When I started Steel Market Update in August 2008 and I began to look at steel prices, I did so from a different viewpoint than the indexes that already existed. Having just completed a 31-year career in selling flat rolled steel, I believed what was most important for steel buyers to understand was the range […]
Final Census data shows that finished steel imports rose 23% in March to 1.78 million tons, as more U.S. buyers sought relief from climbing domestic prices and limited supplies. This is the highest finished-steel import level seen since August 2019 when finished imports were 1.80 million tons. Total steel imports were 2.29 million tons in […]
With trading for May not quite finished this week, ferrous scrap prices appeared surprisingly strong, with obsolete grades up about $20/GT and prime grades moving sideways. Steel Market Update sources put the May price for shred in the range of $450-460 per gross ton, busheling at $590-600 per gross ton, and P/S at $440-445 per […]
SSAB Americas reported lower shipments of 480,000 metric tons in the first quarter of 2021 despite strong demand for heavy plate in North America. Due to weather issues in February and lower slab inventories at the beginning of the quarter, shipments fell 16% from the previous quarter and 9% compared to Q1 2020. Higher steel […]
Nucor has increased plate prices by $80-100 per ton ($4-5/cwt) along with the opening of its June order book. Nucor’s new ex-works base price for cut-to-length A36 plate is $1,220 per ton ($61/cwt), up from $1,140 per ton a month ago, according to letters to customers. The steelmaker’s new base prices for quenched-and-tempered Grade A514 […]
Nucor, SDI and Cliffs all announced earnings last week. All of the CEOs are quite bullish as all of their flat rolled mills are running at full capacity. And with pricing now in excess of $1,400 per ton for benchmark hot rolled, the mills are reporting record or near record quarterly profits for first-quarter 2021. […]
The United Steelworkers (USW) union and Allegheny Technologies Inc. (ATI) appear to be far from making a deal as a strike against the company enters its fourth week. The USW says ATI is under pressure because it finds itself unable to fulfill existing customer orders a result of the labor action. An ATI spokeswoman said the company is […]
Nucor posted its best quarter ever with net earnings of $942.4 million in first-quarter 2021. Net sales soared 33% to $7.02 billion in the quarter on higher steel prices and shipments. “The first quarter of 2021 was the most profitable quarter in our company’s history. We are clearly reaping the rewards from our prior investments […]
SSAB Americas aims to increase plate prices by at least $60 per ton ($3/cwt) on all new, non-contract orders effective immediately. The steelmaker’s price hike appears to be a leading move, according to market participants. The price increase applies equally to as-rolled mill plate, cut-to-length plate more than 72 inches wide, hot-rolled coils more than […]
My first job in the steel industry started in July 1977. I have been involved with the industry ever since. I’m coming up on 44 years in a few months. That either makes me old or wise…well, old anyway. What I can tell you is during those 44 years I have never seen a market […]
The headline price for hot rolled steel crested $1,400 per ton this week, according to Steel Market Update’s latest check of the market, surpassing a mark that few buyers ever expected to see in their careers. SMU pegs the current average hot rolled price at $1,410 per ton, but sources report offers as high as […]
Buyers of flat rolled and plate steels continue to complain of their inability to get enough steel in order to supply their customers. In the latest analysis conducted by Steel Market Update last week, 47% of the respondents to our survey reported they were unable to get enough supply. We have seen a small improvement […]
Buyers of flat rolled and plate steels continue to complain of their inability to get enough steel in order to supply their customers. In the latest steel market analysis conducted by Steel Market Update last week, 47% of the respondents to our survey reported they were unable to get enough supply. We have seen a […]
Steel Market Update’s Steel Buyers Sentiment Indexes show buyers still very optimistic about their prospects for the rest of the year despite lingering concerns over COVID-19 and the possibility of a sharp correction in record-high steel prices. Both Current and Future Sentiment Index readings are even more bullish than they were in the first quarter last year before […]
Steel Market Update’s Steel Buyers Sentiment Indexes show buyers still very optimistic about their prospects for the rest of the year despite lingering concerns over COVID-19 and the possibility of a sharp correction in record-high steel prices. Both Current and Future Sentiment Index readings are even more bullish than they were in the first quarter last year before […]
We understand at least one integrated steelmaker is approaching their spot customers with hot rolled base prices of $1,500 to $1,520 per ton. We are not aware of any buyers at this “suggested” HRC price level (it wasn’t that long ago that $1,300 was the “suggested” steel price). We concluded one of our SMU Flat […]
Flat Rolled = 41.4 Shipping Days of Supply Plate = 43 Shipping Days of Supply Flat Rolled U.S. service center flat rolled inventories remained very lean in March, as shipments were strong, but mills continued to run late on deliveries. At the end of March, U.S. service centers had 41.4 shipping days of supply of […]
Mill shipments of steel products fell 9.8% month on month in February, while apparent supply was down by 12.5% during the same period. This is the first noticeable decrease in both apparent supply and shipments of steel since the market reached bottom back in May 2020. Mill shipments were down by 13.1% year on year, […]
This report examines the import share of sheet and plate products. Imports’ share of total sheet product shipments was 14.0% in February, up from 9.7% in January. The increase corresponds to a simultaneous decrease in domestic shipments and a rise in imports. Domestics shipments in February totaled 3.84 million tons, the lowest mark since this […]
This report examines the import share of tubular and long products shipments. Imports’ share of total tubular products rose to 44.6% in February, up from 42.5% the month prior, but primarily due to a 9.7% decrease in domestic tubular shipments overall. Tubular imports decreased for the third consecutive month in February. Long products import market […]
Commented one steel buyer: “No spot supply + strong demand + record-low service center inventories = higher prices. It’s simple economics.” True to that equation, flat rolled steel prices continued their weekly ascent, rising by another $30-35 per ton, according to Steel Market Update’s latest check of the market. The benchmark price for hot rolled […]
After recovering 9% in January, U.S. steel exports rose 1% in February to 677,000 tons, according to recent U.S. Department of Commerce data. Of our six monitored product groups, the greatest month-over-month increase in exports went to cold rolled products, followed by hot rolled steel, while plate and other metallic coated exports declined. Total February […]
Final Census data shows that finished steel imports rose 15% in February to 1.45 million tons, as more U.S. buyers sought relief from climbing domestic prices and limited supply. This is the highest finished-steel import level seen since May 2020. Total steel imports were 1.90 million tons in February, down 22% month-over-month, due to January’s […]
Steel prices cannot rise indefinitely without hitting a ceiling at which they begin to erode demand. But respondents to Steel Market Update’s questionnaire this week report no signs of weakening demand so far. It appears there’s still some headroom for price increases, as most flat rolled and plate tags moved up another $10-25 per ton. […]
Looking for a Top… Looking for Steel…. As we conduct our analysis of the flat rolled and plate steel prices this week, we cannot help but notice the pace of increases has slowed…or is the slowing due to many mill order books being closed and having nothing new to offer. The availability of spot tonnage […]
Looking for a Top… Looking for Steel…. As we conduct our analysis of the flat rolled and plate steel prices this week, we cannot help but notice the pace of increases has slowed…or is the slowing due to many mill order books being closed and having nothing new to offer. The availability of spot tonnage […]
U.S. Secretary of Commerce Gina Raimondo announced two new initiatives the Biden administration is taking to advance its clean energy goals. They consist of offshore wind power generation and a data-sharing agreement between the National Oceanic and Atmospheric Administration (NOAA) and Ørsted Wind Power North America LLC, an offshore wind developer. The administration’s renewable resource […]
Former President Donald Trump overstepped his powers when he extended Section 232 tariffs to downstream products such as steel nails, a trade court ruled. The U.S. Court of International Trade made the decision on Monday, April 5, in favor of the plaintiff in the case, PrimeSource Building Products Inc., and against the defendant, the United […]
The prevailing sentiment among steel buyers remains as steadfastly positive as steel prices are steadfastly high. Steel Market Update’s Steel Buyers Sentiment Index saw only minor changes since SMU’s last check of the market. Every two weeks, SMU asks buyers how they view their company’s chances for success in the current environment, as well as […]
Buyers continue to express frustration over the hugely extended lead times for delivery of steel from the mills. One respondent to Steel Market Update’s questionnaire this week described lead times as “late, late and late. That goes for imports, too.” Added another: “Lead time is not the issue. If they deliver 2-6 weeks late, the […]