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 […]
The LME aluminum three-month price has found a higher trading range and has settled in near the $2,450/metric-ton mark this week. The price rallied by over $60/metric ton after lower-than-expected US inflation data was seen in the market as a positive sign that inflation is cooling. Yet as the week closed out on Dec. 16, […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
Flat Rolled = 52.4 Shipping Days of Supply Plate = 50.3 Shipping Days of Supply Flat Rolled US service center flat-rolled supply in November was steady month on month (m/m), according to Steel Market Update data. At the end of November, service centers had 52.4 shipping days of flat-rolled steel supply on an adjusted basis, compared […]
Monthly Key Market Indicators (KMI) deteriorated over the past month after steadily improving since July, while steel buyer sentiment inched up after it had tumbled to a 26-month low, according to the latest analysis by Steel Market Update. Positive and neutral indicators have eased, while negative indicators rose. Despite recent improvements, headwinds remain. The economy […]
Nucor Corp. said it expects lower earnings in its steel mills segment in the fourth quarter ending Dec. 31 vs. the previous quarter. Reasons cited include lower average selling prices, margin compression and lower volumes, with the largest decrease in profitability expected at its sheet mills. The Charlotte, N.C.-based steelmaker said it expects overall fourth-quarter […]
Imported sheet and plate products’ arrival at US ports varied in November, leading their share of the US market to diverge, even though domestic shipments declined 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 Steel […]
Imported sheet and plate products arrived at US ports at a slightly higher clip in October, though their share of the US market diverged as domestic shipments varied 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 […]
Total US mill shipments of steel products edged up in October, recovering slightly month on month (MoM), after falling in September to their lowest total year to date (YTD). Mill shipments have been fluctuating up and down all year with little consistency, and October was no different. October’s shipments totaled 7.65 million tons, a 0.9% increase […]
Producer prices grew more than expected in November, thwarting hopes that inflation could be easing, the US Labor Department reported. Last month’s Producer Price Index (PPI), a measure of the prices received for final-demand products, advanced 0.3% month-on-month (MoM) and 7.4% from a year ago, the smallest annual gain since May 2021, according to data […]
There had been some debate around whether mills would announce another price hike before the holidays. That debate is settled. Cleveland-Cliffs, one of four major sheet producers in the US, aims to increase spot prices by $50/ton, and has set a target minimum base price for HRC at $750/ton. In the style of the former […]
Hot-rolled coil prices have risen for a third consecutive on the heels of a $60-per-ton ($3-per-cwt) post-Thanksgiving price hike by domestic mills. Also providing a lift to sheet prices are higher scrap costs, expectations of buyer restocking in the first quarter, and a sense among mills that momentum is on their side. A second round […]
Cleveland-Cliffs Inc. aims to increase spot market base prices for flat-rolled steel by at least $50 per ton ($2.50 per cwt) effectively immediately. The steelmaker announced the price hike, a leading move, in a press release on Tuesday, Dec. 13. The increase applies equally to hot-rolled, cold-rolled and coated products. The company noted that the […]
Steel sheet prices have bottomed or soon will, according to most respondents to our latest market survey. We’ve also seen an uptick in expectations about future prices. The chart below provides a quick before/after snapshot of expectations for prices ahead of Thanksgiving and then following price hikes of $60 per ton ($3 per cwt) announced […]
There has been a reduction in the percentage of sheet buyers reporting that mills are willing to talk price on new orders, according to Steel Market Update’s latest market questionnaire. Mill willingness to negotiate on sheet products is now at the lowest rate recorded since May. Negotiation rates on plate products went in the opposite […]
Steel mill lead times extended across the board this week, with production times increasing for all five products we track. Recall that lead times for hot-rolled, cold-rolled, and galvanized products were previously at or near multi-year lows in our late November market check. Lead times are up by an average of 0.5 weeks compared to […]