Raw steel production by US mills rose for a fourth straight week, cresting the 74% utilization mark for the first time since the last week of October 2022, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, Feb. 6. The increase pushed capacity utilization up to 74.1%, driven by increases […]
US plate prices have been largely stable since the beginning of December after tags fell by $140 per ton following Nucor’s price cut notice at the end of November with the opening of it January order book. A move that caught many by surprise at the time. But since then, plate prices have varied by […]
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 […]
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, email info@steelmarketupdate.com. US consumer confidence declined unexpectedly in January after an upwardly revised December measure. The result came as households continued to worry about the economy’s prospects over the next […]
Domestic hot-rolled coil (HRC) kept its competitive price advantage run over imported steel – now 14 weeks running – though it did lose momentum week on week (WoW), according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 7% cheaper than foreign prices this week, down slightly from 8% last […]
Raw steel production by US mills rose for a third straight week and surpassed the 73% utilization mark for the first time since the first week of December 2022, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, Jan. 30. The increase pushed capacity utilization up to 73.1%, driven by […]
Nucor Corp. shipped its first customer order from its new $1.7-billion plate mill in Brandenburg, Ky., on Jan. 25, Allen Behr, executive VP of plate and structural products, said on an earnings conference call with analysts on Thursday, Jan. 26. “We are sitting here today exactly where we wanted to be,” said Behr when addressing […]
Nucor Corp. will keep plate prices unchanged with the opening of its March order book. The steelmaker has now maintained its plate tags since its sharp price cut in late November. The Charlotte, N.C.-based steelmaker said the move was effective on Jan. 26, according to a letter to customers. Published adders and extras will continue to […]
Nucor Corp.’s ramp-up at its Gallatin operations are six months behind schedule, Leon Topalian, Nucor’s chair, president, and CEO, said on an earnings conference call with analysts on Thursday, Jan. 26. “We’re about six months behind where were wanted to be on the ramp-up,” Topalian said. “However, over the last few months that team has […]
Business conditions continued to contract at architecture firms in December, though slightly fewer firms reported a decline in billings, according to a report from The American Institute of Architects (AIA). AIA said the pace of decline during December slowed from November, with an Architecture Billings Index (ABI) score of 46.5 vs. 46.6, respectively. The ABI […]
The domestic hot-rolled coil (HRC) competitive price advantage over imported steel has been on a 13-week run, and it’s been gaining ground over the past week, with foreign HRC prices still largely on the rise, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 8% cheaper than foreign prices this week, […]
Preliminary Census data indicate that steel imports totaled 2.24 million net tons for the month of December. This is up 11% compared to November, a slight rebound month on month (MoM) after recording the lowest level since February 2021 the month prior. Import levels had been gradually falling since reaching a 26-month high in March […]
Housing starts declined 1.4% in December, even though single-family housing starts posted a double-digit percentage gain last month, according to a report from the US Department of Housing and Urban Development and the US Census Bureau. Led by a decline in multi-family production, overall housing starts decreased to a seasonally adjusted annual rate of 1.38 […]
Just about two-thirds of US states added construction jobs in December, while many job openings remained unfilled, according to the Associated General Contractors of America (AGC). AGC said that open positions at the end of December remained high as demand for many types of commercial construction projects remain strong, adding that firms would likely have added […]
Raw steel production by US mills rose for the second consecutive week after falling for four straight weeks, according to data released by the American Iron and Steel Institute (AISI) on Tuesday, Jan. 23. The increase pushed capacity utilization up to just 72.5%, driven by increases in tons in the South and Northeast regions. Domestic […]
Nucor Corp. has introduced its new sustainable, heavy-gauge steel plate “Elcyon.” The product will be made exclusively for the US offshore wind energy sector, and will be manufactured at Nucor’s new $1.7-billion ultramodern plate mill in Brandenburg, Ky. “By launching Elcyon at Brandenburg we have effectively created the first domestic supply chain of sustainable steel for our […]
Canadian drilling rig numbers rose again this past week, while the number of working rigs in the US edged down slightly, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country […]
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 […]
We’ve seen several sheet price hike announcements from mills over the past couple of months, to the tune of $160 per ton ($8.00 per cwt) since late November. This week alone we’ve seen at minimum Cleveland-Cliffs and ArcelorMittal officially increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). […]
Domestic hot-rolled coil (HRC) competitive price advantage over imported steel continues, gaining ground over the past week as foreign HRC prices accelerated, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 9% cheaper than foreign prices this week, doubling the roughly 4.5% mark from last week after consideration of […]
North American auto assemblies declined 13.8% in December, slowing down for the second straight month. Last month’s assembly output was the second-lowest total in 2022 and just 3.4% higher year on year (YoY), according to LMC Automotive data. December finished as the third consecutive month at more than one million units. Though inventories have improved, the […]
US light-vehicle (LV) sales slowed further in December, with an unadjusted figure of 1.26 million units, the US Bureau of Economic Analysis (BEA) reported. Despite the month-on-month (MoM) decline, last month’s total was still 4.9% higher year on year (YoY), and the fifth consecutive month to see YoY increases in sales. Prior to August 2022, […]
Business activity in the state of New York fell in January, reaching its lowest level since the early days of the pandemic, according to data from the Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index — a gauge of manufacturing activity in the state — plunged from -11.2 […]
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, email Info@SteelMarketUpdate.com. Total US mill shipments of steel products slipped in November and reached their lowest total year to date (YTD). Mill shipments have been fluctuating up and down all year […]
Domestic hot-rolled coil (HRC) continues to hold a competitive price advantage over imported steel, though it has declined over the past couple of weeks, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately just 1–8% cheaper than foreign prices this week, after consideration of freight costs, trader margins, and […]
Sheet imports into the US varied in December, a similar trend also seen in imports of plate and semifinished slab, according to the latest license figures released by the US Department of Commerce’s International Trade Administration. All steel imports into the US require an import license to enter through Customs. The license count provides a […]
The Dodge Momentum Index registered 222.2 in December, up 6.6% from 208.3 in November, according to data and analytics from the Dodge Construction Network. Dodge is the leading index for commercial real estate, using the data of planned nonresidential building projects to track spending in the sector for the next 12 months. For December, the index’s […]
Raw steel production by US mills fell further last week as capacity utilization slipped to just 71.3%, according to data released by the American Iron and Steel Institute (AISI) on Monday, Jan. 9. The decline came as production was again impacted by the holidays, with mills in the Great Lakes, South, and West cutting production, […]
Schnitzer Steel Industries Inc. posted a net loss in its first quarter of fiscal 2023 on lower demand and lower average selling prices for recycled metals and finished steel products. The Portland, Ore.-based scrap recycler and long steel producer recorded a net loss of $18 million in its fiscal Q1 ended Nov. 30, 2022. That’s […]
The year-end market close was quiet this time around when it came to the newswire, but Nucor’s status update on its ultramodern $1.7-billion steel plate mill in Brandenburg, Ky., was the big news we all saw this morning after the holiday break. After rolling its first steel plate on Dec. 30 – an important step […]