Domestic hot-rolled coil (HRC) continues to hold a competitive price advantage over imported steel, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 3–13% cheaper than foreign prices this week, after consideration of freight costs, trader margins, and any applicable tariffs. This is the tenth consecutive week US prices have […]
Sheet prices started out the year modestly higher. That’s what you’d expect given that Q1 is typically a busy and that scrap prices usually rise over the winter months. The question now is whether prices, which have been moving upward since Thanksgiving, continue to increase or whether the current upswing might prove to be a […]
The following article on the hot-rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Hot-rolled futures have pushed higher in year-end thin trading. December daily futures trading volumes hovered around 19,000 short tons (ST) per […]
Sheet prices entered 2023 moving upward on expectations of higher prime scrap prices, and on a modest uptick in activity as some buyers looked to get ahead of anticipated higher steel prices as well. The gains also came on the heels of a price increase of $50 per ton ($2.50 per cwt) initiated last month […]
Prices of imported hot-rolled coil (HRC) remain higher than domestic steel, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 2–12% cheaper than foreign prices this week, after consideration of freight costs, trader margins and any applicable tariffs. This is the eighth consecutive week domestic prices have been cheaper […]
I’m eager to see the results of our survey later this week because I think it might shed some light on what appears to be a tale of two steel markets. Some of you are telling me that you’re already busy and will only get busier as people come back into the market after the […]
Sheet prices continued to inch upward this week, but the pace of gains slowed ahead of the holidays. Some market participants noted sharply higher offers from mills following a round of $50-per-ton ($2.50/cwt) price hikes last week. They also said activity and backlogs were strong heading into 2023. But others said mills were still offering […]
Nucor plans to build a new, $370-million continuous galvanizing line at California Steel Industries (CSI) to serve construction markets in the western US. The Charlotte, N.C.-based steelmaker said the galv line would have annual capacity of 400,000 tons per year (tpy), and would increase CSI’s total hot-dip galvanizing capacity to 1.2 million tpy. The project […]
Trying to neatly summarize the North American steel market right now can give you a case of cognitive dissonance. Domestic mills think they have some momentum, and they’re trying as hard as they can to get prices higher for Q1. Case in point: ArcelorMittal has put the heft of one of the world’s largest steelmakers […]
ArcelorMittal has joined the effort initiated by Cleveland-Cliffs to increase spot prices for steel sheet by at least $50 per ton ($2.50 per cwt). The move is effective immediately for material from AM/NS Calvert, the steelmaker’s joint venture mill in Alabama with Japan’s Nippon Steel. “We reserve the right to modify any outstanding quotations,” the […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]
Domestic hot-rolled coil (HRC) continues to hold a competitive price advantage over imported steel, though that advantage is slightly easing, according to our latest analysis. US HRC is theoretically 3–13% cheaper than foreign prices this week, after consideration of freight costs, trader margins, and any applicable tariffs. This is the seventh consecutive week domestic prices […]
Imported sheet and plate products’ arrival at US ports varied in November, leading their share of the US market to diverge, even though domestic shipments declined during the month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel […]
Imported sheet and plate products arrived at US ports at a slightly higher clip in October, though their share of the US market diverged as domestic shipments varied during the month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron […]
The spread between hot-rolled coil (HRC) and prime scrap prices is narrowing for the second consecutive month, according to Steel Market Update data. Prices for both products increased in December, following five consecutive months of declines. The latest HRC-prime spread is one of the lowest recorded in more than two years. The spread is now back […]
Total US mill shipments of steel products edged up in October, recovering slightly month on month (MoM), after falling in September to their lowest total year to date (YTD). Mill shipments have been fluctuating up and down all year with little consistency, and October was no different. October’s shipments totaled 7.65 million tons, a 0.9% increase […]
Producer prices grew more than expected in November, thwarting hopes that inflation could be easing, the US Labor Department reported. Last month’s Producer Price Index (PPI), a measure of the prices received for final-demand products, advanced 0.3% month-on-month (MoM) and 7.4% from a year ago, the smallest annual gain since May 2021, according to data […]
Hot-rolled coil prices have risen for a third consecutive on the heels of a $60-per-ton ($3-per-cwt) post-Thanksgiving price hike by domestic mills. Also providing a lift to sheet prices are higher scrap costs, expectations of buyer restocking in the first quarter, and a sense among mills that momentum is on their side. A second round […]
North America could be a bright spot in the global steel industry in a mostly gloomy outlook for 2023, according to a report from Fitch Ratings. The report said that in some markets, “including North America, India, Turkey and Brazil, sentiment remains more positive than our mid-cycle assumptions.” Reasons cited included benefits from protectionist trade […]
Cleveland-Cliffs Inc. aims to increase spot market base prices for flat-rolled steel by at least $50 per ton ($2.50 per cwt) effectively immediately. The steelmaker announced the price hike, a leading move, in a press release on Tuesday, Dec. 13. The increase applies equally to hot-rolled, cold-rolled and coated products. The company noted that the […]
The following article on the hot-rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Over the last month, HR index prices have continued to decline, but at a much slower pace. The most recent index […]
Domestic hot-rolled coil (HRC) continues to hold a competitive price advantage over imported steel, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 6–15% cheaper than foreign prices this week, after consideration of freight costs, trader margins, and any applicable tariffs. This is the sixth consecutive week US prices […]
Hot-rolled coil notched its first consecutive price gains since March on the heels of $60-per-ton ($3-per-cwt) price hikes announced last week. Don’t get me wrong. The price increases have not stuck in full. They often don’t after an initial round. But they have put a floor under prices. And the market seems to be inflecting […]
Sheet price hikes announced last week by domestic mills appeared to have succeeded in putting a floor under tags this week. The question now is to what extent the increases will stick and whether those gains will be sustainable. Our hot-rolled coil price reflects broader market trends. SMU’s average HRC price stood at $615 per […]
The spread between hot-rolled coil (HRC) and galvanized coil base prices continues to decline, now the lowest level recorded in almost 14 months. The relationship between hot rolled and galvanized prices has been volatile since late 2021. In the last year, galvanized has sold at a premium of as little as $250 per ton ($12.50 […]
US hot-rolled coil (HRC) prices edged up slightly last week on a wave of $60-per-ton sheet price hikes announced by domestic mills. The move appears to have at least temporarily stopped the bleeding seen over the last two months. Time will tell if the price hike attempt finds support. Just about everyone announced an increase of […]
Friedman Industries continues to see benefits of its April acquisition of Plateplus Inc., but sharply declining steel prices significantly suppressed earnings. The Longview, Texas-based steel processor and manufacturer said the fiscal 2023 second quarter ended Sept. 30, 2022 was a “period of considerable margin compression” driven by sharply declining hot-rolled coil (HRC) prices. Friedman reported […]
Wolfe Research managing director Timna Tanners joined SMU for an Community Chat on Wednesday to talk about her forecast for 2023, including the calm before the sheet storm. Tanners is bullish about the first half next year. She forecast HRC prices would average $775 per ton ($38.75 per cwt) in Q1 2023, dip to $750 per ton […]
ArcelorMittal US has announced new, higher sheet prices with the opening of its 2023 order books. The company said it has also rolled out new grade extras, which will take effect on Jan 1., to reflect higher alloy costs. The price increases effectively apply to AM/NS Calvert, the Alabama mill jointly owned by Luxembourg-based ArcelorMittal […]
US plate prices were mostly flat this week, but more erosion could be on the horizon now that Nucor announced another round of price cuts. SMU’s most recent check of the market on Tuesday, Nov. 29 placed plate prices between $1,480-1,620 per ton with an average of $1,550 per ton FOB mill east of the […]