Steel buyers found mills slightly more willing to negotiate spot prices this week, according to our most recent survey data. Though this negotiation rate has ticked up vs. our previous market check, overall rates have been trending downward since July’s highs.
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil increased $15 per short ton (st) from last week to $710/st.
Steelmaking raw material prices have moved in differing directions across August, a change of pace from the declines seen in June and July, according to SMU’s latest analysis.
US hot-rolled (HR) coil prices continue to inch up and are now roughly even with prices for offshore material on a landed basis. The closing of the gap between cheaper US prices and more expensive import tags was driven by improving domestic prices on the heels of firmer US mill offers. SMU’s check of the […]
Cleveland-Cliffs aims to fetch $730 per short ton (st) for hot-rolled coil, up $30/st from its last published price. The steelmaker said the move was effectively immediately and “due to ongoing market developments” in a letter to customers on Wednesday, Aug. 21.
Sheet prices trended sideways to modestly up this week in a market that appears to be in “wait-and-see” mode.
Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $695 per short ton (st), up $5/st from last week.
Three out of four of our market survey respondents report that steel mills are open to negotiating new order prices this week, a slight decline compared to our previous market check.
This Premium analysis covers North American oil and natural gas prices, drilling rig activity, and crude oil stock levels. Trends in energy prices and rig counts are an advanced indicator of demand for oil country tubular goods (OCTG), line pipe, and other steel products.
US hot-rolled (HR) coil prices are nearly even with prices for offshore material on a landed basis as domestic tags continue to inch up.
SMU’s sheet prices increased across the board this week, marking the third consecutive week of rising prices, while plate prices held stable.
The countdown is on! In less than two weeks, we’ll kick off the 2024 SMU Steel Summit. This year is poised to be the best attended yet. More than 1,350 delegates have already registered – so we’re within sight of last year’s record number of nearly 1,450. I’m looking forward to learning from executives across […]
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil is unchanged from last week at $690/ton.
I asked in a prior Final Thoughts where some of you thought Nucor’s weekly spot HR price would land. One opinion: $720 per short ton (st). That would allow the Charlotte, N.C.-based steelmaker to one up competitor Cleveland-Cliffs and to re-establish its position as a market leader.
US hot-rolled (HR) coil remains cheaper than offshore material on a landed basis despite domestic tags inflecting upward lately. But the spread between domestic and foreign HR has tightened on the heels of price hikes by US mill over the past two weeks. (Visit SMU’s price increase calendar to keep track of the latest mill price announcements).
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.
SMU’s sheet prices rose by an average of $10 per short ton (st) this week on most products, the second consecutive week of recovering prices. Aside from the marginal uptick seen last week, this is the first instance of increasing sheet prices since the first week of April.
Nucor intends to keep plate prices unchanged with the opening of its September order book, according to a letter to customers dated Tuesday, Aug. 6.
SMU’s Monthly Review articles summarize important steel market metrics for the prior month. Our July report contains figures updated through July 31.
Steel buyers of sheet products say mills are still flexible on spot pricing this week, though less so than two weeks prior, according to our most recent survey data.
The premium between US hot-rolled (HR) coil and offshore hot band prices narrowed this week as it appears domestic tags might have reached a bottom.
What a difference a week makes! SMU has shifted its sheet momentum indicators from “lower” to “neutral”. And we’ll be on the lookout for evidence of higher prices in the weeks ahead.
SMU’s sheet price was largely flat this week, an unusual sight for the better part of the past four months. The same trend was seen for tandem products and plate as well.
Nucor has raised its consumer spot price (CSP) for hot-rolled (HR) coil to $675 per short ton (st), up $25/st from last week.
Nearly 1,200 people have registered for SMU Steel Summit, which is less than a month away now. That means we’re still on pace to meet or exceed last year’s record attendance despite a tough flat-rolled steel market over the last few months. So, a big thank you to everyone who already plans to go for your continued support. If you haven’t booked travel yet, don’t miss out on one of the greatest shows in steel – register here. (You can also check out the latest agenda here.)
A roundup of aluminum news from CRU.
Both iron ore and coking coal prices fell this week because of resistance from buyers. Iron ore prices have continued to fall throughout the past week, following sharp declines in steel prices in China, given no new policy announcement from the ‘Third Plenum’ meeting.
The prices for the July market weren’t settled until July 8 and now we are approaching the formation of the August market.
Cleveland-Cliffs announced on Friday that it would seek $670 per short ton (st) for hot-rolled (HR) coil. The steelmaker said the move was effectively immediately. It coincides with the opening of the company’s HR order book for September.
SMU has heard from some larger buyers who have stepped back into the market to buy at prices that, if not at a bottom, they assess to be close to one. Is it enough to stretch out lead times and send prices upward again? Or do we continue to scrape along the mid-$600s per short ton (st) as we have been doing for most of the last month?