Category: Region

US hot-rolled (HR) coil prices slipped this past week but remain marginally higher than offshore material on a landed basis.

Negotiation rates have consistently been in the 70-80% range for over two months, relatively strong in comparison to levels seen across the past year.

After a complete stoppage earlier this year, ArcelorMittal Mexico’s steel mill in Lazaro Cardenas, in the state of Michoacán, will soon return to full production.

Stelco Inc. said that the Canadian Competition Bureau will not challenge Cleveland-Cliffs’ pending buy of the Hamilton, Ontario-based steelmaker.

Cleveland-Cliffs has cleared a regulatory hurdle for its pending purchase of Canadian steelmaker Stelco Inc.

Slowing growth in data center planning caused the Dodge Momentum Index (DMI) to pull back in September. The decline followed five months of growth after the index hit a two-year low in March.

On Thursday, the International Longshoremen’s Association (ILA) and the US Maritime Alliance (USMX), representing carriers and port operators on the East and Gulf Coasts, announced a three-and-a-half-month extension of the recently expired collective bargaining agreement. The extension kicks the can down the road until Jan. 15, 2025, after the 2024 election and the certification of the results on Jan. 6.

The price gap between US-produced cold-rolled (CR) coil and offshore products narrowed slightly in the week ended Oct. 4, mainly due to a price jump in Asian markets.

China is challenging Canada’s decision to put tariffs on imports of Chinese steel, aluminum, and electric vehicles.

US drilling activity remains near multi-year lows, while Canadian counts increased to one of the highest levels recorded in seven months.

A roundup of the week's CRU aluminum news.

Another day, another massive gap between the news and market sentiment. On the news side, we’ve got war in the Middle East. The devastation facing western North Carolina coming into tragic focus. And the outcome of the presidential election remains a coin toss, according to current polling.

While the English language is vast, there is not an endless number of ways to say, “no major changes have transpired.” And if anyone has been tasked with talking about steel price changes in physical and futures US domestic steel market over the last four months, they are probably stretching their ability to its limit.

Construction spending in the US declined for a third month in August but showed an increase year over year (y/y). The US Census Bureau estimated construction spending to be $2.131 trillion in August on a seasonally adjusted annual rate (SAAR). While this was 0.1% below July’s revised spending rate, it was 4.1% higher than spending […]

US hot-rolled (HR) coil prices moved slightly higher again this past week but remain marginally higher than offshore material on a landed basis. Since reaching parity with import prices in late August, domestic prices have been slowly pulling ahead of imports. This has been driven by a slight deviation in price movements – slow but […]

The United Steelworkers (USW) union has named Kevon Stewart to be director of District 6, which represents members in Ontario and Atlantic Canada. The USW said that appointment was effective on Oct. 1. It also noted that Stewart became the first black district director in the union – not only in Canada but in the United States as well.

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

There are markets where the headlines and the prices are both crazy. This does not appear to be one of them, at least not yet.

Wheatland Tube, a subsidiary of Zekelman Industries, is closing a tube facility in Chicago, with nearly 240 workers being laid off.

US manufacturing activity contracted for the sixth consecutive month in September, according to the latest report from the Institute for Supply Management (ISM). The index has indicated a contracting industrial sector for 22 of the past 23 months.

The Chicago Business Barometer increased marginally in September but continues to indicate deteriorating business conditions.

Washington loomed large in our surveys this week. Two things actually: the upcoming presidential election and the trade case against imported coated products from 10 nations.

By most accounts, the issues that are most important for voters in this election are the economy, immigration, and abortion. International trade policy plays a key role in at least two of those three (the economy and immigration). Both presidential candidates recognize that trade and tariffs are an important focus. And “America first” is a rallying point for both candidates.

Drilling activity eased in the US last week, while Canadian counts increased, according to the latest data release from Baker Hughes.

SMU’s Steel Buyers’ Sentiment Indices remain in positive territory and continue to indicate optimism amongst steel buyers.

The price gap between US cold-rolled (CR) coil and offshore product has shrunk slightly this week ended Sept. 27 as stateside tags edged down. The premium slipped moderately but remains well ahead of the 10-month low from late July.

On Thursday, the Department of Commerce announced it would initiate investigations into coated steel imports from ten countries.

Over three quarters of the steel buyers participating in our market survey this week reported that mills are negotiable on new order prices

Worthington Steel’s earnings tumbled in its fiscal first quarter of 2025. The company cited a drop in selling prices and tons sold for the sales dip for the three months ended Aug. 31.

We saw a slight upward movement in some products compared to early September, but nothing substantial enough to signal a shift in the market.