Steel Market Update will be taking time off in observance of Passover and Easter. Our offices will be closed on Friday, April 7, and we will not publish our Executive issue on Sunday, April 9. Our weekly pricing service will not be impacted. We will resume our regular publication schedule on Monday, April 10, and […]
Directors of Canadian miner Teck Resources have unanimously turned down what it described as an “opportunistic acquisition proposal” from Glencore. The offer values the Canadian miner at around US$23 billion (€21 bn). Glencore made the move soon after Teck announced first copper production from the QB2 expansion at Quebrada Blanca, Chile. Teck’s CEO Jonathan Price […]
Turkish scrap import prices fell in the last week of March as buying activity remained low and domestic supply improved, according to analysis from the CRU Group. CRU’s assessed Turkish scrap price for HMS1/2 80:20 is $443 per metric ton CFR, down by $17 week-on-week (WoW) and $7 month-on-month (MoM). Turkish buyers are taking a […]
Processor BICO Steel has acquired REI Metal Finishing of Kent, Ohio. Mogadore, Ohio-based BICO said the buy will further develop its steel processing and finishing capabilities. Terms of the transaction were not disclosed. REI Metal Finishing, renamed BICO Metal Finishing, supplies steel peening and metal-finishing services to industrial customers, BICO Steel said in a statement. […]
We’ve reached a milestone on the trade litigation front. Nearly all the cases (save two) have been decided regarding the legality of Section 301 tariffs on China and of Section 232 tariffs (and other measures) on steel and aluminum. The US government has prevailed. The Supreme Court last week declined to review one of the […]
The risks of doing business in Australia are greater following a slew of government interventions and tax rises, according to Gary Nagle, CEO of miner and commodity trader Glencore. His comments coincided with the South Australian Chamber of Mines and Energy issuing figures showing the resource sector’s increased importance to the state. “Australia has become […]
Both SMU’s Steel Current and Future Buyers Sentiment Indices have increased from two weeks ago, according to SMU’s most recent survey data. The Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s ability to be successful in the current market, as well as three to six months down the road. Every other […]
The latest SMU Market Survey results are now available on our website to all Premium members. After logging in at steelmarketupdate.com, visit the Analysis tab and look under the “Survey Results” section for “Latest Survey Results.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
After working in the steel industry for nearly six years, I’m comfortable with my knowledge about flat-rolled products. I do enjoy talking about the market and furthering my steel education any chance I get. Back in October 2022, I attended the Steel 101 training in Corpus Christi, Texas. It was nice to chat with metallurgists […]
The appeal for imports of hot-rolled coil (HRC) remains strong even as US price gains have slowed, according to SMU’s latest foreign vs. domestic price analysis. And while we haven’t seen an official mill pricing notice in nearly three weeks, domestic tags continue to inch higher towards the targeted base price of $1,200 per ton […]
Nucor’s new plate mill in Brandenburg, Ky., reached another milestone earlier this month with the casting of its first slab on its new continuous caster. The SMS group, supplier of the single-strand caster, announced the milestone was reached on March 8. The caster, one of the largest in the world with an annual production capacity […]
SMU’s hot-rolled coil price posted its smallest week-over-week (WoW) price gain since mid-January. Some sources said the market might be at or near a peak. But others said it might be taking a break ahead of domestic mills rolling out another round of price hikes. Our average hot-rolled coil price stands at $1,145 per ton ($57.25 […]
US architecture firms reported a slip in demand for services for the fifth consecutive month in February, according to the latest report from the American Institute of Architects (AIA). The monthly AIA Architecture Billings Index (ABI) score stood at 48.0 in February, down from January’s 49.3. The ABI is an advanced economic indicator for nonresidential construction activity […]
CRU has rolled-over its Turkish scrap price due to low market activity. Trading has slowed over the past two weeks as buyers are unwilling to accept current price levels in anticipation of a downward correction. Thus, the CRU-assessed Turkish scrap price for HMS1/2 80:20 remains unchanged week-on-week (WoW) at $460 per metric ton CFR. Similar […]
We haven’t had a price increase since March 13, the Monday after Silicon Valley Bank collapsed. It’s entirely possible we’ll get another round of price hikes should mills decide the market will support it or should they want to reverse any bearish sentiment before it gains traction. It’s also possible that we won’t see another […]
The outlook for the construction industry is relatively optimistic, despite the uncertain state of the overall economy, according to Ken Simonson, chief economist of the Associated General Contractors of America (AGC). Simonson, who chatted with SMU chief editor Michael Cowden on the March 22 SMU Community Chat, provided the most recent data covering many aspects […]
Foreign cold-rolled coil’s (CRC) pricing advantage over domestic product widened this past week as US prices rose further in response to continued mill tag hikes, according to Steel Market Update’s latest foreign vs. domestic price analysis of the CRC market. The move continues to widen the gap between US and offshore cold-rolled. Longer lead times […]
New orders for US-manufactured durable goods fell to 1% in February month over month to a seasonally adjusted $268.4 billion, according to the US Census Bureau. They have now been down three of the last four months, according to Census data. New orders for transportation equipment, also down three of the past four months, drove the […]
Commercial Metals Co.’s (CMC’s) net earnings slipped 53% in its fiscal 2023 second quarter compared with the same period a year earlier on weather issues and a planned outage. “CMC achieved strong financial results during the second quarter while managing a number of challenges, including weather-related shipment disruptions in our core geographies, costs associated with […]
Imported sheet and plate products’ arrival at US ports rose in January, leading their share of the US markets to recover, while domestic shipments varied during the month. That’s according to a Steel Market Update’s analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel Institute […]
Imports of cold-rolled coil (CRC) extended their pricing advantage over domestic product as US mills continued to drive prices higher, according to Steel Market Update’s latest foreign vs. domestic price analysis of the CRC market. US mills have announced multiple rounds of price increases since the beginning of the year, widening the gap between US […]
Martin Keighley, CEO of CarbonFree Chemical Holdings, recently spoke with SMU to discuss his company’s SkyCycle carbon capture and storage (CCS) and carbon capture and utilization (CCU) technology. As previously reported, US Steel has entered into a preliminary agreement with CarbonFree to address the capture of CO2 at its Gary Works facility in Indiana. SkyCycle, CarbonFree’s second-generation […]
The US Court of Appeals for The Federal Circuit has upheld Section 232 duties on steel tube and pipe from Turkey’s Borusan Mannesmann and its American subsidiary Borusan Mannesmann Pipe US. In a March 15 ruling the court affirmed an earlier opinion by the US Court of International Trade. Borusan had appealed the original decision, […]
Alro Steel has marked 75 years in business. Al Glick started Alro Steel with his brother Robert with one location in Jackson, Mich., in 1948. Now with more than 3,000 workers, the company has expanded to over 75 locations in 15 states. “We strive to be America’s premier metals, industrial supplies, and plastics service center,” the […]
Imports of hot-rolled coil (HRC) are becoming more attractive as US mills continue to drive domestic prices higher. The price advantage domestic HRC had enjoyed over offshore hot band as recently as five weeks ago swung negative, mirroring dynamics seen more than a year ago, according to Steel Market Update’s latest foreign vs. domestic price […]
Steel Dynamics Inc. (SDI) expects lower first-quarter 2023 earnings on costs related to its Sinton, Texas, flat-roll mill and the continued work-through of higher-priced pig iron purchased in 2022. The Fort Wayne, Ind.-based steelmaker expects Q1 earnings in the range of $3.47 to $3.51 per diluted share. This is down from $3.61 per diluted share […]
Flat-rolled steel prices continue to rise in response to repeated mill pricing announcements, a trend we’ve seen nearly weekly since Monday, Nov. 28, 2022. Hot-rolled coil (HRC) prices have surged by $490 per ton – a 78% jump – since Cleveland-Cliffs and US Steel kicked off the craze with $60-per-ton price hikes. On Monday, Cliffs […]
US steel shipments rose 3.6% in January vs. December, but fell 7.9% year over year, according to the most recent figures from The American Iron and Steel Institute (AISI). Domestic steel mills shipped 7,148,270 net tons in January, up from 6,901,567 net tons shipped the prior month, but falling from the 7,757,807 net tons shipped […]
Rig counts dropped in Canada and the US this week, according to data from oilfield services company Baker Hughes. The total US rig count was 746 for the week ended March 10, down three rigs from the week prior. The number of active oil rigs in the US fell to 590, down two from the prior […]
The Biden administration has announced a plan to provide approximately $6 billion to speed up the decarbonization of US industry. The program, administered by the US Department of Energy, will target carbon emissions associated with the production of iron and steel, aluminum, cement, and concrete. It is part the administration’s goal of creating a “net-zero […]