Steel prices continue to trek upward. But the pace has slowed, and questions about whether the market is at or near a summit have re-emerged. “Talked to two large OEMs that are postponing buys for the next few weeks. They believe we are at peak right now,” one respondent to Steel Market Update’s check of […]
U.S and Canadian active rotary drill rig counts increased again this week, according to data released 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 demand. The number of active U.S. rigs rose by 5 to 378, with […]
Foreign steel from almost anywhere else in the world is now cheaper than steel made in the U.S., according to Steel Market Update’s latest foreign vs. domestic hot rolled steel price comparison, tempting more and more buyers to consider ordering imports. With U.S. HRC prices now over $1,100 per ton, foreign HRC prices are theoretically […]
Steel prices seem to be changing by the minute, and so far always in an upward direction. What’s the going price for hot rolled? “Who knows? Ask me again after lunch,” quipped one respondent to Steel Market Update’s check of the market this week. SMU estimates the current average price for HRC is at a […]
U.S. apparent steel supply continued its upwards crawl in November, up 0.4 percent to 7.32 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. While supply levels have improved each month since May, recall that April and May were the two lowest levels seen in the […]
On Tuesday, Jan. 14, USS POSCO notified customers of an upward revision to their galvanized steel coating extras, to apply on all new orders effective immediately. UPI is the fourth mill to revise their galvanized coating extras recently, following NLMK, CSI, and Nucor. SMU has done an analysis on the old and new extras, provided […]
November heating and cooling equipment shipments totaled 1.66 million units, up 36.3 percent from levels one year prior, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Total 2020 shipments through November reached 20.4 million units, up 6.3 percent compared to 19.2 million units shipped in the same period of 2019. As […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email info@steelmarketupdate.com. The Energy Information Administration’s Jan. 12 Short-Term Energy Outlook remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Reduced economic activity from the pandemic has […]
U.S. steel exports slipped 8 percent in November to 668,000 tons, according to recent U.S. Department of Commerce data. Although down over the prior month, November shows improvement compared to earlier this year; exports are up 79 percent compared to May, when we saw the lowest level in SMU’s 24-year data history. Total November exports […]
The benchmark price for hot rolled steel reached a new record high of $1,080 per ton this week, according to Steel Market Update’s latest check of the market, surpassing the previous high of $1,070 per ton recorded by SMU in 2008. Prices for flat rolled and plate steel products jumped by another $40-80 per ton […]
November steel import figures were finalized at 1.37 million net tons, down 9 percent from one month prior, but up 9 percent over September’s 11-year low of 1.26 million tons. December import licenses are now at 2.10 million tons, the highest monthly level seen since July. January import licenses are currently at 1.03 million tons, […]
U.S. raw steel production inched up 1.3 percent in November to 6,947,000 net tons, as reported by the American Iron and Steel Institute. This was the highest monthly production figure seen since March 2020 when 7,710,000 tons were produced in a single month. AISI’s monthly raw steel production estimates are different than the weekly estimates […]
U.S and Canadian active rotary drill rig counts increased this week, according to data released 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 demand. The number of active U.S. rigs rose by 9 this week to 360, […]
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’s latest foreign vs. domestic hot rolled steel price comparison shows that foreign producers continue to hold a price advantage over domestic HRC. With U.S. HRC prices now over $1,000 per ton, foreign HRC prices are theoretically between $10-$171 per ton cheaper than domestic steel prices. Recall that the price differentials between domestic […]
We welcome Michael Cowden to Steel Market Update next week as the guest speaker for our SMU Community Chat. The webinar will be held on Wednesday, Jan. 13, at 11 a.m. ET. The webinar is free to anyone who is interested in the flat rolled and plate steel markets. Joining Michael will be SMU President […]
Flat rolled steel prices have started the new year strong, jumping by another $25-55 per ton and taking the benchmark hot rolled price above $1,000, within sight of the record high of $1,070 per ton seen in 2008. With steel still in tight supply and ferrous scrap prices likely to increase again in January, Steel […]
Flat rolled steel prices have started the new year strong, jumping by another $25-55 per ton and taking the benchmark hot rolled price above $1,000, within sight of the record high of $1,070 per ton seen in 2008. With steel still in tight supply and ferrous scrap prices likely to increase again in January, Steel […]
Strong demand and tight supply pushed steel prices upwards throughout December, with hot rolled prices nearing quadruple digits as 2020 came to a close. Steel Market Update’s hot rolled price index reached $985 per ton by the end of December, up $180 per ton or 22 percent from the beginning of the month. The SMU […]
Recently we were asked how we can produce our flat rolled and plate price indices when there are limited transactions either due to high prices or a holiday period like we are in now. In both scenarios there continue to be transactions (although few and far between), but we are careful not to overheat or […]
Updated preliminary data now shows November steel imports at 1.37 million net tons, down 9 percent from October levels, but up 9 percent over September. Recall that total steel imports in September had reached an 11-year low of 1.26 million tons. December import licenses are currently at the 1.44 million ton level, but will continue […]
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 […]
Among steelmaking raw materials, the prices of iron ore, pig iron, scrap, zinc and aluminum continue to see large gains in December compared to months prior, up as much as 65 percent year over year. Iron ore, pig iron and scrap prices have seen significant increases compared to the late summer months. Coking coal prices […]
Steel Market Update has heard reports of buyers paying well over $1,000 a ton to secure much-needed hot roll, but the average from respondents to SMU’s poll this week puts the HR price at around $985 per ton (among those who have managed to find available steel). With demand persisting despite year-end seasonality and mill […]
On Monday, Dec. 21, Nucor notified customers of an upward revision to their galvanized steel coating extras, effective Feb. 6, 2021. Nucor is the third mill to revise their galvanized coating extras recently, following NLMK and CSI two weeks ago. SMU has done an analysis on the old and new extras, provided below. Nucor extras […]
U.S and Canadian active rotary drill rig counts were mixed this week, according to updated data released 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 demand. The number of active U.S. rigs rose by 8 this week […]
Steel Market Update’s latest foreign vs. domestic hot rolled steel price comparison shows that, with U.S. HRC prices nearing $1,000 per ton, foreign imports theoretically have become cheaper than domestic steel prices. U.S. producers have lost their price advantage over HRC imports from Far East Asia by over $100 per ton, and imports from Germany […]
Steel Market Update is please to share this Premium content with Executive members. For more information on upgrading to a Premium level subscription, email Info@SteelMarketUpdate.com. The Energy Information Administration’s Dec. 8 Short-Term Energy Outlook remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Reduced economic activity from the pandemic has […]
Hot rolled steel prices have not yet hit $1,000 a ton, but they are not far behind. Buyers tell Steel Market Update they are seeing offers as high as $1,020 per ton, but no takers so far. SMU puts the average HR price at around $950 per ton, up substantially over last week as the […]
U.S. raw steel production rose 4.2 percent in October to 6,861,000 net tons, as reported by the American Iron and Steel Institute. AISI’s monthly raw steel production estimates are different than the weekly estimates SMU reports each Tuesday; the monthly estimates are based on over 75 percent of the domestic mills reporting versus only 50 […]