Imported sheet and plate products’ arrival at US ports declined in December, leading their share of the US markets to edge lower, while domestic shipments gained ground 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 […]
Total US mill shipments of steel products declined in December, easing for the second straight month after fluctuating up and down for much of the year. December was the lowest mill shipment total for 2022, falling to the lowest total since February 2021. Shipments totaled 7.27 million tons in December, a 1% decrease from November’s 7.34 […]
Sheet prices increased this week as another blitz of price hikes – this time $100 per ton ($5/cwt) – spurred the market higher. The latest announcements from the likes of Nucor, Cliffs, US Steel, and ArcelorMittal, all setting a new base price for hot band of $1,000 per ton, are yet to be reflected in […]
Sheet prices continue to push higher even as buyers contacted by Steel Market Update remain divided about the state of demand. Hot-rolled coil lead times now stand at 5.41 weeks, up from 4.94 weeks in our prior survey and marking the first time this year that HRC lead times have broken out significantly above five […]
Algoma Steel has installed the first structural steel columns this week at its electric-arc furnace (EAF) steelmaking facility in Sault Ste. Marie, Ontario. The Canadian steelmaker said that on-site assembly of the structure is targeted for completion within the year. The company partnered with Hamilton, Ontario-based Walters Group Inc. in fabricating and erecting the main EAF […]
Nucor Corp. will again keep plate prices unchanged with the opening of its April order book. The steelmaker has now repeatedly maintained its plate tags since its sharp price cut in late November when it lowered plate prices by $140 per ton ($7 per cwt). The Charlotte, N.C.-based steelmaker said the move was effective on […]
The percentage of steel buyers polled finding mills willing to negotiate prices has sunk back below 50% this week, according to SMU data. No product surveyed exceeded 50%, with Galvalume the only product to hit the 50% mark. Every two weeks, SMU asks hundreds of steel buyers: Are you finding domestic mills willing to negotiate spot pricing […]
Steel mill lead times, following recent pricing moves, have pushed upwards, according to SMU’s latest market survey. SMU’s hot-rolled lead time is approximately 5.4 weeks, up from 4.9 weeks at our last check of the market two weeks ago. The result is notable because lead times have been just below five weeks since the beginning of […]
Reliance Steel & Aluminum Co. saw its best financial performance in 2022 on record-breaking sales of $17.03 billion, nearly 21% above 2021. The results were achieved “across nearly every metric during a period of continued metal price volatility and broader economic uncertainty,” Reliance president and CEO Karla Lewis said in earnings commentary released on Thursday, Feb. 16. […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com Flat Rolled = 52.9 Shipping Days of Supply Plate = 45.8 Shipping Days of Supply Flat Rolled US service center flat-rolled steel supply in January reflected typical […]
Sheet prices rose again this week as a blitz of $50-per-ton ($2.50/cwt) price hikes spurred the market higher. Steel Market Update’s hot-rolled coil price now stands at $825 per ton, up $15 per ton from last week and nearing the highest levels we’ve seen since late July. The difference: HRC prices were on their way […]
Algoma Steel said lower production volumes and steel selling prices, as well as the jump in the price of key inputs, hit its fiscal Q3 earnings as the company swung to a loss. The Sault Ste. Marie, Ontario-based steelmaker posted a net loss of Canadian $69.8 million ($52.3 million USD) in its 3Q ended Dec. […]
US steel exports decreased in December compared to November, according to the latest US Commerce Department data. December’s exports total stood at 592,060 tons vs. 697,447 tons the previous month. December was the lowest volume month for 2022. In comparison to recent years, export levels were relatively high for the majority of 2022. Of our six monitored product groups […]
The Covid-19-related shutdowns and subsequent supply chain disruptions emphasized the importance of onshoring. Geopolitical uncertainty, the war in Ukraine, and recent sovereign security issues, have added to global supply chain concerns. In the US, new legislation, the IRA, USMCA, and Build Back Better have focused on securing and bolstering North American manufacturing conditions. The task […]
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 […]
Preliminary Census data indicate that steel imports will have totaled 2.48 million net tons for the month of January. While up nearly 13% from the prior month, January levels are still down more than 3% compared to the previous 12-month average. Recall that monthly import levels declined nearly 17% month on month (MoM) in November, […]
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 […]
Steel mill lead times have remained flat despite rising prices, according to SMU’s latest market survey. SMU’s hot-rolled lead time is approximately 5 weeks, unchanged from our last check of the market two weeks ago. Cold-rolled lead times remained at roughly 6.6 weeks, similar to two weeks ago. Galvanized inched up to 6.3 weeks from 6.1 weeks. […]
The percentage of steel buyers polled finding that mills are willing to negotiate prices rebounded above 50% this week vs. two weeks ago, according to SMU data. Of the products surveyed, plate notched the only decrease in mills willing to talk price, falling to 30% compared with 63% at the last market check. Every two […]
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 […]
The big story of the new year continues to be the run-up of the regional Midwest premium (MWP). As January comes to an end, the MWP sits just over $0.30/lb, or almost 50% higher than December’s price. A return of market activity in general has pushed the premium back up closer to replacement cost levels. […]
Strong plate prices and a stronger US dollar helped SSAB Americas record higher earnings in the fourth quarter vs. the same quarter in 2021. But Swedish parent company SSAB said plate prices have decreased from previous high levels. “We saw that prices decreased somewhat in Q4 from very high levels, but all in all, 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 […]
Nucor Corp. will keep plate prices unchanged with the opening of its March order book. The steelmaker has now maintained its plate tags since its sharp price cut in late November. The Charlotte, N.C.-based steelmaker said the move was effective on Jan. 26, according to a letter to customers. Published adders and extras will continue to […]
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 […]
Preliminary Census data indicate that steel imports totaled 2.24 million net tons for the month of December. This is up 11% compared to November, a slight rebound month on month (MoM) after recording the lowest level since February 2021 the month prior. Import levels had been gradually falling since reaching a 26-month high in March […]
JSW Steel USA operating results were mixed in its fiscal third quarter of 2023, with operations at Mingo Junction, Ohio, posting a decline, while the Baytown, Texas, plate and pipe mill improved in the quarter vs. the previous year. Mingo Junction swung to a loss on EBITDA of $22.77 million in its third quarter ended […]
US steel export volumes remained relatively flat in November compared to October, according to the latest US Commerce Department data. November’s exports total stood at 697,447 tons vs. 697,399 tons the previous month. October remains the lowest volume export month for 2022. In comparison to recent years, export levels had remained high for the majority of 2022. Of our six monitored […]