Category: SMU

Participants in the hot-rolled sheet market expressed frustration with the continuing lack of demand this week. 

Each of our Sentiment Indices continues to reflect that steel buyers are positive about their present and future business prospects, though that confidence has eased considerably compared to the beginning of the year.

SMU’s October ferrous scrap market survey results are now available on our website to all premium members.

The price gap between stateside hot band and landed offshore product narrowed this week. Still, with the 50% Section 232 tariff, most imports remain much more expensive than domestic material.

SMU’s latest steel buyers market survey results are now available on our website to all premium members.

A recent IIMA meeting in Brazil shows how the US and much of the rest of the world are operating in parallel realities.

Sheet and plate lead times saw minor shifts this week, according to SMU’s latest market survey. Sheet times have inched up over the last month but remain within days of multi-year lows, as they have since May. Plate lead times have bobbed within a tight range for months, hovering roughly a week longer than this time last year.

Steel buyers say mills remain slightly more willing to negotiate spot prices for sheet and plate products than in mid-September, according to our latest market survey.

Following spot market plate price increase notices issued by domestic mills this past week, participants are contemplating the rationale behind the increases and whether they will stick. Some sources anticipate that current market conditions will shift in November and believe the increases may set a new "pricing floor."

NEMO Industries has announced a venture to build a pig iron plant in Louisiana. The plant will use advanced technologies, including integrating AI.

We moved our pricing momentum indicators from “lower” to “neutral” for all sheet products this week. For those keeping score, we had been at “lower” for six weeks. And I know some of you think we should have been there for even longer.

Market participants predicted that prices should be at or near a bottom. But while most seemed to agree on that point, many also said they saw little upside given a quiet spot market and ongoing concerns about demand.

Nucor aims to increase prices for steel plate by $60 per short ton with the opening of its November order book.

Raw steel production has stayed historically strong over the past four months, holding near multi-year highs since June.

Metallus and the United Steelworkers (USW) union extended their contract to Oct. 15 as talks continue on a new labor deal.  

Nucor is keeping hot-rolled (HR) coil prices unchanged again this week, according to its latest consumer spot price (CSP) notice issued on Monday, Sept. 29.

Renowned Nucor Chairman and CEO Ken Iverson would’ve turned 100 on Sept. 18 of this year.

SSAB Americas sent a price increase notification to customers announcing that transaction prices on all its products are increasing by a minimum of $60 per short ton (st). 

Most steelmaking raw material prices held steady or ticked higher over the past month

Market chatter from steel buyers this week: prices steady to slightly higher, demand weak, inventories slow, and tariffs clouding the outlook.

Algoma Steel has publicly confirmed that it might scale back its presence in the US market. It's no secret why: 50% Section 232 tariffs remain in place against Canada, which has traditionally been one of our closest allies.

The US International Trade Commission (ITC) finds that corrosion resistant steel (CORE) imports from 10 countries have caused material damage to domestic product producers, according to the ITC’s statement.  

SMU’s average price for domestic hot-rolled (HR) coil held at $785 per short ton (st) this week, unchanged week on week (w/w). A similar dynamic was seen in offshore markets last week as well.

Are you ready to share what you'd like to see happen with the USCMA agreement when it comes up for joint review?

Sheet and plate prices were flat or lower this week as less discounting from domestic mills was offset by few signs of an anticipated rebound in demand.

Former United Steelworkers (USW) union International President Leo W. Gerard has died at the age of 78.

US raw steel production eased last week for the second-consecutive week, according to the latest figures published by the American Iron and Steel Institute (AISI). While down, production remains historically strong, holding near multi-year highs since June.

A compromise has been reached in the pig iron market, sources told SMU. Recall we reported US buyers were bidding $390 per metric ton (mt) FOB or less while sellers were holding sideways at about $400/mt.

But, for better or worse, there is not a major political party championing unfettered free markets. While Democrats and Republicans don’t agree on much, both have cheered tariffs on steel. And so if you’re going to handicap any future decision on Granite City’s operations, including its blast furnaces, you’d better factor in politics at least as much as economics.

Hot-rolled coil market participants said they’re staying on their toes amid a market that continues to be characterized by uncertainty. A veteran Midwest-based service center operator contends that current conditions are unprecedentedly volatile. Being flexible with customers and strategic with mills is the only way to navigate through the uncertainty, he said. “No one wants […]