The pace of sheet price declines accelerated this week as steel buyers said that domestic mills were competing against each other while also coping with higher-than-expected import volumes. “They are getting rid of the fluff. When you can pit 2-3 mills against each other, the fat margins get cut,” one industry source said.
2023 was the third-lowest year for steel imports in the last decade, according to an SMU analysis of data from the US Department of Commerce.
Sheet prices fell across the board this week as SMU’s hot-rolled (HR) coil price slipped below $1,000 per short ton (st) on average for the first time since November.
The Department of Commerce has adjusted the countervailing duty (CVD) rates on imports of corrosion-resistant (galvanized/Galvalume) steel from South Korea after an administrative review.
U.S. Steel swung to a loss in Q4'23 in its first quarterly earnings since the announced sale to Japan's Nippon Steel.
Steel mill lead times for sheet products saw substantial declines over the past two weeks, while production times for plate held steady during the month of January.
Steel buyers said mills were much more willing to negotiate spot pricing this week on all products SMU surveys, according to our most recent survey data.
Sheet prices were mixed this week, with hot-rolled (HR) coil unchanged but cold-rolled and coated prices down.
Steel Dynamics Inc. executives said the company’s Sinton, Texas, flat-rolled steel is now Ebitda positive.
What's being talked about in the US steel market this week?
Steel Dynamics Inc. (SDI) reported lower fourth quarter 2023 earnings on Tuesday but predicted good times ahead in 2024. The Fort Wayne, Ind.-based steelmaker posted a Q4’23 profit of $424.3 million, down 33.2% from a profit of $634.9 million in Q4’22 on sales that fell 12.3% to $4.2 billion.
Domestic sheet prices slipped again this week, marking the first week of consecutive declines for hot-rolled (HR) coil since September. SMU’s HR price now stands at $1,000 per short ton (st) on average, down $25/st from last week and down $45/st from the start of the year.
The slipping lead times for flat-rolled steel were not just due to the holiday slowdown, it seems, as production times for four out of five products contracted again this week.
Domestic buyers of steel sheet said mills were much more willing to negotiate spot pricing this week, according to our most recent survey data.
US hot-rolled (HR) coil prices fell noticeably this week for the first time since late September. SMU’s hot-rolled coil price now stands at $1,025 per ton on average, down $25 per ton from last week. Cold-rolled (CR) coil was unchanged at $1,325 per ton.
Hot-rolled (HR) coil prices remain in the holding pattern they've been in since mid-December, according to SMU pricing archives.
Steel mill lead times pulled back across the board this week but are still said to be at healthy levels, according to SMU's market survey this week.
The percentage of steel buyers saying mills were willing to negotiate spot pricing on the products SMU surveys was mixed this week.
Sheet prices were mixed in SMU’s first assessment of the market in the New Year.
All of the products SMU surveys notched an increase in the percentage of buyers saying mills were willing to negotiate spot pricing, with the exception of cold rolled, according to our most recent survey data.
US hot-rolled coil (HRC) prices were unchanged week over week (WoW) following a string of mostly upward moves dating back to late September.
The US Department of Commerce’s International Trade Administration (ITA) has updated the antidumping duties on coated sheet imports from South Korea and Taiwan.
Sheet prices increased again this week on the heels of higher costs for scrap, pig iron, and iron ore.
‘Twas two weeks before Christmas, and at our publication We kept logging steel price increases from across our fair nation.
U.S. Steel will continue to operate the hot strip mill and finishing lines at its Granite City Works in southern Illinois.
The percentage of steel buyers saying mills were willing to budge on spot pricing has risen for all sheet products SMU surveys, according to our most recent survey data.
Movements in lead times were mixed in SMU’s check of the market this week – a reflection of the seasonal dip in ordering that is typically seen during the winter holiday season.
Sheet prices continued to move higher this week on the heels of mill price hikes and extending lead times.
Lead times for all steel sheet products but cold rolled were extended last week as prices trend upwards.
The percentage of steel buyers saying mills were willing to negotiate spot pricing has fallen for all products SMU surveys, according to our most recent survey data.