Nucor Corp.’s fourth-quarter net earnings slid 44% from a year ago, but the company still reported the most profitable year in its history. The Charlotte, N.C.-based steelmaker posted net earnings of $1.26 billion in the quarter ended Dec. 31 vs. $2.25 billion in the same quarter of 2021 on net sales that dropped 16% to […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact becca@steelmarketupdate.com to […]
The first quarter of this year is off to a much, much better start than the first quarter of 2022. You’ll recall that prices for all sheet products were way higher this time last year. But service centers were slashing prices and trying to move overpriced inventory. Q1 demand – and maybe 1H demand – […]
Sheet prices continued to inch upward as most market participants reported solid first-quarter demand, despite concerns in some corners about 2H activity. But the pace of price gains appears to have slowed, at least temporarily, and lead times have leveled off as well. Any significant additional sheet price gains will hinge less on mill announcements […]
Demand for galvanized sheet is stable, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) Sheet Metal/Air Handling Council. A few high points from this month’s meeting are that prices have climbed for the first time since April, import levels are low, and the spread between hot-rolled (HR) and galvanized material is […]
This week’s survey didn’t land quite as I expected. Some data points indicate that the price rally we’ve seen since late November will continue, but others suggest it might be running out of steam. For starters, if you’re an SMU subscriber, you can find our latest market survey results here. If you aren’t, this data […]
The spread between hot-rolled coil (HRC) and prime scrap prices has remained relatively flat vs December levels, according to Steel Market Update data. Prices for both products rose in January vs. the end of 2022. Our hot-rolled coil price average ticked up $5 per ton week over week to $740 per net ton ($37.00 per cwt) as […]
Canadian drilling rig numbers rose again this past week, while the number of working rigs in the US edged down slightly, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country […]
The London Metal Exchnage aluminium three-month price was moving up again this week, and peaked near $2,650 per tonne– its highest level since June 13, 2022, but late week trading saw a $100 correction. Still $200-300 higher than on the close of 2022, we can only assume a return to volatility following a 2022 Q4 […]
Steel mill lead times were flat to down this week, declining by an average of 0.5 weeks across all five products we track. Steel buyers reported mill lead times ranging from 4 to 6 weeks for hot rolled and plate, and 5 to 8 weeks for cold rolled, galvanized, and Galvalume. SMU’s hot-rolled lead time […]
We’ve seen several sheet price hike announcements from mills over the past couple of months, to the tune of $160 per ton ($8.00 per cwt) since late November. This week alone we’ve seen at minimum Cleveland-Cliffs and ArcelorMittal officially increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). […]
ArcelorMittal has joined the effort initiated by Cleveland-Cliffs to increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). The move is effective immediately for material from AM/NS Calvert, the steelmaker’s joint venture mill in Alabama with Japan’s Nippon Steel. “We reserve the right to modify any outstanding quotations,” […]
Cleveland-Cliffs Inc. and the United Steelworkers (USW) union have filed a trade case targeting imports of tin mill products from eight countries. The Cleveland-based steelmaker said the petition seeks antidumping duties against imports of tin- and chromium-coated sheet steel from Canada, China, Germany, the Netherlands, South Korea, Taiwan, Turkey, and the United Kingdom. The case […]
Cleveland-Cliffs has announced a sheet price hike of $50 per ton ($2.50 per cwt) and new base prices for hot-rolled coil of $800 per ton ($40 per cwt). The big question now is not whether prices will continue to go up one or two weeks from now, but whether a price rally that began after […]
Sheet prices continued to inch upward this week as market participants debated whether a third round of price increases from Cleveland-Cliffs Inc. would gain traction. Those who thought the $50-per-ton price hike would stick pointed to higher scrap costs, solid demand, and new capacity still struggling to ramp up. Those who questioned whether the increases […]
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, email Info@SteelMarketUpdate.com. Total US mill shipments of steel products slipped in November and reached their lowest total year to date (YTD). Mill shipments have been fluctuating up and down all year […]
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, email Info@SteelMarketUpdate.com. Flat Rolled = 61.2 Shipping Days of Supply Plate = 57.3 Shipping Days of Supply Flat Rolled US service center flat-rolled steel supply spiked in December, in line […]
The US International Trade Commission (ITC) has voted to remove duties on Brazilian hot-rolled coil, cold-rolled coil, and plate. Once might be a coincidence. But three times? That’s a trend. The question now: Is this a big-picture shift in US trade policy toward Brazil? Or is it instead more a matter of inside baseball at the […]
Canadian drilling rig numbers continue to climb, and the number of working rigs in the US is back up, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods […]
Let’s just clear the air of any confusion here. It looks like Nucor’s price increase – $50 per ton ($2.50 per cwt) – announced earlier this week was a catch-up to an increase of the same amount announced by Cleveland-Cliffs in mid-December. Assuming that’s the case, we’ve had two rounds of price increases since Thanksgiving. […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact Becca@SteelMarketUpdate.com […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing them in each buyer’s own words. We want to hear your thoughts, too! Contact Becca@SteelMarketUpdate.com […]
The US International Trade Commission (ITC) voted to remove antidumping duties on imports of Brazilian steel plate. The ITC on Monday, Jan. 10, ruled that imports of carbon and alloy steel cut-to-length plate from Brazil would not likely lead to continuation or recurrence of material injury within a reasonably foreseeable time. Brazil had been subject to […]
Sheet prices are up again. I haven’t heard much quibbling with that. Upstream, scrap prices are moving up as they typically do in January. And downstream, we’re seeing service centers raising prices roughly in tandem with domestic mills – or at least holding them steady. No, 2023 is not starting off with a big bang […]
Sheet prices continued their upward trek this week on the heels of a $50-per-ton price increase announced by Nucor Corp. on Monday. Plate prices, which were not impacted by that move, were unchanged. Nucor’s increase, which matched one announced last month by Cleveland-Cliffs Inc., was seen by market participants as timed to reflect an upward […]
Sheet imports into the US varied in December, a similar trend also seen in imports of plate and semifinished slab, according to the latest license figures released by the US Department of Commerce’s International Trade Administration. All steel imports into the US require an import license to enter through Customs. The license count provides a […]
Algoma Steel Inc. said lower plate shipments and falling steel prices are expected to hit earnings in its fiscal third quarter of 2023. The Sault Ste. Marie, Ontario-based sheet and plate producer said total steel shipments are expected to be around 455,000 tons for its third quarter ended Dec. 31. Adjusted earnings before interest, taxes, depreciation, […]
Nucor plans to increase base prices for all new orders of steel sheet by $50 per ton ($2.50 per cwt). The price hike is effective immediately, the Charlotte, N.C.-based steelmaker said in a letter to customers on Monday, Jan. 9. “We reserve the right to review and re-quote any offers that are not confirmed with […]
Higher prices rolled out by North American sheet mills are gaining traction downstream, according to our latest survey results. Service centers report that they are raising prices to their customers. And manufacturers say they are seeing higher prices from their service center suppliers. Both trends are more pronounced than what we saw in late August […]
Starting after the recovery of the financial system from the 2008 global financial crisis, and continuing until Covid-19 hit, the economy was remarkably stable and consistent. Demand for aluminum in general grew at a steady pace, with some end-use segments outperforming historical averages. For financial markets, the running joke became “stock prices go up.” Since 2020, […]