Category: Prices

While the ongoing United Auto Workers (UAW) strike hasn’t had a significant impact on the scrap market, the strike's expansion to stamping plants could hit supply, sources tell SMU.

Sheet prices rose this week on the heels of a price increase announced by Cleveland-Cliffs last week that was quietly followed by other mills.

US plate prices have been relatively flat this year, especially when compared to sheet products. Case in point; SMU's plate prices stands at $1,455 per ton ($72.75 per cwt) on average, down 7% from a $1,560 per ton peak in April. Our HRC price is at $645 per ton, down 44% from an April peak of $1,160 per ton.

The US scrap market for October is a bit unsettled as the UAW strike against the Big Three automotive companies has expanded and shows scant signs of an imminent settlement.

Nucor Corp. will keep plate prices unchanged with the opening of its November order book.

On Sept. 15, the UAW went on strike at three plants, one of each of the Big 3. On Sept. 22, the UAW expanded its strike to 38 more GM and Stellantis plants. Since Sept. 15, the HRC futures curve has rallied $60-75 in the November – February futures months. The reason why there has been this breakneck rally is because, uh, well, um. I have no idea. I am as shocked by it as perhaps you are, frankly.

The overall steel mill negotiation rate remained level this week vs. two weeks earlier, but plate’s rate fell by 15 percentage points, according to SMU’s most recent survey data.

US hot-rolled coil (HRC) prices were down again vs. offshore hot band this week. Domestic HRC lost more ground relative to imported product with US tags sinking at a faster rate than those overseas.

Cleveland-Cliffs is increasing its sheet tags, setting a new base price for hot-rolled coil, effective immediately, the company said in a press release on Wednesday, Sept. 27.

Hot-rolled coil prices were down again this week, continuing a streak of week-over-week (WoW) declines that began in early/mid-July.

The United Auto Workers (UAW) union has more leverage than the Detroit Three automakers in the current strike that started Sept. 15, according to Jason Schenker, president of Prestige Economics.

After a quiet couple of weeks, the futures market has recently come to life over the last three days, and is starting to show some bullish signals.

Sheet prices slipped again this week on news of the United Auto Workers (UAW) strike and continued caution among some consumers.

The spread between hot-rolled coil (HRC) and galvanized sheet base prices widened throughout the summer as hot rolled prices declined faster than those of galvanized.

The spread between hot-rolled coil (HRC) and prime scrap prices continued to narrow this month, according to Steel Market Update’s most recent pricing data.

US hot-rolled coil (HRC) continues to lose ground against imported hot band. Domestic product remains a better deal than offshore HRC as US tags sink further, according to SMU’s latest foreign vs. domestic price analysis.

Sheet prices fell across the board ahead of what many market participants predict will be a strike by the United Auto Workers (UAW) later this week.

US hot-rolled coil (HRC) is now a better deal than imported hot band, something we haven't seen since early February, according to SMU’s latest foreign vs. domestic price analysis.

Nucor Corp. will lower plate prices by $40 per ton ($2 per cwt) with the opening of its October order book.

Domestic hot-rolled coil (HRC) is now cheaper than imported hot band as US tags have fallen further and at a faster clip than offshore product, according to SMU’s latest foreign vs. domestic price analysis.

Scrap sources had a mixed outlook for US scrap prices for September.

Sheet prices have fallen this week, after a small pause last week when prices saw mixed results. Tags have now been largely trending lower since July.

Leading voices in US the scrap industry discussed the current outlook and future challenges at Steel Summit 2023’s panel on Scrap and Metallics: Navigating the Boom in EAF Sheet Production.

Three prominent steel analysts proposed their outlooks for next year in the Steel Price Forecast: Boom or Bust in 2024? panel at Steel Summit 2023 in Atlanta.

Over the first three months since Flack started contributing a futures column to SMU, the first sentence has started with some version of “What a month!”

Domestic and imported hot-rolled coil (HRC) prices are nearly parallel as US tags continue to erode at a faster clip than offshore prices, according to SMU’s latest foreign vs. domestic price analysis.

Sheet prices were mixed this week after trending lower for most of July and earlier in August. SMU’s average hold-rolled coil (HRC) price slipped to $750 per ton.

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.

Sheet prices slipped again, continuing a trend of lower week-over-week tags that began in mid-July.

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.