There was much discussion at the NASA conference and in the wake of the conference regarding scrap pricing and where prices are headed for the month of November. The discussion on scrap has been a moving target over the past week or two. We checked with some of our sources earlier this month and we […]
Another hectic week for me as I travel to Chicago on Monday and Tuesday. I will be in the office on Wednesday, Thursday and part of the day on Friday before flying to London where I will be visiting CRU offices on Oct. 28, participating in the CRU Breakfast at the British Museum on the […]
I thought John Ferriola’s comments at the World Steel Association would be of interest to our readers. Joe Innace of Platts interviewed Nucor’s Ferriola and reported him saying, “The rest of this year will be pretty flat. Going into next year, it’s really a crapshoot.” He told Platts Nucor’s downstream businesses have seen prices drop, […]
John Packard is traveling… Here’s what readers of Steel Market Update have learned this week. Steel prices continue to slide. By Steel Market Update’s calculation, the benchmark price for hot rolled steel now averages $515 per ton. That’s the lowest in 2019. Given the widespread reports of disappointing demand, worsened by the strike at GM […]
SMU continues to pick up negative vibes through the analysis we currently are actively conducting on the flat rolled and plate steel markets. There is obviously something going on that is concerning buyers and sellers of steel. At the same time, one of the steel mills told me today that even though prices on their […]
I will be out of the office this entire week traveling first to Cincinnati as we conduct our sold-out Steel 101 workshop on Tuesday and Wednesday. Later in the week I will be traveling to Minnesota (where I see temperatures are supposed to be in the 30’s for highs) for a Board of Trustees meeting […]
Our last issue sparked our readers to comment on a couple of topics. We addressed the Bayou Steel comments in another article in tonight’s issue. I will address the comments I received from U.S. Steel regarding their purchase of a portion of Big River Steel and the exposure to electrical steels (something I have never […]
Virgin steel is made with iron ore, coke and limestone. It was done that way, and only that way, for many decades. Then along came the “mini” mills. So-called minimills recycle ferrous scrap, mixing it with pig iron or other iron units and melting it down in large electric arc furnaces to produce new steel. […]
Virgin steel is made with iron ore, coke and limestone. It was done that way, and only that way, for many decades. Then along came the “mini” mills. So-called minimills recycle ferrous scrap, mixing it with pig iron or other iron units and melting it down in large electric arc furnaces to produce new steel. […]
There have been some discussions recently with articles written about the global scrap trade and China. China is the world’s largest steel producing nation with 50 percent (or greater) of the world’s steel production. A couple of years ago, I received information from one of my Chinese trading contacts about scrap steel being exported out […]
I received numerous notes regarding a hot strip mill outage at AMNS Calvert, which began last week. Based on reports from steel buyers, the HSM outage was expected to last for about one week. We asked ArcelorMittal for information and confirmation yesterday, but they failed to respond. Today, we received information that the Calvert lead […]
I highly encourage you to read the Global Steel Import Monitor put out quarterly by the U.S. Department of Commerce. It was just published for September 2019. In it are all kinds of statistics concerning U.S. steel trade. In 2018, despite antidumping duties on 35 countries, countervailing duties tacked onto 10 of those countries and […]
For those of you who are not aware, my Final Thoughts is an area where I will sometimes provide my opinion or view of the marketplace. Understand that these are my comments and are not coming from any steel mills, service centers, trading companies or the financial community. You can take them or leave them; […]
John Packard is on vacation… Mill executives have been quick to deflect criticism of their plans to spend billions on mill modernizations and upgrades, arguing that the market will be able to absorb the new capacity–but most steel buyers aren’t buying it. Three out of four respondents to Steel Market Update’s market trends questionnaire this […]
On Jan. 7-8, 2020, Steel Market Update will conduct our next Steel 101: Introduction to Steel Making & Market Fundamentals workshop in Ontario, Calif. This workshop will include a tour of the California Steel Industries mill. Why do companies send employees to our Steel 101 workshops? Because they receive a broader understanding of: How steel […]
On Jan. 7-8, 2020, Steel Market Update will conduct our next Steel 101: Introduction to Steel Making & Market Fundamentals workshop in Ontario, Calif. This workshop will include a tour of the California Steel Industries mill. Why do companies send employees to our Steel 101 workshops? Because they receive a broader understanding of: How steel […]
John Packard is on vacation… Have the mills lost their pricing momentum on flat rolled? It sure looks that way, based on the latest Steel Market Update data. About 38 percent of the OEM and service center executives responding to SMU’s market trends questionnaire this week report that the mills have lost their momentum and […]
Ferrous scrap prices are starting to settle as of today. Initial checks with some of our scrap sources found prime grades down $40 and obsolete grades down $30 in portions of the Midwest. We learned the Cleveland area mills bought busheling down $20 to $300/gross ton. We also learned of a purchase of HMS at […]
As I write my “final thoughts” for Tuesday evening’s issue of Steel Market Update, I am in Stuart, Fla., and there is a hurricane located about 80 miles due east in the Bahamas. It is Monday and I expect there will be limited power or mobility come Tuesday, so I am trying to be a […]
I thought I was going to get a respite from the stress of putting on the 2019 SMU Steel Summit Conference as the conference has concluded and I have returned home. For those of you who do not know, I live in southern Florida on the Atlantic coast side close to West Palm Beach. Mother […]
As mentioned above, it is crunch time for me and my team as we prepare for the conference, now one week away. I want to emphasize SMU will have a major announcement at the conference on Monday as we roll out our Service Center Inventories on Hand, on Order, Shipments and an analysis of what […]
Nearly 1,000 executives are registered with just two weeks to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta on Aug. 26-28. Once again, the Georgia International Convention Center will be the home of this, our 9th […]
I have to apologize to those who are looking for insightful steel comments from me today. I’ve been busy with the final details of the 2019 SMU Steel Summit Conference, reviewing the SMU NexGen Leadership Award nominations and planning for the next few Steel 101 workshop locations and dates. My focus has been a little […]
If you haven’t registered for the Premier Steel Conference in North America, then this is the time to do so. The Steel Market Update Events App, which all 900+ attendees have access to, was launched last week, meaning registered attendees are now busy organizing meetings with each other in advance to make the most of their time […]
If you haven’t registered for the Premier Steel Conference in North America, then this is the time to do so. The Steel Market Update Events App, which all 900+ attendees have access to, was launched last week, meaning registered attendees are now busy organizing meetings with each other in advance to make the most of their time […]
By CRU Principal Analyst Josh Spoores U.S. sheet prices continue to be supported by new mill price announcements as HR coil gained $5 /s.ton, rising to $553 /s.ton. This price assessment reflects transactions taking place last week. On Monday of this week, ArcelorMittal led the third round of increases since late June, signaling $630 /s.ton […]
Imports of “finished” foreign steel are trending below 2 million net tons for the month of July. Overall, the trend, based on the first two weeks of license data for all products, is for a 3.2 million net ton month. SMU believes these numbers are overstated due to the opening of a new quarter and […]
California Steel Industries is the latest mill to raise flat rolled steel prices. In a letter to customers on Wednesday, the Fontana, Calif.-based steelmaker said transaction prices for hot rolled, P&O, cold rolled and galvanized steels would increase by $40 per ton ($2/cwt) effective immediately. CSI’s move follows on similar announcements this week from Nucor, […]
California Steel Industries is the latest mill to raise flat rolled steel prices. In a letter to customers on Wednesday, the Fontana, Calif.-based steelmaker said transaction prices for hot rolled, P&O, cold rolled and galvanized steels would increase by $40 per ton ($2/cwt) effective immediately. CSI’s move follows on similar announcements this week from Nucor, […]
Over 800 executives are registered with just seven weeks to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta, Ga., on Aug. 26-28. Once again, the Georgia International Convention Center will be the home of this, our […]