SMU's September at a Glance
Steel prices continued to decline last month – a trend we’ve seen repeated since mid-April.
Tag: demand
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.
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.
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.
Most Mills Still Willing To Negotiate Lower Sheet and Plate Prices: SMU Survey
The overall steel mill negotiation rate remained level this week vs. two weeks earlier, but plate’s rate fell by 15 percentage points, according to SMU’s most recent survey data.
Cliffs Increases Sheet Prices, Sets $750/t Base for HRC
Cleveland-Cliffs is increasing its sheet tags, setting a new base price for hot-rolled coil, effective immediately, the company said in a press release on Wednesday, Sept. 27.
Final Thoughts
We’ve been busier than usual lately covering two major events (in addition to our pricing and data services) – the potential sale of U.S. Steel and the United Auto Workers (UAW) union strike. Let’s review some possible developments in each. U.S. Steel Sale – Back in the Headlines We learned last week that Stelco had […]
CRU: Demand-side Factors to Create Drag on Global Sheet Markets
Demand will be the determining factor in what happens to steel sheet prices globally for the remainder of the year, and most risks right now are to the downside. An autoworkers strike has started in the USA and could increase price volatility in the domestic sheet market. The longer and more severe this strike is, […]