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 […]
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 […]
Our latest look at foreign versus domestic hot rolled prices shows that U.S prices continue to remain advantageous over foreign imports, according to SMU and CRU price indices released earlier this week. The price gap between domestic HRC compared to German and Italian products has widened since our previous price updates, while the East/Southeast Asian […]
Updated February steel import license data was released this week, remaining in the 1.9 million net ton range for total steel imports, according to the U.S. Department of Commerce. Finished steel imports in February were at 1.5 million tons, down over January’s 1.6 million ton level and below the 2019 finished import average of 1.7 […]
Except for galvanized and plate prices, which stayed flat, flat rolled steel saw declines of $10 to $25 per ton last week. The downtrend certainly could have been worse, given the coronavirus crisis, but sources report that steel production and demand remain surprisingly strong. Steel Market Update’s Flat Rolled Price Momentum Indicator remains at Neutral, […]
Zinc spot prices have been falling steadily over the past two months, dropping nearly a quarter since late-January. According to Kitco.com, the spot price was $0.8987 per pound as of Friday. This drop in zinc prices may prompt a change in mill galvanized coating extras. In August/September 2019, many mills adjusted their coating extras when […]
Active U.S. gas and oil rigs slightly declined this past week, while Canadian rigs moderately declined following their annual trend, 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. […]
January heating and cooling equipment shipments came in at 1.56 million units, down 3.2 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the largest year-over-year decline in total shipments since June 2019 (down 5.8 percent). As a three-month moving average, total […]
U.S. raw steel production in January rose to a 10-month high at 8,439,441 net tons, reported the American Iron and Steel Institute in Washington. January production was above the 2019 average of 8,061,679 tons and up 1.8 percent compared to the same month last year. The last time production was this high was March 2019 […]
Apparent U.S. steel supply jumped to 9.5 million net tons in January, according to data from the American Iron and Steel Institute and U.S. Department of Commerce. January apparent supply is now on the high-side compared to the last few years, a nice recovery from November’s three-year low and other late-2019 lows. Apparent steel supply, […]
Steel prices saw only small movement this week, with Galvalume up a bit and plate down a bit. We don’t expect that to be the case moving forward as the market really begins to feel the effects of the coronavirus on the economy and oil prices. In the meantime, Steel Market Update’s Price Momentum Indicators […]
New Commerce Department data shows the United States exported 647,156 tons of steel in January, up 21 percent from December and up 2 percent from the same month one year ago. While up dramatically over one month prior, recall that December 2019 was the second lowest export level in the past decade (just ahead of […]
Final January steel import data was released this week, resting at 3.1 million net tons, according to the U.S. Department of Commerce. The last time a final monthly figure was this high was in April 2019 at 3.3 million tons. License data currently shows February imports at 1.8 million tons. As previously mentioned, the total […]
Our latest look at foreign versus domestic hot rolled prices shows the U.S price advantage remains strong, according to SMU and CRU price indices released earlier this week. The price gap between domestic HRC compared to German and Italian products has widened over our mid-February update, while the East/Southeast Asian price spread has shrunk (but […]
Steel Market Update’s canvass of the market on Monday and Tuesday indicates that flat rolled steel prices have moved up by $10-20 per ton following last week’s price increase announced by domestic steelmakers. With the help of higher scrap prices expected in March, the mills are hoping to reverse the slide prices have experienced since […]
Active U.S. and Canadian rig counts declined slightly 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 1 to 790, with oil rigs […]
Looking back at the numbers for February, flat rolled steel prices declined from January, with the benchmark price of hot rolled dipping to a monthly average of $576 per ton. Steel Market Update’s Current and Future Steel Buyers Sentiment Indexes showed some erosion, likely as a response to the weak steel prices and concerns over […]
Preliminary Census data for January steel imports was released this week, totaling just over 3.1 million net tons for the month, according to the U.S. Department of Commerce. While the January license data is still preliminary, the last time the final Census data was this high was in April 2019 at 3.3 million tons. The […]
With the exception of coated steels, prices continue to weaken as uncertain market conditions and concerns over the potential fallout from China’s coronavirus weigh on market sentiment. Steel Market Update maintains its Price Momentum Indicator at Lower. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $540-$580 per ton […]