Total Canadian steel shipments for all products in February were 365,700 net tons, a decrease of 11.2 percent from the month before and a decrease of 7.8 percent from February 2017. Do keep in mind that total January shipments were at an 18 month high. Total steel inventories at the end of the month stood […]
Nucor Corporation increased its earnings guidance for first quarter 2017 to $1.10-$1.15 per diluted share, more than double its consolidated net earnings of $0.50 per diluted share in fourth quarter and well above analyst consensus of $0.69 EPS. Increased profitability is due to stronger performance of Nucor’s sheet and plate mills. Nucor said in its […]
A quick note about our galvanized index: Effective today we are adjusting the coating extra being used on our .060” G90 galvanized benchmark items from $69 per ton to $78 per ton. We are continuing to use the US Steel extra for guidance. So, the change that you see in our G90 item is a […]
Flat rolled steel prices are reacting to the two $30 per ton price announcements made by the domestic steel mills over the past month. The culprit (or scapegoat depending on your perspective) has been the rapid rise in ferrous scrap prices which are the primary inputs for electric arc furnace (EAF) steel mills and is […]
Ryerson Holdings saw a challenging year in 2016 with demand contracting but pricing improving. CEO Edward Lehner noted, “Carbon steel prices recovered from decade lows at the end of 2015, peaked in June of 2016, and deflated again in October of 2016 before starting in upward trajectory that has continued into the first quarter of […]
Flat rolled prices have begun to move higher based on the most recent analysis of the steel price indexes from last week that are followed by Steel Market Update (SMU). Benchmark hot rolled prices were up $10 per ton on our own index while Platts took their average up $7.50 per ton by the end […]
Licensed data for February was reported by the Steel Import Monitoring System of the US Commerce Department on March 7th. An explanation of the methodology that we at SMU use to analyze the trade data is given at the end of this piece. All volumes in this analysis are reported in short tons. Total rolled […]
On Friday of last week Nucor Plate Mill Group announced a $30 per ton price increase on carbon and alloy plate and $50 per ton on heat-treated plate. The increase was to be effective immediately. Today, ArcelorMittal USA also followed the Nucor lead with an increase of their own. A Nucor plate customer told SMU […]
An antitrust lawsuit filed by indirect steel purchasers against ArcelorMittal USA, US Steel and other steel mills was dismissed in the US District Court of Northern Illinois last week. In 2008, Supreme Auto Transport LLC, based in Michigan, filed a complaint alleging that ArcelorMittal and others were among a group of steel producers who schemed […]
Flat rolled steel prices rose this past week on every item with the exception of the SteelBenchmarker hot rolled index. Steel Market Update (SMU) saw benchmark hot rolled as up $25 per ton to $625 per ton. Platts moved up $5 per ton to $630 per ton and SteelBenchmarker, who reports prices twice per month, […]
The U.S. International Trade Commission issued two new final determinations on Wednesday related to imports of steel products from China. The ITC determined that the U.S. industry is materially injured by the imports of carbon and alloy steel cut-to-length plate from China. Countervailing subsidy rates of 251.00% and antidumping margins of 68.2 percent will be […]
On Tuesday, the U.S. Department of Commerce released Preliminary Census Data for January showing steel imports were just shy 2.8 million net tons for the month (2,769,215 tons). The February license data, which was also updated through the last day of February was down slightly from the January levels at 2,614,907 net tons. Of interest […]
Steel Market Update (SMU) has adjusted our Price Momentum Indicator to reference spot prices as moving higher from this point over the next 30 days. Our decision to move our indicator is due to the continued high prices for steel mill inputs, such as 62% Fe iron ore fines in China being sold at $91.50/dmt […]
The rumors about March ferrous scrap prices have been flying ever since prices rebounded early in February from the initial down $10-$30 per gross ton we saw in the early negotiations. As the month of February continued scrap prices rebounded and, in some cases, returned to levels seen in January. As we prepared for March […]
A number of steel mills increased flat rolled steel prices, or provided price guidance higher than what was being collected in the spot markets, this past week. Steel buyers are telling SMU that there is a good chance the erosion of steel prices will cease because of these moves by the domestic steel mills. Steel […]
January service center shipments were exceptional. There are times when we wish we weren’t so hung up on three month moving averages and this is one of them. Daily shipments increased by 29.9 percent from December. Since 2009 on average, January has increased 8.1 percent hence our enthusiasm for the latest data. Carbon steel shipments […]
Flat rolled steel spot prices have recently given back some of the gains made since the first price announcements were announced by U.S. steel mills in late October. In the past 13 weeks flat rolled prices increased by $160 per ton or more depending on product and the starting point for any specific steel buyer. […]
Buyers and sellers of flat rolled steel continue to fly high and are optimistic about their company’s ability to be successful both in the existing market environment (Current Sentiment) as well as looking out three to six months into the future (Future Sentiment). Both Current Sentiment and Future Sentiment set record highs based on the […]
The Metal Service Center Institute (MSCI) released shipment and inventories data for the steel service centers located in the United States. They reported higher shipment rates coupled with lower flat rolled inventories (higher overall for all products) which is very supportive for prices to tighten over the next 30 days. U.S. steel service centers (all […]
Total Canadian steel shipments for all products in January were 411,800 net tons, an increase of 42.0 percent from the month before and an increase of 5.7 percent from January 2016. Total steel inventories at the end of the month stood at 1,178,200 tons, up 0.6 percent from last month but down 5.8 percent from […]
SSAB Americas posted strong sales and shipments in fourth quarter 1016. The segment, which includes the mills located in Mobile, Alabama and Montpelier, Iowa, shipped 502,000 tonnes in Q4, up 19 percent from the previous quarter and 15 percent from Q4 2015. Sales totaled SEK 2,825 million ($318 million), an increase from third quarter and […]
We saw some “minor” slippage in flat rolled steel pricing this past week. When reviewing Platts (SteelBenchmarker did not report prices this past week) and our own steel indices we saw movement in hot rolled, cold rolled as stable, movement in galvanized and Galvalume and plate were stable. Hot rolled prices were down $10 per […]
Licensed data for January was reported by the Steel Import Monitoring System of the US Commerce Department on January 7th. An explanation of the methodology that we at SMU use to analyze the trade data is given at the end of this piece. All volumes in this analysis are reported in short tons. Total rolled […]
December steel exports totaled 726,847 net tons (659,385 metric tons), down 0.3 percent over November but up 0.2 percent from December 2015. This is the lowest export level seen since December 2015 when 658,362 tons were exported. Total December figures are below the thee month moving average (average of October, November, and December 2016 figures) […]
The U.S. Department of Commerce provided updated license and census data which indicates foreign steel imports are trending lower. December imports of foreign steel are totaling 2,685,641 tons while January is trending toward 2.7 million tons based on license data through the end of the month. Items that are trending lower are: Semi-finished steels of […]
Flat rolled steel prices may have peaked based on the results of the two steel indexes followed by Steel Market Update who reported flat rolled steel prices this past week. Platts reported prices as remaining the same on all flat rolled products but up $40 per ton on plate. Steel Market Update (SMU) collected data […]
US Steel said it is prepared to provide steel for the pipeline projects recently approved by the Trump administration. “The American manufacturing base on steel is fully prepared to supply what is needed for the pipelines and for the general infrastructure projects that are certainly going to come,” US Steel CEO Mario told CNBC in […]
Nucor Corporation plans to help the new administration bring manufacturing back to America. It is off to a good start by posting solid earnings results for fourth quarter 2016. Nucor announced consolidated net earnings of $159.6 million for fourth quarter 2016 compared to $305.4 million in third quarter and a loss of $187.5 million a […]
December service center daily shipments declined by 13.1 percent from November, a non event because since 2009 on average December has declined by 13.2 percent. Carbon steel shipments decreased by 369,100 tons, the number of shipping days was unchanged at 21, and tons per day (t/d) shipments decreased by 17,600 tons. Inventories at 6,754,200 tons […]
Flat rolled steel prices were essentially unchanged on the Platts and SMU indexes while SteelBenchmarker, which only produces their indices twice per month, played catch up. The three steel indexes agreed that benchmark hot rolled coil was averaging $630 per ton ($629 was the average of the three indexes) or $31.50/cwt. Cold rolled was unchanged […]