Summit are flooding in, with roughly 820 people already registered, and hotel availability dwindling fast. Register here. The hotels within walking distance of the event – Georgia International Convention […]
Occasionally, a story jolts you awake. You realize how much things have changed—once, a pro-trade remark from a senior government official was routine. Now, it is remarkable. Last week the President’s Export Council (PEC), an advisory group currently chaired by Mark Ein of Kastle Systems, met for the first time since the Obama administration. The […]
Steel Market Update’s offices will be closed for Independence Day. We will send out survey invitations on Monday, July 3. We will not publish an issue on Tuesday, July 4. Our weekly pricing service will continue. We typically update prices on Tuesday. Next week, however, we will update them on Wednesday, July 5. We will […]
Worthington Industries Inc. announced strong earnings for its fiscal 2023 fourth quarter, boosted by an exceptional performance from its steel processing business. The Columbus, Ohio-based manufacturing and steel processing company reported net earnings of $129.9 million for fiscal Q4 ended May 31, a 62% increase from $80.3 million in the same period one year prior. […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, and import offers. 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 our […]
While a lack of inventory is constraining existing-home sales in the US, it’s proving a boon for sales of new homes. Existing-Home Sales Constricted by the lack of inventory, existing-home sales rose just slightly in May, according to the National Association of Realtors (NAR). Sales of existing homes reached a seasonally adjusted annual rate (SAAR) […]
Raw steel production by US mills moved higher again last week, gaining ground for the second straight week, according to data released by the American Iron and Steel Institute (AISI) on Monday, June 26. Domestic production stood at 1,758,000 net tons during the week ended June 24, up 0.9% from 1,743,000 tons the previous week. Production is […]
Our latest survey results indicate that the round of $50/ton ($2.50/cwt) sheet price hikes have a good chance of at least stabilizing prices or increasing them modestly. To be clear, SMU does not make formal forecasts. I’m basing this on what we’re seeing in past survey results following price hikes compared to what we’re seeing […]
A rare state visit by Prime Minister Narendra Modi of India culminated in a joint statement by President Biden and the prime minister last Thursday. This was a blockbuster statement, covering 58 paragraphs and resolving or narrowing differences on a host of issues. Some disputes had been festering for years. Despite pre-meeting statements advising that […]
European sheet prices have declined sharply by €112-146 per metric ton ($110-144 per net ton) month-on-month (MoM), around 12-18% across all sheet products. In CRU’s latest assessment, German hot-rolled coil decreased by €125 MoM to €689 per metric ton ($680 per net ton), while Italian HR coil saw a drop of €146 to €657 per […]
US rig counts dropped for the week ended June 23, while Canada’s count increased, according to the latest data from oilfield services company Baker Hughes. This marks the eighth consecutive week-over-week decline in the US and fifth consecutive weekly increase in Canada. The total US rig count stood at 682 active rigs as of June 23, off five from the […]
The US and India have agreed to end six outstanding disputes at the World Trade Organization (WTO), some directly involving steel, US Trade Representative Katherine Tai said Thursday. Also, USTR Tai said that India has agreed to remove retaliatory tariffs, which it had imposed as a response to the US Section 232 national security measures […]
Offshore hot-rolled coil (HRC) remains at a discount to domestic product, though the US premium is at its lowest mark in nearly four months, according to SMU’s latest foreign vs. domestic price analysis. Prices for hot band stateside have eroded sharply over the past few weeks, down $115 per net ton so far in June, […]
The overall mill negotiation rate was steady this week, though plate was an outlier, jumping 16 percentage points, according to SMU’s most recent survey data. The percentage of respondents saying steel mills were willing to negotiate price on plate rose to 59% this week, up from 33% two weeks ago. Every two weeks, SMU asks […]
Positive structural trends in the North American market are supporting strong earnings results for Commercial Metals Co. The Irving, Texas-based longs producer and metals recycler reported lower fiscal third-quarter sales and earnings compared to levels seen in the year-ago quarter during the 2022 earnings boom, but its results remain strong, said CEO Barbara Smith. “CMC […]
Ternium announced this week that its new slab mill will be built in Pesquería, Nuevo León, Mexico. The Luxembourg-based Latin American steelmaker had said earlier this year it would build an electric-arc furnace (EAF) and direct-reduced iron (DRI) facility in North America. Brownsville, Texas, had been rumored to be in the running for the new […]
The US Department of Commerce’s International Trade Administration (ITA) is updating the antidumping duties on carbon and alloy cut-to-length steel plate imported from Belgium. In an administrative review of the AD duties, the ITA is considering the one-year period ended April 30, 2022. In its preliminary ruling, the agency set the weighted-average dumping margin at […]
Flat Rolled = 51.4 Shipping Days of Supply Plate = 55.4 Shipping Days of Supply Flat Rolled US service center flat-rolled steel inventories were nearly flat month on month in May with shipments still strong. Service centers carried 51.4 shipping days of supply at the end of May, according to adjusted SMU data. This was […]
What to make of the latest round of sheet prices hikes: Are they aimed at stopping the bleeding, getting buyers off the sidelines, or actually getting sheet prices back up again? These are serious questions now in a way that they weren’t after U. S. Steel first announced its price hike last Wednesday. That hike […]
The Biden administration over the last few months has articulated the need for a new global economic order. But to date, there is little in the way of ideas for implanting that order. Mostly, Katherine Tai, the US Trade Representative and Jake Sullivan, the National Security Advisor, have spoken about what’s wrong with the economic […]
A bipartisan group of 36 members of Congress have expressed their concerns over potential tariffs on tin mill steel products. In a letter to the US International Trade Commission and Department of Commerce on June 12, the group said that the antidumping investigation on tin mill products brought forth by Cleveland-Cliffs earlier this year can […]
Sometimes the skills we obtain through our education can be used in ways other than we expect. Roger Walburn is a metallurgist who uses his specialty to help customers find the perfect fit. His knowledge of metallurgy enables him to get into the weeds with the technical aspects of steel, which educates his customers on […]
With the 2023 SMU Steel Summit quickly approaching, SMU is in full-blown planning mode. Our preparations have me reflecting on last year’s event and what I personally can do to better take full advantage of all the opportunities this year’s event will bring. (Note: CRU and SMU are hosting a free pre-conference webinar on Tuesday, […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, and import offers. 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 our […]
The US Department of Commerce’s International Trade Administration (ITA) is updating the antidumping duties on hot-rolled steel flats from South Korea. In an administrative review of the one-year period ended Sept. 30, 2022, the ITA set preliminary dumping margins of 0% for Hyundai Steel, Posco, and 45 other Korean companies not selected for individual examination. […]