Raw steel production by US mills rose last week, increasing from the previous week’s drop, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, June 20. Domestic production stood at 1,743,000 net tons during the week ended June 17, up 0.2% from 1,739,000 tons the previous week. Production is up 0.3% from the […]
The spread between hot-rolled coil (HRC) and prime scrap prices narrowed further in June, according to Steel Market Update data. Both the averages of SMU’s HRC and busheling scrap prices slipped this week. Our HRC average fell $5 per net ton week-over-week to sit at $930 per ton ($46.50 per cwt) as of Tuesday, June 13. Meanwhile, after settling, […]
The US Federal Reserve has taken some pressure out of the market by announcing a pause in interest rate hikes, leaving rates at 5% to 5.25% after more than a year of consecutive rate increases. The decision on Wednesday came a day after official figures showed US inflation was 4% – the lowest pace of […]
The forest fires raging in Canada caused rail interruptions for Champion Iron last week. With the fires now subsiding in the area, the company reports a resumption in rail services between its Bloom Lake mine and the port of Sept-Îles on the Gulf of St. Lawrence in Quebec. Mining activities continued at Bloom Lake while […]
U.S. Steel and Wheeling-Nippon Steel have joined other domestic mills in reducing coating extras. Wheeling-Nippon said the new, lower extras would be effective with new orders quoted for the week ending July 22. The new extras apply to aluminized, galvanized, and galvanneal, the company said in a letter to customers dated Wednesday, June 14. One […]
Sheet prices fell at a more modest pace this week after a sharp decline last week, as business seemed somewhat curbed. After Memorial Day prices fell, leading to the sharpest price drop since June 21, 2022. Now, the slide seems to have temporarily cooled, though sources indicated it was almost exclusively due to a lack of activity. SMU’s hot-rolled […]
After hitting an almost five-year high in March, US steel exports fell back during the month of April. Exports totaled 768,235 net tons in April, according to the latest figures available from the US Department of Commerce. This was a 13% month-on-month (MoM) and a 7% year-on-year (YoY) decline. Note that March exports of 886,458 […]
Raw steel production by US mills slipped last week, declining for the first time in five weeks, according to data released by the American Iron and Steel Institute (AISI) on Monday, June 12. Domestic production stood at 1,739,000 net tons in the week ended June 10, down 0.9% vs. 1,754,000 tons the previous week. Despite the […]
The LME aluminum three-month price is moving higher again as the week ending June 9 closes trading at $2,230/t. Failing to dip below the critical transition price of $2,000/t, The LME steadied itself despite very lackluster demand anywhere in the world. Trading in China also kept the regional exchange there neutral, if not a bit […]
US steel imports were steady from April to May, according to the latest data from the US Department of Commerce. May’s import license count – a first look at import figures for a given month, at 2,395,039 net tons – was just 0.5% higher than April’s final count of 2,382,580 tons. Compared to the same […]
The Iron Ore Company of Canada (IOC) is starting to idle its mine, concentrator and pellet plant near Labrador City because of the impact of wildfires in Quebec province. The actions follow the Rio Tinto-owned company suspending transport on its 418km Quebec North Shore and Labrador Railway (QNS & L) linking the mine to […]
Sheet prices fell hard across the board this week as business ramped back up after Memorial Day. Recall that prices were steady last week largely because of a lack of activity following the holiday. SMU’s hot-rolled coil price now stands at $935 per ton ($46.75 per cwt), down $55 per ton a week ago and […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Prices of steelmaking raw materials have been largely on the decline over the last 30 days, as they were the month prior, the exception being pig […]
The Steel Tube Institute (STI) has announced its new president, Ramiro Rodriguez Agusti of Nucor-Republic Conduit. Rodriguez Agusti, a long-time STI member, began his two-year term on June 1. He follows former STI president Glenn Baker of Searing Industries. Rodriguez Agusti is currently head of Nucor-Republic Conduit’s commercial division and is the company’s primary point of contact for the […]
Raw steel production by US mills moved higher last week, increasing for the fourth consecutive week, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, June 5. Domestic production stood at 1,754,000 net tons in the week ended June 3, up 1% vs. 1,737,000 tons the previous week. Output was still […]
The LME aluminum three-month price continued to make steady gains on the morning of June 2 and was seen trading at $2,308/t. The move marks the successful test of the key $2,200/t support earlier last week. SHFE aluminum prices also traded higher on that day. The cash price settled at RMB18,585/t and last traded at RMB18,665/t, […]
US plate prices have changed little over the past several weeks, and Nucor’s latest price notice – a sideways move – might mean demand is not as robust as recently as mid-April, according to market participants contacted by SMU. The most recent mill increase came from Nucor on April 19, when the steelmaker aimed to increase […]
The spread between hot-rolled coil (HRC) and galvanized coil base prices has been trending downward since mid-April when steel prices also began their descent. Figure 1 shows both SMU’s hot rolled and galvanized prices. SMU’s HRC price averaged $990 per ton as of Tuesday, May 30, unchanged from the previous week and down 14.7% from […]
Sheet prices were flat or down only modestly this week, the first period of relative stability since mid-April. But several market participants said the flattish trend reflected limited activity around Memorial Day rather than stability in the broader market. Mills remain willing to negotiate spot prices and to match lower prices from their competitors, some […]
Raw steel production by US mills edged up again last week, moving higher for the third straight week, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, May 30. Domestic production stood at 1,737,000 net tons in the week ended May 27 vs. 1,728,000 tons the previous week, and the highest […]
An anticipated surge in flat-rolled steel imports due to higher domestic pricing has yet to be reflected in government data. For monthly imports, the International Trade Administration’s US Steel Import Monitor tracks license applications (a first look showing licenses to import but not necessarily the actual tonnages that entered during the month), a preliminary count, […]
SMU’s domestic hot-rolled coil price has fallen below $1,000 per ton ($50 per cwt) for the first time since early March as a broad-based sheet price decline picks up speed. Our HRC price now stands at $990 per ton on average, down $50 per ton from $1,040 per ton last week and off $170 per […]
Raw steel production by US mills edged up slightly last week, expanding for the second straight week, according to data released by the American Iron and Steel Institute (AISI) on Monday, May 22. Domestic production stood at 1,728,000 net tons in the week ended May 20 vs. 1,725,000 tons the previous week. Output was off 2.4% from […]
The price spread between hot-rolled sheet and steel plate rose for the sixth consecutive week as hot-rolled prices continued their descent and plate prices remained relatively stable, according to SMU’s price indices published last Tuesday. SMU’s hot-rolled coil index averaged $1,040 per net ton ($52.00 per cwt) in the latest market check on May 16. […]
A weary market worn down by the absence of any positive demand reports ran below the critical $2,300-per-tonne trading line. Falling all the way to $2,200 before settling in the $2,270 – 2,290 range, the LME is in a new lower range as of the week ending May 19 as bearish sentiment pervades the market. […]
Prices for steel sheet continue to move lower as market participants debate how far and how fast prices might fall before they reach bottom. Some are also questioning when and how quickly prices might rebound. But most don’t see that happening until the back half of the year. SMU’s hot-rolled coil price has in the […]
Raw steel production by US mills recovered last week, up 0.8% from the week prior and moving to its highest output since late August 2022, according to data released by the American Iron and Steel Institute (AISI) on Monday, May 15. Domestic production stood at 1,725,000 net tons in the week ended May 13 vs. 1,712,000 […]
US apparent steel supply rose 6% in March to 8.03 million net tons compared to the previous month, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Apparent steel supply is determined by combining domestic steel mill shipments and finished US steel imports, then deducting total US […]
US non-farm payrolls data showed stronger than expected job growth in April and a further drop in the unemployment rate. The US Bureau of Labor Statistics (BLS) reported that 253,000 jobs were created in April against an expectation of 180,000, while the unemployment rate fell slightly from 3.5% to 3.4%. US non-farm payrolls data showed […]
Private equity firm Apollo has been looking to add Arconic to its portfolio for some time. Almost since its spin-off from its upstream parent, Alcoa, in 2016, Arconic’s assets and key position in the aluminum semis value chain have been on Apollo’s radar. The deal is expected to close before the end of 2023, at […]