Bull Moose Tube Co. has joined the list of companies planning to set up shop adjacent to Steel Dynamics’ new flat-rolled mill in Sinton, Texas. The tubing manufacturer announced plans to build a plant with an annual capacity of 350,000 tons to produce hollow structural sections (HSS) and sprinkler pipe. The new mill is expected […]
Hot rolled steel prices passed another milestone this week, topping the $1,600 mark to set yet another record that would have been unimaginable at this time last year when HR was selling for around $500 a ton. Steel Market Update’s latest check of the market shows an average HR price of $1,620 per ton, up […]
Raw steel production by U.S. mills totaled 1,836,000 net tons in the week ended May 29, up 2.4% compared to the week prior when production totaled 1,793,000 net tons, according to the American Iron and Steel Institute (AISI). The mill utilization rate last week averaged 81.5%, up from 79.0% the week before and up 50.1% […]
Preliminary Census data shows that total foreign steel imports rose 14% from March to April, up to 2.64 million tons, as U.S. buyers sought relief from climbing domestic prices and limited supplies. This is the highest total monthly import level seen since July 2020 when imports were 2.71 million tons. Import licenses currently for May are at 2.52 million tons, down 4% from […]
Zekelman Industries plans to build a fully automated warehouse at its Wheatland Tube facility in Warren, Ohio. The highly automated, 83,000-square-foot warehouse is scheduled to begin operating in December 2022. The new warehouse will convey pipe from the production lines of the manufacturing facility into the warehouse storage system. From there, pipe is automatically moved […]
Prices for all of the steelmaking raw materials tracked in this SMU analysis increased from April to May, with most products following large gains seen in previous months. Over the last 30 days, pig iron and coking coal prices have increased 17-19%, respectively. In that same period, prices increased for iron ore 9%, zinc 6%, scrap 5% and […]
U.S. raw steel production in March increased nearly 870,000 tons or 12.5% from February, reaching 7.83 million net tons, according to recently released American Iron and Steel Institute data. March marks the highest production level seen since January 2020 when 8.44 million tons were produced by domestic mills. March production is up 120,000 tons or […]
Hot-rolled coil prices continue their unrelenting march upward. Steel Market Update’s benchmark hot-rolled coil price now stands at $1,590 per ton ($79.50/cwt), up $20 per ton from a week ago and up $180 per ton versus last month. Lead times remain extended at eight to 12 weeks. And SMU’s Price Momentum Indicator continues to point […]
Raw steel production by U.S. mills totaled 1,793,000 net tons in the week ended May 22, down 0.3% compared to the week prior when production totaled 1,799,000 net tons, according to the American Iron and Steel Institute (AISI). The mill utilization rate last week averaged 79.0%, down from 79.2% the week before but up 46.6% […]
Nucor Steel Berkeley notified customers yesterday, May 24, that it is raising published prices on most of its structural steel products by $100 per ton ($5.00/cwt), effective immediately, in the latest of a series of price hikes dating back for a year. “As always, we will monitor the marketplace and respond accordingly to changes so […]
SSAB Americas and Evraz North America have followed Nucor in increasing plate prices by at least $100-150 per ton ($5-7.50/cwt). Both steelmakers said their price hikes were effective immediately in letters to customers dated Thursday, May 20. SSAB said the $100-per-ton increase applied to as-rolled mill plate and coil as well as to cut-to-length plate more […]
March apparent steel supply rose nearly 1.5 million tons from February’s dip, now at 8.96 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. This is the highest supply level seen since January 2020’s 9.52 million tons. March also marks the largest month-over-month increase in supply […]
Nucor has in a leading move increased plate prices by $100-150 per ton ($5-7.5/cwt) along with the opening of its July order book. Nucor’s new ex-works base price for cut-to-length A36 plate is $1,320 per ton ($66/cwt), up from $1,120 per ton last month, according to letters to customers. The steelmaker’s new base prices for […]
Raw steel production by U.S. mills totaled 1,799,000 in the week ending May 15, up 1.4% compared to the week prior when production totaled 1,774,000 net tons, according to the American Iron and Steel Institute (AISI). The mill utilization rate last week averaged 79.2%, up from 78.1% the week before and up 47.1% from the […]
Mesabi Metallics isn’t acting like a firm that is about to lose its position on the Iron Range. The company hired a new president and chief operating officer, selecting Larry Sutherland, former manager of U.S. Steel’s Minnesota Ore Operations, to join the executive team. “I am excited to join Mesabi Metallics’ journey to complete the […]
U.S. Steel may be about to enter the competition for the Nashwauk mining rights recently stripped from Mesabi Metallics. Cleveland-Cliffs is considered the likely successor to take over the mineral leases, but the proximity of the land to U.S. Steel’s Keetac operations would make it an attractive asset for the company. “The close proximity to […]
Steel prices stand at $1,540 per ton ($77/per cwt) and are likely to hit at least $1,600 per ton – with no obvious signs of demand destruction in the short term, according to respondents to Steel Market Update’s most recent survey. And some respondents reported back that the only thing harder to find than metal […]
This report examines the import share of sheet and plate products. Imports’ share of total sheet product shipments was 12.7% in March, down from 14.0% in February. The decrease corresponds to a simultaneous increase in domestic shipments and a rise in imports; however, the surge in domestic shipments at 17.4% month on month outpaced the […]
This report examines the import share of tubular and long products shipments. Imports’ share of total tubular products rose to 46.2% in March, up from 44.6% in February. Despite a 30.7% surge in domestic tubular shipments month on month, imports were even stronger at 39.3% in March compared to February. Tubular imports fell consecutively in […]
The flat rolled steel market was a little tougher to read this week. Steel Market Update’s survey of the market over the past two days clearly shows a further increase in hot rolled prices, with buyers reporting offers as high as $1,600 per ton. SMU puts the average HR price at $1,540 this week as […]
Hot rolled steel prices have been on the rise for 40 weeks in a row now, reaching a new pinnacle of $1,570 per ton—at least until next week when they likely set another new record. Steel Market Update’s Price Momentum Indicator continues to point toward higher prices over the next 30 days. SMU’s check of […]
Raw steel production by U.S. mills edged down 0.8% in the week ending May 8 compared to the week prior, the first decrease in nearly a month, according to the American Iron and Steel Institute (AISI). Production totaled 1,774,000 net tons last week while mill utilization averaged 78.1%, down from 1,788,000 net tons and 78.7% […]
U.S. steel exports jumped 17% in March to 790,000 tons, according to recently released U.S. Department of Commerce trade data, now at the highest monthy level seen since June 2018. Of our six monitored product groups, the greatest month-over-month increase in exports went to plate cut lengths, up 37%, followed by a 35% increase in […]
Cargill Metals and Canadian mining company Black Iron are teaming up to create a new iron ore plant in the Ukraine. The May 10 agreement gives Cargill offtake rights to the first 4 million metric tons of ore produced per year for the next 10 years along with profit sharing. On the profit share, Black […]
The Minnesota Department of Natural Resources announced Wednesday that it will cancel the Iron Range mineral leases for Mesabi Metallics after the company failed to meet a May 1 deadline. Mesabi Metallics missed the deadline to demonstrate that it had $200 million of funding available for its half-finished taconite mine project. Said the department in […]
Final Census data shows that finished steel imports rose 24% from February to March, as more U.S. buyers sought relief from climbing domestic prices and limited supplies. March finished imports were just shy of 1.80 million tons, the highest level seen since August 2019. April finished steel import licenses are currently down 6% from March […]
Raw steel production by U.S. mills rose for the third week in a row, hitting 1,788,000 tons in the week ending May 1, up 0.4% from the previous week when production totaled 1,781,000 net tons. The mill utilization rate last week averaged 78.7%, up from 78.4% the week before and up 44.4% from the same […]
Hot rolled steel prices hit a new eyebrow-raising milestone this week, taking another big jump to an all-time high of $1,500 per ton as supplies continue to fall short of demand. Prices for flat rolled steel products, which have been on a relentless uptrend for the past eight months, rose by a further $60-100 per […]
Atlas Tube, in a leading move, aims to increase prices for mechanical tubing, hollow structural sections (HSS) and piling products by at least $100 per ton ($5/cwt). The increase, effective immediately, applies to all new orders as well as to unconfirmed quotes and contracts, the division of Zekelman Industries said in a letter to customers […]
Hot rolled steel offers ranged as high as $1,500 per ton this week as steel tags just keep rising to levels never seen before. Steel Market Update’s check of the market this week puts the average HR price at a record $1,440 per ton, up another $30 per ton over last week and 35% higher […]