Despite announcements by the major mills of price increases or higher base prices, flat rolled steel prices saw relatively little change in the past week as the market continues to struggle with weak demand due to the coronavirus shutdowns.Steel Market Update’s Price Momentum remains at Neutral. Here is how we are seeing prices this week: […]
United States steel exports totaled 664,129 net tons of steel in March, up 4 percent from February and up 13 percent from one year prior, according to recent U.S. Department of Commerce data. March export levels are the hightest seen since October 2019 when 709,496 tons were exported to other countries. Prior to October, the […]
U.S apparent steel supply rose to 8.66 million net tons in March, according to recent U.S. Department of Commerce and American Iron and Steel Institute data. Although up over the previous month, March supply remains on the low-side historically and is the fourth lowest supply level seen in the past three years. Apparent steel supply, […]
March heating and cooling equipment shipments totaled 1.94 million units, up 0.1 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). As a three-month moving average, total heating and cooling shipments were down 0.3 percent. This is the fifth consecutive month total shipments have […]
Recently updated license data shows final March steel imports totaling 1.75 million net tons, according to the U.S. Department of Commerce. This is just 1,400 tons over the preliminary March import figures reported last week. Unchanged over what SMU published last week, finished imports in March were 1.5 million tons, up 12 percent over the […]
The prices we reference this evening reflect orders being placed this week, as well as the prices being quoted by the mills to their customers. It is important that our readers understand there was a flurry of activity last week at numbers at, or below, the low end of our range. We discussed with one […]
The prices we reference this evening reflect orders being placed this week, as well as the prices being quoted by the mills to their customers. It is important that our readers understand there was a flurry of activity last week at numbers at, or below, the low end of our range. We discussed with one […]
Note: SMU produced an in-depth Energy Analysis for our Premium members on Monday, May 4, that covered the U.S. rig count information below, as well as oil and gas prices, drilling rigs by state and crude oil stock levels. If you would like to trial our Premium product, contact Paige Mayhair at Paige.Mayhair@crugroup.com. Active U.S. […]
Prices of steelmaking raw materials all declined in April, reflecting the initial impact of coronavirus shutdowns and the idling of steelmaking facilities all over the world. Generally speaking, rising supplies and lower demand are likely to keep downward pressure on iron ore, coking coal, pig iron, scrap and zinc in the months to come. Table […]
In its latest Short-Term Energy Outlook, the Energy Information Administration (EIA) noted that the COVID-19 pandemic has caused significant changes in energy supply and demand patterns. Because those changes are still evolving, the outlook is subject to heightened levels of uncertainty. What is certain is that crude oil prices have fallen significantly since the beginning 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.” We also have the historical survey results presentations available in our Survey Results section for “Survey Results History.” If […]
Both steel and scrap prices decreased in the month of April, down anywhere from $15 to $75 per ton between each product, as the effects of the coronavirus shutdowns impacted the market. SMU Buyers Sentiment Index readings showed significant declines over March, with Current Sentiment sliding into negative territory and reaching a low of -8, […]
This week’s SMU comparison of foreign and domestic hot rolled prices shows that U.S prices are becoming even more advantageous over foreign imports, according to SMU and CRU indices. The price gap between domestic HRC compared to German and Italian products has widened significantly over the past few months, and the East/Southeast Asian price spread […]
Steel prices declined again this week as shutdowns to control the spread of the coronavirus continue to stifle demand. Steel Market Update’s price momentum remains pointed Lower. Here is how we are seeing prices this week: Hot Rolled Coil: SMU price range is $420-$500 per ton ($21.00-$25.00/cwt) with an average of $460 per ton ($23.00/cwt) […]
Preliminary steel import license data was updated late last week, pegging March at 1.75 million net tons of total steel imports, according to the U.S. Department of Commerce. The preliminary March data shows finished imports at 1.5 million tons, up roughly 12 percent over the previous month. Nearly 230,000 tons of semi-finished product imports are […]
Steel buyers reported lower spot offers and transactions on flat rolled and plate products this week. However, the offers varied from mill to mill, and even in some cases varied within the same company but coming from different plants. The number of transactions appear to be lower than in weeks past, and the size of […]
Active U.S. and Canadian drill rigs continued to decline this past week, according to oilfield services company Baker Hughes. The active drill rigs 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 fell by 73 to 529, with oil […]
This week’s SMU comparison of foreign and domestic hot rolled prices shows that U.S prices continue to remain advantageous over foreign imports, even further so than two weeks ago, according to SMU and CRU indices. The price gap between domestic HRC compared to German and Italian products has widened significantly over the past few weeks, […]
The benchmark price for hot rolled steel dipped below the $500 per ton mark this week, but not by much. Flat rolled prices have been on the decline over the past several weeks, but their descent appears to be slowing. That may mean the mills’ decision to idle furnaces and reduce production to bring it […]
February heating and cooling equipment shipments totaled 1.52 million units, up 2.3 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). As a three-month moving average, total heating and cooling shipments were down 0.1 percent, the fourth consecutive monthly decline. Residential and commercial storage […]
New Commerce Department data shows the United States exported 641,214 tons of steel in February, down 1 percent from January but up 7 percent from the same month one year prior. While steady compared to the previous month, recall that December 2019 was the second lowest export level in the past decade (just ahead of […]
February apparent U.S. steel supply slipped to 8.5 million net tons, according to data from the American Iron and Steel Institute and U.S. Department of Commerce. Recall that January apparent supply saw a drastic jump over December and was quite high compared to the last few years. The latest data shows suppy has fallen back […]
Buyers are not purchasing much steel these days as they work to keep inventories in line with declining demand due to the coronavirus, making it more challenging than usual for Steel Market Update to track steel prices. By SMU estimates, flat rolled and plate prices declined a further $15-45 per ton this week. Not surprisingly, […]
Final February steel import license data was released this week, ending the month at 1.5 million net tons of total steel imports, according to the U.S. Department of Commerce. This is the lowest monthly import level seen since December 2009 when final imports were at 1.4 million tons. OCTG imports have not been this low […]
The latest SMU comparison of foreign and domestic hot rolled prices shows that U.S prices continue to remain advantageous over foreign imports, according to SMU and CRU indices released earlier this week. The price gap between domestic HRC compared to German and Italian products has widened to over $100 per ton since our previous price […]
The month of March saw government actions to stop the spread of the coronavirus begin to take a toll on steel demand and prices. In reaction, Steel Market Update’s Buyers Sentiment Index plunged by more than 20 points. Flat rolled steel prices declined from February, with the benchmark price of hot rolled down to a […]
Steel buyers are beginning to sit on their hands as they watch the damage being done to the economy by the efforts to fight the spread of the COVID-19 pandemic. The problem when buyers begin to sit back and wait is there are limited spot buys actually happening in the market, and many times there […]
Active U.S. and Canadian drill rigs declined this past week, according to oilfield services company Baker Hughes. The active drill rigs 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 fell by 44 to 728, with oil rigs down […]
Preliminary steel import license data for February, released this week, slipped to the 1.5 million net ton range for total steel imports, according to the U.S. Department of Commerce. Steel Market Update’s last import update just one week ago had February imports at 1.9 million tons. This is the lowest monthly import level seen since […]
Steel prices continue to weaken due to the coronavirus’ effect on demand, but have not collapsed as many fear. Galvanized steel saw the biggest decline in the past week, with smaller adjustments for hot rolled and cold rolled products. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $540-$580 […]