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, […]
Canadian drilling rig numbers have made a post-holiday rebound, while working rigs in the US declined, 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 (OCTG), a key […]
Steel mill lead times increased again this week, extending by an average of 0.6 weeks across all five products we track. You may recall that lead times for hot-rolled, cold-rolled, and galvanized products were at or near multi-year lows in our late November market check. Lead times have increased an average of 0.9 weeks compared […]
Sheet prices started out the year modestly higher. That’s what you’d expect given that Q1 is typically a busy and that scrap prices usually rise over the winter months. The question now is whether prices, which have been moving upward since Thanksgiving, continue to increase or whether the current upswing might prove to be a […]
At the start of each year, CRU continues to feature top expectations and outliers for the year ahead. This annual list of expectations is a thought piece, meant to stimulate internal discussions, scenario analysis, and strategic planning around potential risks to the markets we cover. This 2023 edition covers six expectations and three potential outliers. […]
Sheet prices entered 2023 moving upward on expectations of higher prime scrap prices, and on a modest uptick in activity as some buyers looked to get ahead of anticipated higher steel prices as well. The gains also came on the heels of a price increase of $50 per ton ($2.50 per cwt) initiated last month […]
The number of active Canadian drilling rigs dropped for the second week in a row, while rigs in the US stayed the same, 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 […]
With 2022 now in the past, the door has closed on one of the most volatile years for the aluminum industry. Supply chain disruptions as a residual fallout from Covid-19 and elevated levels of geopolitical risk raised uncertainty throughout the value chain. The shift in import trends has also been a major topic and is […]
Steel mill lead times increased again this week, extending by an average of 0.3 weeks across all five products we track. Recall that lead times for hot-rolled, cold-rolled, and galvanized products were at or near multi-year lows in our late November market check. Lead times have increased an average of 0.8 weeks compared to levels […]
A significant percentage of steel buyers continue to report that mills willing to negotiate lower prices on new order prices. But that rate has been declining since early November, according to Steel Market Update’s recent market checks. Mills’ willingness to negotiate lower prices for sheet products is at its lowest point since late April, when tags […]
The number of active Canadian drilling rigs dropped significantly this week, while rigs in the US increased 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 tubular goods (OCTG), […]
Worthington Industries is building cash to strengthen its balance sheet as it prepares to move its Steel Processing segment into a separate business. The Columbus, Ohio-based company said it had had $129.6 million of cash at the end of its fiscal second 2023 quarter ended Nov. 30, an increase of $95.1 million from May 31, […]
I’m eager to see the results of our survey later this week because I think it might shed some light on what appears to be a tale of two steel markets. Some of you are telling me that you’re already busy and will only get busier as people come back into the market after the […]
Sheet prices continued to inch upward this week, but the pace of gains slowed ahead of the holidays. Some market participants noted sharply higher offers from mills following a round of $50-per-ton ($2.50/cwt) price hikes last week. They also said activity and backlogs were strong heading into 2023. But others said mills were still offering […]
Nucor plans to build a new, $370-million continuous galvanizing line at California Steel Industries (CSI) to serve construction markets in the western US. The Charlotte, N.C.-based steelmaker said the galv line would have annual capacity of 400,000 tons per year (tpy), and would increase CSI’s total hot-dip galvanizing capacity to 1.2 million tpy. The project […]
Trying to neatly summarize the North American steel market right now can give you a case of cognitive dissonance. Domestic mills think they have some momentum, and they’re trying as hard as they can to get prices higher for Q1. Case in point: ArcelorMittal has put the heft of one of the world’s largest steelmakers […]
The number of active drilling rigs dipped this week in the US and in Canada, 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 (OCTG), a key […]
Sheet markets in most areas of the world have established a price floor within the last week. Still, in all markets we cover, demand weakness persists and threatens to either cap potential price increases or even reverse them. The CRUspi was little changed month-on-month (MoM) in December at 190.8 after nearly all markets reached a […]
ArcelorMittal has joined the effort initiated by Cleveland-Cliffs to increase spot prices for steel sheet by at least $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,” the […]