Raw steel production by US mills slipped 0.6% last week from the week prior, according to data released by the American Iron and Steel Institute (AISI) on Monday, March 6. Domestic production stood at 1,664,000 net tons in the week ended March 4 vs. 1,674,000 net tons the previous week. It was off 3.8% from 1,729,000 net tons in […]
Despite the economic concerns that lowered consumer sentiment towards the end of 2022, aluminum products demand has held up throughout the first three months of the year. A slowdown from the frenetic post-pandemic pace is apparent. Overall, though, both rollers and extruders comment that conditions are better than expected. The new order index as released […]
Last week’s mill price increases continue to make their way into the market. Cliffs’ latest this week – up another $100 per ton ($5 per cwt) and setting a new base price for hot band of $1,100 per ton – has yet to be reflected in today’s pricing. But that hasn’t stopped it from garnering […]
Raw steel production by US mills recovered last week after declining slightly the week prior, according to data released by the American Iron and Steel Institute (AISI) on Monday, Feb. 27. The increase pushed capacity utilization up to 74.9%, driven by gains in tons in all regions except for the Northeast. This is up from […]
US plate prices have remained mostly flat this week, a trend we’ve seen since Nucor announced a plate price cut in late November. Recall that in late November, Nucor said it would be lowering plate prices by $140 per ton ($7 per cwt) with the opening of its January order book. Plate tags have varied […]
On the morning of Feb. 24, the White House issued a proclamation to adjust aluminum imports and taking further action under Section 232 of the Trade Expansion Act of 1962. Following the guidance of the Secretary of Commerce, the president issued an order adding a 200% duty to Russian metal coming into the US. Imported […]
SSAB Americas has announced plans to increase plate prices by at least $60 per ton ($3 per cwt). The price hike applies equally to as-rolled, normalized, quenched-and-tempered, and wide cut-to-length plate products. It is effective immediately on all new, non-contract orders, the company said in a letter to customers on Friday, Feb. 24. SSAB said […]
Canadian miner Teck Resources plans to divide into base metals-focused Teck Metals and metallurgical coal miner Elk Valley Resources (EVR). “This transformative transaction creates two strong, sustainable, world-class mining companies committed to responsibly providing essential resources the world needs,” said CEO Jonathan Price. “Both Teck Metals and EVR have high-quality operating assets and strong financial […]
Flack Global Metals (FGM) has reached an agreement with OmniMax International to acquire Fabral, a supplier of metal building solutions. OmniMax and FGM are targeting an end-of-February closing. Terms of the transaction were not disclosed. Fabral will be the first manufacturer added to FGM and its fourth overall acquisition. With the buy, FGM said it is launching the third segment of its business, a direct-equity investment platform focused on steel-consuming original […]
Galvanized sheet continues to be in high demand, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council. Since the January HARDI meeting, prices have increased, lead times have extended, scrap is up, and zinc is down. Despite the roller coaster, HARDI members remain bullish on demand in general. […]
BlueScope Steel said earnings at its North Star operations in Delta, Ohio, tumbled on lower steel prices in the six months of its fiscal year 2023. The Australian steelmaker reported underlying ebitda (earnings before interest, taxes, depreciation, and amortization) of $173.4 million in its 1H FY2023 at North Star, down 81% from $925.3 million last year, […]
Helping out with chores as a kid is something many of us do. But how often do your chores lead to a life-long career? Eric Daniel, general manager of Metalwest locations in Colorado, New Mexico, and Arizona, took doing chores to new heights. Steel Market Update interviewed Eric and learned how he’s made his career […]
As US sheet prices continue the rally that began in late November, overall import levels remain relatively low. But lead times have extended and so too have mill asking prices. US mills are now asking for $900 per short ton ($45 per cwt) for hot-rolled coil. Market contacts in Europe note that exports from India […]
The latest SMU Market Survey results are now available on our website to all Premium members. After logging in at steelmarketupdate.com, visit the Analysis tab and look under the “Survey Results” section for “Latest Survey Results.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
The percentage of steel buyers polled finding mills willing to negotiate prices has sunk back below 50% this week, according to SMU data. No product surveyed exceeded 50%, with Galvalume the only product to hit the 50% mark. Every two weeks, SMU asks hundreds of steel buyers: Are you finding domestic mills willing to negotiate spot pricing […]
The “new normal,” we have heard that a whole lot since the pandemic took hold. Are we really seeing a paradigm shift? Or is it just a trendy phrase? But, first, let’s talk about price hikes. If three’s a crowd, then what’s five – a herd? The week got off to a quick start early […]
US apparent steel supply rose 2% in December to 8.2 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 steel exports decreased in December compared to November, according to the latest US Commerce Department data. December’s exports total stood at 592,060 tons vs. 697,447 tons the previous month. December was the lowest volume month for 2022. In comparison to recent years, export levels were relatively high for the majority of 2022. Of our six monitored product groups […]
Nucor Corp. is pushing hot-rolled coil price up by at least another $50 per ton ($2.50 per cwt), its second sheet price hike in ten days. The Charlotte, N.C.-based company, the largest steelmaker in the US, said the move was effective immediately for base prices on new orders. Nucor made the announcement in a letter to […]
US heating and cooling equipment shipments increased in December, according to recently released data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in December were 1.677 million units, consistent with shipments in November but down 9% compared with the same month last year. November and December now represent the lowest shipment rates […]
By CRU Senior Analyst Thais Terzian, Analyst Anton Perevezentsev, and Research Analyst Rosy Finlayson On February 6-7, a series of devastating earthquakes struck several provinces in southeastern Turkey and northwestern Syria, leaving thousands dead and many injured. The quakes also resulted in a massive destruction to the infrastructure of both countries. The first quake measured […]
Domestic hot-rolled coil (HRC) continues its competitive price advantage run over imported steel – now 15 weeks running – though it did lose some momentum week on week (WoW), according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 3.2% cheaper than foreign prices this week, down from 7.4% last […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! […]
The outbreak of war in Ukraine triggered an energy crisis in Europe. Gas and consequently electricity prices soared and remain high. European production of commodities such as ammonia, aluminum, and zinc which require significant energy and/or natural gas were and remain disrupted to differing degrees. Natural gas is supposed to be a ‘transition fuel’ in […]
US plate prices have been largely stable since the beginning of December after tags fell by $140 per ton following Nucor’s price cut notice at the end of November with the opening of it January order book. A move that caught many by surprise at the time. But since then, plate prices have varied by […]
A wide majority of steel market participants expect prime scrap prices to climb in February, according to SMU’s most recent survey data. When polled if prime scrap prices would rise this month, 70% of respondents answered “yes” for the survey ended Thursday, compared with 68% in the survey that closed Jan. 19. Scrap market sources […]
Hanna Steel Corp. is investing $20 million to expand its steel production lines in Tuscaloosa, Ala. The new investment is expected create 14 new jobs as the company will add equipment to expand certain slitter services, according to a release from the Tuscaloosa Economic Development Authority (TCEDA). Hanna Steel is adding 9,000 square feet to its […]
North American Stainless (NAS) has announced a $244-million expansion at its Ghent, Ky., facility. The stainless steel producer said the expansion will boost its total capacity by 20% to 200,000 tons annually. The project, which will add 70 new jobs to the plant, was prompted by increased customer demand for stainless products. “We are proud […]
We’ll kick off the Tampa Steel Conference next Sunday, and I’m looking forward to seeing many of you there in person. For kicks, I decided to look back at how the market was in mid-February 2022, when we held the event along with the Port of Tampa Bay last year. So join me for a […]
The big story of the new year continues to be the run-up of the regional Midwest premium (MWP). As January comes to an end, the MWP sits just over $0.30/lb, or almost 50% higher than December’s price. A return of market activity in general has pushed the premium back up closer to replacement cost levels. […]