Sheet prices continued to fall this week on lower raw material costs, a buyers’ strike and concerns in some corners about a potential recession. But that gloomy sentiment was not universally shared, with some sources pointing to strong or at least steady demand despite the lower prices. SMU’s average hot-rolled coil price now stands at […]
Raw steel production by US mills continued its seesaw trend last week, edging down after inching up the week prior. Domestic capacity utilization slipped to 80.5% while mill production totaled 1,758,000 net tons in the week ending June 18, the American Iron and Steel Institute reported. US output was down 1.5% versus the week prior […]
The spread between hot-rolled coil (HRC) and prime scrap prices is resuming the downward trend seen prior to the Russia-Ukraine war, according to the latest Steel Market Update data. The HRC-scrap spread reached an 18-month low in early March. The latest spread, calculated through June 14, is less than half what it was this time last year […]
By Greg Wittbecker, Advisor, CRU Group The Saga of the Alcoa INTALCO Aluminum Smelter In April 2020, Alcoa announced its decision to close its Ferndale, Wash., primary aluminum smelter known as INTALCO. This smelter was built in 1966 by the French aluminum giant, Pechiney, and at its peak produced 284,000 metric tons per year. In […]
Imports of less expensive sheet and plate products continue to arrive at US ports, though at a much slower pace in April. Following a boost in volumes in March, imports of flat products decelerated in April and saw their share of the domestic steel market fall, according to Commerce Department data. Imports’ share of US sheet […]
Hot-rolled coil prices have suffered their biggest week-over-week decline since before the war in Ukraine sent tags sharply higher. Steel Market Update’s average hot-rolled coil price stands at $1,100 per ton ($55.50 per cwt), down $90 per ton from $1,190 per ton last week and down $265 per ton from $1,365 per ton in mid-May. […]
US apparent steel supply eased from March to April, declining 4% to 9.09 million net tons, according to the latest US Department of Commerce and American Iron and Steel Institute (AISI) data. Recall that supply reached a six-year high last September at 9.92 million tons, declining each month through February. Supply rebounded 14% in March […]
Charlotte, N.C.-based steelmaker Nucor is lowering prices on cut-to-length plate while keeping discrete plate prices mostly flat, effective with new orders received as of June 13. Cut-to-length plate prices are being lowered by $85-125/ton. Plates less than 72 inches wide will see prices drop by $125/ton, while plates 73-84 inches wide will see an $85/ton […]
Raw steel production by US mills edged up last week, rebounding from a slight dip the week prior. Domestic capacity utilization rose to 81.7% while mill production totaled 1,784,000 net tons in the week ending June 11, the American Iron and Steel Institute reported. US output was up 0.2% versus the week prior but 3.3% […]
US steel exports declined 2% in April to 830,000 net tons, falling from the 45-month high seen in March, according to the latest US Commerce Department data. On a 12-month moving average, April exports have now risen to a 39-month record high. Total April exports are 9% higher than levels seen one year ago. As shown in the graph […]
By Greg Wittbecker, Advisor, CRU Group Global Deficit Reduced Again The headline on aluminum fundamentals is that the deficit is shrinking again. We now believe that the global deficit will be about 700,000 metric tons compared to 1,000,000 metric tons in April. This deficit is exclusively held in the World ex-China, as we believe China […]
Final Census data shows that steel imports in April totaled 2.73 million net tons, falling 12% from March’s 26-month high of 3.09 million tons. May import licenses have risen from our late-May report to 2.61 million tons, 4% less than April levels and 16% lower than the March high. Total finished steel imports were 2.29 […]
US hot-rolled coiled prices have fallen below $1,200 per ton ($60 per cwt) for the first time since the outbreak of the war in Ukraine. SMU’s hot-rolled coil price stands at $1,190 per ton ($59.50 per cwt), down $65 per ton from last week and down $290 per ton from a post-war high of $1,480 […]
Raw steel production by US mills was down slightly last week, edging down for the first time in five weeks. Despite the lower output, domestic capacity utilization was a healthy 81.6% while mill production totaled 1,781,000 net tons in the week ending June 4, reported the American Iron and Steel Institute. US output was down […]
By Greg Wittbecker, Advisor, CRU Group The First Movers Coalition (FMC) was launched in November 2021 at COP26 as a public-private partnership to decarbonize hard to abate sectors. At that time, the 25 founding members of FMC targeted eight sectors where innovative technology would need to be applied to effect change. The sectors of initial […]
Sheet steel prices continue to decline from the March/April bump, while plate prices are easing at a slower rate, according to SMU’s price indices published last Tuesday. Plate prices typically carry a premium over hot rolled prices because plate is a value-added product and requires more time on the mill. Hot rolled coil averaged $1,255 per ton […]
Tenaris will pay a hefty fine to the US Securities and Exchange Commission after a bribery investigation in which the global pipe producer neither admitted nor denied the allegations. The fine amounts to more than $78.1 million — $53.1 million for disgorgement and prejudgement interest and $25 million for a civil penalty. The investigation looked into allegedly […]
Test Module 1 for both exec and Premium Raw steel production by US mills grew last week, expanding for the fourth straight week, and reaching the second-highest utilization mark year-to-date. Domestic output totaled 1,798,000 net tons in the week ending May 28, while mill capacity utilization was 82.4%, reported the American Iron and Steel Institute. […]
Sheet and plate prices continued to slip this week on expectations of lower scrap costs in June, increased import competition, and so-so demand, market participants said. Hot-rolled coil prices were down $35 per ton as were plate prices. Coated products were off by $25 per ton. Cold-rolled prices were up $10 per ton – or effectively […]
Preliminary Census data recently released shows that steel imports in April declined 12% month-over-month to 2.73 million net tons, falling from March’s 26-month high of 3.09 million tons. May import licenses through May 23 and are currently at a 15-month low of 2.02 million tons, down 26% compared to April and 35% lower than the […]
Major capital investments come to the aluminum can sheet market By Greg Wittbecker, Advisor, CRU Group This month, the market has seen two new projects announced in the flat-rolled aluminum product sector: • Novelis will spend $2.5 billion for a new state-of-the art rolling mill in Bay Minette, Ala. • Ball Corporation will partner with […]
Flat-rolled steel prices were down again this week. Not as much as some had feared but the drops were more substantial than those hoping for a modest decline or stable pricing might have liked. The takeaway: Hot-rolled coil is now down $190 per ton ($9.50 per cwt) over the last five weeks. In other words, […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Following record price increases in March and April, prices for six of the seven steelmaking raw materials tracked in this SMU analysis declined over the last 30 days. […]
Domestic mill raw steel production increased again last week, with the utilization rate climbing to an 18-week high and production rising to a 16-week high. US output totaled 1,789,000 net tons in the week ending May 21, with a capacity utilization rate of 82.0%, according to the American Iron and Steel Institute (AISI). Production rose […]
Nucor will decrease plate prices by $50-200 per ton ($2.50-10 per cwt) depending on the product. The Charlotte, N.C.-based steelmaker made the announcement with the opening of its July orderbook for plate. Prices for as-rolled and normalized plate will be cut by $50 per ton, those for cut-to-length plate less than 72 inches wide will […]
The relationship between hot rolled and galvanized steel prices has fluctuated sharply over the last eight months, with galvanized selling anywhere between a $195-545 per ton premium over hot rolled in that time. The premium reached a record high in February, but then quickly dialed back in March as prices shot up in response to the war […]
What’s up with plate? I’ve been asked again and again how plate has managed to maintain such a high premium over sheet this year. Here are a few arguments that have been made to me over the past week in support of high plate prices. And below that are a few charts I still find […]
By Greg Wittbecker, Advisor, CRU Group The London Metal Exchange announced plans on May 13th to require its members to make weekly reports of their over-the-counter (OTC) transactions to the Exchange. It also set an unusually short consultation period of two weeks for member response. This action is in direct reaction to the debacle in […]
Sheet steel prices are moving downwards after the March/April bump, while plate prices continue to hold their ground, according to SMU’s price indices published each Tuesday. Plate prices typically carry a premium over hot rolled prices because plate is a value-added product and requires more time on the mill. Hot rolled coil averaged $1,350 per ton ($67.50 per cwt) this week and has […]
Sheet prices slipped again this week on what some sources described as a summertime market that has arrived a few weeks earlier than usual. SMU’s hot-rolled coil price was down $15 per ton week-over-week (WoW) to an average of $1,350 per ton ($67.50 per cwt). Other sheet products also fell, with cold-rolled down $30 per […]