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 […]
Licenses for imports of finished steel in January totaled around 1.7 million tons, according to the latest Department of Commerce data, well above the three-month moving average near 1.4 million tons. While the January license data is prelminary, the last time the final Census data for finished imports was this high was in August 2019 […]
After the early-February blip when SMU reported the foreign versus domestic hot rolled price spread as slightly widening, we now see that foreign prices have declined a bit more than domestic prices. As a result, the price advantage held by U.S.-produced HRC has begun to shrink again, meaning foreign import prices are somewhat more attractive […]
Steel prices continue to lack a clear direction, as Steel Market Update keeps its price momentum at Neutral. SMU’s canvass of the market over the past two days shows hot rolled prices unchanged, cold rolled up and coated steels down. Plate prices also saw a small decrease. Here is how we see prices this week: […]
U.S active rig counts remained steady this past week, while Canadian rigs decreased, 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 was unchanged at 790, with oil […]
December heating and cooling equipment shipments came in at 1.61 million units, up 0.6 percent from the same month one year ago, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the second consecutive month that total shipments have increased on a year-over-year basis. Residential and commercial storage water heater […]
Today, we are rolling out more of our agenda for the 2020 SMU Steel Summit Conference. For more information and to register, visit: www.SteelMarketUpdate.com/Events/Steel-Summit. STEEL: DEALING WITH THE VELOCITY OF CHANGE AGENDA HIGHLIGHTS Monday, August 24, 2020 10:00 – 5:30 Conference RegistrationGeorgia International Convention Center- South Lobby 10:00 – 10:50 CME Hedging Workshop 11:10 – […]
Today, we are rolling out more of our agenda for the 2020 SMU Steel Summit Conference. For more information and to register, visit: www.SteelMarketUpdate.com/Events/Steel-Summit. STEEL: DEALING WITH THE VELOCITY OF CHANGE AGENDA HIGHLIGHTS Monday, August 24, 2020 10:00 – 5:30 Conference RegistrationGeorgia International Convention Center- South Lobby 10:00 – 10:50 CME Hedging Workshop 11:10 – […]
Apparent U.S. steel supply increased to 8.8 million net tons in December, according to data from the American Iron and Steel Institute and U.S. Department of Commerce. While up over the previous three months, December supply remains low compared to the last two years. Last month we reported that November supply was at a three-year low, […]
Steel Market Update’s Price Momentum Indicators remain at Neutral for all flat rolled and plate products. Steel prices moved sideways to down slightly again this week as the market lacks a clear direction. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $560-$600 per ton ($28.00-$30.00/cwt) with an average […]
U.S. raw steel production in December rose 2.9 percent to 8,037,650 net tons, reported the American Iron and Steel Institute in Washington. December production was below the 2019 average of 8,061,679 tons and down 2.5 percent compared to the same month last year. Broken down by production method, 5,682,920 tons (70.7 percent) were produced by […]
The United States exported 534,724 tons of steel in December, according to final Commerce Department Census data, down 11 percent from November but up 3 percent from the same month one year ago. This is the second lowest export level in the past decade, just behind December 2018 when 519,099 tons were exported out of […]
When SMU last reported on foreign hot rolled prices on Jan. 23, we questioned whether the U.S. price attraction may be slipping, as the price spread had shrunk for all three foreign indices we compare. This week we see that has not been the case as German and Italian HRC prices have risen through February, […]
Imports of steel products into the United States appear to have increased in January, based on Commerce Department license data. Precisely how much is difficult to calculate, as quotas on imports of semifinished steel pull licenses forward and skew the data. The 1.7 million tons of semifinished imports licensed in January by companies seeking to […]
Steel prices can’t seem to gain any traction, as hot rolled, cold rolled and plate saw small declines this past week, while coated steel prices saw a small uptick. Steel Market Update’s Price Momentum Indicators remain pointing higher, but with less confidence about the trend. Here is how we see prices this week: Hot Rolled […]
Both steel and scrap prices increased in the month of January, raising with them optimism levels over market conditions one month into the new year. The average price for hot rolled steel rose by about $30 per ton in January. The benchmark price for hot rolled peaked at $610 per ton in mid-January, but ended the […]
U.S active rig counts decreased this past week, while Canadian rigs increased, 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 4 to 790, with oil […]
Finished steel imports continued to trend downwards into January, slipping over 200,000 tons from our last update and resting at 1.34 million tons. This is in line with the final November and preliminary December data, but down considerably compared to the 3-month and 12-month moving averages. Based on the latest Commerce Department import license data, […]
Except for a small decline in coated products, steel prices remained largely unchanged in the past week, according to Steel Market Update’s latest check of the market. While SMU’s Price Momentum Indicators continue to point higher, we’ll be watching closely to see if the uptrend in prices is losing steam. Here is how we see […]
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel prices (delivered to U.S. ports) and domestic hot rolled coil prices (FOB domestic mills). We want our readers to be aware that this is only a “theoretical” calculation as freight costs, trader margin and other costs […]
Steel prices, which have been trending upward for the past two months, gave a bit back this past week, according to Steel Market Update’s latest check of the market. Whether this is a change of direction or just a brief pause remains to be seen, but SMU’s Price Momentum Indicator continues to point higher. Here […]
Finished steel imports into the United States are trending down a bit in January, compared with December imports and the 12-month moving average. Based on Commerce Department import license applications in the first two weeks of January, the U.S. is on track to import around 1.47 million tons of finished steel this month. That’s roughly […]
U.S and Canadian active rig counts increased 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 rose by 15 to 796, with oil rigs up […]
Apparent U.S. steel supply slipped to 8.4 million net tons in November, according to data from the American Iron and Steel Institute and U.S. Department of Commerce. November supply is now at a three-year low, the lowest seen since November 2016 when supply was 8.1 million tons. Apparent steel supply, a proxy for demand, is […]
The price of hot rolled steel topped the $600 per ton mark this week, cresting a psychological barrier that many saw as unreachable two months ago. Opinions are split on how much higher HR can go, and how long it can stay above the $600 level. Prices for all flat rolled products increased by another […]
U.S. raw steel production in November fell 2.2 percent to 7,812,925 net tons, reported the American Iron and Steel Institute in Washington. November production is below the 2019 average of 8,063,863 tons and down 4.2 percent compared to the same month last year. Broken down by production method, 5,646,674 tons (72.3 percent) were produced by […]
The U.S. exported 601,290 tons of steel in November, according to final Census data, a 15 percent decrease from October and down 2 percent from the same month one year ago. This is the lowest level seen since June 2019. November exports were 3.5 percent below the 2019 average of 623,059 tons, and remain significantly […]