Steel Dynamics Inc. (SDI) has broken ground on its previously announced aluminum rolling mill outside of Columbus, Miss., according to local media reports. When local TV station WCBI asked SDI chairman, president, and CEO Mark Millett why the company chose the area, he said it was in large part because of opportunities in the beverage […]
The price advantage domestic hot-rolled coil (HRC) had enjoyed over offshore hot band has evaporated as US mills drive prices higher, according to Steel Market Update’s latest foreign vs. domestic price analysis. Nucor and ArcelorMittal last week announced a target price $1,150 per ton ($57.50 per cwt) for HRC. Market contacts have told SMU that some […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Monthly Key Market Indicators (KMI) improved over the past month, advancing repeatedly since hitting a recent low last November, according to the latest analysis by […]
Aggressive mill price increases are pushing flat-rolled tags up at a sharp clip, rivaling the spike seen in response to the war in Ukraine last March. On Friday, Nucor came out with yet another notice – up an extra $150 per ton ($7.50 per cwt) and setting a new base price for hot band of […]
Three US senators have asked the US Trade Representative to engage with the European Union on proposed measures that would limit the trade of steel scrap. Thom Tillis (R., N.C.), Joe Manchin (D., W.Va.), and Todd Young (R., Ind.) wrote a letter to USTR Katherine Tai on Feb. 28. The letter outlines the potential fallout to […]
A sheet supply squeeze is on and, according to some market participants, chances are it’s only going to get tighter. There is no one thing, a war or pandemic, that’s causing the squeeze this time. Instead, it’s a litany of comparatively smaller events that combined have created some real havoc. You know that list by […]
ArcelorMittal said its new, minimum base price for US hot-rolled coil is $1,150 per ton ($57.50 per cwt). The Luxembourg-based steelmaker said the move was effective immediately and coincided with the closure of its April order book for hot-rolled and tandem products. “The increase is applicable to all new spot orders and all recent quotations […]
Mexico has historically relied on steel sheet product imports to meet its demand as domestic suppliers, such as Ternium and AHMSA, had insufficient production capacity. But, in recent years, both Ternium and ArcelorMittal have built new capacities for hot-rolled (HR) coil in Mexico. Ternium is also in the process of building more downstream capacity and […]
The international rig count was up by 14 in February, helping to offset recent declines in the US, according to data from oilfield services company Baker Hughes. The total US rig count was 749 for the week ended March 3, down four rigs from the week prior. The number of active oil rigs in the US […]
Nucor aims to increase base prices for new orders of steel sheet by at least $150 per ton ($7.50 per cwt) effective immediately. The Charlotte, N.C.-based steelmaker also said that its new base price for hot-rolled coil was $1,150 per ton. “We reserve the right to review and re-quote any offers that are not confirmed […]
Steel mill lead times are following prices as they continue to trend upward, according to SMU’s latest market survey. SMU’s hot-rolled lead time is approximately six weeks, up from 5.4 weeks in our last market check two weeks ago. The result is notable because it marks a second consecutive and significant gain. Recall that lead times had been steady just below […]
Steel buyers are finding mills much less willing to negotiate lower prices this week, according to SMU data. Respondents to our latest survey reported that most mills were unwilling to negotiate lower sheet prices. Some said plate mills were still willing to cut deals. Every two weeks, SMU asks steel buyers whether domestic mills willing to negotiate lower […]
Cleveland-Cliffs Inc. aims to increase base prices for steel plate by at least $60 per ton ($3 per cwt). The Cleveland-based steelmaker said the move was effective immediately on all new, non-contract orders. It applies equally to as-rolled, normalized, and quenched-and-tempered material, Cliffs said in a press release on Thursday, March 2. “Cliffs also reserves […]
February came in with a bang and went out with one too. We saw two rounds of $50-per-ton sheet price increases early in the month. Then one of $100 per ton. And finally Cleveland-Cliffs came in near the buzzer on Monday with another $100-per-ton price hike. We think that was the last shot of the […]
Last week’s mill price increases continue to make their way into the market. Cliffs’ latest this week – up another $100 per ton ($5 per cwt) and setting a new base price for hot band of $1,100 per ton – has yet to be reflected in today’s pricing. But that hasn’t stopped it from garnering […]
Cleveland-Cliffs aims to push its hot-rolled coil price up by at least another $100 per ton ($5 per cwt) in its fourth sheet price hike this month. Cliffs made the announcement in a press release on Monday, Feb. 27, just six days after announcing another $100-per-ton increase. Cliffs said its new target base price for hot […]
US plate prices have remained mostly flat this week, a trend we’ve seen since Nucor announced a plate price cut in late November. Recall that in late November, Nucor said it would be lowering plate prices by $140 per ton ($7 per cwt) with the opening of its January order book. Plate tags have varied […]
The US and Canadian rig counts decreased again last week, but they remain elevated compared to a year ago, according to data from oilfield services company Baker Hughes. The total US rig count was 753 last week, down seven rigs from the week prior. The number of active oil rigs in the US fell to 600 […]
Nucor Corp. has increased its cost estimate for its new sheet steel mill in West Virginia by ~$400 million. The Charlotte, N.C.-based steelmaker said Feb. 23 that its board approved additional capital for the project. The company now expects a net cash outlay of ~$3.1 billion for the West Virginia electric-arc furnace (EAF) sheet mill, up from $2.7 billion when […]
Ryerson Holding Corp. swung to a loss in the fourth quarter on lower sales volumes and selling prices. The Chicago-based service center said the “transient margin compression” was most pronounced in the carbon steel sheet and stainless markets. The fourth-quarter loss capped off an otherwise profitable year for the company, which forecast better times ahead […]
Canadian flat-rolled steelmaker Stelco Holdings Inc. recorded sharply lower fourth-quarter profits. The culprit: the “triple whammy” of declining steel prices, shorter lead times, and higher costs, company chairman and CEO Alan Kestenbaum said. “Now, however, we are seeing a reversal of all of these factors with rising steel prices … lengthening lead times, and input […]
Imported sheet and plate products’ arrival at US ports declined in December, leading their share of the US markets to edge lower, while domestic shipments gained ground during the month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and […]
Nucor Corp. said its Towers & Structures unit will build a new transmission tower production plant in Decatur, Ala. The Charlotte, N.C.-based steelmaker said the plant will be adjacent to the Nucor Steel Decatur sheet steel mill. It is expected to create 200 jobs. In December, the company announced plans to build two tower production plants […]
NLMK USA has announced new, higher base prices for steel sheet. The steelmaker said the higher prices were effectively immediately on all new spot orders and justified by “strong demand and extending lead times,” in a letter to customers on Wednesday, Feb. 22. NLMK USA said that its new minimum base price for hot-rolled coil was […]
Total US mill shipments of steel products declined in December, easing for the second straight month after fluctuating up and down for much of the year. December was the lowest mill shipment total for 2022, falling to the lowest total since February 2021. Shipments totaled 7.27 million tons in December, a 1% decrease from November’s 7.34 […]
Sheet prices are up again. By a lot. For the third time this month. And it’s not over yet! Nucor alone is up more since Thanksgiving ($310/per ton) than they were after the invasion of Ukraine ($275/ton), according to our price increase calendar. We had obvious drivers for the last two big rallies. The snapback […]
Sheet prices increased this week as another blitz of price hikes – this time $100 per ton ($5/cwt) – spurred the market higher. The latest announcements from the likes of Nucor, Cliffs, US Steel, and ArcelorMittal, all setting a new base price for hot band of $1,000 per ton, are yet to be reflected in […]
ArcelorMittal has followed three major domestic mills in increasing sheet prices by at least $100 per ton ($5 per cwt). Luxembourg-based ArcelorMittal, one of the world’s largest steelmakers, also said it was targeting a minimum base price of $1,000 per ton for hot-rolled coil (HRC) effective immediately. That echoes new HRC base prices announced earlier […]
Galvanized sheet continues to be in high demand, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council. Since the January HARDI meeting, prices have increased, lead times have extended, scrap is up, and zinc is down. Despite the roller coaster, HARDI members remain bullish on demand in general. […]
Cleveland-Cliffs has called back workers to its idled Northshore Mining operations in Minnesota, a company spokeswoman confirmed. She declined to say how many workers were being called back or why. “We will provide more details when we decide when and at what capacity this operation will be brought back online,” the spokeswoman said in an […]