Final Thoughts
We just wrapped up another Steel 101 workshop, easily the most hands-on industry workshop on steelmaking and market fundamentals.
Steel News
Leibowitz: Renewed trade war with China over rare earths
On Oct.10, President Trump announced major increases in tariffs on Chinese goods. The trigger was a new regime of export controls on rare earth metals and products using those elements, including magnets, capital equipment, and catalysts for catalytic converters in cars and trucks.
Active rig counts rise in US and Canada
Drilling activity increased in both the US and Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.
HRC-galvanized price gap edges higher
After marginally rising in August and September, the premium galvanized coil carries over hot-rolled coil (HRC) coil has narrowed again in recent weeks. As of Sept. 16, the spread between these two products has shrunk to a two-and-a-half-year low of $125 per short ton (st).
CMC Q4 profits rise on improved market conditions
CMC reported higher net earnings in its fiscal fourth quarter on “better market conditions” across its segments.
Hot-rolled sources say demand continues to dwindle, prices feel arbitrary
Genuine demand, they stated, will return when the market feels stable again.
Op-Ed: Canadian Steel Producers Association rebukes ‘misinformed’ trade analysis
International trade is going through one of its most significant upheavals in decades. Allies and partners are coping with disruption caused by unfair trade practices and overcapacity, particularly in the steel sector. However, as advanced economies are finding new ways to protect their national industries from the impacts of these disruptive elements, it’s important to […]
FabArc Steel Supply completes projects in Mississippi, Georgia
FabArc Steel Supply announced this week the completion of two large-scale projects in Georgia and Mississippi.
AMU: Consumer auto delinquencies: Warning sign for consumer health?
The Consumer Federation of America estimates rising total auto debt at a staggering $1.66 trillion, along with increasing repossessions and a sharp increase in delinquencies.
CRU: Soft demand weighs on sheet imports into the US
US domestic sheet prices have remained rangebound in recent weeks as supply tightness met weak demand. Demand for steel produced in the US increased among some Mexican industrial buyers….
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members.
SMU Survey: Current Sentiment sinks to lowest level since May 2020
SMU’s Steel Buyers’ Sentiment Indices both fell this week, with Current Steel Buyers’ Sentiment notching the lowest reading since May 2020.
Beige Book: Regional market growth remains mostly flat
Economic growth in some US regions in September was offset by challenges in others, causing the market to appear largely unchanged overall, according to the Federal Reserve’s latest Beige Book report.
Final Thoughts
The US scrap market finds itself in a familiar position as we progress into the final quarter of the year.
Gap between US HR prices, imports narrows
SMU’s average price for domestic hot-rolled (HR) coil was $800 per short ton (st) this week, up $5/st week on week (w/w). In offshore markets last week, prices were varied.
Busheling and shredded tags drop, widening HRC vs. prime scrap spread
US scrap prices fell on busheling and shredded in October, while HMS remained flat, market sources told SMU.
Thin demand keeps plate prices hovering at lowest levels since February
Participants in the domestic plate market say spot prices appear to have hit the floor, and they continue to linger there. They say demand for steel remains thin, with plate products no exception.
SMU Survey: Lead times remain short
Steel mill lead times ticked lower across most sheet and plate products this week, according to responses from SMU’s latest market check.
Bidding a final farewell to Magic Steel Founder Joe Maggini
Joe ‘Magic’ was known across the industry as a remarkable salesman with a larger-than-life personality. In 1974, he founded a one-person steel brokerage operation in Michigan that would become Magic Steel.
SMU Survey: Mills more negotiable on spot orders
Mills are more willing to negotiate spot prices for both sheet and plate products, according to our latest market survey results.
Stellantis to pump $13B into US auto plants
In a big win for labor, domestic manufacturing, and steel demand, Stellantis announced major investment plans for its manufacturing operations across the US Midwest.
September service center shipments and inventories report
September service center shipments and inventories report for sheet and plate
Final Thoughts
Musings on decarb, tariffs, and technology, and where it might be leading.
SMU Price Ranges: HR crawls back to $800/ton
SMU’s HR price stands at $800/st on average, up $5/st from last week. The modest gain came as the low end of our range firmed, and despite the high end of our range declining slightly.
Industry piles on new Section 232 steel derivative inclusion requests
The Department of Commerce received 97 submissions from producers, manufacturers, and groups seeking Section 232 tariff coverage for steel and aluminum derivative products.
Guardian Bikes pushes to reshore and scale US bicycle manufacturing
As it accelerates an ambitious push to reshore American bicycle manufacturing, Guardian Bikes is seeking special tariff consideration for the bicycle industry.
Worldsteel: Global steel demand flat, but modest rebound forecast for 2026
The World Steel Association (worldsteel) Short Range Outlook for global steel demand predicts that 2025’s steel demand will clock in at the same level as in 2024. In its October report, the Brussels-based association stated that this year’s steel demand will reach ~1,750 million metric tons (mt). The organization forecasts a 1.3% demand rebound in 2026, pushing […]
NEMO Industries announces $3B domestic pig iron venture
NEMO Industries has announced a venture to build a pig iron plant in Louisiana. The plant will use advanced technologies, including integrating AI.
AISI: Raw steel production drops to multi-month low
After being historically strong for more than four months, US raw steel production fell for a second week.
Olympic Steel taps Norred for GM role in Georgia
Olympic Steel Inc. has appointed Larry N. Norred, Jr. to the role of general manager for its Buford (fabrication) and Winder (metal processing) operations in Georgia.