February apparent steel supply slipped 500,000 tons or 6.3% from the 10-month high seen in January, now at 7.51 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. Although down from the month prior, February supply is at the third highest level seen in the last […]
This report examines the import share of sheet and plate products. Imports’ share of total sheet product shipments was 14.0% in February, up from 9.7% in January. The increase corresponds to a simultaneous decrease in domestic shipments and a rise in imports. Domestics shipments in February totaled 3.84 million tons, the lowest mark since this […]
This report examines the import share of tubular and long products shipments. Imports’ share of total tubular products rose to 44.6% in February, up from 42.5% the month prior, but primarily due to a 9.7% decrease in domestic tubular shipments overall. Tubular imports decreased for the third consecutive month in February. Long products import market […]
The temptation to purchase foreign hot rolled over domestic steel remains high, although at a lesser potential discount compared to previous weeks. U.S. buyers continue to place orders for foreign material despite long lead times for delivery. Since mid-March, foreign steel prices have begun to increase at a greater rate than domestic prices, yet foreign prices […]
Commented one steel buyer: “No spot supply + strong demand + record-low service center inventories = higher prices. It’s simple economics.” True to that equation, flat rolled steel prices continued their weekly ascent, rising by another $30-35 per ton, according to Steel Market Update’s latest check of the market. The benchmark price for hot rolled […]
Atlas Tube aims to increase prices for mechanical tubing, hollow structural sections (HSS) and piling products by at least $100 per ton ($5/cwt) effective immediately. The increase applies to all unconfirmed quotes and contracts, the division of Zekelman Industries said in a letter to customers Tuesday, April 13. The company, the largest HSS producer in North […]
Weekly raw steel production by U.S. mills totaled 1,761,000 net tons in the week ending April 10, down 0.3% compared with the week before when production was 1,766,000 net tons. The mill utilization rate last week averaged 77.6%, down from 77.9% the week prior, but up 42.0% from the same period last year when production […]
Hot-rolled coil lead times at some mills are well into June, so steel buyers have to ask themselves now whether a year-long upswing in prices is sustainable. In short, can hot-rolled coil prices continue their record run upward? First a Look Back at Where We’ve Been Steel Market Update’s average hot-rolled coil price was $1,340 […]
After recovering 9% in January, U.S. steel exports rose 1% in February to 677,000 tons, according to recent U.S. Department of Commerce data. Of our six monitored product groups, the greatest month-over-month increase in exports went to cold rolled products, followed by hot rolled steel, while plate and other metallic coated exports declined. Total February […]
Final Census data shows that finished steel imports rose 15% in February to 1.45 million tons, as more U.S. buyers sought relief from climbing domestic prices and limited supply. This is the highest finished-steel import level seen since May 2020. Total steel imports were 1.90 million tons in February, down 22% month-over-month, due to January’s […]
Steel prices cannot rise indefinitely without hitting a ceiling at which they begin to erode demand. But respondents to Steel Market Update’s questionnaire this week report no signs of weakening demand so far. It appears there’s still some headroom for price increases, as most flat rolled and plate tags moved up another $10-25 per ton. […]
U.S. raw steel production rose for the second consecutive week following a slight dip in mid-March. Weekly steel production by U.S. mills totaled 1,766,000 tons in the week ending April 3, an increase of 0.3% compared with the week prior when production was 1,760,000 tons. The mill utilization rate last week averaged 77.9%, up from […]
Iron Ore Company of Canada (IOC) has declared force majeure on its contracts after a fire at its port facilities in Sept-Îles, Quebec. The blaze broke out on the No. 2 reclaimer on March 31, and the cause of the fire “remains unknown at this time,” the Canadian iron ore miner and pellet producer said. […]
The temptation to purchase foreign hot rolled over domestic steel remains high, as more U.S. buyers place orders for foreign material despite long lead times for delivery. Since mid-March, foreign steel prices have begun to increase at a greater rate compared to domestic prices, yet foreign prices still hold potential discounts of 10-24%, according to […]
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled The limited availability of hot rolled steel on the spot market continues to dictate higher prices, and in turn has […]
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Liquidation has led to some near-term retracement of hot rolled futures prices after a very long runup. The first week […]
Imports of flat-rolled steel jumped to their highest levels in nearly two years in March on increased shipments of coated products. The upswing included not only hot-dipped galvanized steel but also “other” metallic coated products, a category that includes material such as Galvalume. All told, the U.S. was licensed to import 800,789 metric tonnes of […]
Steel Market Update published some prices for galvanized and Galvalume steel yesterday that had not been updated. See below for the most current SMU pricing data on those products. Galvanized Coil: SMU price range is $1,480-$1,560 per net ton ($74.00-$78.00/cwt) with an average of $1,520 per ton ($76.00/cwt) FOB mill, east of the Rockies. Both […]
U.S. raw steel production rebounded last week after slipping a bit the week prior. Weekly steel production by U.S. mills totaled 1,760,000 tons in the week ending March 27, an increase of 0.4% compared with the week before when production was 1,753,000 tons. The mill utilization rate last week averaged 77.6%, up from 77.3% week […]
Mills and service centers report historic profitability, thanks to steel prices that continue to set new records every month. Steel Market Update’s canvass of the market this week puts the current price for hot rolled coil at $1,330 per ton, fully triple the pandemic-induced trough of $440 per ton in August last year. That amazing […]
Finished steel imports jumped by 14% from January to February, according to preliminary Census figures, as buyers placed more foreign orders in search of relief from short supplies and high prices in the U.S. February imports totaled an estimated 1.89 million tons, which is actually 22% lower than January overall. But January’s total was inflated […]
Nucor increased plate prices by $50 per ton ($2.50/cwt) in the afternoon on Friday, March 26, after SSAB had earlier in the day lifted plate tags by $100 per ton. It was not immediately clear why there was such a large difference. The steelmakers don’t always increase plate prices by the same amount, but a […]
SSAB Americas aims to increase plate prices by $100 per ton ($5/cwt) on all new non-contract orders, effectively immediately. The price hike applies equally to as-rolled mill plate, cut-to-length plate more than 72 inches wide, hot-rolled coils more than 72 inches wide, normalized plate, and quenched-and-tempered plate, SSAB said in a letter to customers Friday, […]
Buyers polled by Steel Market Update this week reported little change in the tight market conditions. Mills have few spot tons to offer, and those that are made available get snapped up immediately. Most of the limited spot buys on hot roll are transacting at around $1,300 per ton, but offers reportedly have ranged up […]
U.S. raw steel production took a slight step back this week following repeated gains over the past five weeks. Weekly steel production by U.S. mills totaled 1,753,000 tons in the week ending March 20, bringing production down 0.5% compared with the week prior when production was 1,761,000 tons. The mill utilization rate last week averaged […]
Zekelman Industries has lauded the Biden administration for continuing to support the Section 232 tariffs. In fact, the company celebrated the anniversary and continuation of Section 232 by giving employees a $1,000 bonus. Barry Zekelman, CEO and Executive Chairman of the Chicago-based pipe and tube manufacturer, praised the Trump-era tariff, but called on the president […]
Among steelmaking raw materials, the prices of pig iron, shredded scrap, busheling scrap and aluminum rose again in March on top of large gains in previous months. Prices increased as much as 14% month-over-month for those four products. Iron ore prices are slightly down compared to levels one month prior, while coking coal prices have […]
By CRU Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service The strength and longevity of the current uptrend in steel prices has surprised many market participants, and mill maintenance outages are expected to keep lead times extended. The latest lead time survey on March 15-17 from Steel Market Update, which is part of […]
The temptation to purchase hot rolled steel imports over steel produced domestically continues to grow, as more U.S. buyers place orders for foreign material despite long lead times for delivery. As domestic prices soar higher, foreign prices hold potential discounts of 11% to 27%, according to Steel Market Update’s latest foreign versus domestic hot rolled […]
Hot rolled steel prices reached another eyebrow-raising milestone this week, hitting an average of $1,300 per ton ($65/cwt), which is an all-time record even adjusting for inflation from the previous high of $1,070 per ton recorded by Steel Market Update in 2008. Flat rolled prices rose by an additional $10-30 per ton as the market […]