Preliminary Census data shows that total foreign steel imports increased 3% from June to July, reaching 3.01 million tons. This is now the highest monthly import level of 2021, surpassing the previous month. The last time monthly import levels exceeded this rate was January 2020 when 3.16 million tons of steel entered the country. August import licenses are currently […]
By CRU Aluminum Advisor Greg Wittbecker The fundamentals in the aluminum market are continuing to tighten as we complete the third quarter. Growing Deficit in 2021 Driven by Chinese and Canadian Production Excursions CRU has substantially increased the size of the global deficit for 2021, moving it from a 240,000-ton surplus to a deficit of 1,180,000 […]
Total steel imports into the United States jumped by more than 20% in the first seven months of the year, versus the same period in 2020, reported the American Iron and Steel Institute, based on preliminary Census data. Foreign steel, including billet and slabs, totaled 17.7 million net tons for a 20.6% year-over-year increase. Finished […]
Two of the steel industry’s most respected analysts delivered a reality check to the market on Monday during SMU’s Steel Summit in Atlanta. Record-high steel prices enjoyed by steelmakers and distributors for the past year “can’t last,” they declared. Simply put, supply-demand fundamentals indicate that prices are due – indeed overdue – to drop significantly in the next […]
Steel prices need to correct to “a healthy level,” said steel buyers on the consumer panel at the SMU Steel Summit on Wednesday. But none volunteered an exact number. The hot rolled price has overcorrected from the trough of $440 per ton ($22 per cwt) last August as the economy struggled with the pandemic, agreed […]
By CRU Principal Analyst Erik Hedborg and Senior Analyst Richard Lu, from CRU’s Steelmaking Raw Materials Monitor After reaching a new all-time high of more than $230 /dmt in May, iron ore prices held steady in the following months and traded in the $200-220 /dmt range for most of June and July. However, things have […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor After rising at end-August, iron ore prices have started pointing downward again in the past week as Chinese demand remains tepid while seaborne supply has been at the strongest level since end-June. Iron ore is currently trading at $135.5 /dmt, down by $18.5 /dmt […]
At least two U.S. plate mills – SSAB Americas and Evraz North America – have followed Nucor in raising plate prices. SSAB has increased prices by $85 per ton (Canadian $105 per ton) for commercial, non-quenched-and-tempered (Q&T) product and by $170 per ton (C$215 per ton) for Q&T material. “These increases are to be applied to […]
Weekly raw steel production by U.S. mills edged back up after successive decreases the past two weeks. The average utilization rate was 85.0% while production was 1,877,000 net tons in the week ending Aug. 21, according to the American Iron and Steel Institute (AISI). The slight increase in domestic production edged utilization back up to […]
Steel Market Update will not be updating sheet and plate prices during our Steel Summit conference in the week of Aug. 23. The SMU staff will be busy with the conference, and many of the usual data providers will be in attendance at the event in Atlanta. SMU will resume its weekly price updates the […]
Nucor – the largest steelmaker in the U.S. – in a leading move announced that it was increasing plate prices along with the opening of its October order book. The price hike is $85-165 per ton ($4.25-8.25/cwt) depending on the product. The increase – announced on Friday, Aug. 20 – marks at least the fourth consecutive month […]
EXLTUBE has raised prices for all A53B products by $125 per ton ($6.25 per cwt) effective immediately. “This increase is due to escalating substrate costs, transportation costs and demand,” the North Kansas City, Mo.-based pipe and tube producer said in a letter to customers Wednesday, Aug. 18. Orders on the books prior to the increase […]
Flat rolled and plate steel prices were flat to up modestly this week as the year-long uptrend appears to be flattening somewhat. Hot rolled hit yet another historical high mark at $1,915 per ton, according to Steel Market Update’s check of the market this week, up another $15. It’s too soon to tell if prices […]
Steel demand remains strong, outpacing supplies in the U.S. and causing prices to continue escalating. The trend is attracting more imports as customers look overseas for price and supply relief. June data shows imports of most steel products have risen over the past two months as imports’ share of total sheet product shipments rose to 16.2%, […]
June apparent steel supply rose 270,000 tons over May to 9.38 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. This is the highest suppy level seen since January 2020, surpassing the May 2021 recent-high of 9.11 million tons. June supply is up by 2.47 million […]
By CRU Senior Analyst Helen O’Cleary, from CRU’s Steel Sheet Products Monitor The automotive industry accounts for approximately 10% of end-use sector zinc demand, in the form of galvanized steel sheet, die castings and oxide. Even before the pandemic, vehicle output and sales in some of the major producing countries were being constrained by new […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor Sheet prices in the U.S. Midwest market have continued to rise, though the rate of increase has slowed since the end of May. The price of HR coil has increased $21 /s.ton w/w and is now $126 /s.ton higher than our assessment on […]
The average spot market price for hot rolled coil reached a notable new benchmark this week at $1,900 per ton, according to Steel Market Update’s check of the market on Monday and Tuesday. That’s an astounding 78% higher than the previous record of $1,070 per ton seen in the summer of 2008. Prices for flat […]
U.S. steel exports rose 5% in June to 778,000 tons, according to new U.S. Department of Commerce trade data. This marks the second highest monthly export level in the last three years, just behind the April 2021 high of 790,000 tons. Of our six monitored product groups, four products declined month-over-month and two increased. Recall that 2020 […]
It’s time to wish a happy birthday to the flat rolled steel price rally that was born one year ago. It’s official. The rally in flat rolled steel prices has lasted one year and may have more room to grow. On Aug. 11, 2020, Steel Market Update reported benchmark spot hot rolled coil prices averaging […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor The iron ore price decline continues as demand for spot cargoes in China is exceptionally weak, while we have started seeing signs of improving supply from Australia. On Tuesday, Aug. 10, CRU assessed the 62% Fe fines price at $160.0 /dmt, a $25.0 […]
U.S. steel mills shipped 8,031,516 net tons in June, a 33.3% increase from the 6,023,524 net tons shipped in June 2020, reported the American Iron and Steel Institute. Shipments rose a slight 0.6% from the 7,987,038 net tons shipped in the previous month. Shipments for the first half of 2021 totaled 45,969,876 net tons, an […]
Weekly raw steel production by U.S. mills dipped slightly, losing momentum last week. The average utilization rate was 84.8%, while production totaled 1,872,000 net tons in the week ending Aug. 7, according to the American Iron and Steel Institute (AISI). The slip, though negligible, was the first decrease in six weeks as U.S. mills continue […]
Weekly raw steel production by U.S. mills contracted slightly for the second straight week. The average utilization rate was 84.7%, while production totaled 1,869,000 net tons in the week ending Aug. 14, according to the American Iron and Steel Institute (AISI). The dip, though minor, was the second in as many weeks after domestic production pushed […]
U.S. raw steel production eased in June to 7.90 million net tons, according to recently released American Iron and Steel Institute data. Although down 2.7% from the month prior, June marks the second-highest production level seen since January 2020 when 8.44 million tons were produced by domestic mills (May 2021 was a 16-month high). June production is up 2.45 million […]
By Greg Wittbecker, Advisor, CRU Analysis Over the past few months, we have seen a number of short-term strike actions around North America: a Montreal four-day strike in May and the Charleston International Longshoremen Association (ILA) filing strike notices at the same time. While both industrial actions have not resulted in extended work stoppages, they […]
By Greg Wittbecker, Advisor, CRU Analysis The $1.2 trillion infrastructure bill promises to deliver about $550 million in actual new investment. The breakdown of that investment looks as follow. Aluminum and steel have superior sustainability advantages and should exploit them. Clearly, the steel industry is cheering the passage as much as the aluminum industry. Both […]
Final Census data shows that total foreign steel imports increased 16% from May to June, reaching 2.93 million tons. As stated in our preliminary import analysis, this is now the highest monthly import level of 2021, surpassing the April high. The last time monthly import levels exceeded this rate was January 2020 when 3.16 million tons […]
Steel prices have moved steadily and predictably upward week after week for the past year. But Steel Market Update’s check of the market on Monday and Tuesday delivered some mixed signals for the first time since August of 2020. Hot rolled coil prices moved up again by another $30 per ton, falling just short of […]
JSW Steel (USA) Inc. has increased base prices for plate by at least $120 per ton ($6 per cwt). The U.S. subsidiary of India’s JSW Group said the price hike was effective immediately for all new, non-contract orders. “This increase applies to our as-rolled and normalized plate products. Our full published extras will also remain […]