Sheet prices continued to tread water this week, with modest declines in hot-rolled coil and galvanized base prices offset in part by minor gains in cold-rolled coil and in Galvalume. Plate prices were also flat, following declines in prior weeks, on the heels of Nucor on Monday announcing unchanged pricing for discrete plate. Our benchmark […]
Steel service center Willbanks Metals Inc. is expanding in Fort Worth, Texas. The company recently purchased property across the street from the current location of its headquarters and flat-rolled steel sheet and plate service center, allowing it to expand with a new Red Bud stretcher leveler and additional processing equipment. “We are thrilled to continue […]
Nucor Corp. aims to hold plate prices steady with the opening of its November order book. The Charlotte, N.C.-based steelmaker said the flat pricing would be effective Tuesday, Oct. 4. “We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both […]
Metals supplier Alro Steel has completed the acquisition of Access Metals, a service center and supplier located in Essex, Md. Effective Sept. 30, the purchase allows Alro to continue growing its customer base. Access Metals caters to small-purchase customers, both from the public and within the manufacturing, machining, and fabricating industries. “Alro shares my philosophy […]
Our most recent lead time data is flashing a clear warning signal when it comes to plate prices, and so too are plate prices abroad – which in theory offer massive discounts to domestic numbers. Let’s start with plate lead times, which we released today along with lead time figures for sheet products. Plate lead […]
Steel mill lead times shrunk across the board this week, with the processing time narrowing for all five products we track. SMU’s latest lead times analysis shows that production times on hot rolled, galvanized, and plate products declined 0.1–0.3 weeks compared to our previous check on the market, while cold rolled and Galvalume lead times […]
The power position in price negotiations between steel mills and steel purchasers has seen a complete turn around in the past six months, transitioning from a seller’s market in March and April to a strong buyer’s market today. According to our latest steel market survey, the percentage of buyers reporting that mills are willing to […]
The US Department of Commerce has issued its final determinations in the trade case investigating the dumping of OCTG imports from Mexico, Argentina, and Russia, and the subsidization of OCTG from Russia and South Korea. The investigations include both welded and seamless OCTG. Antidumping Case In the final results of the case investigating Mexico, Commerce […]
Canadian flat-rolled steelmaker Algoma Steel Inc. expects results for its fiscal 2023 second quarter to be down significantly compared to prior quarters because of operational challenges, declining shipments, and lower prices. In its latest earnings guidance, the Sault St. Marie, Ontario-based company said it expects fiscal ’23 Q2 adjusted earnings before interest, taxes, depreciation, and […]
Prices for steel sheet remained mostly flat again this week, up or down modestly depending on the product. Hot-rolled coil was up $5 per ton ($0.25 per cwt), cold-rolled was down $10 per ton, and both galvanized and Galvalume base prices were down $5 per ton. What we’ve seen for the last month is an […]
Preliminary US Census Bureau data indicates that steel imports will have totaled 2.51 million net tons during the month of August. This is down 6% from the prior month and potentially the lowest monthly rate seen since February of this year. Recall that monthly import levels also declined 6% from June to July. August figures […]
Altos Hornos de México (AHMSA) has restarted its electric arc furnace (EAF) in Monclova, Coahuila, which had been down since July due to a failure at its electrical substation. Work to repair the substation was slowed by difficulties in sourcing the right equipment, which in turn delayed the restart of the EAF, according to a […]
Well, I guess it’s the official outage and idling season. In the month of September alone we’ve confirmed a half dozen or more maintenance outages (some pulled forward) and temporary idlings. Why? It sure looks like some steelmakers are trying to deal with declining demand and uncertain market conditions. The hope? Somewhat of a stopgap measure […]
Earlier this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. We are sharing the comments we received in each buyer’s own words, rather than summarizing them in ours. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com to be […]
Total mill shipments of steel products were largely sideways in July, up marginally when compared to June. Mill shipments have been fluctuating up and down all year with little consistency. July’s mill shipments totaled 8.11 million tons, a 0.3% increase from June’s 8.09 million tons. Apparent supply also saw a slight gain in July, up just 1.1% […]
Imported sheet and plate products arrived at US ports at a slower clip in July, resulting in them accounting for a lower share of the domestic market, according to US Commerce Department data. Imports’ share of US sheet and plate markets peaked in December, with sheet reaching its highest level in the past 4.5 years. The trend […]
NLMK USA has planned a roughly month-long outage for upgrades to its electric-arc furnace (EAF) sheet mill in Portage, Ind. The work is scheduled for October and November and will be focused on enhancements to the plant’s melt shop and hot strip mill, a company spokesman said. NLMK USA in emails to customers specified the […]
Nucor Corp. is pursuing LEED v4 for Building and Design certification for its new plate mill in Brandenburg, Ky. With categories of sustainable performance and climate change, and third-party transparency and reporting requirements, the certification is even more rigorous than previous LEED rating systems, the Charlotte, N.C.-based steelmaker said in a press release. “Sustainability has […]
Sheet prices drifted sideways to down this week, while plate prices fell substantually following the Nucor price decrease announcement on Monday. SMU’s hot-rolled index eased an average of $15 per net ton this week to $770 per ton. This is now tied with our late August price for the lowest HRC price seen since November […]
US plate prices fell this week, responding to Nucor’s latest price announcement on Monday, Sept. 19. Price tags remain under pressure and further declines are expected through the fourth quarter as spot demand is likely to remain limited. But few expect Nucor’s latest plate price announcement to generate any immediate business, sources told SMU, speculating […]
Earlier this week, SMU polled steel buyers on a variety of subjects including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. We are sharing the comments we received in each buyer’s own words, rather than summarizing them in ours. We want to hear your thoughts, too! Contact Brett@SteelMarketUpdate.com to be […]
Nucor Corp. is significantly lowering plate prices effective immediately, largely impacting its November plate order book. The Charlotte, N.C.-based steelmaker said discrete plate prices, as well as prices for normalized plate, will be $120 per ton ($6 per cwt) lower. Prices for certain cut-to-length items are unchanged from its Sept. 2 price announcement. “We reserve […]
Has the US steel market reached another downward inflection point? I ask because our survey data has turned a little bearish following an upsurge in sentiment that, in retrospect, might have crested not long after Steel Summit. It wouldn’t be the first time that we saw post-conference euphoria in late August fizzle out in September. Last […]
SSAB Americas is forging ahead to show customers, the government, and other stakeholders that it is serious about sustainability and achieving its ultimate goal of “net zero” emissions. The flat-rolled steelmaker recently released Environmental Product Declarations (EPDs) for its steel plate and coil products that show it is well ahead not just of others in […]
Flat Rolled = 53.9 Shipping Days of Supply Plate = 59.4 Shipping Days of Supply Flat Rolled US service center flat rolled inventories edged down month on month in August, though the amount of material on order spiked, according to Steel Market Update data. At the end of August, service centers had 53.9 shipping days […]
To stimulate the development of low-carbon, made-in-America materials, the Biden administration has announced new activities under the Federal Buy Clean Initiative. An announcement made by the White House on Sept. 15 in Toledo, Ohio, noted that the Federal Government will prioritize the purchase of essential low-carbon construction materials, covering 98% of materials purchased by the […]
Steel mill lead times were overall flat this week, with the processing time for some orders slightly extending and others shrinking. Hot rolled and Galvalume lead times increased compared to our previous market check, while cold rolled, galvanized, and plate lead times slightly declined. On average this week, lead times were unchanged compared to two […]
The percentage of buyers reporting that mills are negotiable on new order pricing grew this week. According to our latest steel market survey this week, the majority of the steel executives polled reported that mills are willing to talk price to secure an order. A high willingness to negotiate has been evident in each of […]
Nucor Corp., the largest steelmaker in the US, expects lower sequential results for its third quarter ending Oct. 1. The Charlotte, N.C.-based steelmaker expects earnings of $6.30 to $6.40 per diluted share in Q3, according to earnings guidance figures released on Wednesday, Sept. 14. That’s down from the record of $9.67 per diluted share in […]
Sheet and plate prices continued to drift sideways this week as steel mills attempt to hold the line despite weak signals from the scrap market. Mills are more unified in trying to hold the line around $800 per ton ($40 per cwt) on hot-rolled coil following deep discounting ahead of announced price increases last month. […]