Recently released preliminary steel import data shows May imports totaling 1.79 million net tons, according to the U.S. Department of Commerce. This is down nearly 1 million tons compared to final April imports, primarily due to the quarterly reset on semifinished imports. Taking semifinished products out of the picture, imports of finished products are up […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor Steel sheet prices in the U.S. Midwest market were mixed this week with slight declines for both HR and HDG coil, while CR coil was slightly higher. Market contacts have noted that markets are weakening as demand has not come about as previously expected. Lead […]
By CRU Senior Cost Economist Ross Cunningham, from CRU’s Steelmaking Raw Materials Monitor The Brent crude price is often deemed a bellwether for the global economy. A high oil price increases inflation and impacts economic growth. It influences global confidence, affects investment decisions and weighs on exchange rates—particularly those of large oil exporters. In the […]
Flat rolled steel prices receded by $10-20 per ton in the past week as supplies continue to exceed orders even though demand is improving. The benchmark price for hot rolled dipped below the $500 per ton mark for the first time since the third week in May. Rumblings of furnace restarts could add to supplies […]
CRU analysts, speaking during a virtual version of their Annual New York Steel Briefing earlier today, said volatility is in the cards for steel pricing as demand increases and new EAF capacity comes online. CRU forecasts sheet consumption will fall 17.6 percent or 12.4 million metric tons year-over-year in 2020, and long and plate products […]
By CRU Senior Analyst Helen O’Cleary, from CRU’s Zinc Monitor U.S. industrial production increased by only 1.4 percent in May, well short of expectations, but market sentiment is generally positive as the Fed has confirmed it will do “whatever it takes for as long as it takes” to help get the economy back on track […]
Steel production in the week ending June 20 totaled 1,224,000 net tons with the mills operating at an average utilization rate of 54.6 percent. Production was up 1.2 percent from the prior week when the utilization rate was 54.0 percent. This is a notable improvement from the post-virus low point of 1,144,000 tons or 51.1 […]
By CRU Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service U.S. automaker restarts in May drove an increase in steel demand and helped to prop up sheet prices. There is concern, however, over whether there is enough new demand to support mills restarting or if manufacturers are mainly managing pent-up demand. We’ve heard […]
This week’s SMU comparison of foreign and domestic hot rolled prices shows that U.S prices have started to gain a greater advantage over foreign imports, according to SMU and CRU indices. After shrinking in May, the price gap between domestic HRC compared to German and Italian imports has now slightly widened, while the East/Southeast Asian […]
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel Uncertainty is leading to softer HR prices as optimistic forecasts are met by a slower than expected recovery process. A case […]
Steel Market Update’s canvass of the market this week shows hot rolled and galvanized steel prices down about $15 a ton, though plate is up about $10 a ton following last week’s price increase announcements by the mills. Prices have yet to gain much traction even though demand has improved as coronavirus restrictions have been […]
Steel production in the week ending June 13 totaled 1,210,000 net tons with the mills operating at an average utilization rate of 54.0 percent. Production was up 1.3 percent from the prior week when the utilization rate was 53.3 percent, reported the American Iron and Steel Institute. While improved, the current week’s production still represents […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices held steady in the past week as Chinese demand remained robust while seaborne supply registered another strong week. After struggling for most of 2020, shipments from Vale’s Northern System reached the highest level of the year in the past week. […]
Raw materials prices have seen varying trends in the past month or two as the coronavirus has had varying effects on different commodities in different parts of the world. Iron ore prices have stayed relatively high due to strong demand in China, where COVID-19 restrictions have been eased. Virus-related disruptions to Brazilian mining operations have […]
Nucor’s Plate Mill Group informed customers on Friday that it has raised prices for carbon and alloy plate and heat-treated plate by $40 per ton, effective immediately. Nucor’s move follows a similar announcement by ArcelorMittal USA on Thursday. This is the second round of plate price changes in the past month. SSAB raised its prices […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor In the U.S. Midwest market this week, sheet prices were somewhat mixed with HR coil near steady w/w while HDG coil fell by $19 /s.ton to $650 /s.ton and CR coil inched up by $4 /s.ton to $697 /s.ton. Our full HDG coil price, reflecting […]
U.S apparent steel supply fell to 6.54 million net tons in April, according to recent U.S. Department of Commerce and American Iron and Steel Institute data. This is the lowest supply level in our limited 10-year history. Apparent steel supply, a proxy for demand, is determined by combining domestic steel shipments and finished U.S. steel […]
ArcelorMittal USA informed customers today that it has raised the spot base price of all carbon, HSLA, alloy, heat treated, and specialty plate products by a minimum of $40 per ton. The increase takes effect immediately. This is the latest change to steel plate prices in the past month. SSAB raised its prices by $40 […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Metallics Monitor The CRU metallics price indicator (CRUmpi) increased slightly in June, rising by 2.9 percent m/m to 208.3. The reduction in lockdowns and other Covid-19-related restrictions across the globe allowed scrap to become more readily available as demand increased in major importing markets. In the near term, we […]
By Anh Nghiem, CRU Steel Prices Lead, from CRU’s Steelmaking Raw Materials Monitor The iron ore price was stable last week but increased sharply on Monday after the news on suspension of mining activities at Vale’s Itabira mining complex during the weekends due to the outbreak of the Covid-19 pandemic. The mine produced 36 Mt […]
United States steel exports slumped to a 21-year low in April, down 39 percent from March and down 33 percent from one year prior, according to recent U.S. Department of Commerce data. April steel exports totaled 403,949 net tons, just a hair above the December 1998 low. Recall that March export levels were at a five-month […]
Steel prices have been clawing their way back since hot rolled hit a low of $460 per ton in late April, moving up by $10 in the past week and recovering roughly $55 over the past five weeks to the current $515 per ton. The mills have managed to collect some, but certainly not all, […]
Both Nucor and Steel Dynamics have revised their galvanized coating extras due to the decline in zinc prices. SMU has done an analysis on the old and new Nucor galvanized extras, provided below. Nucor extras declined by an average of 16 percent. The comparison below shows old and new Steel Dynamics galvanized extras, which declined […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor In the past week, iron ore has fallen by $11 /dmt, the largest price drop since August 2019. The price fall comes after declining steel margins and slightly lower steel production levels in China. At the same time, offloading activities at Chinese ports have […]
Steel mill utilization by domestic producers has remained fairly stable within a tight range in the low 50s since production was curtailed in March and April due to the coronavirus. The American Iron and Steel Institute’s weekly production data shows no signs yet of the recovering economy. Steel production in the week ending June 6 […]
Recently released Census data shows final April steel imports totaling 2.77 million net tons, according to the U.S. Department of Commerce. This is just 1,700 tons higher than the preliminary April import figures SMU reported in late-May and up 58.4 percent over March figures. Finished imports in April were 1.32 million tons, down 13 percent […]
Imports of rolled products through May, year over year, were not affected by the pandemic, but the longer-term decline continued, according to the latest Commerce Department data. Year over year, total rolled product imports in May were down by 24.8 percent on a three-month moving average (3MMA) basis. This was the seventh consecutive month where […]
This week’s SMU comparison of foreign and domestic hot rolled prices shows that U.S prices remain advantageous over foreign imports, but at a slightly lesser level compared to mid-May figures, according to SMU and CRU indices. The price gap between domestic HRC compared to German imports is just over $100 per ton, while the Italian […]
Ferrous scrap prices, which were widely expected to move higher again in June, traded “mostly sideways” as supplies increased while demand continued to lag, report Steel Market Update sources. In May, ferrous scrap prices settled up $30 per ton for shredded and up $40-50 per ton for busheling as coronavirus shutdowns disrupted scrap generation and […]