Final Thoughts
Did the price increase announced by Cleveland-Cliffs last week stick? Yes, at least partially.
Steel News
SMU Price Ranges: Sheet Rebounds – Sustainable Rally or Dead-Cat Bounce?
Sheet prices rose this week on the heels of a price increase announced by Cleveland-Cliffs last week that was quietly followed by other mills.
Construction Spending Up in August: AGC
Construction spending in the US increased in August, according to the Associated General Contractors of America (AGC).
Ford Makes Layoffs in Ohio and Illinois on UAW Strike
Ford Motor Co. announced layoffs in Ohio and Illinois on Monday, citing the ongoing United Auto Workers (UAW) strike.
ISM: US Manufacturing Improved in September, But Still Contracting
US manufacturing activity improved in September, nearing a recovery, but remained in contraction territory, according to the Institute for Supply Management (ISM).
Algoma Extends Iron Ore Purchase Agreement with U.S. Steel
Algoma Steel Group has extended its iron ore purchase agreement with U.S. Steel for another two years.
USS Slates Layoffs at Granite City Works
U.S. Steel is laying off ~300 workers at its Granite City Works in Illinois, a company spokeswoman told SMU on Tuesday.
SMU’s September at a Glance
Steel prices continued to decline last month – a trend we’ve seen repeated since mid-April.
Cliffs Inks NDA with U.S. Steel, Source Confirms
Cleveland-Cliffs has signed a non-disclosure agreement with U.S. Steel as the latter continues with its strategic review sales process.
AISI: Raw Steel Production Shifts Down
US raw steel output took a downward turn during the week ending Sept. 30, according to data released by the American Iron and Steel Institute (AISI) on Monday, Oct. 2.
GM Lays Off Workers in Ohio and Indiana, Cites UAW Strike
General Motors has announced layoffs at its Parma Metal Center in Ohio and Marion Metal Center in Indiana as a result of the ongoing United Auto Workers (UAW) strike.
UAW, Mack Trucks Avert Strike with New Labor Deal
A UAW strike at Mack Trucks was avoided this week when a tentative labor agreement was reached.
SMU Spotlight: NexGen Award Winner Daniel Doderer
The 2023 NexGen Award winner Daniel Doderer may not consider himself a veteran of the steel industry yet, but he’s eager to make his mark.
Olympic Steel Buys Arkansas-Based Central Tube & Bar
Olympic Steel has acquired Conway, Ark.-based Central Tube & Bar (CTB).
Final Thoughts
Will the sheet price hike announced by Cleveland-Cliffs (and quietly followed by at least some mills) stick?
Plate Report: Mills Hold the Line Despite Slowing Demand
US plate prices have been relatively flat this year, especially when compared to sheet products.
Case in point; SMU’s plate prices stands at $1,455 per ton ($72.75 per cwt) on average, down 7% from a $1,560 per ton peak in April. Our HRC price is at $645 per ton, down 44% from an April peak of $1,160 per ton.
Leibowitz: WTO Reform—Can It Happen?
Last week the World Trade Organization (WTO) held its periodic retreat for members to discuss the future of the organization.
Algoma Aims To Ramp Plate Production by Year End
Algoma Steel Inc. plans to ramp up production at its modernized plate mill toward the end of the year. Operations Update The Canadian sheet and plate producer said it in the meantime continues hot commissioning at the upgraded facility and has begun cold commissioning as well. The company said it has also run trials through […]
Scrap Insight: All Eyes on UAW as ‘Unsettled’ Oct. Trade Approaches
The US scrap market for October is a bit unsettled as the UAW strike against the Big Three automotive companies has expanded and shows scant signs of an imminent settlement.
CRU: Brazilian Steelmakers Scale Back Amid Calls for Import Duties; Mexico Imposes Them
ArcelorMittal said it expects to produce less steel than previously forecast in Brazil. Gerdau has hinted at potential layoffs as imports surge. The Brazil Steel Institute is asking the government to raise import levies to 25% from the existing 9.6%. Meanwhile, Mexico has applied levies to some steel imports.
Rig Count Drops in the US, Inches Up in Canada
The number of active oil and gas drilling rigs in the US dropped this week while Canada’s count increased by one, said oilfield services company Baker Hughes in its weekly report.
Metalformers’ Pessimism Grows on UAW Strike Concerns
Pessimism grew among metalformers in September’s business report from the Precision Metalforming Association.
CRU Aluminum: Curiously, LME Moves Higher and Midwest Drifts Lower
The LME aluminum 3-month price was up 4.7% during the last week of the month to close September trading at $2,325 per metric ton – its highest price since early August. Several correlations appeared to have broken down in the short term given the weakness in the US stock market, a weaker copper price, and, critically, the resurgent dollar.
GrafTech CEO To Step Down
Electrode producer GrafTech International announced on Thursday, Sept. 28 that its president and CEO is stepping down.
SMU Market Survey Results Now Available
The latest SMU Market Survey results are now available on our website to all Premium members.
Market Chatter: UAW Strike Special
SMU’s weekly survey reflects what people in the market are talking about. Lately, a popular topic has been the United Auto Workers (UAW) strike.
UAW Expands Strike to Ford and GM Assembly Plants
The United Auto Workers (UAW) union expanded its strike on Friday, calling on an additional 7,000 workers at Ford and General Motors plants to strike as of 12 p.m. ET.
UAW Strike Hasn’t Dampened SMU Buyers Sentiment Indices
SMU’s Current and Future Steel Buyers Sentiment Indices both increased this week despite the United Auto Workers (UAW) union strike expansion, based on our most recent survey data.
Nucor Maintains Plate Prices
Nucor Corp. will keep plate prices unchanged with the opening of its November order book.
Final Thoughts
I didn’t see the Cleveland-Cliffs price increase coming on Wednesday. And I didn’t expect to see a target base price of $750 per ton ($37.50 per cwt) for hot-rolled coil. But I’ve since heard that other mills, even if they hadn’t publicly announced anything, had been quietly raising prices before Cliffs publicized its increase. Are […]