Steel mill lead times – a leading indicator of prices – continue to trend downward and are approaching what used to be considered “normal.” If lead times are nearing a point at which they may soon level off, what might that say about steel prices? Steel Market Update’s check of the market this week puts […]
Steel Dynamics Inc. (SDI) has commissioned the hot strip mill at its $1.9 billion steelmaking complex in Sinton, Texas, the company’s top executive said. “Both coating lines are running well. The hot strip mill has been commissioned using purchased slabs. The last component is the caster, which is in the home stretch,” SDI President and […]
Steel Market Update’s check of the market this week shows a few hot rolled transactions at prices below $1,400 per ton ($70 per cwt) as flat-rolled steel prices continue their correction from record highs last year. The average price for HRC dropped by another $55 per ton in the past week to $1,425 per ton. […]
U.S. Steel will invest $3 billion in a new state-of-the-art minimill in Osceola, Ark., near its Big River Steel plant. This new minimill will combine two electric arc furnaces (EAFs) with 3 million tons per year of advanced steelmaking and finishing capabilities, highlighted by the first endless casting and rolling facility in the U.S. Construction […]
As widely expected, steel prices continued to slide this week with hot rolled dipping below $1,500 per ton for the first time since April 2021. The big difference being that last April the HR price was on an upward trajectory that would eventually take it to a high of $1,955 per in early September. Since […]
Lead times on spot orders from domestic steel mills continue to decline, with no sign yet of how soon they might level out. Declining lead times are a leading indicator of declining steel prices. The average lead time for hot rolled is now approaching four and a half weeks, while cold rolled and galvanized are […]
Steel began the New Year with the same old trend of declining prices that began four months ago. Steel Market Update’s first poll of the market in 2022 shows flat rolled and plate prices down again anywhere from $10-65 per ton. The wide spread in this week’s price ranges most likely reflects business hiccups caused […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Prices for three of the seven steelmaking raw materials tracked in this SMU analysis increased over the last 30 days, while three products decreased and one was unchanged. Through Dec. 21, iron ore prices […]
In line with the declining steel prices, lead times for spot orders from the mills continue to shorten with the average for hot rolled now below five weeks and cold rolled and galvanized now below eight weeks, based on Steel Market Update’s check of the market on Monday and Tuesday. Lead times for all products […]
As the upward slope of the green bars in the charts below clearly illustrate, the bargaining position in steel price negotiations has been steadily shifting in favor of steel buyers for the past three months. Since September 2020, it had been a seller’s market, with steel in short supply. Until lately, the mills have had […]
Steel Market Update’s check of the market this week – our last of 2021 prior to the holiday break – shows the benchmark price for hot rolled finishing the year around $1,600 per ton ($80/cwt). That’s down another $70 per ton from last week and a total decline of $355 or 18% since peaking at […]
The Commerce Department has declined to initiate a duty-circumvention case filed by Steel Dynamics Inc. (SDI) against Vietnamese coated flat-rolled steel made from Japanese substrate The decision came on the heels of opposition from big foreign mills, major steel importers and exporters, as well as lobbying groups in Japan and Vietnam. “Commerce finds that SDI did […]
Steel sheet prices fell again this week as mills continued reducing prices on shorter lead times and increased competition from both imports and other domestic producers. Published lead times are as low as 3-4 weeks for hot-rolled coil, for example, and sources reported orders being processed early. Some said mill offers declined substantially over the […]
Lead times for steel sheet and plate continued to decline over the past two weeks, shortening by an average of more than a week. The move correlates with a sharp downtrend in steel prices. Steel Market Update’s latest check of the market shows the average lead time for hot rolled orders nearing five weeks. Cold rolled […]
The pendulum has passed bottom and finally begun to swing the other way in price negotiations. Steel mills no longer hold a dominant bargaining position over spot buyers. That shift is consistent with the shortening lead times and declining prices reported by Steel Market Update. SMU asks buyers every two weeks whether mills are willing […]
Sheet and plate prices fell across the board this week on shorter lead times, import competition and increased spot availability from domestic mills. Declines for hot-rolled coil were generally steeper than those for value-added products. And while certain mills are trying to hold the line around $1,800 per ton, EAF producers were reported to be […]
Looking for floor plate for Christmas? What about hot-rolled coil for the New Year? You’re in luck. Cleveland-Cliffs Inc.’s steel mill in Riverdale, Ill., can get floor plate to you by Dec. 25, or just 18 days from now. And most of its sheet mills can get you hot-rolled coil by Jan. 1, or 25 days […]
Plate prices moved up this week as recent mill price increases gained some traction, but prices for sheet products were flat to down, based on Steel Market Update’s check of the market on Monday and Tuesday. The plate price was up $60 to an average of $1,835 per ton, while hot rolled coil was down […]
Steel Dynamics Inc. (SDI) has filed a duty circumvention case against coated flat-rolled steel from Vietnam made from Japanese substrate. The Fort Wayne, Ind.-based steelmaker thinks that “minor alterations” such as coating represent an attempt to circumvent existing antidumping and countervailing duty orders on hot-rolled and cold-rolled coil from Japan. The U.S. Commerce Department has […]
Flat rolled and plate steels all saw double-digit decreases this week as the price trend appears be gaining downward momentum The average price for hot rolled dropped by $50 to $1,780 per ton, the first time that benchmark has been below $1,800 since early July. Prices for cold rolled and coated products saw declines of […]
First, please note that due to the Thanksgiving holiday, the Steel Market Update newsletter will not be published on Thursday (which is Thanksgiving Day) and Sunday, Nov. 28. We will return to our normal publication schedule on Tuesday, Nov. 30. We want to wish everyone in the United States a happy, healthy Thanksgiving with family and […]
Prices for four of the seven steelmaking raw materials tracked in this SMU analysis declined over the last 30 days. Through Nov. 18, iron ore prices fell 27% from one month prior, aluminum prices are down 17%, zinc prices declined 15%, and coking coal prices decreased 4%. In that same time frame, shredded scrap prices […]
Steel Market Update’s poll of buyers on Monday and Tuesday showed further small declines for flat rolled steel prices, while plate prices were up a bit. No sign yet of a sharp correction as prices continue to ease downward. The benchmark price for hot rolled is now down to $1,830 per ton, $25 lower than […]
Lead times for orders of flat rolled and plate steel continue to shorten, as expected in a period when steel prices are declining. SMU’s latest check of the market shows the typical hot rolled lead time has now dipped below seven weeks for the first time since November 2020. That’s nearly a month shorter than […]
Steel Market Update’s check of the market this week shows both flat rolled and plate prices declining by another $10-25 per ton. The declines were not unexpected and are in line with the downtrend that has materialized in the last two months as seasonal dips in demand and competition from imports put pressure on domestic […]
Ternium is considering adding a new electric arc furnace to its operations in North America as well as downstream cold rolling and coating capability. That’s according to sources familiar with the matter and as indiciated in recent public comments from company executives. The most likely candidate for any new EAF would be Pesquería, Mexico – […]
As expected, steel prices are volatile and unpredictable as the market approaches year-end. Hot rolled continued its slow, gradual descent averaging $1,875 per ton this week, down another $10, based on Steel Market Update’s survey data gathered on Monday and Tuesday. Cold rolled and coated products, on the other hand, saw small increases to around […]
With record third-quarter earnings of $2 billion in the bank, U.S. Steel President and CEO David Burritt offered a bullish outlook for the steel industry and his company in 2022. Highlights of the company’s earnings call on Friday included an update on the steelmaker’s progress in finding a site for its new electric arc furnace […]
Lead times for orders of flat rolled and plate steel from the mills have shortened again compared to this time last month. About 60% of the buyers responding to Steel Market Update’s survey this week describe lead times as just “slightly longer than normal.” Only 15% still consider them “highly extended.” SMU’s check of the […]
Steel Market Update data suggests buyers continue to gain some leverage in price negotiations. SMU asks buyers every two weeks if the mills are willing to talk price on spot orders. Around 50% of hot rolled buyers responding to this week’s poll said some mills are now willing to bargain to secure an order. That’s […]