US consumer confidence rebounded in June after having fallen consecutively since April. The result jumped to its highest level since January 2022 and came as fewer households are expecting a recession, The Conference Board reported. The headline Consumer Confidence Index rose 7.2 points to 109.7 in June from 102.5 one month ago. And while both […]
Raw steel production by US mills moved higher again last week, gaining ground for the second straight week, according to data released by the American Iron and Steel Institute (AISI) on Monday, June 26. Domestic production stood at 1,758,000 net tons during the week ended June 24, up 0.9% from 1,743,000 tons the previous week. Production is […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Steel Market Update’s Demand Index reached a seven-month low this past week, according to the latest survey data. Apparent demand for flat-rolled steel in the […]
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.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
Offshore hot-rolled coil (HRC) remains at a discount to domestic product, though the US premium is at its lowest mark in nearly four months, according to SMU’s latest foreign vs. domestic price analysis. Prices for hot band stateside have eroded sharply over the past few weeks, down $115 per net ton so far in June, […]
Global steel production during the month of May was largely steady compared to the prior month, though down vs. the same year-ago period, according to the latest data from the World Steel Association (worldsteel). Worldsteel reports an estimated 161.6 million metric tons of crude steel was produced globally in May. This was an 0.1% increase […]
North American auto assemblies saw nearly an 11% boost in May, posting the second-best monthly total year to date. The month’s assemblies were also nearly 18% higher year-on-year (YoY), according to LMC Automotive data. A modest decline was seen in supply levels in April, but that easing was in part due to seasonal factors and […]
Offshore hot-rolled coil (HRC) remains at a discount to domestic product, as prices abroad have eroded at a faster pace than tags stateside, according to SMU’s latest foreign vs. domestic price analysis. While prices of both imported and domestic hot band continue to decline, domestic HRC’s declines have not been consistently as sharp as the […]
Nucor aims to increase base prices for new orders of steel sheet by at least $50 per ton ($2.50 per cwt), effective immediately. The Charlotte, N.C.-based steelmaker also said that its new base price for hot-rolled coil (HRC) was $900 per ton. “We reserve the right to review and re-quote any offers that are not […]
Sheet prices fell at a more modest pace this week after a sharp decline last week, as business seemed somewhat curbed. After Memorial Day prices fell, leading to the sharpest price drop since June 21, 2022. Now, the slide seems to have temporarily cooled, though sources indicated it was almost exclusively due to a lack of activity. SMU’s hot-rolled […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. US light-vehicle (LV) sales rose to an unadjusted 1.36 million units in May, up 22.9% vs. year-ago levels, the US Bureau of Economic Analysis (BEA) […]
Geoff Gilmore, future president and CEO of Worthington Steel, will be the featured speaker on the next SMU Community Chat on Wednesday, June 14, at 11 a.m. ET. The live webinar is free to attend. A recording will be available to SMU members. You can register here. We’ll talk about current steel market dynamics, the […]
Raw steel production by US mills slipped last week, declining for the first time in five weeks, according to data released by the American Iron and Steel Institute (AISI) on Monday, June 12. Domestic production stood at 1,739,000 net tons in the week ended June 10, down 0.9% vs. 1,754,000 tons the previous week. Despite the […]
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.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]
NLMK USA has published new, lower coating extras that are effective June 8. The steelmaker’s Sharon, Pa.-based galvanizing facility has reduced extras by an average of nearly 14%, according to market participants and the new coating extras sheet. NLMK’s prior extras had taken effect on Aug. 1, 2022. Our website reflects NLMK’s latest coating extras, as […]
Domestic hot band prices are rolling downhill at a rate that looks to be accelerating. As SMU managing editor Michael Cowden pointed out in Tuesday night’s Final Thoughts, present dynamics are eerily like what we saw last summer. And we all know where that led us: to a low of $615 per ton ($30.75 per […]
Hot-rolled coil (HRC) imports remain at a discount to domestic hot band, though the US premium has declined to its lowest margin in over three months, according to SMU’s latest foreign vs. domestic price analysis. While both offshore and US product continue to decline, domestic HRC just saw its sharpest week-on-week (WoW) fall year to date, […]
Sabel Steel Service Inc. has acquired Beaumont, Texas-based metals service center Sampson Steel Corp., effective Thursday, June 1. “Sampson Steel joins the Sabel Steel family with 107 years of history in the metals industry,” Keith Sabel, president and CEO of Sabel Steel, said in a statement via Linkedin. Stephen Eisen, previously president of Sampson Steel, […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Prices of steelmaking raw materials have been largely on the decline over the last 30 days, as they were the month prior, the exception being pig […]
Raw steel production by US mills moved higher last week, increasing for the fourth consecutive week, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, June 5. Domestic production stood at 1,754,000 net tons in the week ended June 3, up 1% vs. 1,737,000 tons the previous week. Output was still […]
Steel prices continued to erode in May, following a trend that began halfway through the previous month. Hot-rolled coil (HRC) prices ended May at $990 per ton ($49.50 per cwt) on average, falling by $130 per ton throughout the month. The SMU Price Momentum Indicator for sheet products remained Lower during May after shifting to […]
The US labor market added 339,000 jobs in May, up from April’s payroll gain of 253,000 and well ahead of consensus estimates of 190,000, according to data from the Bureau of Labor Statistics (BLS). Last month’s result marked the 29th straight month of positive job growth. Despite the surprise jobs gain, the unemployment rate rose to […]
The US economy added 339,000 new jobs in May, according to data from the US Department of Labor. The labor market again outperformed economists’ consensus expectations with another show of resilience, and beating April’s total of 253,000. May’s job growth came despite the Federal Reserve’s aggressive efforts to cool the economy to slow the labor […]
Hot-rolled coil (HRC) imports remain at a discount to domestic hot band tags as both offshore and US product continue to decline at a similar rate, according to SMU’s latest foreign vs. domestic price analysis. Even as domestic tags have been on a seven-week decline, HRC imports have fallen at a comparable rate, keeping US hot […]
US plate prices have changed little over the past several weeks, and Nucor’s latest price notice – a sideways move – might mean demand is not as robust as recently as mid-April, according to market participants contacted by SMU. The most recent mill increase came from Nucor on April 19, when the steelmaker aimed to increase […]
US light-vehicle (LV) sales rose to an unadjusted 1.35 million units in April, the US Bureau of Economic Analysis (BEA) reported. The month-on-month (MoM) boost pushed April’s total 9% higher year-on-year (YoY), and is the eighth consecutive month to see a YoY increase in sales. On an annualized basis, LV sales were up 7.2% MoM in April, […]
Raw steel production by US mills edged up again last week, moving higher for the third straight week, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, May 30. Domestic production stood at 1,737,000 net tons in the week ended May 27 vs. 1,728,000 tons the previous week, and the highest […]
North American auto assemblies declined by 15.5% in April, edging down for the first time year-to-date, and for the first time since last November. Last month’s assemblies, however, were still 7.8% higher year-on-year (YoY), according to LMC Automotive data. While supply levels began to rebound in the second half of last year, inventories fell modestly in […]
Nucor Corp. will keep plate prices unchanged with the opening of its July order book. The sideways move by the steelmaker comes after it increased plate prices in March and April, by $50 per ton ($2.50 per cwt) and $40 per ton ($2.00 per cwt), respectively, according to SMU’s steel mill price increase calendar. The Charlotte, N.C.-based steelmaker […]
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.” Historical survey results are also available in the Survey Results section under “Survey Results History.” If you need help […]