Another month for hot-rolled (HR) coil, and another disappointing one for the bulls. They are still holding onto hope that the bottom is here and still pointing to an imminent uptick in HR prices.
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.
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.
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.)
GrafTech cited a “challenging” part of the business cycle as its net loss widened in the second quarter.
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?
Reliance Inc. said a faster-than-expected decline in carbon steel prices offset higher shipments in the second quarter.
Nucor has lowered the 2024 production estimate for its Brandenburg, Ky., plate mill due to soft market conditions.
Galvanized prices have fallen precipitously from a month ago, though many market participants think a bottom is in sight.
On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.
Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.
SMU’s sheet price ranges slid again this week. But the declines were more pronounced on tandem products whereas prices for hot-rolled coil held roughly steady.
Cleveland-Cliffs’ earnings tumbled in the second quarter as the company cited weak demand and pricing.
Nucor kept its consumer spot price (CSP) for hot-rolled (HR) coil unchanged at $650 per short ton (st) this week. HR prices for CSI, the company's sheet subsidiary in California, held steady at $720/st. Note that sheet prices on the West Coast are typically higher than those east of the Rocky Mountains.
They say a picture is worth a thousand words. Well, when you add in some commentary from respected peers in the steel industry to those pictures, that may shoot you up to five thousand words, at least. In that spirit, we’ve added some snapshots from our market survey this week, along with some comments from market participants.
SMU’s Steel Buyers’ Sentiment Indices both saw improvement this week. Current sentiment ticked higher but remains near the four-year low seen earlier this month. Future Sentiment continues to indicate that buyers are optimistic for future business conditions.
The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, or if your […]
Operating income from Steel Dynamics Inc.’s (SDI) recycling operations clocked in higher in the second quarter than in the first on increasing volumes and despite lower realized pricing. Recycling operations brought in $32.1 million, an increase over $22.6 million in Q1, but lower than the $40.3 million last year, the Fort Wayne, Ind.-based company said […]
I thought we’d have more clarity this week on Section 232, Mexico, and a potential carve-out for steel melted and poured in Brazil. As of right now, the only official comment I have is from the Office of the United States Trade Representative (USTR).
Sheet steel buyers continue to report that mills are willing to talk price on new orders, according to our most recent survey data collected this week.
Steel Dynamics Inc.’s (SDI’s) earnings slid in the second quarter, but the company's top executive believes steel tags are set to rise.
The spread between hot-rolled coil (HRC) and prime scrap prices narrowed for the third consecutive month, hitting a level not seen since 2020, according to SMU’s most recent pricing data.
SMU’s hot-rolled coil price fell to $640 per short ton (st) on average on Tuesday. That’s down $10/st from last week and marks the lowest point for HR prices since December 2022, according to our pricing archives. SMU’s HR price is now $5/ton below 2023’s low of $645/st, which occurred against the backdrop of a United Auto Workers (UAW) union strike.
Scrap prices came in mostly sideways in July, with prime scrap prices edging down while shredded and HMS tags ticked up slightly, scrap sources told SMU. They believe a bottom has been reached in the market.
Two veteran investment bankers joined SMU's Community Chat on Wednesday, July 10, to talk consolidation and M&A in the metals industry.
A month ago, when we last presented this column, there was a surprising amount of optimism in the presumably imminent reversal of the downtrend in hot-rolled steel prices in the second half of this year.