September saw big downturns on both steel price momentum and steel buyers sentiment that aren’t readily evident in the monthly data (below) from Steel Market Update. SMU’s Price Momentum Index was pointing downward for the entire month of September. The benchmark price for hot rolled steel averaged $565 per ton for the month, down nearly […]
Questions about demand, tariffs, trade wars and the overall health of the economy continue to put downward pressure on steel prices. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $500-$550 per ton ($25.00-$27.50/cwt) with an average of $525 per ton ($26.25/cwt) FOB mill, east of the Rockies. The […]
With about a week left in the month, U.S. steel imports in September are trending to total about 2 million tons, based on Steel Market Update’s projection of Commerce Department license data. Total imports in both August and September are significantly below average, primarily because of the surge in semifinished imports in July. Slab imports, […]
We saw further weakening in pricing this week, based on the active flat rolled and plate steel market trends questionnaire which began on Monday. We did see evidence of pressure on prices from a number of different areas. From the service centers, we saw reports of hot rolled at $500 per ton. However, we do […]
Total U.S. raw steel production in the month of July rose 2.4 percent to 8,178,563 net tons, reports the American Iron and Steel Institute in Washington. August production is right in line with the 2019 average of 8,146,449 tons and is up 0.5 percent compared to the same month last year. Broken down by production […]
July apparent steel supply was calculated at 9,351,701 net tons, according to data recently released by the American Iron and Steel Institute and U.S. Department of Commerce. Apparent steel supply, a proxy for demand, is determined by adding domestic steel shipments and finished U.S. steel imports, then subtracting total U.S. steel exports. July apparent steel […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 18 to 868, with oil rigs down 14, gas rigs down 5, and miscellaneous rigs up 1. Compared to this time last year, […]
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 […]
U.S. steel imports were trending considerably below average though mid-September at less than 2 million tons, based on Commerce Department license data. Imports of semi-finished steel, tracking at just over 360,000 tons, are a bit more than half the normal level, as the mills are still working off the nearly 1.2 million tons of slabs […]
Flat rolled and plate steel prices have definitely reversed course and are moving lower, based on the results of our market analysis this week. We found the number of steel buyers actually buying steel to be limited. Sentiment has become negative and price momentum has shifted to Lower on all products as demand is now […]
On Jan. 7-8, 2020, Steel Market Update will conduct our next Steel 101: Introduction to Steel Making & Market Fundamentals workshop in Ontario, Calif. This workshop will include a tour of the California Steel Industries mill. Why do companies send employees to our Steel 101 workshops? Because they receive a broader understanding of: How steel […]
On Jan. 7-8, 2020, Steel Market Update will conduct our next Steel 101: Introduction to Steel Making & Market Fundamentals workshop in Ontario, Calif. This workshop will include a tour of the California Steel Industries mill. Why do companies send employees to our Steel 101 workshops? Because they receive a broader understanding of: How steel […]
Steel price momentum has shifted Lower for hot rolled steel. With scrap prices down in September, the market may have passed a tipping point. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $550-$600 per ton ($27.50-$30.00/cwt) with an average of $575 per ton ($28.75/cwt) FOB mill, east […]
The U.S. exported 620,598 tons of flat rolled steel in July, according to final Census data, a 4 percent rise from June, but down 5 percent from the same month one year ago. July exports were in line with the 2019 average of 611,019 tons, but down significantly compared to recent years. It was this […]
On Friday, Sept. 6, USS-POSCO Industries advised customers: “USS-POSCO Industries (UPI) has revised the published Galvanized coating extras. The new extras will apply on all new orders effective immediately. The new price book for the extras can be found on the attachment as well as on our website. Please contact your UPI Sales Representative with […]
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 […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 6 to 898, with oil rigs down 4, gas rigs down 2, and miscellaneous rigs unchanged. Compared to this time last year, the […]
July heating and cooling equipment shipments came in at 1.81 million units for the month, up 0.4 percent over the same month one year ago, according to data recently released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the first month that total monthly equipment shipments have increased on a year-over-year basis since […]
Despite slight upward momentum in steel pricing in August, steel buyers’ sentiment languished in the +40s on SMU’s index. This tepid optimism likely reflects widespread concerns in the market about steel demand in the second half and the staying power of steel prices following the recent increases announced by the mills. The average price for […]
Prices were mixed this week, although we are starting to see signs of weakness in hot rolled, while cold rolled and coated were slightly stronger. We are evaluating price momentum on all products and will have more to say on that subject on Thursday. Here is how we see prices this week: Hot Rolled Coil: […]
On Thursday, Aug. 29, the Nucor Sheet Mill Group advised customers: “Consistent with our practice to monitor the cost of zinc, we have revised our galvanized coating weight extras effective with orders acknowledged for week ending Oct. 5, 2019. Price extras can be accessed under the ‘Sheet’ tab at www.nucornow.com/announcements. Please contact your Nucor District […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 19 to 916, with oil rigs down 16, gas rigs down 3, and miscellaneous rigs unchanged. Compared to this time last year, the […]
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 […]
With about 10 days left in the month, steel imports are trending below average at just over 2.2 million tons, based on Commerce Department license data. Imports of semifinished steel, at around 240,000 tons, are tracking at less than half of normal levels following a surge in July. Domestic mills scrambled last month to secure […]
Steel prices were the same or lower this week, depending on the product. Price momentum is still pointing Higher for flat rolled, but with less confidence. Are we at a tipping or inflection point? Here is how we see prices this week: Hot Rolled Coil: SMU price range is $570-$600 per ton ($28.50-$30.00/cwt) with an […]
Flat rolled price increases seem to be slowing, based on what we learned from steel buyers this week. We did see some uptick, but only modest movement. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $550-$620 per ton ($27.50-$31.00/cwt) with an average of $585 per ton ($29.25/cwt) FOB […]
Total U.S. raw steel production in the month of June declined 4.1 percent to 7,984,988 net tons, reports the American Iron and Steel Institute in Washington. This is the first time monthly production levels have dipped under eight million tons since February 2019. Although down over the previous month, June production is only slightly below […]
June heating and cooling equipment shipments came in at just over 2.1 million units for the month, down 5.8 percent over the same month one year ago, according to data recently released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the third consecutive month that total monthly equipment shipments have declined on a […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined again this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 8 to 934, with oil rigs down 6, gas rigs down 2, and miscellaneous rigs unchanged. Compared to this time last year, […]
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 […]