Natural gas inspired staggering energy prices crush primary aluminum economics The suspension of gas deliveries through the Nord Stream pipeline has further aggravated an already grim energy situation for European aluminum producers. Prices for day-ahead power in Western Europe are stunning in their magnitude: 404 euros/megawatt hour were published on Friday for Germany, France, the […]
US steel exports declined 7% from June to July, now at a five-month low of 742,000 net tons according to the latest US Commerce Department data. Just one month prior, we saw the third-highest monthly export rate seen in the past four years at 800,000 tons. On a 12-month moving average basis (12MMA), annual steel […]
The spread between hot-rolled coil and galvanized base prices has narrowed over the past four months and stands at a 24-week low. The relationship between hot rolled and galvanized base prices has been volatile since late 2021. In the last year, galvanized has sold at a premium of as little as $195 per ton over […]
Final Census data shows that 2.68 million net tons of steel imports entered the country in July, down 6% compared to the month prior and the lowest rate in the past five months. The preliminary import figures reported last week were just 4,000 tons shy of the final count (most of the flat rolled products […]
Sheet and plate prices were flat or down this week as some market participants questioned whether tags might be beginning to inflect lower. Hot-rolled and cold-rolled prices were down $5 per ton week over week. Galvanized (down $55 per ton) and Galvalume (down $40 per ton) fell more significantly. The steeper declines in coated products […]
Raw steel production by US mills fell for the second straight week and to the lowest total since February 2021. Domestic output was 1,715,000 net tons in the week ending Sept. 3, while capacity utilization was 77.8%. Utilization rates haven’t eclipsed the 80% mark in nine weeks, according to the latest data from the American […]
Nucor Corp. aims to keep prices for some plate products flat and to decrease prices on certain cut-to-length items by $50-150 per ton ($2.50-7.50 per cwt). The Charlotte, N.C.-based steelmaker announced the move with the opening of its October order book for plate. “We reserve the right to review and re-quote any offers that are […]
Prices for five of the seven steelmaking raw materials tracked in this SMU analysis decreased over the last 30 days, further declining from the record levels seen in March and April. Through the latest data available as of August 31, pig iron prices decreased 38% in the last month, busheling scrap prices fell 14%, aluminum […]
Flat-rolled steel prices were steady to up based on the data points SMU collected this week. There’s undoubtedly been pressure from recent mill price hikes, but it’s still far too early to tell if they will stick or if this is just a blip. Sheet prices rose for each of our products this week. The […]
Preliminary Census data indicates that July steel imports will total 2.67 million net tons, down 6% compared to June and the lowest monthly rate since February of this year. July figures are down 14% compared to March’s 26-month high of 3.09 million tons. Import licenses for August are currently at 1.98 million tons through August […]
Raw steel production by US mills was down slightly last week, following back-to-back weekly gains. Domestic output was 1,747,000 net tons in the week ending Aug. 27, while capacity utilization was 79.3%. Despite recent fluctuations, utilization rates haven’t eclipsed the 80% mark in eight weeks, according to the latest data from the American Iron and […]
Economic conditions are still iffy at best. Housing data continues to suffer with new home sales plunging and inventory reaching the highest it has been since 2009. The Richmond and Kansas City Fed manufacturing indexes both plunged in July as well. The Richmond Fed’s manufacturing skill availability index, which indicates the demand for skilled labor […]
Sheet prices are down across the board this week, putting big cracks in any hopes that hot-rolled coil prices would find a bottom around $800 per net ton ($40 per cwt). The declines came as market participants reported that at least one large producer had cut deals at low levels and, in doing so, put […]
Raw steel production by US mills was up slightly last week, expanding for the second straight week. Domestic output was 1,756,000 net tons in the week ending Aug. 20, while capacity utilization was 79.7%. Though up, the result marks the sixth consecutive week below 80%, according to the latest data from the American Iron and […]
End use market demand is mixed as mid-year shipment data is reported The recession, inflation, and interest rates remain hot topics for aluminum producers and consumers. As new economic data is announced, both bright spots and points of concern emerge. First, this month’s report on inflation showed a drop month-on-month (MoM) and may signal that […]
Sheet prices were mixed this week as market participants continued to debate whether a recent round of price hikes had stuck. While some said the increases would provide a floor and prevent further price erosion, others said prices were more likely to resume their downward trend in the weeks ahead. There were also questions about […]
Raw steel production by US mills edged up marginally last week after declining for two straight weeks. Domestic output was 1,742,000 net tons in the week ending Aug. 13, while capacity utilization was 79%. That marks the fifth week below 80%, according to the latest data from the American Iron and Steel Institute (AISI). US […]
The spread between hot-rolled coil (HRC) and prime scrap prices continues to narrow, according to Steel Market Update data. Busheling scrap prices have declined each of the last four months, as have hot-rolled prices – but at a greater rate than scrap. The result: a shrinking delta between the two products. The latest spread is one-third what […]
Imported sheet and plate products arrived at US ports at a higher clip in June, resulting in them accounting for a larger share of the domestic market, according to US Commerce Department data. Imports’ share of US sheet and plate markets peaked in December, with sheet reaching its highest level in the past 4.5 years. The trend […]
Underlying price function stops sliding and may have found basis for strengthening The London Metal Exchange (LME) may have found a floor to stop the slide it has experienced since April. Topping out near $3,400 metric tons earlier this year, the price of aluminum drifted lower steadily in the second quarter and into the third […]
US apparent steel supply declined 4% month-over-month to 9.05 million net tons in June, erasing May’s gains, according to the latest US Department of Commerce and American Iron and Steel Institute data. June supply is now at the second lowest monthly level seen in the past 12 months, above only the February 2022 figure. Recall […]
US raw steel production eased to 7.45 million net tons in June, down 5% from May’s six-month high, according to recently released American Iron and Steel Institute (AISI) data. June is the third lowest monthly production figure seen in the last year and a half. Domestic production has trended downward since peaking last summer. Recall […]
US steel exports were up 1% from May to June, totaling just shy of 800,000 net tons, according to the latest US Commerce Department data. This is the third highest monthly export rate seen in the past four years. On a 12-month moving average (12MMA), June exports rose to a 3+ year record high. Total June exports are […]
SMU’s benchmark hot-rolled coil price inched upward for the first time since mid-April, nearly four months ago. The modest gain came even as cold-rolled and coated prices continued to see significant declines. Plate prices were roughly flat. By the numbers: Our average hot-rolled coil price now stands at $820 per ton ($41 per cwt), up […]
GrafTech International published strong second quarter earnings despite economic uncertainty. The Brooklyn Heights, Ohio-based graphite electrode producer reported Q2 net sales of $364 million, a 10% increase from $331 million in Q2 of 2021. Net income rose significantly from $28 million in Q2 2021 to $115 million this year. According to GrafTech’s report, the net […]
Raw steel production by US mills slipped for a second straight week, easing to a 17-month low of 1,723,000 net tons in the week ending Aug. 6. This is the lowest weekly production figure reported since early February 2021. Domestic capacity utilization shrank lower to a 15-month low of 78.2%, marking the fourth week below […]
Nucor Corp. aims to increase base prices for steel sheet by at least $50 per ton ($2.50 per cwt). The price hike is effectively immediately and applies to all new orders, the Charlotte, N.C.-based steelmaker said in letters to customers dated Monday, Aug. 8. “We reserve the right to review and re-quote any offers that […]
Final Census data shows that June steel imports totalled 2.84 million net tons, 24,000 tons higher than preliminary figures reported last week. June imports are down 8% compared to March’s 26-month high of 3.09 million tons. Import licenses for July now total 2.57 million tons through Aug. 3rd data. This is up from 2.15 million […]
Strong OCTG pricing and demand is driving higher sales for global pipemaker Tenaris. The Luxembourg-based company reported $2.8 billion in sales during the second quarter—an 18% rise from the previous quarter and an 83% jump from Q2 2021. Q2 net income also rose 18% sequentially and showed growth of 118% year-on-year to reach $634 million. […]
Ball Corp. earnings alert market to slowing can demand Ball issued its second quarter earnings results on Aug. 4, and they have unsettled the market. The company reported a loss of $174 million while taking a non-cash asset impairment for its Russian operations, which it had previously stated it would suspend future investment in and […]