Category: Region

As the US enters negotiations and possible annual reviews of the USMCA, policymakers should preserve the S232 tariffs, which have clearly been necessary to protect the US steel industry.

Cold-rolled (CR) coil prices ticked up in the US this week, as offshore prices mostly trended lower.

South Korea has overtaken Canada as the top foreign supplier of steel to the US market.

For the next month, CRU forecasts that iron ore demand will fall m/m while metallurgical coal to be stable.

Steel Dynamics Inc. (SDI) said it expects to record a $16 million asset write-down in the second quarter after deciding to relocate a planned Aluminum Dynamics (ADI) recycled aluminum slab casting center from Benson, Ariz., to Columbus, Miss.

Hot-rolled coil market participants report little disruption to their contact volumes, finding timely spot HR proved less straightforward, some sources told SMU. 

The US HRC futures curve has continued to move higher, particularly in the deferred months, suggesting the market is pricing a slower return to balance.

Earlier this week, SMU polled steel buyers on an array of topics, ranging from prices, demand, and inventories to tariffs, imports, and evolving market conditions.

“The issue we heard most about is healthcare. You were loud and clear at every location and in the surveys that maintaining our healthcare benefits is a top issue," the USW said.

Drilling activity ticked higher this week in both the US and Canada, according to recently released rig count figures from Baker Hughes.

SMU’s average price for domestic HR was $1,130 per short ton (st) this week, $15/st higher week over week (w/w). In offshore markets last week, prices were largely down, following a trend seen since late April.

Steel Dynamics Inc. expects to post higher sequential earnings in the second quarter, with “meaningfully higher” profitability from its steel operations.

SMU’s Steel Demand Index ticked back up from late May, remaining in elevated territory, according to mid-June indicators.

Nucor expects higher earnings in the second quarter, both sequentially and year over year, and anticipates increased profits sequentially across all its operating segments. The steel mills segment is expected to see the biggest boost.

May was the fifth consecutive month of expansion for the US manufacturing sector, according to the most recent Institute for Supply Management (ISM) report.

Canada’s steel production dropped sharply in May, falling 15% year over year and running 14% lower year-to-date, according to Earth-i’s Savant Global Monitoring Index. May’s production was just under 900,000 metric tons.

SMU’s Mill Order Index recovered in May, reclaiming some momentum lost the month prior.

Ferrous scrap prices for June came in sideways, scrap sources told SMU.

SMU’s sheet price indices increased further this week, while plate held steady, all at multi-year highs.

Apparent steel supply eased from March to April on reduced mill shipments per recent Department of Commerce and American Iron and Steel Institute (AISI) data.

The scrap market seems firm as we go into the midsummer month of July without too many changes from June.

Bull Moose Tube Co. and Hanna Steel Corp. have reached an acquisition agreement, which will expand Bull Moose’s manufacturing footprint and add new tubing, coating, and logistics capabilities.

U.S. Steel has selected Charlotte, N.C.-based Midrex Technologies to supply the direct-reduced iron (DRI) plant to its Big River Steel Works in Osceola, Ark.

Nucor Plate Group will maintain its previously announced fuel surcharge of $10 per short ton for next month, effective on all shipments beginning July 1.

US steel exports improved 2% from March to April to the highest monthly volume seen in 13 months. Although up, trade remains historically low

SMU’s June 12 Flat-Rolled Steel Buyers’ Survey shows a divided steel community on the effects of President Trump’s tariff policies, emerging but uneven signs of reshoring, and near-universal cost pressures tied to the Iran conflict.

SMU and AMU are pleased to announce that Wells Fargo Managing Director Timna Tanners will be joining us for a Community Chat webinar on Wednesday, June 24, at 11 am ET.

The volume of raw steel produced by US mills slipped to a seven-week low last week but remains historically high, according to American Iron and Steel Institute (AISI) figures released on Monday.

Total heating and cooling equipment shipments declined 5% in April, according to AHRI figures.

President Donald Trump signaled Wednesday that he may not renew the US-Mexico-Canada agreement.