Category: Product

Oil and gas drilling activity in the US edged lower last week, while the Canadian rig count held steady at a six-month high.

This month’s column on the markets could be a response to the question of last month, “Are the forward curve prices on Aug. 7 high enough to price in trade case risks?" The market’s answer has been a pretty resounding YES so far, I think.

Great Lakes-area mills have entered the September ferrous scrap market in a surprisingly prompt manner.

Nucor intends to keep plate prices unchanged with the opening of its October order book, according to a letter to customers dated Wednesday, Sept. 4. The Charlotte, N.C.-based steelmaker said it would maintain prices set in its July 1, 2024, price letter.

SSAB plans to spend $12 million to boost production capacity at its electric-arc furnace (EAF) plate mill in Mobile, Ala. The Sweden-based steelmaker will do that by expanding the existing furnace there. Shot blast equipment will also be upgraded. The expanded capacity is expected to come online late next year. The mill currently has an […]

SMU indices moved higher on cold rolled products this week, while galvanized prices were flat. Our indices for plate, hot rolled, and Galvalume all edged lower.

“It's been a very interesting year in that the price of scrap should have gone down earlier this year."

Current steel mill lead time averages are a few days longer than levels seen one month prior, but remain near historical lows for both sheet and plate products.

Hybar CEO David Stickler and SMU Managing Editor Michael Cowden shared a candid conversation about Hybar's ambitious plans on Tuesday morning at the SMU Steel Summit, held in Atlanta this week.

With a surplus of ferrous scrap supply in the US, Steel Dynamics Inc. (SDI) said one key to maintaining costs is watching the price of conversion. When it comes to feeding electric arc furnaces (EAF), “Our Omni team is working very closely with us to make sure we have access to the right materials,” said […]

Zekelman Industries has bought 5% of available shares of Canada’s Algoma Steel.

The basic pig iron (BPI) market remains virtually unchanged despite perceived weakness in other ferrous materials, such as scrap, billets, HRC and iron ore.

Swampy. Sticky. Mushy. Murky. These were all words galvanized buyers used this week to describe the current state of the US steel market.

The price spread between hot-rolled (HR) coil and prime scrap widened slightly in August but remains in territory not seen since late 2022, according to SMU’s most recent pricing data.

Sheet prices trended sideways to modestly up this week in a market that appears to be in “wait-and-see” mode.

US scrap prices picked up in August, though near-term demand is expected to remain weak, scrap sources told SMU.

Oil and gas drill rig activity in the US inched lower last week while holding steady in Canada, according to the latest report from oilfield services provider Baker Hughes.

Steel buyers continue to report short mill lead times for both sheet and plate products, according to SMU's latest canvass of the market. Lead times for hot-rolled and plate products marginally increased from our late July survey, likely due to limited restocking in anticipation of upcoming mill outages for scheduled maintenance.

SMU’s sheet prices increased across the board this week, marking the third consecutive week of rising prices, while plate prices held stable.

US drill rig activity recovered last week after slipping the prior week, according to the latest data from Baker Hughes. But Canada’s counts edged down following a five-week run-up. Despite the decline, Canada’s rig count remains near a five-month high. US rigs In the week ended Aug. 9, the number of active drilling rigs in […]

The US ferrous scrap market has essentially traded sideways for August. It may be too early to judge how much traction these prices will have with the trade.

Flat-rolled steel prices have begun inflecting up on the back of mill prices hikes over the past couple of weeks. It’s a notable shift after tags slid downhill for most of the year. (There was a slight bump upward in late March/early April before the decreases resumed.) And now, after reaching levels not seen since […]

US hot-rolled (HR) coil remains cheaper than offshore material on a landed basis despite domestic tags inflecting upward lately. But the spread between domestic and foreign HR has tightened on the heels of price hikes by US mill over the past two weeks. (Visit SMU’s price increase calendar to keep track of the latest mill price announcements).

The company is in the process of being acquired by Cleveland-Cliffs in a deal valued at USD$2.5 billion.

It’s buy week again for ferrous scrap. US steelmakers are expected to offer their prices for August shipment this week. Most of the dealers and brokers RMU has quizzed believe the market has enough traction to hold sideways and even go up.

SMU’s sheet prices rose by an average of $10 per short ton (st) this week on most products, the second consecutive week of recovering prices. Aside from the marginal uptick seen last week, this is the first instance of increasing sheet prices since the first week of April.

Nucor intends to keep plate prices unchanged with the opening of its September order book, according to a letter to customers dated Tuesday, Aug. 6.

RMU contacted ferrous market players in both the Southeastern region and the Midwest regions about the direction of the ferrous scrap market for August. One executive in the Great Lakes district confirmed the flow of shredder feed and obsolescent scrap did not change in July. All his orders for shredded scrap have been delivering to the mills without issue. He thinks shredded scrap can trade sideways from July in the Midwest.

The wind energy sector continues to be a key feature of our forecasts for steel plate demand. As overall demand in China slows, it will assume a greater importance in shaping future global trends.

Buyers continue to report very short mill lead times on sheet and plate products, according to our latest market canvass of steel service center and manufacturer executives