Category: Steel Products

Though steel prices continue to drop, more buyers are holding off on finalizing transactions.

US steel exports remained elevated during the month of June, staying above the 900,000-ton mark for a second consecutive month.

Metals and electronics recycler Sims Ltd. reported lower earnings in its North America Metal division for its fiscal-year 2023 that ended June 30 due to “falling sales prices and strong domestic competition.”

The LME aluminum 3-month price is unchanged on the morning of August 18 and was last seen trading at $2,144 /t. A rally to an intraday high of $2,186 /t on the 17th proved again to be short-lived as almost all gains were erased by the close. This shows how strong the downward trend that […]

Active rig counts in the US inched down again this week, while Canadian rigs ticked up, according to to the latest data from oilfield services company Baker Hughes

Mexico has decided to implement import tariffs on a number of products, among them, steel.

Mill lead times for most sheet products this week were basically flat compared to SMU's market check two weeks ago. Those for plate shortened once again.

The spread US hot-rolled coil (HRC) prices had held over offshore product for much of the year has almost evaporated, according to SMU’s latest foreign vs. domestic price analysis.

The mill negotiation rate was mixed this week for sheet products but relatively level, while the rate for plate jumped over 15 percentage points from two weeks earlier, according to SMU’s most recent survey data.

Over the last month, SMU columns have referenced significant fluctuations in the Hot Rolled Coil Futures market as participants sift through the impact of several events, including some that are yet to be resolved.

Manufacturing activity decreased in New York state in August, according to the most recent Empire State Manufacturing Survey.

ArcelorMittal is considering throwing its hat into the ring as a potential suitor for U.S. Steel, according to an article in Reuters on Wednesday.

Resonac announced this week it plans to acquire 100% of the outstanding shares in Monterrey, Mexico-based AMI Automation.

Sims Metal is expanding its extensive network of scrap recycling facilities in the US with the addition of Baltimore Scrap Corp. (BSC).

Despite reporting the third highest quarterly revenues in its history, Greenwave Technology Solutions still posted a loss for the quarter ended June 30.

The spread between hot-rolled coil (HRC) and prime scrap prices narrowed further in August, according to Steel Market Update’s most recent pricing data.

Domestic raw steel production inched up last week, according to data released by the American Iron and Steel Institute (AISI) on Monday, August 14.

The spat between U.S. Steel and Cleveland-Cliffs over a proposed sale of the Pittsburgh-based steelmaker continued into Sunday evening. U.S. Steel confirmed that it had received an unsolicited offer from its Cleveland-based competitor. It alleged that Cliffs had “refused to engage” in the customary processes for assessing valuation in a press release received by SMU at 7:01 pm ET on Aug. 13.

Domestic heating and cooling equipment shipments were up in June, according to newly released data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI).

Republic Steel said it will indefinitely idle operations at its Canton, Ohio, and Lackawanna, N.Y., mills due to challenging business conditions.

Active rig counts in the US trickled down this week, while Canadian rigs ticked up, according to to the latest data from oilfield services company Baker Hughes.

The US scrap market showed some stability in August, with prices mostly sideways on busheling and shredded grades, and HMS prices ticking up from the previous month, sources said.

July 2023- Facetime: Steel market analyst JOSH SPOORES talks with Modern Metals about CRU steel prices Q: Josh, you have been involved in the steel industry for quite a while. Can you give MM’s readers a quick summary of your experience?  A: I joined the industry in 2005 and worked at a mill, service center, my own research company and then have been at CRU since 2012. I started learning the industry at Majestic Steel USA. They bought and sold in the spot market and carry a huge amount of inventory in anticipation of sales. Working there taught me an incredible amount about procurement strategy as well as how to develop a unique brand of market analysis. It’s this real-world analysis that matters—immersing yourself in data points and information, but, at the same time, making sure to eliminate any excess noise.

The last article I wrote on Thursday, July 13, pointed to the surprising rallies in the August and September futures, while noting the August future trading to just below its multi-year down trendline.

After a sunset review, antidumping and countervailing duties on cut-to-length carbon-quality plate imports from India, Indonesia, and South Korea will remain in place for another five years.

Canadian steelmaker Stelco reported lower results in the second quarter year over year on decreased average selling price per net ton and lower shipping volume, but earnings improved sequentially on higher average selling prices.

On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, sheet prices abroad, inventory, and what people are talking about in the market.

H2 Green Steel is partnering with global mining and metals company Rio Tinto and Brazilian miner Vale for the supply of direct-reduction iron (DRI) ore pellets for the company’s green steel production in Sweden. 

Steel shipments in the US rose year over year in June but decreased sequentially, according to the latest figures from the American Iron and Steel Institute (AISI).

The Dodge Momentum Index (DMI) dropped in July due to varying trends in the commercial sector, according to the latest data from the Dodge Construction Network (DCN). The DMI dropped 0.9% from June’s revised reading of 195.1 to 193.4 in July, but it was still 21% higher than the same time last year. “While both segments […]