SSAB Americas will put in place a raw material surcharge (RMS) in response to skyrocketing raw material costs. The Mobile, Ala.-based steelmaker said the move was necessary because of “extraordinary market pressures brought on by recent global events,” in a letter to customers dated Wednesday, March 9. The global events in question are almost certainly a reference to […]
Hot-rolled coil prices are up an average up $50 per ton ($2.50 per cwt) this week, breaking a six-month trend of flat or falling prices. And that gain might prove modest compared to what’s in store in the weeks ahead. Why? Because the war in Ukraine has the potential to shock the steel market at […]
Steel mill lead times remain short, but yielded minor upward movements this week for most products, based on Steel Market Update’s latest check of the market. SMU’s data on mill negotiations shows buyers still have the upper hand. Buyers polled this week by SMU reported mill lead times ranging from 2-6 weeks for hot rolled, […]
February marked month six of declining steel prices, following a 12-month streak of continuous price increases. Hot rolled prices declined $215 per ton throughout the month, with the SMU index averaging $1,020 per ton at the end of February (recall our HR average this week declined another $20 to $1,000 per ton). The SMU Price Momentum Indicator for sheet products was […]
Sheet prices fell again this week. But price declines for hot-rolled coil have slowed, with HRC tags down $20 per ton ($1 per cwt) and coalescing around $1,000 per ton. While some mills were reported to be cutting deals as low as $900 per ton, others were said to be mulling price hikes. Cold-rolled and […]
Preliminary Census data shows that steel imports in January rose 7% month-over-month to 3.08 million net tons, the highest monthly level seen in the past two years. February import licenses through March 1 are currently at 2.20 million tons, a 29% decline from January and down 24% compared to December. Note that the latest U.S. […]
NIM Group has acquired Plateplus Inc.’s Windsor, Colo., plant, further expanding the product lines and processing capabilities of the family-owned network of service centers. “We are pleased to welcome the Windsor team to the NIM Group family,” NIM Group president and COO Arnie Robinson said. “This facility is a great fit to continue our growth and investment in the Western […]
By CRU Principal Analyst Matthew Watkins and Research Analyst Christopher Dix, from CRU’s Global Steel Trade Service, Feb. 28. Contributors Erik Hedborg, Dmitry Popov, Ryan McKinley and Clare Hanna. Following the escalation of the situation in Ukraine, we set out what positions Russia has currently in the export market through the steel value chain. In the short term […]
Evraz North America has seen no impact on its U.S. and Canadian operations or on its finances from sanctions rolled out following Russia’s invasion of Ukraine. Nor does the Chicago-based steelmaker expect any disruption as a result of the New York Stock Exchange (NYSE) and Nasdaq halting trading of U.S.-listed Russian companies, an Ervaz NA […]
Evraz does not expect to be hit by sanctions aimed at Russian banks and political elites after the country’s invasion of Ukraine, company executives said. But the situation is changing quickly, and it’s too soon to draw any firm conclusions, they said. “We believe it (sanctions) will not have a significant effect on the company,” […]
Editor’s note: 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. Before joining Metal Edge Partners, Bryan held a variety of commercial […]
Some North American flat-rolled steelmakers were silent when asked what the impact of the conflict between the U.S. and Russia might be on their operations. Others said their supply lines weren’t in the crossfire. One reason for the silence in some corners: Many rely heavily either on Russian slab or Russian or Ukrainian pig iron […]
JSW Steel (USA) and JSW Ohio’s lawsuit claiming Nucor, U.S. Steel and Cleveland-Cliffs conspired to stifle competition by denying semifinished steel slab to the company has been dismissed. The lawsuit, filed on June 8, 2021, in federal court in Houson, alleged that three of the largest American steelmakers formed a cartel and conspired to cause […]
Sheet prices fell hard again this week. Our average hot-rolled coil number now stands at $1,020 per ton ($51/cwt), down $60 per ton from last week and marking the lowest point for HRC prices since January 2021. Large buyers reported deals in the mid-$900s. Another notable trend: Prices for coated products led the way downward […]
Prices for steel sheet have fallen across the board since September of last year. But the pace of declines for hot-rolled coil has been much faster than for galvanized products. The result: Spreads between HRC prices and galv base prices – which have been at record levels since late last year – continue to widen. […]
Prices for steel sheet have fallen across the board since September of last year. But the pace of declines for hot-rolled coil has been much faster than for galvanized products. The result: Spreads between HRC prices and galv base prices – which have been at record levels since late last year – continue to widen. […]
Despite the fact that steel prices have plunged since last fall, industry sentiment has not fallen nearly as sharply and remains at a highly optimistic level – a positive sign for the first half of the year. Steel Market Update surveys buyers every two weeks and asks how they view their chances of success in […]
Steel mill lead times, which have shortened to near historical averages, are about as low as they will go and now register only minor movements up or down from week to week, based on Steel Market Update’s surveys of the market. Likewise, SMU’s data on negotiations between mills and buyers has reached a similar steady […]
Steel prices saw another big drop this week, taking the benchmark price for hot rolled below $1,100 per ton for the first time since January 2021. Cold rolled and coated products registered double-digit declines as well, while plate prices appear to be holding their own, according to Steel Market Update’s check of the market on […]
Flat Rolled = 56.1 Shipping Days of Supply Plate = 56 Shipping Days of Supply Flat Rolled U.S. service center flat rolled inventories fell from their December highs, though the seasonal pick-up in demand in January was weaker than expected. At the end of January, service centers carried 56.1 shipping days of supply on an […]
Imports of less-expensive sheet and plate products continued to arrive on U.S. shores at the end of 2021, but at a slower pace. December marked the first decrease in overall flat product imports in eight months, according to Commerce Department data. Driven by the need for buyers to find relief from inflated steel prices in […]
Ford, Toyota and Honda continued to see production disruptions at various factories due to ongoing protests by anti-vaxxers blocking the Ambassador Bridge, the busiest international border crossing in North America. The auto industry has struggled to get parts over the U.S.-Canada border as the protest by truck drivers at the bridge had entered its fifth […]
Total mill shipments of steel products rebounded in December to 8.985 million tons, a 7.8% increase over November’s 8.334 million tons, and the highest monthly total for 2021. Apparent supply saw a 5.0% boost in December, rising for the second straight month following repeated decreases in September and October. This analysis is based on steel mill shipment […]
December U.S. steel exports fell 10% from the month prior to 654,000 net tons, according to the latest U.S. Department of Commerce data. While the last few months have seen declining export levels, the 12-month moving average through December is now at a 33-month high. December exports are up 6% compared to levels one year […]
Algoma Steel Group swung to a profit in its fiscal 2022 third quarter thanks to steel prices rising faster than raw material and energy costs. The Sault Ste. Marie, Ontario-based sheet and plate producer also said that construction was underway for its transition to electric-arc furnace (EAF) steelmaking. All told, the company recorded net income […]
Final Census data shows U.S. steel imports fell 8% from November to December to 2.89 million net tons, the fifth highest monthly level in 2021. January import licenses through Feb. 7 are currently at 3.04 million tons, a 5% jump from December, but down 4% compared to November. Recall that total imports in September had reached a 28-month […]
Sheet prices continue to fall, but the pace of declines has moderated on the hot-rolled coil side. SMU’s average hot-rolled coil price now stands at $1,190 per ton ($59.50 per cwt), down $45 per ton from $1,235 per ton last week. This weeks’ drop was less than half the $100-per-ton decline recorded last week. And […]
We are but one week away from the start of the 33rd Tampa Steel Conference. When I checked registrations mid-week last week, we were just a few executives short of 400 attendees. I now anticipate we will exceed my original goal of 300-400 attendees, which would make this the best-attended in-person Tampa Steel Conference since […]
Plate prices have been remarkably steady in the face of sheet price declines of hundreds of dollars per ton. That trend probably can’t hold for much longer, and plate prices are overdue for a correction, according to market contacts and SMU data. For starters, look at the chart below: HRC prices have fallen from $1,600 […]
Steel mill lead times have shortened to what is considered nearly normal by historical standards, with hot rolled lead times below four weeks and cold rolled and coated around six weeks, plus or minus. In other words, the time it takes the mills to make steel and process orders can’t get much shorter. But the […]