A couple weeks back we were beginning to think the rise in spot prices would soon slow and we were close to a tipping point. We no longer have that opinion due to Snowmageddon, the winter storm that exacerbated the already late deliveries out of multiple steel mills. On top of that, we are seeing […]
Foreign hot rolled steel imports continue to tempt U.S. buyers as domestic prices soar, offering potential discounts of 10% or more, according to Steel Market Update’s latest foreign versus domestic hot rolled steel price comparison. Foreign HRC prices are theoretically $154-$323 per ton cheaper than domestic steel prices at this time. Recall that domestic mills […]
Steel prices continued their upwards climb in the month of February, fueled by strong demand and tight supply. Hot rolled steel prices surpassed $1,200 per ton in the third week of the month, reaching levels never before seen. Steel Market Update’s hot rolled price index reached $1,210 per ton by the end of February, up […]
Flat-rolled steel imports to the United States rebounded in February, weighing in at their highest monthly total in more than a year. Hot-rolled imports, meanwhile, hit their highest point in more than two years, according to Commerce Department figures. And the trend is only just getting started, according to some market participants. The U.S. was […]
You Can’t See the Forest for the Trees Mill lead times have surged over the past couple of weeks, which I believe is a result of Snowmageddon in Texas and other areas of the Southeast. When you look at our lead time graphics, you need to remember we are gathering data from our flat rolled […]
Steel prices took another bite out of the record books in March. The advent of March shows flat rolled and plate steel prices are still roaring upwards, with hot rolled hitting another record high of $1,240 per net ton, according to Steel Market Update’s check of the market this week. Prices generally moved up in […]
SSAB Americas raised some eyebrows in the steel market when it officially announced a “scrap collar” along with an $80-per-ton ($4/cwt) plate price increase earlier this week. The move, while not unheard of in the steel market, is not necessarily typical for standard spot market plate orders, some buyer sources said. An SSAB Americas spokeswoman […]
SSAB Americas raised some eyebrows in the steel market when it officially announced a “scrap collar” along with an $80-per-ton ($4/cwt) plate price increase earlier this week. The move, while not unheard of in the steel market, is not necessarily typical for standard spot market plate orders, some buyer sources said. An SSAB Americas spokeswoman […]
NLMK USA expects United Steelworkers (USW) union members at its steel mill in Farrell, Pa., to return to work on Monday, March 8, a company official said. The steelmaker plans to ramp up its hot mill in western Pennsylvania in March. April will see downstream facilities resume normal operating rates, NLMK USA Executive Vice President […]
NLMK USA expects United Steelworkers (USW) union members at its steel mill in Farrell, Pa., to return to work on Monday, March 8, a company official said. The steelmaker plans to ramp up its hot mill in western Pennsylvania in March. April will see downstream facilities resume normal operating rates, NLMK USA Executive Vice President […]
The latest manufacturing report from the Institute for Supply Management indicates a ninth consecutive month of growth for the nation’s economy. The ISM manufacturing PMI rose 2.1% to 60.8 in February with new orders and production gaining 3.7% and 2.5%, respectively. “The manufacturing economy continued its recovery in February. Survey committee members reported that their […]
Good news on the global manufacturing front—the J.P. Morgan Global Manufacturing PMI hit a three-year high of 53.6 in February, indicating a faster rate of growth despite supply-chain disruptions and inflationary pressures. Manufacturing expansion was evident in 23 of 29 of the nations surveyed, with the fastest improvement in Germany. Only Greece, Kazakhstan, Malaysia, Thailand, […]
There has been much said about the squeeze on supply of flat rolled and not as much about demand. Demand has been quite good in all sectors except the energy sector, which has been struggling for a couple of years due to prices that went below $40 per barrel. Now we are seeing warning signs […]
SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in risk management and strategic advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Prior to Metal Edge Partners, Bryan held a variety of commercial leadership roles […]
“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […]
“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […]
U.S. crude steel production fell sharply in January 2021 versus the same month last year even as production rose in most other major steelmaking nations, according to figures from the World Steel Association. And with domestic supplies scarce, some buyer sources have told Steel Market Update that they are taking a closer look at the […]
Demand is strong and approaching pre-COVID levels in the first quarter, said Olympic Steel President and COO Andrew Greiff during the service center’s fourth-quarter 2020 earnings call. All three company divisions contributed to earnings for Q4 with specialty metals turning in its third strongest quarter in the company’s history as well as the strongest quarter […]
Nucor is expanding its value-added portfolio with the addition of a new TrueCore manufacturing facility. The company plans to build a 120,000-square-foot facility in Brigham City, Utah, that will manufacture insulated wall and roof panels. TrueCore was acquired by Nucor in 2019 and is part of Nucor’s Buildings Group. The Brigham facility will be the […]
Steel prices will likely stay elevated until supplies catch up with demand, say the experts, so is there enough foreign steel on the way here to make a difference? Two out of three respondents to a recent SMU survey said foreign offers are very competitive versus domestic prices. With steel prices in the U.S. at […]
The U.S. Commerce Department has preliminarily increased anti-dumping margins on several major Japanese hot-rolled coil suppliers. Commerce calculated preliminary anti-dumping margins of 11.70% for Nippon Steel, Japan’s largest steelmaker, and 6.8% for Tokyo Steel Manufacturing. Nippon Steel and Tokyo Steel were the mandatory respondents in the case. But a litany of Japanese steel suppliers–including JFE […]
“Snowmageddon” did not help. Steel buyers are telling Steel Market Update that last week’s “Snowmageddon,” as one buyer called it, has caused steel orders into the South and South Central sections of the United States to be pushed out an additional one to two weeks. “We’re seeing some adjustments arising out of last week’s weather with […]
It is my opinion the U.S. is entering a “super cycle” that will be good for the steel industry and could well keep steel prices above the historical $600-$650 per ton average on benchmark hot rolled coils. This does not mean prices won’t scale back once more supply comes into the market. I am of […]
Many buyers have been expecting lead times for deliveries of spot steel orders to begin shortening in response to added mill capacity and more import arrivals, but there’s no hint of such a change yet in Steel Market Update lead times data. In fact, SMU’s check of the market this week shows lead times for […]
Many buyers have been expecting lead times for deliveries of spot steel orders to begin shortening in response to added mill capacity and more import arrivals, but there’s no hint of such a change yet in Steel Market Update lead times data. In fact, SMU’s check of the market this week shows lead times for […]
Lead times for spot orders of cold rolled and coated products have now extended to more than 10 weeks, while lead times for hot rolled now exceed nine weeks, based on Steel Market Update’s check of the market this week. Despite widespread expectations that mill lead times are overdue to reverse course as supplies catch […]
It is my opinion the U.S. is entering a “super cycle” that will be good for the steel industry and could well keep steel prices above the historical $600-$650 per ton average on benchmark hot rolled coils. This does not mean prices won’t scale back once more supply comes into the market. I am of […]
As domestic hot rolled steel prices continue to soar upwards of $1,200 per ton, foreign steel imports continue to tempt U.S. buyers with potential discounts of 10% or more, according to Steel Market Update’s latest foreign versus domestic hot rolled steel price comparison. Foreign HRC prices are theoretically $131-$373 per ton cheaper than domestic steel […]
Stelco management presented an optimistic outlook for the Canadian mill in 2021. Fourth-quarter revenue rose 79 percent from the third quarter to CAD $424 million on higher steel pricing and increased volume. Shipments rose 46 percent sequentially to 489,000 net tons. Shipments are expected to jump another 35 percent in the first quarter of 2021. Stelco […]
Stelco management presented an optimistic outlook for the Canadian mill in 2021. Fourth-quarter revenue rose 79 percent from the third quarter to CAD $424 million on higher steel pricing and increased volume. Shipments rose 46 percent sequentially to 489,000 net tons. Shipments are expected to jump another 35 percent in the first quarter of 2021. Stelco […]