Contributor: Michael Cowden

Cleveland-Cliffs’ top executive said any restart of the blast furnace at its Dearborn Works in Michigan hinges on automakers reshoring more production to the US.

Cleveland-Cliffs President and CFO Celso Goncalves said no deal was imminent between the company and South Korean steelmaker POSCO because of disagreements over valuation.

Cleveland-Cliffs Inc. narrowed its losses in the second quarter thanks to increased demand, higher prices, longer lead times, and limited import competition.

Sheet prices continued to grind higher this week on factors familiar to most steel market participants: extremely limited spot availability, long lead times, low inventories, and firm demand.

Steel Dynamics Inc. posted sharply higher profits on record quarterly shipments and predicted the good times might continue to roll into 2027.

Hot-rolled and cold-rolled prices held steady again this week while prices for coated products and plate continued to tick upward.

A worker died on Saturday morning at U.S. Steel’s Granite City Works near St. Louis, the company and the United Steelworkers (USW) union said.

Barry Zekelman, executive chairman and CEO of Zekelman Industries, will be the featured guest on our next Community Chat on Wednesday, July 15, at 11 am ET.

If a trend of flat lead times holds, it would represent a change. And we’ve also seen a few of the other indicators we track slip from historic highs – so the potential shift is worth paying attention to.

Market reaction to Nucor’s move was mixed. Some sources said a flat CSP reflected concerns that further increases in US HR prices could attract more import competition. Others expressed frustration. Their view: CSP has kept a lid on prices, something that shouldn’t happen when many buyers remain more concerned about availability than price.

We asked our readers what they thought the outcome of the ongoing USMCA talks might be as far as Section 232 tariffs go. Very few see an elimination of tariffs as likely.

Barry Zekelman, executive chairman and CEO of Zekelman Industries, will be the featured guest on our next Community Chat on Wednesday, July 15, at 11 am ET.

We’ve gotten so used to the slow, steady increases by now that $5/ton feels like the new flat. And flat, after so many consecutive weeks of gains, feels like a decrease.

Hot-rolled (HR) coil and plate prices continued to tick higher even as cold-rolled (CR) and coated prices came in unchanged, according to SMU’s latest check of the market.

What comes next? Do prices plateau and then dip in late Q3/Q4 – which is what we saw in 2021? Or do they continue to rise into 2027?

US sheet prices continue to move higher on extremely limited spot availability, solid demand, and extended lead times.

Wells Fargo Managing Director Timna Tanners will join Steel Market Update (SMU) and Aluminum Market Update (AMU) for a Community Chat on Wednesday, June 24, at 11 am ET.

SMU released May service center inventories on Monday. And if you’re a premium subscriber, I recommend reading the report (here) if you haven’t already.

SMU and AMU are pleased to announce that Wells Fargo Managing Director Timna Tanners will be joining us for a Community Chat webinar on Wednesday, June 24, at 11 am ET.

Summer doldrums? Not this year! SMU’s latest steel market survey indicates that an increasing number of steel buyers think prices will continue to rise along with the mercury.

Has anyone seen a creature called the “spot ton” in the wild? I ask because they used to be a common sight. And now I hear they’re endangered.

Most companies making steel are making a lot money. And they will continue to as current high prices flow into contracts in Q3. I don’t want to kill the vibe. (No one likes that guy.) But let’s put on your risk-manager cap for a second and imagine what might keep everything from moving up and to the right indefinitely.

Stronger for longer sentiment remains in the house when it comes to flat-rolled steel prices, according to SMU’s latest steel market survey.

JSW Steel USA CEO Rob Simon will join Steel Market Update (SMU) for a Community Chat on Wednesday, June 3, at 11 a.m. ET.

Volume, which is usually a big positive for buyers in price negotiations, has arguably become a net negative.

JSW Steel USA CEO Rob Simon will join Steel Market Update (SMU) for a Community Chat on Wednesday, June 3, at 11 am ET.

Sheet prices continue to rise in a market that remains characterized by extremely limited spot availability, solid demand, long lead times, and the lowest sheet inventories since May 2021.

SMU released its latest steel market survey results on Friday. The main takeaway: the stronger for longer narrative is still very much in the house.

U.S. Steel plans to increase prices for seamless oil country tubular goods (OCTG) by $300 per ton.

The United States International Trade Commission (ITC) has voted to continue investigations into oil country tubular goods (OCTG) from Austria, Taiwan, and the United Arab Emirates (UAE).