By CRU Senior Analyst Erik Hedborg Iron ore prices went through a correction in the past week as Chinese steel prices kept falling and seaborne supply remained robust. On Tuesday, June 4, CRU assessed the 62% Fe fines price at $98.50 /t, a $9.50 /t fall w/w. Our sources see the price fall as a […]
U.S. steel imports appear to have declined in May from the big jump in April, based on a preliminary total of May license data from the Commerce Department. Semi-finished imports dropped sharply, from 1.3 million tons in April to 697,000 tons in May as domestic steelmakers worked down their supplies of foreign slabs. Imports totaling […]
Steel buyers are hoping the market will find a bottom soon, but it did not happen in the past week. Steel Market Update data indicates that hot rolled and cold rolled both saw further declines averaging around $10 per ton. Plate prices saw a small increase. Here is how we see prices this week: Hot […]
The U.S. mill capability utilization rate saw a slight dip for the third week in a row but remained above 81 percent (81.2 percent) for the week ending June 1. Raw steel production declined by 0.1 percent from the previous week to 1,890,000 net tons. The week’s production represented a 4.5 percent increase from the […]
U.S. steel imports saw a big jump in April, based on preliminary license data from the Commerce Department. Total imports appear to have topped 3.3 million tons, largely due to nearly 1.3 million tons of semi-finished imports. The figures suggest that domestic steelmakers tripled their purchases of foreign slabs in April compared with March. Final […]
Prices declined further on all types of steel products in the past week, according to Steel Market Update sources. Demand appears soft as buyers wait to see if import offers pick up now that President Trump has cut tariffs on Canada, Mexico and Turkey. Here is how we see prices this week: Hot Rolled Coil: […]
The U.S. mill capability utilization rate saw a slight dip for the second week in a row, to a still healthy 81.3 percent for the week ending May 25. Raw steel production declined by 0.4 percent from the previous week to 1,892,000 net tons. The week’s production represented a 4.6 percent increase from the same […]
By CRU Senior Analyst Erik Hedborg Iron ore prices continued to climb in the past week with a sharp price jump on Monday lifting prices to $108.0 /t on Tuesday, May 28. This translates to a $6.5 /t increase w/w. Seaborne supply outside of Minas Gerais is recovering. Supply from Port Hedland, although falling w/w, […]
Steel prices declined yet again this week with some hot rolled offers falling below the $600 per ton level, according to Steel Market Update data. The market will be watching intently in the coming weeks to see if imports from Canada and Mexico add to the downward price pressure, now that President Trump has removed […]
U.S. steel imports are trending a bit lower in May after a significant jump in April, according to Steel Market Update’s analysis of Commerce Department license data. With about 10 days left in the month, it appears May imports will approach 2.7 million tons, down from approximately 2.9 million tons in April. May imports are […]
The U.S. mill capability utilization rate dipped slightly to 81.6 percent for the week ending May 18, while raw steel production declined by 1.4 percent from the previous week to 1,900,000 net tons. The week’s production represented a 5.1 percent increase from the same period last year, reported the American Iron and Steel Institute. Adjusted year-to-date […]
By CRU Senior Analyst Erik Hedborg Iron ore prices have risen sharply in the past week as the strong Chinese demand has continued and fears of further supply disruptions have emerged in Australia and Brazil. On Tuesday, May 21, CRU has assessed the 62% Fe fines price at $101.5 /t, which translates to a $6.5 […]
Premium subscribers to Steel Market Update have reports available on our website that break out the import tonnage into district of entry and source nation for six sheet and plate product categories. This report takes the total national tonnage of hot rolled and breaks it down into product detail. Using U.S. International Trade Commission (USITC) […]
Although not a disaster, steel demand has fallen short of expectations so far in 2019, contributing to the downtrend in steel prices. The benchmark price for hot rolled steel has declined by double digits since the beginning of the year. Steel Market Update’s canvass of the market over the past week reveals that many service […]
Final Census data shows that steel imports into the U.S. were well below average in March at 2.26 million tons, but have trended up sharply in April and May. Based on license data, April imports jumped by more than 28 percent to nearly 2.9 million tons, largely due to a 450,000-ton increase in semi-finished imports, […]
March apparent steel supply was calculated at 9,601,722 net tons, according to data released late last week. Apparent steel supply is determined by adding domestic steel shipments and finished U.S. steel imports, then subtracting total U.S. steel exports. March apparent steel supply saw a 333,756 ton or 3.4 percent decrease compared to the same month […]
Flat rolled and plate steel prices continued their slide this week. There continues to be a wide spread between hot rolled base pricing and that of cold rolled and coated steels. The changes in pricing shown below do not reduce the spreads, which have been running $150-$170 per ton. Normal spreads should be closer to […]
The U.S. mill capability utilization rate bumped up a half point to 82.8 percent for the week ending May 11, while raw steel production increased by 0.6 percent from the previous week to 1,927,000 net tons. The week’s production represented a 6.6 percent increase from the same period last year, reported the American Iron and Steel […]
Steel Market Update is sharing this Premium content with Executive-level members in this issue. For more information on how to upgrade to a Premium-level subscription, email info@SteelMarketUpdate.com. Rolled product imports declined by 24.4 percent in April year over year on a three-month moving average (3MMA) basis. This early look at April’s import volume is based […]
U.S. steel exports in March totaled 589,057 net tons (534,384 metric tons), down 1.7 percent from February and down 32.2 percent from levels one year ago. This is the third lowest monthly export level seen in our 10+ year history, behind December 2018 at 519,099 tons and September 2018 at 584,858 tons. The total March […]
By CRU Senior Analyst Manjot Singh As has been the case in the last few weeks, Chinese BF utilization rates have remained above 80 percent and rebar inventories have continued to dwindle, suggesting buying appetite for raw materials has been robust in China. In terms of iron ore specifically, inventories at Chinese ports and mills […]
By the CRU Economics Team The Turkish economy is suffering its first recession in a decade. This has had knock-on effects on the global steel market, given Turkey’s prominence in this industry. A key question for the steel market is therefore, how long will the recession in Turkey last? We think that in the most […]
Metal fabricators are worried about how content provisions in the U.S.-Mexico-Canada Agreement will impact their industry. The proposed trade agreement for North America includes provisions on steel and aluminum regional content for automobiles, but may extend to other manufacturing sectors. “Too many people view NAFTA as just about cars when the agreement impacts virtually every […]
Total raw steel production for the month of March rose to 8,472,311 net tons, reports the American Iron and Steel Institute in Washington. This is the highest monthly production level seen in four and a half years, going back to August 2014 when it was 8,546,303 tons. Broken down by production method, 5,833,229 tons (68.9 […]
Steel imports into the U.S. in March, totaling 2.26 million tons, were down by 7 percent from the prior month led by a sharp decline in semi-finished imports, according to final Census data from the Department of Commerce. It does not appear the downtrend is continuing, however. Based on the latest license data, imports totaled […]
Zekelman Industries plans to invest $150 million to construct what it claims will be the world’s largest continuous ERW tube mill, making welded sections above 16-inch square available to the domestic market for the first time. Startup of the new mill is scheduled for September 2021. The mill will be capable of producing hollow structural […]
Steel buyers are still trying to get a sense for what is driving this market and market pricing. We are seeing weakness in prices even though foreign steel imports are down, import price offers are higher than domestic steel prices and demand is pretty good for most of the market segments using sheet or plate […]
U.S. raw steel production for the week ending May 4 increased by 1.1 percent from the previous week to 1,915,000 net tons, while the mill capability utilization rate bumped up almost a point to 82.3 percent. The week’s production represented a 6.6 percent increase from the same period last year, reported the American Iron and Steel […]
By CRU Analyst Michelle Liu Vale confirmed the suspension of tailings disposal at its Brucutu mine on Tuesday, May 7. After prices fell initially, there was a price rebound and the iron ore price ended up rising by $0.80 /t w/w to $94.90 /t for our assessed 62% Fe fines. On Tuesday, Brazil’s higher court […]
By CRU Research Manager Chris Houlden, CRU Principal Analyst Josh Spoores and CME Metals Products Manager Sean Kessler. U.S. Midwest HR coil price volatility has increased markedly in recent months as opaque policy decision-making processes and inelasticity of domestic supply have led to large variations in physical market price. Concurrently, volume and open interest on […]