Sure, demand isn’t as good the market had hoped it would be earlier this year. But assuming it doesn’t fall of a cliff, buyers will have to restock at some point. And that might give domestic mills enough leverage to raise prices again.
Most sheet and plate prices edged lower again this week, albeit at a slower pace compared to the movements seen over the last seven weeks. Buyers remain cautious and hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.
Steel buyers said Nucor’s price decrease was a public acknowledgement of what most of the market had already known - that sheet prices were moving lower in a more significant way. The question now is whether mills and service centers will manage the decline or whether prices might fall rapidly, they said.
Sheet and plate lead times held steady this week, according to buyers responding to the latest SMU market survey. This week we saw little change from mid-April levels, with just one product (Galvalume) showing any significant movement.
Nearly two thirds of the steel buyers who responded to this week’s SMU survey say domestic mills are negotiable on spot prices. This increasing flexibility marks a significant shift from the firmer stance mills held in recent months.
Most sheet and plate steel prices declined yet again this week, with four of SMU’s five indices moving lower.
SMU’s flat-rolled steel prices were flat or lower as tariff-related uncertainty continued to drag on the market.
Nucor Corp. has tapped Fives Group as its partner in designing and manufacturing the new continuous galvanizing line being added at its California Steel Industries (CSI) joint venture in Fontana, Calif.
AZZ Inc. posted higher earnings in its fiscal fourth quarter, but sales slipped on weather disruptions.
Steel buyers responding to this week’s SMU market survey report a continued softening in sheet lead times. Meanwhile, plate lead times have moderately extended and are at a one-year high.
Nearly half of the steel buyers responding to this week’s SMU market survey say domestic mills are showing increased willingness to negotiate pricing on new spot orders. This marks a significant shift from the firmer stance mills held in prior weeks.
Steel prices slipped again this week, with all five of SMU’s sheet and plate indices trending lower for the second week in a row.
This week is the first time all of our indices have moved lower in unison since July 2024.
The Commerce Department has made a preliminary determination that ‘critical circumstances’ exist for certain imports of corrosion-resistant (CORE) flat-rolled steel from the United Arab Emirates (UAE). Commerce decided that critical circumstances did not apply to CORE from South Africa. The department also found that critical circumstances did not apply to CORE from UAE producers Al-Ghurair Iron & Steel LLC and United Iron & Steel Company LLC.
Sheet and plate prices were mixed on Tuesday as the market took a wait-and-see approach to the Trump administration’s “Liberation Day” tariffs.
After a multi-week increase, buyers responding to our market survey this week reported that lead times are stabilizing or marginally declining for each of the sheet and plate products we track.
Ternium Mexico wants the Commerce Department to delay making its final decision in the ongoing corrosion-resistant steel dumping investigation.
Steel prices climbed across the board this week, with every steel product tracked by SMU rising to multi-month highs.
One buyer summed up the prevailing sentiment: “Everything is pointing up — pricing, sentiment, order activity. But the real test will come once the immediate reactionary buying subsides. Will there be enough true demand to support these levels through mid-year? That’s the big unknown.”
"Recent activity in the marketplace strongly indicates that these imports are being rushed into the United States in an effort to avoid the imposition of antidumping duties," petitioners said.
Mills’ flexibility on price for spot orders has taken a nosedive to levels not seen since the end of March 2023.
NLMK USA has opened its April order book at new, higher base prices for steel sheet, according to market participants. The steelmaker is seeking at least $900 per short ton (st) for hot-rolled (HR) coil and at least $1,100/st for cold-rolled and coated products, they said.
U.S. Steel has increased prices for flat-rolled steel by at least $50 per short ton (st), according to market participants. The Pittsburgh-based steelmaker now seeks a minimum of $850/st for hot-rolled (HR) coil. And it seeks at least $1,050/st for cold-rolled and coated base prices, they said.
The latest in the new coated steel investigation and the expiry review of steel plate from six countries.
Each of the steel product prices tracked by SMU saw significant increases this week. All four of our sheet price indices rose by $30-50 per short ton (st) on average. Plate prices popped $60/st compared to the week prior.
Steel mill negotiation rates have declined in each of our last two surveys; this week’s rate is the lowest recorded since March 2024.
The Commerce Department on Tuesday issued preliminary subsidy rates in the corrosion-resistant steel (CORE) trade case. The agency set minimal countervailing duty (CVD) rates for Brazil and Mexico, mostly high rates for Vietnam, and low rates for Canada, except for one privately held distributor. Commerce assigned that company, Nova Steel, and a handful of Vietnamese […]
On Jan. 18, Teck Resources announced that it expects its Trail smelter in Canada to produce 190,000 to 230,000 metric tons (mt) in 2025, down 10-25% from its 256,000 mt output in 2024. The company announced that the lower output was to maximize profitability and value amid the current tightness in zinc concentrate availability relative […]
AZZ Inc. recently announced it is shaking up the duties and roles of two executives involved in its Precoat Metals segment. Kurt Russell, Precoat’s current chief operating officer and former president, is moving into a senior vice president position within AZZ Inc. into the newly created role of chief strategic officer. “We are excited to […]
Less-than-fair-value investigations The US Commerce Department has agreed to postpone preliminary decisions in the corrosion-resistant steel (CORE) antidumping duty (AD) investigations. Commerce said in a Federal Register filing that it will now issue initial AD margin determinations by April 3. The deadline had previously been Feb. 12. The extension comes after domestic petitioners requested earlier […]