In early May 2015 zinc spot price on the LME was trading at, or close to, $1.10 per pound. In early April 2015 US Steel adjusted their coating extras while the rest of the mills remained at the levels they set in early 4th Quarter 2014 when zinc was trading in the range of $1.00-$1.10 […]
With the exception of Platts, all of the other indexes reporting (and followed by SMU) saw flat rolled products as losing ground this past week. Steel Market Update (SMU) is leading the way with their benchmark hot rolled coil (HRC) average dropping by $10 per ton to $450 per ton. This is $5 higher than […]
Lead times for hot rolled, cold rolled, galvanized and Galvalume steels continue to remain moderately short at most of the domestic steel mills according to the results of this week’s flat rolled steel market analysis. Hot rolled lead times averaged 3.38 weeks which is essentially unchanged over the past month and below the 4 week […]
Based on the results of our latest flat rolled steel market analysis (survey) the U.S. and Canadian steel mills continue to be willing to negotiate prices of hot rolled, cold rolled, galvanized and Galvalume steels. Benchmark hot rolled, which has been hit especially hard by the drought in orders from the energy markets, had 80 […]
On Wednesday of this week the U.S. Department of Commerce updated license data for foreign steel imports for the months of July and August. Based on only 18 days worth of data, August imports are trending toward another 3.0 million net ton month. The current trend line is for total steel imports for August to […]
Steel buyers are reporting a weakening steel market in both our phone conversations as well as through our survey responses. SMU reported a drop in hot rolled coil prices last week of $5 per ton and we are reporting an additional $5 per ton move lower this week. We are seeing weakness in all products. […]
With three direct flat rolled trade cases plus various suits affecting pipe and tube and oil country tubular goods, keeping track of all of the important dates can be mind-numbing. Especially when critical circumstances are alleged or extensions are requested (and we have seen both already in the CORE suit). We asked trade attorney Lewis […]
The negative numbers are starting to appear and SMU is hearing from steel buyers that weakness is creeping back into the markets, if only over the short term. However, not all of the indices followed by Steel Market Update saw the market as weakening at all. SteelBenchmarker, in particular, reported bullish results with all of […]
This report compares domestic mill shipments and total supply to the market. It quantifies market direction by product and enables a side by side comparison showing the degree to which imports have absorbed demand. Sources are the American Iron and Steel Institute and the Department of Commerce with analysis by SMU. Table 1 shows both […]
On Tuesday six steel mills located east of the Rocky Mountains filed an antidumping and countervailing duty petition against seven countries: Australia, Brazil, Japan, the Republic of Korea, the Netherlands, Turkey and the United Kingdom. What makes this suit of particular interest to those on the West Coast USA is the source supply for two […]
The flat rolled steel trading community has been hit and hit hard by the filing of antidumping trade suits on galvanized, Galvalume (zinc-aluminum) . As one trader put it to us earlier this week, “Business as usual has been blown up for the traders.” A number of traders spoke to SMU about the scope of […]
There are so many dumping suits being filed at the same time that it is difficult to keep track of the various dates as to when actions will be taken either by the US Department of Commerce of the US International Trade Commission (ITC). There are 5 major groups of suits which affect the flat […]
Six domestic steel mills joined together to file a hot rolled trade suit today. This is now the third such suit since the filing against corrosion resistant (galvanized & zinc-aluminum or Galvalume) on June 3rd and the cold rolled petition of a couple of weeks ago. With the HR case the mills have hit the […]
Talking to steel buyers this week was like listening to a broken record, “It’s quiet, it’s quiet, it’s quiet….” There has been very little activity and nothing pushing the markets which is quite amazing when you consider the domestic mills have filed three trade cases and are coming up on the September 1st deadline for […]
Over the past two months the U.S. steel industry has filed antidumping petitions on corrosion resistant (coated steels like galvanized and Galvalume) and cold rolled steels. The rumor mill has been flush with talk that a hot rolled suit will be announced as early as this week. What will the impact be on flat rolled […]
Flat rolled steel prices barely moved this past week according to the steel price indexes followed by Steel Market Update. Hot rolled price averaged $466 per ton with SMU and Platts at $465 and CRU at $467 per ton. Cold rolled was one product where we saw a split between SMU ($580), Platts ($585) and […]
With the exception of Galvalume, steel mill lead times were reported as being essentially unchanged from what was reported during the middle of July by those who responded to this week’s SMU flat rolled survey. Hot rolled lead times continue to be one week shorter than what we measured one year ago and essentially unchanged […]
With the exception of Galvalume, all of the other flat rolled steels followed by Steel Market Update saw at least two-thirds of our survey respondents reporting the mills as willing to negotiate spot pricing. Eighty percent of those responding to our inquiries about hot rolled pricing termed the mills as willing to negotiate. Cold rolled […]
Licensed data for July was updated on August 4th through the Steel Import Monitoring System of the US Commerce Department. Steel Market Update publishes several import reports ranging from this very early look using licensed data to the very detailed analysis of final volumes by district of entry and source nation which is available to […]
Another week has gone by and flat rolled steel prices have barely budged. This even after the domestic steel mills have filed two trade suits (coated an cold rolled). The expectation is that prices will rise sometime in the future but at the moment there appears to be plenty of inventory and lead times continue […]
On June 3rd Nucor, US Steel, ArcelorMittal USA, AK Steel, Steel Dynamics and California Steel filed antidumping and countervailing duty petition against China, Taiwan, India, South Korea and Italy on corrosion-resistant steels. To put this into layman’s terms the domestic mills filed a dumping (AD) and CVD suit on producers of galvanized and Galvalume (zinc-aluminum) […]
The U.S. Department of Commerce updated license data for foreign steel imports for the month of July. Based on the just released data it appears July imports will be approximately 200,000 net tons higher than what was received during the month of June. However, when looking at imports from a 3 month moving average and […]
Benchmark hot rolled slip a little this past week according to Steel Market Update and CRU, while Platts kept their hot rolled number the same (they haven’t moved in over a month). SteelBenchmarker reported prices and their hot rolled number was up $4 per ton. When all of that was said and done the average […]
On June 3, 2015, six U.S. steel mills filed an antidumping and countervailing duty petition against corrosion resistant (referred to as CORE, which are coated steels such as galvanized and Galvalume products) steels from: China, Taiwan, South Korea, India and Italy. Late last week, attorneys representing Nucor Corporation, US Steel, Steel Dynamics, AK Steel , […]
“My offers haven’t changed much in the past 60-90 days,” is what one Texas based distributor told SMU when asked about spot pricing this week. “Still lackluster demand, no change in mill lead times and oil is still below 50. Not much reason for a change unless core demand improves….” At the opposite spectrum we […]
AK Steel blamed low prices due to high levels of unfairly traded imports for its net loss of $64 million for the second quarter of 2015. Net sales for the quarter totaled $1.69, down from $1.75 billion sequentially and $1.53 billion in Q2 2014. Average selling price of $931 per ton was down 7 percent […]
I knew the cold rolled trade suits were coming this week. It had been rumored for a couple of months just as the hot rolled trade suits are being discussed for August. It doesn’t make the day of the filing (or night and day if you received one of the USS emails last night) go […]
Flat rolled steel prices saw little movement this past week in benchmark hot rolled but, we did see some cracks in the “shadow” effect as the spreads between CRU and the other indexes started to widen. These small gyrations in the numbers in any one week may be due to what is being collected and […]
Steel Market Update (SMU) has discussed with our readers, on many occasions, that there are three kinds of numbers coming out of the U.S. Department of Commerce regarding steel imports on a monthly basis. First, there are the license data requests which are published every Tuesday evening after 5 PM ET. License data is the […]
Domestic mill lead times are one of the keys followed by Steel Market Update as we evaluate steel prices and price momentum. A market where we see extending lead times tends to allow for the collection of higher steel prices throughout the industry (steel mills and distributors). When we see lead times collapsing we tend […]