Contributor: David Schollaert

US hot-rolled (HR) coil has become increasingly more expensive than offshore hot band as stateside prices have moved higher at a sharper pace vs. imports.

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Sheet prices saw a slight momentum shift this week after consecutive gains in the prior two weeks. Plate edged lower on greater competition off easing demand, according to our latest check of the steel market.

Global steel demand will reach roughly 1.793 million metric tons (1.976 million short tons) this year, an increase of 1.7% over 2023, the World Steel Association (worldsteel) said in its updated Short Range Outlook report. The gain will come after a 0.5% contraction in steel demand in 2023. Demand is forecasted to increase another 1.2% […]

Domestic raw steel production moved higher last week after rebounding from a seven-week low just two weeks ago, reaching its highest total year-to-date, according to the latest release from the American Iron and Steel Institute (AISI)

Oil and gas drilling activity in North America slowed this week, according to the latest figures from Baker Hughes.

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US hot-rolled coil and offshore hot band moved further away from parity this week as stateside prices have begun to move higher in response to mill increases.

Cleveland-Cliffs aims to increase sheet prices by $60 per short ton (st) and is seeking a new target base for hot-rolled coil (HRC) of $900/st. That's according to a press release circulated on Wednesday morning, March 27.

Sheet prices reversed course and moved higher this week, while plate priced remained flat, according to our latest canvas of the market.

Foreign cold-rolled (CR) coil remains notably less expensive than domestic product even with repeated tag declines across all regions, according to SMU’s latest check of the market.

US hot-rolled coil (HRC) remains more expensive than offshore hot band but continues to move closer to parity as prices decline further. The premium domestic product had over imports for roughly five months now remains near parity as tags abroad and stateside inch down.

North American auto assemblies edged down in February vs. the prior month, according to LMC Automotive data. While assemblies did fall month on month (m/m), they are up nearly 3% year on year (y/y).

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US light-vehicle (LV) sales rose to an unadjusted 1.25 million units in February, up 9.6% vs. year-ago levels, the US Bureau of Economic Analysis (BEA) reported. The year-on-year (y/y) growth in domestic LV sales was boosted by a 6% month on month (m/m) gain.

Sheet and plate prices mostly moved lower this week after little change was noted the week prior. Despite edging down, sentiment is mixed, and many suggest a bottom may be near.

Domestic production of raw steel moved lower last week, slipping back down after recovering the week prior, according to the most recent data from the American Iron and Steel Institute (AISI).

Foreign cold-rolled coil (CR) remains significantly less expensive than domestic product even as US tags continue to decline in a hurry, according to SMU’s latest check of the market.

Steel Market Update’s Steel Demand Index recovered out of contraction territory on the heels of the pricing blitz from mills last week, according to our latest survey data.

The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, or if […]

To the surprise of few if any, prices are in a holding pattern – a trend not seen since late December. The pause comes largely in response to a pricing notice blitz from mills late last week.

US hot-rolled coil (HRC) remains more expensive than offshore hot band, even as domestic prices remain under pressure. The premium domestic product had over imports for roughly five months now remains near parity as tags abroad and stateside inch down.

Sheet and plate prices were mostly flat this week – largely in response to the mill price blitz from last week – pausing the downtrend they’d been on for the better part of 2024.

Estelle Tran, prices lead at CRU, Michael Cowden, managing editor at SMU and Josh Spoores, principal analyst at CRU, will be the featured speakers on a special CRU webinar. It will take place on Thursday, March 21, at 10 a.m. ET. You can learn more and register here.

The construction sector added 23,000 jobs in February, boosted by nonresidential, according to the Associated General Contractors of America (AGC).

Domestic production of raw steel inched higher last week, recovering after declining the week prior, according to the most recent data from the American Iron and Steel Institute (AISI).

Domestic shipments of heating and cooling equipment were up marginally in January, according to the latest data released from the Air Conditioning, Heating, and Refrigeration Institute (AHRI).

The premium plate prices have held over hot-rolled coil (HRC) are nowhere near recent highs seen in 2022 but remain higher compared to historical levels.

The US plate market has been largely quiet over the past week since Nucor’s $90-per-ton price cut at the close of February.

US hot-rolled coil (HRC) is now just about 5% more expensive than offshore hot band. The premium domestic product had over imports for roughly five months is all but gone, and nearing parity.