Category: Market Segment

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.

The office of the US Trade Representative (USTR) endorsed the World Trade Organization’s (WTO) panel report regarding the Section 232 duties against China on steel and aluminum. The report recognized the duties as “security measures,” rejecting China’s arguments against them.

The spread US hot-rolled coil (HRC) prices had held over offshore product for much of the year has almost evaporated, according to SMU’s latest foreign vs. domestic price analysis.

The mill negotiation rate was mixed this week for sheet products but relatively level, while the rate for plate jumped over 15 percentage points from two weeks earlier, according to SMU’s most recent survey data.

Over the last month, SMU columns have referenced significant fluctuations in the Hot Rolled Coil Futures market as participants sift through the impact of several events, including some that are yet to be resolved.

The US Department of Commerce has published its preliminary findings in the antidumping (AD) trade case investigating tin mill products from China and Canada.

Manufacturing activity decreased in New York state in August, according to the most recent Empire State Manufacturing Survey.

ArcelorMittal is considering throwing its hat into the ring as a potential suitor for U.S. Steel, according to an article in Reuters on Wednesday.

U.S. Steel dropped a bombshell last week when it announced that it is up for sale. While a company buyout would be profitable for any buyer, there could be regulatory hurdles, according to industry analysts.

Resonac announced this week it plans to acquire 100% of the outstanding shares in Monterrey, Mexico-based AMI Automation.

Sims Metal is expanding its extensive network of scrap recycling facilities in the US with the addition of Baltimore Scrap Corp. (BSC).

Longview, Texas-based steel processor Friedman Industries is anticipating steady demand in the current quarter.

Despite reporting the third highest quarterly revenues in its history, Greenwave Technology Solutions still posted a loss for the quarter ended June 30.

The spread between hot-rolled coil (HRC) and prime scrap prices narrowed further in August, according to Steel Market Update’s most recent pricing data.

Stellantis is apparently not thrilled with the demands of the United Auto Workers as the parties make their way through this year’s labor negotiations.

Domestic raw steel production inched up last week, according to data released by the American Iron and Steel Institute (AISI) on Monday, August 14.

Esmark Inc. announced on Monday a voluntary public cash and exchange offer for all issued and outstanding shares in U.S. Steel of $35 per share.

US plate producers were successful in their most recent effort to have the suspension agreement on cut-to-length plate imports from Russia removed and replaced with antidumping duties.

U.S. Steel has an upcoming mill outage planned for routine maintenance at its Big River Steel mill in Osceola, Ark.

The spat between U.S. Steel and Cleveland-Cliffs over a proposed sale of the Pittsburgh-based steelmaker continued into Sunday evening. U.S. Steel confirmed that it had received an unsolicited offer from its Cleveland-based competitor. It alleged that Cliffs had “refused to engage” in the customary processes for assessing valuation in a press release received by SMU at 7:01 pm ET on Aug. 13.

U.S. Steel dropped a bombshell on Sunday, announcing that it started a formal process to review multiple unsolicited offers for the company. Cleveland-Cliffs followed with an explosive announcement of its own just hours later: that it had offered to buy U.S. Steel and that the board of the Pittsburgh-based steelmaker had rejected its offer as "unreasonable."

Steel trade continues to cause dissension among our friends, perhaps more so than our adversaries. The conflict between the US and EU is the most talked about, but it impacts others including Japan, Brazil and India.

Domestic heating and cooling equipment shipments were up in June, according to newly released data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI).

Russel Metals posted solid second-quarter earnings. The Toronto-based company anticipates a continuation in steady demand for its service centers and steel distributors.

Canada's Algoma Steel Inc. reported better than expected results for its fiscal 2024 first quarter.

Republic Steel said it will indefinitely idle operations at its Canton, Ohio, and Lackawanna, N.Y., mills due to challenging business conditions.

Active rig counts in the US trickled down this week, while Canadian rigs ticked up, according to to the latest data from oilfield services company Baker Hughes.

The US scrap market showed some stability in August, with prices mostly sideways on busheling and shredded grades, and HMS prices ticking up from the previous month, sources said.

Longs producer and metal recycler Gerdau reported lower second-quarter production and shipments due to several mill outages.

July 2023- Facetime: Steel market analyst JOSH SPOORES talks with Modern Metals about CRU steel prices Q: Josh, you have been involved in the steel industry for quite a while. Can you give MM’s readers a quick summary of your experience?  A: I joined the industry in 2005 and worked at a mill, service center, my own research company and then have been at CRU since 2012. I started learning the industry at Majestic Steel USA. They bought and sold in the spot market and carry a huge amount of inventory in anticipation of sales. Working there taught me an incredible amount about procurement strategy as well as how to develop a unique brand of market analysis. It’s this real-world analysis that matters—immersing yourself in data points and information, but, at the same time, making sure to eliminate any excess noise.