Category: Market Data

SunCoke Energy Inc.’s earnings improved in the fourth quarter, driven by higher coal-to-coke yields, the company said in its Q4, and full-year results on Feb. 1.

Steel mill lead times for sheet products saw substantial declines over the past two weeks, while production times for plate held steady during the month of January.

Steel buyers said mills were much more willing to negotiate spot pricing this week on all products SMU surveys, according to our most recent survey data.

Sheet prices were mixed this week, with hot-rolled (HR) coil unchanged but cold-rolled and coated prices down.

U.S. Steel is to permanently idle battery No. 15 at the Clairton coke plant in its Mon Valley works in Pennsylvania following a series of air pollution incidents and fines.

Rising geopolitical tensions may threaten stability, while other factors like a climbing stock market and growing government investment point to one thing in the economy: it’s complicated. “It’s an interesting contradiction out there,” said Dr. Walter Kemmsies, managing partner of The Kemmsies Group, at the Tampa Steel Conference this week. In his keynote speech on […]

The Steel Manufacturers Association (SMA) outlined its praise for the US and EU extension on negotiations towards the proposed Global Arrangement on Sustainable Steel and Aluminum.

This week Magnitude 7 Metals issued a statement to announce the curtailment of its New Madrid smelter in Marston, Mo. The plant, one of only five remaining primary smelters in the US, employs approximately 450 union workers. With over 275,000 metric tons (mt) of capacity per year, New Madrid is the second-largest plant by capacity […]

Brazilian steel maker Usiminas has resumed operations at blast furnace (BF) No. 3 at its Ipatinga works in the state of Minas Gerais. The restart comes after a BRL2.7-billion ($546-million) refurbishment on the unit, which has capacity of three million metric tons (mt) per year.

US hot-rolled coil (HRC) prices declined further this week, easing to their lowest level since late November. And while domestic tags remain notably more expensive than offshore product, the premium has declined as imported hot band tags have moved higher.

What's being talked about in the US steel market this week?

US housing starts moved lower in December, even as single-family production topped the million mark for the second straight month, according to the most recent data from the US Census Bureau.

Metalformers remain positive about business prospects for the first quarter of 2024, boosted by reported growth in January.

India-based Tata Steel is to close down the two blast furnaces at its loss-making Port Talbot works in South Wales, UK, during a four-year switch to EAF-based steel making. Under the proposals, 2,800 jobs are at risk.

CRU forecasts that global demand for steelmaking raw materials will fall month over month (m/m) between mid-January and mid-February. The major downward pressure on raw materials demand will come from China, where steel end-use demand will fall toward the Chinese New Year (CNY) holiday (Feb. 10–17).

The premium plate has held over hot-rolled coil (HRC) has been narrowing but remains elevated compared to historical levels.

The LME three-month price was broadly stable on the morning of Jan. 19 and was last seen trading at $2,170 per metric ton (mt). The $2,200/mt level is now acting as a resistance it seems, but the break of the previous support level has not inspired a sell-off, at least not for now.  

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, […]

While there was little change in economic activity since its last update, the Federal Reserve reported declines in manufacturing in nearly all districts in its January Beige Book update.

SMU’s Current Steel Buyers Sentiment Index jumped this week, while the Future Sentiment Index remained flat, according to our most recent survey data.

New York state saw manufacturing shrink in January, reaching its lowest reading since the depths of the pandemic in early 2020, according to the latest Empire State Manufacturing Survey.

The slipping lead times for flat-rolled steel were not just due to the holiday slowdown, it seems, as production times for four out of five products contracted again this week.

What are people in the steel marketplace talking about this week?

Domestic buyers of steel sheet said mills were much more willing to negotiate spot pricing this week, according to our most recent survey data.

US service center flat-rolled steel inventories surged in December with the seasonal slowdown in shipments. At the end of December, service centers carried 64.8 shipping days of supply, according to adjusted SMU data, up from 54 days in November.

Turkish scrap import prices increased last week with CRU’s assessment for HMS1/2 80:20 at $423 per metric ton (t) CFR, up by $7/t week over week (w/w) but down $2/t month over month (m/m). This was driven by a pickup in buying activity.

The LME three-month price was moving down again on the morning of Jan. 12 and was last seen trading at $2,215 per metric ton (mt). We expect a test of the $2,200/mt support to be imminent. A break would be bearish as it could mean a complete reversal of the gains seen in December, although we still estimate that as being unlikely.

The spread between cold-rolled coil (CRC) and hot-rolled coil (HRC) prices jumped during the week of Jan. 8 as cold rolled tags continued to rise while hot rolled tags held steady.

The ArcelorMittal Nippon Steel India (AM/NS India) joint venture (JV) aims to have 24 Mt/y of crude steel capacity by 2029, making the Hazira works in Gujarat the planet’s largest single-site integrated steel complex, says ArcelorMittal chairman Lakshmi Mittal. A first-phase expansion to 15 Mt/y of crude steel capacity is on schedule to be finished […]

SMU polled steel buyers on a variety of subjects this past week, including inventory, demand, steel sheet prices, imports, and what people are talking about in today’s marketplace. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We’d like to hear your thoughts, too! Contact david@steelmarketupdate.com to be […]