U.S. heating and cooling equipment shipments in November declined 12.9% from October to 1.78 million units, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). However, November shipment levels are up 7.6% from those seen one year prior. Recall that 2020 monthly shipment levels were somewhat erratic; shipments in the second quarter were […]
The Energy Information Administration’s January Short-Term Energy Outlook (STEO) continues to reflect high levels of uncertainty for future global energy consumption due to the ongoing pandemic recovery, impact of the Omicron variant, and unpredictable winter weather. EIA forecasts oil prices to remain near current levels throughout 2022, while natural gas prices could experience volatility as winter temperatures drive demand and prices. […]
The Dodge Momentum Index declined 3% in December to a reading of 166.4, according to Dodge Data & Analytics. Though the year ended on a down note, 2021 was a good one for construction with the index rising by 23%, its strongest annual gain in 15 years. Both components of the construction index also declined from November […]
U.S. apparent steel supply levels remained high through November, down less than 1% from the month prior to 9.77 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. Recall that in September we saw the highest supply level in over six years, going back to January […]
As widely expected, steel prices continued to slide this week with hot rolled dipping below $1,500 per ton for the first time since April 2021. The big difference being that last April the HR price was on an upward trajectory that would eventually take it to a high of $1,955 per in early September. Since […]
November U.S. steel exports increased 1% from October to 725,000 net tons, according to the latest U.S. Department of Commerce data. While October and November levels are down compared to the summer months, the 12-month moving average through November is now at a 32-month high. Recall that March and June of 2021 were the two […]
We are delighted to announce that the next Introduction to Steel Hedging: Managing Price Risk course will run in-person on Feb. 14-15, 2022, in Tampa, Fla. alongside the Tampa Steel Conference. Don’t miss this opportunity to meet face-to-face with our expert instructors to gain a thorough introduction to hedging in the flat-rolled steel market and to take advantage of live class discussions and networking. We […]
The number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand. The number of […]
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.” The historical survey results presentations also are available in the Survey Results section for “Survey Results History.” If you […]
Final Census data shows that steel imports in November rose 15% month-over-month to 3.15 million net tons, not far from September’s 28-month high of 3.26 million tons. December import licenses through Jan. 6 are just shy of 3.00 million tons, a 5% decline from November but up 9% compared to October. Total finished steel imports were nearly 2.60 million tons in […]
Even after a 20% decline in U.S. hot rolled coil prices over the past four months, imports still offer buyers a tempting price advantage with potential discounts of 31-38%, according to Steel Market Update’s latest foreign versus domestic price comparison. Foreign hot rolled steel prices are now theoretically $483-583 per ton cheaper than domestic steel, […]
Data on U.S. industrial production, capacity utilization, new orders and inventories continued to improve throughout fourth-quarter 2021, indicating a strengthening manufacturing sector. The health of the manufacturing economy has a direct bearing on the health of the steel industry. Note that some of the historical data below has been adjusted by the U.S. Census Bureau […]
Steel began the New Year with the same old trend of declining prices that began four months ago. Steel Market Update’s first poll of the market in 2022 shows flat rolled and plate prices down again anywhere from $10-65 per ton. The wide spread in this week’s price ranges most likely reflects business hiccups caused […]
Steel prices declined for the fourth consecutive month in December, following a year-long streak of continuous price increases. Hot-rolled coil prices declined $130 per ton throughout the month, with the SMU index averaging $1,600 per ton ($80.00 per cwt) as of Tuesday, Dec. 21 (SMU did not published updated prices on Dec. 28). The SMU Price Momentum […]
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.” The historical survey results presentations also are available in the Survey Results section for “Survey Results History.” If you […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Prices for three of the seven steelmaking raw materials tracked in this SMU analysis increased over the last 30 days, while three products decreased and one was unchanged. Through Dec. 21, iron ore prices […]
Steel Market Update’s check of the market this week – our last of 2021 prior to the holiday break – shows the benchmark price for hot rolled finishing the year around $1,600 per ton ($80/cwt). That’s down another $70 per ton from last week and a total decline of $355 or 18% since peaking at […]
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Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. The Energy Information Administration’s December Short-Term Energy Outlook (STEO) remains subject to high levels of uncertainty because of the unique nature of a pandemic-era economic recovery and the uncertain impact of the Omicron […]
The temptation to purchase foreign hot rolled remains high, with potential discounts of 22-40% compared to domestic steel. However, U.S. HRC prices are now declining at a greater rate than foreign prices, narrowing the gap, according to Steel Market Update’s latest domestic and foreign steel price comparison. Foreign hot rolled steel prices are now theoretically $373-673 per ton cheaper […]
U.S. Steel has released updated galvanized steel coating extras, with new prices going into effect on Jan. 2, 2022. Other mills have also adjusted their coating extras due to rising zinc costs in recent months; NLMK, Big River Steel, and Nucor all have revised extras going into effect in January 2022, and ArcelorMittal USA and […]
Apparent steel supply remained high in October at 9.86 million net tons, down just 0.6% from September, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. Recall that in September we saw the highest supply level in more than six years, going back to January 2015 when supply surpassed 10 million tons. October […]
Steel sheet prices fell again this week as mills continued reducing prices on shorter lead times and increased competition from both imports and other domestic producers. Published lead times are as low as 3-4 weeks for hot-rolled coil, for example, and sources reported orders being processed early. Some said mill offers declined substantially over the […]
U.S. heating and cooling equipment shipments slipped 1.9% in October to 2.05 million units, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). October levels are down 1.5% from those seen one year prior. Recall that 2020 monthly shipment levels were somewhat erratic; shipments in the second quarter were significantly impacted by the […]
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.” The historical survey results presentations also are available in the Survey Results section for “Survey Results History.” If you […]
U.S. steel exports fell 2% from September to October and are now at 719,000 net tons, according to the latest U.S. Department of Commerce data. This is the lowest monthly export level in seven months. Recall that in March and June of this year, we saw the two highest monthly export levels in the last three […]
Final Census data shows that foreign steel imports in October totaled 2.74 million net tons, easing 16% from September’s 28-month high of 3.26 million tons. November import licenses through Dec. 6 were at 2.68 million tons, a 2% decline from October and down 18% compared to September. Total finished imports were 2.37 million tons in October, down 8% […]
Sheet and plate prices fell across the board this week on shorter lead times, import competition and increased spot availability from domestic mills. Declines for hot-rolled coil were generally steeper than those for value-added products. And while certain mills are trying to hold the line around $1,800 per ton, EAF producers were reported to be […]
We are delighted to announce that the next Introduction to Steel Hedging: Managing Price Risk course will run LIVE and in-person on Feb. 14-15, 2022, in Tampa, Fla. alongside the Tampa Steel Conference. Don’t miss this opportunity to meet face-to-face with our expert instructors to gain a thorough introduction to hedging in the flat rolled steel market, and to take advantage of the live […]
Late last week both Nucor and Big River Steel notified customers of an upward revision to their galvanized steel coating extras. A letter from Nucor stated, “Consistent with our practice to monitor the cost of zinc, we have revised our galvanized coating weight extras effective with orders acknowledged for the week ending Jan. 8, 2022.” […]