ArcelorMittal and NLMK USA have followed three major domestic steelmakers in increasing sheet prices by at least $50 per ton ($2.50 per cwt). Luxembourg-based ArcelorMittal said it was targeting a minimum base price of $900 per ton effective immediately, echoing moves first announced by Nucor and Cleveland-Cliffs. “The increase is applicable to all new spot […]
US Steel Corp. got in on the action and increased spot prices for carbon steel sheet by at least $50 per ton ($2.50 per cwt). The move is effective immediately, the company said in a letter to customers dated Monday, Feb.13, and joining Nucor and Cleveland-Cliffs in their efforts to boost sheet tags. The latest price […]
Nucor Corp. is pushing hot-rolled coil price up by at least another $50 per ton ($2.50 per cwt), its second sheet price hike in ten days. The Charlotte, N.C.-based company, the largest steelmaker in the US, said the move was effective immediately for base prices on new orders. Nucor made the announcement in a letter to […]
ArcelorMittal executives think that the global steel market should rebound in 2023 as the destocking period that characterized 2022 ends. “I believe the worst conditions of these cycles have passed,” Lakshmi Mittal, executive chairman of the Luxembourg-based steelmaker, said in a conference call with analysts last week. Mittal made the prediction after the company – […]
SMU’s hot-rolled coil price has cracked $800 per ton ($40 per cwt), and so have prices on the futures market. The question of whether the $800-per-ton threshold would be breached has been answered. But it’s still unclear to me whether that threshold was breached by solid underlying demand or by momentum (buying ahead of the next […]
The spread between hot-rolled coil (HRC) and galvanized coil base prices have been in holding pattern. The spread has been hovering around the $200 per ton ($10 per cwt) since the end of November. Figure 1 shows both SMU’s hot rolled and galvanized prices. SMU’s HRC price averaged $810 per ton as of Tuesday, Feb. 7, an […]
Domestic hot-rolled coil (HRC) continues its competitive price advantage run over imported steel – now 15 weeks running – though it did lose some momentum week on week (WoW), according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 3.2% cheaper than foreign prices this week, down from 7.4% last […]
Sheet prices continue to rise, extending a rally that began the week after Thanksgiving. SMU’s hot-rolled coil price is now above $800 per ton ($40 per cwt) for the first time since early August, roughly six months ago. At $810 per ton on average, HRC prices are up $30 per ton from $780 per ton […]
US plate prices have been largely stable since the beginning of December after tags fell by $140 per ton following Nucor’s price cut notice at the end of November with the opening of it January order book. A move that caught many by surprise at the time. But since then, plate prices have varied by […]
Nucor Corp. has joined the push to increase sheet prices by at least another $50 per ton ($2.50 per cwt). The Charlotte, N.C.-based steelmaker, the largest in the US, said the move was effective immediately for base prices on new orders. The company made the announcement in a letter to customers dated Friday, Feb. 3. […]
Cleveland-Cliffs Inc. has rolled out another $50/ton ($2.50/cwt) sheet price increase just a couple of weeks after doing the same in mid-January. The Cleveland-based steelmaker has also announced a target base price of $850 per ton for hot-rolled coil, up from the $800 per ton announced in mid-January. NLMK USA almost immediately upped the ante, […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
NLMK USA has joined Cleveland-Cliffs Inc. in raising sheet prices by at least $50 per ton ($2.50 per ton), effective immediately. The steelmaker is also seeking a base price of $875 per ton for hot-rolled coil, $25 per ton more than the $850 per ton Cleveland-Cliffs is aiming for. “Orders received and not yet confirmed […]
Domestic hot-rolled coil (HRC) kept its competitive price advantage run over imported steel – now 14 weeks running – though it did lose momentum week on week (WoW), according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 7% cheaper than foreign prices this week, down slightly from 8% last […]
Cleveland-Cliffs Inc. aims to increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). The Cleveland-based steelmaker said the move was effective immediately and applied equally to hot-rolled, cold-rolled, and coated products. The company said it also set a minimum base price of $850 per ton for hot-rolled coil, […]
Hot-rolled coil prices have now risen for 10 consecutive weeks. Let’s put that in perspective. That’s a longer run than the price spike we saw following Russia’s invasion of Ukraine last February. It also marks the longest sheet price rally we’ve seen since the boom times of early 2021 – when a snapback in demand […]
Sheet prices rose again this week, continuing a rally that began shortly after Thanksgiving. SMU’s hot-rolled coil price stands at $780 per ton ($39 per cwt), up $20 per ton from $760 per ton last week and up $165 per ton from a 2022 low of $615 per ton recorded in November. HRC prices haven’t […]
We’ll kick off the Tampa Steel Conference next Sunday, and I’m looking forward to seeing many of you there in person. For kicks, I decided to look back at how the market was in mid-February 2022, when we held the event along with the Port of Tampa Bay last year. So join me for a […]
Nucor Corp. shipped its first customer order from its new $1.7-billion plate mill in Brandenburg, Ky., on Jan. 25, Allen Behr, executive VP of plate and structural products, said on an earnings conference call with analysts on Thursday, Jan. 26. “We are sitting here today exactly where we wanted to be,” said Behr when addressing […]
I’ve written in my last two columns about various factors that indicate the price rally that began after Thanksgiving might be running out of steam. You know the list by now: low capacity utilization, lead times not pushing out in tandem with prices, and a consensus that prices will peak this month or next. All […]
The domestic hot-rolled coil (HRC) competitive price advantage over imported steel has been on a 13-week run, and it’s been gaining ground over the past week, with foreign HRC prices still largely on the rise, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 8% cheaper than foreign prices this week, […]
The spread between hot-rolled coil (HRC) and galvanized coil base prices has narrowed week over week, but has hovered around the $200-per-ton range since the end of November. Figure 1 shows both SMU’s hot rolled and galvanized prices. SMU’s HRC price averaged $760 per ton ($38 per cwt) as of Tuesday, Jan. 24, an increase from $740 per ton ($37 […]
Sheet prices continued to inch upward as most market participants reported solid first-quarter demand, despite concerns in some corners about 2H activity. But the pace of price gains appears to have slowed, at least temporarily, and lead times have leveled off as well. Any significant additional sheet price gains will hinge less on mill announcements […]
This week’s survey didn’t land quite as I expected. Some data points indicate that the price rally we’ve seen since late November will continue, but others suggest it might be running out of steam. For starters, if you’re an SMU subscriber, you can find our latest market survey results here. If you aren’t, this data […]
We are excited to talk about the week that was in US hot-rolled coil (HRC) futures. Before we dive in too deeply into specifics, though, let’s touch on a data point we haven’t talked about extensively in recent reports: volume and open interest. Hard to believe, but about a decade ago the most prominent complaint […]
The spread between hot-rolled coil (HRC) and prime scrap prices has remained relatively flat vs December levels, according to Steel Market Update data. Prices for both products rose in January vs. the end of 2022. Our hot-rolled coil price average ticked up $5 per ton week over week to $740 per net ton ($37.00 per cwt) as […]
We’ve seen several sheet price hike announcements from mills over the past couple of months, to the tune of $160 per ton ($8.00 per cwt) since late November. This week alone we’ve seen at minimum Cleveland-Cliffs and ArcelorMittal officially increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). […]
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) competitive price advantage over imported steel continues, gaining ground over the past week as foreign HRC prices accelerated, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 9% cheaper than foreign prices this week, doubling the roughly 4.5% mark from last week after consideration of […]
ArcelorMittal has joined the effort initiated by Cleveland-Cliffs to increase spot prices for steel sheet by at least another $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,” […]