Category: Steel Products

Rig counts are down in the US and Canada as of Dec. 21, according to Baker Hughes.

US hot-rolled coil (HRC) prices might have plateaued. But while prices for offshore product have increased in some regions, imports remain significantly cheaper that domestic material. All told, US prices are roughly 26% more expensive than imports, a premium that is down only slightly from last week.

All of the products SMU surveys notched an increase in the percentage of buyers saying mills were willing to negotiate spot pricing, with the exception of cold rolled, according to our most recent survey data.

On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including purchasing practices, steel sheet prices, scrap, and the future market. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words.

The European Union (EU) announced on Tuesday the extension of suspended tariffs on US aluminum and steel products. The extension of the negotiations will be active until March 31, 2025.

US steel production increased for the week ended Dec. 16, according to the American Iron and Steel Institute’s (AISI’s) report on Monday, Dec. 18.

Active rig counts fell in the US and Canada for the week ended Dec. 15, according to Baker Hughes.

The LME aluminum 3-month price is moving higher on the morning of Dec. 15 and was last seen trading at $2,258 /metric ton. This means the price is up 7% already since the new low for 2023 was reached on Wednesday at $2,109 /metric ton. The US Dollar reached its lowest level since early August […]

Over the last two decades, the role of the scrap broker has been diminished in favor of steel mills purchasing their scrap requirements directly from scrap dealers.

Domestic steel production slipped for the week ended Dec. 9 but rose in three regions, according to the American Iron and Steel Institute’s (AISI’s) report on Monday, Dec. 11.

Active rotary rigs in the US and Canada are up for the second consecutive week, according to Baker Hughes.

October saw domestic heating and cooling equipment shipments drop for a second consecutive month, according to the latest data released from the Air Conditioning, Heating, and Refrigeration Institute (AHRI).

The LME Aluminum 3-month price is moving up again on the morning of Dec. 8 and was last seen trading at $2,157 per metric ton. The way the price increased first thing in the morning suggests a support may have finally been found, but resistance could hit quickly at $2,200 /metric ton. SHFE cash was […]

Movements in lead times were mixed in SMU’s check of the market this week – a reflection of the seasonal dip in ordering that is typically seen during the winter holiday season.

American steel mills sent out more tons of steel in October than the previous month, according to the latest monthly data from the American Iron and Steel Institute (AISI). Domestic mills shipped 7,346,373 net tons in October, up 1.3% from the 7,252,942 tons sent out in September. Shipments were also up 1.9% compared to the […]

On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel sheet prices, lead times, scrap prices, performance, purchasing, and demand. 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! Contact david@steelmarketupdate.com to be included […]

Steel used to be cited as a big sticking point in the energy transition, but this is no longer the case. Fossil-fuel-free steel is real and is being produced. However, immediate and enabling policy support is needed to scale up and roll out new technologies at scale.  The production of steel represents some 7% to […]

Ryerson Holding Corp. announced Dec. 4 that it acquired Hudson Tool Steel Corporation. The Cerritos, Calif.-based Hudson is a supplier of tool steels and high-speed, carbon, and alloy steels. The company has additional locations in Loves Park, Ill., and Dover, N.H. Terms of the deal were not disclosed. “Hudson’s offering of high-quality standard and specialty-grade […]

Mining-metal group Rio Tinto has completed a transaction to purchase half of US aluminum recycling company Matalco from owner, the Giampaolo Group, for $700 million (€638 million), subject to final closing adjustments. The companies will turn Matalco into a 50:50 joint venture. The investment will expand Rio Tinto’s aluminum business in the US, where demand […]

AM/NS Calvert will continue providing hot rolling tolling services for Outokumpu for the time being.

Raw steel production in the US rose in the week ended Dec. 2, according to the American Iron and Steel Institute’s (AISI’s) report on Monday, Dec. 4.

The Biden administration’s climate ambitions are laudable. Buy Clean programs have the potential to meaningfully reduce CO2 emissions, supporting the American steel industry and its workers.  Buying clean steel In February 2022, the administration launched the federal Buy Clean initiative and established its Buy Clean Task Force. These programs prioritize the use of American-made, low […]

CRU analysts share an update on the aluminm markets.

The active rotary rig count for the week ended Dec. 1 inched up in the US but slid in Canada, according to Baker Hughes.

Worthington Industries has completed its split into two separate companies: Worthington Steel Inc. and Worthington Enterprises Inc.

The Canadian government has given ArcelorMittal-linked Baffinland Iron Mines permission to dispatch up to 6 million metric tons per year from its Mary River mine in Nunavut territory, higher than the 4.2 million metric tons per year previously permitted. The approval from northern affairs minister Dan Vandal allows Baffinland to make the extra shipments if […]

US Hot-rolled coil (HRC) prices continue to move higher following repeated mill increases. The trend has caused domestic tags to become far more expensive than imported offshore hot band.

Six US manufacturers of oil country tubular goods (OCTG) have come together to establish a Washington, D.C.-based trade association to promote the domestic industry.

Optimism is on the rise among metalformers who expect less volatility in economic activity in the coming months, according to the November business report from the Precision Metalforming Association (PMA).

Nucor Corp. announced in a letter to customers on Tuesday afternoon that its plate mill group would increase as-rolled discrete plate, normalized, and quenched-and-tempered plate by $40 per ton ($2 per cwt).