A clear consensus has emerged among respondents to SMU’s latest steel market survey that hot-rolled (HR) coil prices will bottom this month or in April. Seventy-five percent of respondents to our latest survey think that prices will find a floor before May as the chart below shows:
SMU’s Current Steel Buyers’ Sentiment Index eased to an eight-week low, according to our most recent survey data.
The Mid-American ISRI Chapter held its annual meeting in St. Louis this month. Over the years, this event has become a “must attend” for the scrap community nationwide.
Steel Market Update’s Steel Demand Index has moved lower, having remained in contraction territory for the better part of the past two months, according to our latest survey data.
SMU’s Current Steel Buyers’ Sentiment Index was flat this week, while the Future Sentiment Index slipped, according to our most recent survey data.
The LME 3-month price was broadly stable again on the morning of Feb. 16, and was last seen trading at $2,230 per metric ton (mt). On Feb. 16, LME stocks were reported at 534,925 mt, an increase of nearly 10,000 mt from last Friday. The change comes after 15,125 mt of metal was delivered into […]
Steel prices stabilized in early January before they began to inflect lower midway through last month. Tags peaked at $1,045 per short ton (st) during the first week of January, even as some mills tried to push prices higher, to no avail. Hot-rolled coil (HRC) prices ended January at an average of $1,000/st, declining by $45/st during the month.
Consumer confidence in the US rose in January and accelerated to a two-year high, The Conference Board reported. Results came amid slacking inflation and expectations that the Federal Reserve could soon start cutting interest rates. The headline Consumer Confidence Index rose to 114.8 in January from a downwardly revised 108.0 in December. The index, which […]
The US Midwest premium was flat week over week (w/w) at 18.8–19.4¢/lb. Again, the premium has exhibited remarkably low levels of volatility and has yet to react to news in the geopolitical or macroeconomic spaces.
SMU’s Current Steel Buyers Sentiment Index edged down this week, while the Future Sentiment Index remained flat, according to our most recent survey data.
What a difference a few weeks make…. As this is our first column after the new year, it is quite interesting to observe how different the steel world looks at the end of January vs. the end of December.
This week Magnitude 7 Metals issued a statement to announce the curtailment of its New Madrid smelter in Marston, Mo. The plant, one of only five remaining primary smelters in the US, employs approximately 450 union workers. With over 275,000 metric tons (mt) of capacity per year, New Madrid is the second-largest plant by capacity […]
This latest SMU steel market survey is a snapshot of a sheet market inflecting lower. A significant 43% of survey respondents said that the hot-rolled (HR) coil market has already peaked. Compare that to only 8% when we released our last steel market survey on Jan. 5.
SMU’s Current Steel Buyers Sentiment Index jumped this week, while the Future Sentiment Index remained flat, according to our most recent survey data.
After a holiday period that saw HR futures volumes somewhat muted in December, the first week of January brought with it increased interest reflected in higher volumes.
I expected that we’d start off January with prime scrap prices modestly up if for no other reason than industrial activity typically slows down over the holidays. And mills’ appetite for scrap typically increases in anticipation of stronger Q1 order activity.
Steel prices continued to move higher last month on the back of repeated mill price increases after tags reached a 2023 low of $645 per ton in late September. Hot-rolled coil (HRC) prices ended December at an average of $1,035 per ton ($51.75 per cwt), rising by $112 per ton during the month.
SMU’s Buyers Sentiment Indices both fell this week, with current sentiment taking a large dive to begin the new year, according to our most recent survey data.
Steel Market Update’s Steel Demand Index declined, falling back into contraction territory after a very short-lived gain just two weeks ago, according to our latest survey data.
We started 2023 with HRC spot pricing around $700 per ton and the third-month future (March ‘23) trading at $800/ton. That same future eventually settled at $1,059/ton - a $259/ton swing. Today, spot pricing is just shy of $1,100/ton for HRC, and the third-month future (March ‘24) settled at $1,091/ton. The clear takeaway: a lot can change over three months. And while future contracts are a valuable tool for hedging, they are a terrible predictor of price.
SMU’s Current Buyers Sentiment Index inched up this week, while the future index edged down, based on our most recent survey data.
Steel Market Update’s Steel Demand Index has moved into growth territory, but barely, after recovering slightly from our reading in late November, according to our latest survey data.
SMU’s Current and Future Steel Buyers Sentiment Indices both fell during the week of Dec. 6, based on our most recent survey data.
Steel prices continued to rally last month on the back of repeated mill price increases after tags reached a 2023 low of $645 per ton in late September. Hot-rolled coil (HRC) prices ended November at an average of $923 per ton ($46.15 per cwt), rising by $140 per ton during the month. The SMU Price […]
It’s no surprise why spot prices are on the rise: Mills have been announcing higher flat-rolled tags for the better part of the past three months, according to our steel mill price increase calendar. A leading cause of the $305-per-ton rally since prices reached a recent bottom of $645 per ton in late September has […]
Optimism is on the rise among metalformers who expect less volatility in economic activity in the coming months, according to the November business report from the Precision Metalforming Association (PMA).
I want to address a few things in this 'Final thoughts': the latest SMU survey results, the plate market, and the potential sale of U.S. Steel.
SMU’s Current and Future Steel Buyers Sentiment Indices have both increased, based on our most recent survey data as of Wednesday, Nov. 22.
The US plate market has been rather quiet over the past couple of weeks since Nucor Corp. caught many off guard with a $140-per-ton price cut.
Steel Market Update’s Steel Demand Index has moved into growth territory after seeing steady improvement since mid-September, according to our latest survey data.