Category: SMU

US service centers’ flat-rolled steel supply was down marginally in June, and lower for a sixth straight month. Shipping days of supply slipped to 44.5, according to SMU data.

The spread between domestic hot-rolled coil and prime scrap prices widened further in July, a trend that started back in September. It’s at its widest level since April 2022.

Hot-rolled and cold-rolled prices held steady again this week while prices for coated products and plate continued to tick upward.

SMU’s July 10 Flat-Rolled Steel Survey results paint a picture of a steel market being squeezed from every direction. Tariffs are holding prices up and giving mills a clear advantage, while manufacturers and traders say the policy is pushing their costs higher.

SMU’s scrap prices came in soft sideways in July, according to market sources.

Testimony at last week’s Section 301 hearing put Brazilian pig iron in the spotlight. Domestic steelmakers and Brazilian suppliers warned that proposed forced labor tariffs would hit a critical US input for which there is no domestic substitute.

Domestic raw steel output eased to an 11-week low last week, according to recently released American Iron and Steel Institute (AISI) figures

The US scrap market has settled soft sideways in July, sources told SMU.

The Commerce Department has opened a new Section 232 national security investigation of anthracite and metallurgical coal imports. The department is seeking detailed input from the industry on supply risks, import dependence, and potential national security impacts.

SMU’s Steel Buyers’ Sentiment Indices were once again strongly optimistic this week, based on responses collected from steel executives in our latest market survey.

Cold-rolled (CR) coil prices were unchanged in the US this week, while offshore prices varied, though mostly trended up.

The results of the latest SMU flat-rolled market survey are now available on our website to all premium members.

If a trend of flat lead times holds, it would represent a change. And we’ve also seen a few of the other indicators we track slip from historic highs – so the potential shift is worth paying attention to.

The scrap market for July is partially settled except for the three largest scrap buyers in the country.

Steel mill lead times for flat-rolled steel this week remained extended at historical highs. Plate production times crept out further, while hot-rolled and cold-rolled (HR/CR) coil saw minor contractions.

The majority of steel buyers we polled this week reported that mills are holding firm on new order spot prices.

A snapshot of our scrap market survey with some respondent comments included.

SMU’s Current Sentiment Index for scrap increased in July as Future Sentiment slipped, according to the latest data from our ferrous scrap survey.

Wire rod imports from Algeria face new countervailing duties (CVDs) in the US.

SMU’s average price for domestic HR was unchanged vs. last week. In offshore markets last week, while prices diverged, the dynamic between stateside and imported product varied little.

Market reaction to Nucor’s move was mixed. Some sources said a flat CSP reflected concerns that further increases in US HR prices could attract more import competition. Others expressed frustration. Their view: CSP has kept a lid on prices, something that shouldn’t happen when many buyers remain more concerned about availability than price.

The scrap export market in both Europe and the US continued to decline after the activity of last week became confirmable.

The investigation follows requests from US producers Nucor and Steel Dynamics.

Oil and gas drilling activity in the US picked up over the past week, while drilling in Canada slowed, according to the latest Baker Hughes rig counts.

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

Imports from Europe are at parity with domestic hot rolled, while Southeast Asian products remain at a considerable discount. The result comes because a stateside rally coincides with faltering offshore prices.

Cleveland-Cliffs plans to upgrade its ironmaking process at Middletown Works, according to a permit filing with the Ohio EPA.

We asked our readers what they thought the outcome of the ongoing USMCA talks might be as far as Section 232 tariffs go. Very few see an elimination of tariffs as likely.

The significant earthquakes in Venezuela could delay scrap exports, sources told SMU.

We’ve gotten so used to the slow, steady increases by now that $5/ton feels like the new flat. And flat, after so many consecutive weeks of gains, feels like a decrease.