Prices for steel sheet remained mostly flat again this week, up or down modestly depending on the product. Hot-rolled coil was up $5 per ton ($0.25 per cwt), cold-rolled was down $10 per ton, and both galvanized and Galvalume base prices were down $5 per ton. What we’ve seen for the last month is an […]
US Steel has decided to indefinitely idle the No. 3 blast furnace at its Mon Valley Works in western Pennsylvania following a roughly month-long maintenance outage. “We expect planned maintenance on BF 3 to be completed and the furnace to be available for use this week. However, the furnace will remain down until market conditions […]
We’ve seen a wave of mill idlings and outages this fall. But steel buyer reaction to date has been subdued. The yawn now in response to all those tons coming out of the market stands in stark contrast to the almost hysterical reaction to downtime at even the smallest producers in early 2021. Remember the […]
The United Steelworkers union and US Steel traded blows as bargaining talks on a new labor deal continued well past the Sept. 1 expiration of a prior agreement. The USW said in an update to its members on Sept. 22 that the Pittsburgh-based steelmaker had failed to invest in its union-represented facilities as promised. The union also […]
Well, I guess it’s the official outage and idling season. In the month of September alone we’ve confirmed a half dozen or more maintenance outages (some pulled forward) and temporary idlings. Why? It sure looks like some steelmakers are trying to deal with declining demand and uncertain market conditions. The hope? Somewhat of a stopgap measure […]
US Steel Corp.’s month-long maintenance outage on the No. 3 blast furnace at Mon Valley Works near Pittsburgh is expected to be completed on Saturday, Sept. 24, a company spokeswoman confirmed to SMU. Once complete, the blast furnace is expected to remain idle for the next month or so in response to declining demand and […]
Total mill shipments of steel products were largely sideways in July, up marginally when compared to June. Mill shipments have been fluctuating up and down all year with little consistency. July’s mill shipments totaled 8.11 million tons, a 0.3% increase from June’s 8.09 million tons. Apparent supply also saw a slight gain in July, up just 1.1% […]
Imported sheet and plate products arrived at US ports at a slower clip in July, resulting in them accounting for a lower share of the domestic market, according to US Commerce Department data. Imports’ share of US sheet and plate markets peaked in December, with sheet reaching its highest level in the past 4.5 years. The trend […]
NLMK USA has planned a roughly month-long outage for upgrades to its electric-arc furnace (EAF) sheet mill in Portage, Ind. The work is scheduled for October and November and will be focused on enhancements to the plant’s melt shop and hot strip mill, a company spokesman said. NLMK USA in emails to customers specified the […]
Sheet prices drifted sideways to down this week, while plate prices fell substantually following the Nucor price decrease announcement on Monday. SMU’s hot-rolled index eased an average of $15 per net ton this week to $770 per ton. This is now tied with our late August price for the lowest HRC price seen since November […]
US plate prices fell this week, responding to Nucor’s latest price announcement on Monday, Sept. 19. Price tags remain under pressure and further declines are expected through the fourth quarter as spot demand is likely to remain limited. But few expect Nucor’s latest plate price announcement to generate any immediate business, sources told SMU, speculating […]
It’s contract negotiation season, and let’s just say that this year is a lot different than the last two years. Mills had pricing power in contract talks in 2020 and in 2021. This year, buyers feel like they have more leverage—and they’re not being shy about pressing mills for lower prices. On the one hand, […]
Has the US steel market reached another downward inflection point? I ask because our survey data has turned a little bearish following an upsurge in sentiment that, in retrospect, might have crested not long after Steel Summit. It wouldn’t be the first time that we saw post-conference euphoria in late August fizzle out in September. Last […]
Since this is my first time officially tackling Final Thoughts, I figured what better time than now to take a few moments and formally introduce myself. Even though you’ve been reading Premium and Executive content that I’ve authored here for SMU for a little over two years, my experience in the metals and mining industry—primarily […]
United States Steel Corporation has idled the No. 8 blast furnace at its Gary Works in Indiana due to market conditions and high import levels. A spokeswoman confirmed the idling began on Sept. 7. “We continue to monitor market conditions and plan to bring the furnace back online when business conditions allow,” she told SMU. […]
Steel Dynamics Inc. expects its third quarter earnings to be down from the second quarter as the Fort Wayne, Ind.-based steelmaker is seeing lower flat rolled earnings and pricing, as well as continued impacts from the start-up of its new sheet mill in Sinton, Texas. SDI’s earnings guidance is in the range of $4.93–4.97 per […]
Nucor Corp., the largest steelmaker in the US, expects lower sequential results for its third quarter ending Oct. 1. The Charlotte, N.C.-based steelmaker expects earnings of $6.30 to $6.40 per diluted share in Q3, according to earnings guidance figures released on Wednesday, Sept. 14. That’s down from the record of $9.67 per diluted share in […]
The long, hot summer of labor unrest that I’d feared early this year didn’t materialize. But that doesn’t mean we’re out the woods yet. The United Steelworkers union and Cleveland-Cliffs Inc. have agreed to a new labor pact. In Canada, meanwhile, the USW has ratified agreements with both Algoma and Stelco. But the union and […]
Sheet and plate prices continued to drift sideways this week as steel mills attempt to hold the line despite weak signals from the scrap market. Mills are more unified in trying to hold the line around $800 per ton ($40 per cwt) on hot-rolled coil following deep discounting ahead of announced price increases last month. […]
Lapham-Hickey Steel has acquired SMC Metal Fabricators of Oshkosh, Wisc., for an undisclosed sum. SMC operates a 115,000-square-foot facility adjacent to two Lapham-Hickey facilities in Oshkosh. Its facility, previously owned by the Albright family for nearly three decades, hosts laser cutting, forming, welding, powder coating, and assembly services. SMC’s products and services “will enhance our […]
US plate prices were unchanged this past week but remain under pressure. Spot demand is limited, with sources noting that Nucor’s efforts to keep prices flat might be short-lived. Recall that Nucor announced it would keep some plate prices flat and decrease certain cut-to-length items as much as $150 per ton ($7.50 per cwt) with the […]
Sheet and plate prices were flat or down this week as some market participants questioned whether tags might be beginning to inflect lower. Hot-rolled and cold-rolled prices were down $5 per ton week over week. Galvanized (down $55 per ton) and Galvalume (down $40 per ton) fell more significantly. The steeper declines in coated products […]
US Steel has temporarily idled the No. 5 tin line at its Gary Works in northwest Indiana. The Pittsburgh-based steelmaker indicated that the move was necessary because of weaker demand and increased import volumes. “The company’s other tin operations continue to operate in line with customer demand. We expect to bring number 5 tin line back […]
Steel prices eased overall throughout August, following declines seen in the three previous months. Hot rolled prices were $805 per ton ($40.25 per cwt) the first week of August, falling to a low of $770 per ton in the middle of the month, and rising to $785 per ton as of last Tuesday. The SMU […]
US Steel’s month-long outage on No. 3 blast furnace at Mon Valley Works near Pittsburgh is underway, a company spokeswoman confirmed to SMU. The blast furnace was taken offline early Wednesday morning following a successful blowdown. Water quenching is scheduled for the weekend, and shotcrete will begin after Labor Day. “It did go offline safely,” […]
Hot rolled and galvanized prices continue to decline but many continue to go unchanged, members said during this month’s call with HARDI’s Sheet Metal/Air Handling Council. Much like July, members are currently seeing strong demand and foresee stability in the near future. It’s been an eventful month to say the least. Nucor and Cleveland-Cliffs both […]
Flat-rolled steel prices were steady to up based on the data points SMU collected this week. There’s undoubtedly been pressure from recent mill price hikes, but it’s still far too early to tell if they will stick or if this is just a blip. Sheet prices rose for each of our products this week. The […]
The steel and commodity price forecast panel – always a popular program at SMU’s Steel Summit – once again didn’t disappoint. Speakers included three of the steel industry’s most respected analysts: Josh Spoores, CRU’s principal steel analyst, Timna Tanners, Wolfe Research’s managing director, and John Anton, S&P Global Market Intelligence’s director. The sheet market today […]
Canada’s Algoma Steel and the United Steelworkers (USW) Local 2251 announced they have agreed on a new labor deal after members successfully ratified the terms of the five-year collective agreement. The bargaining committee of Local 2251 “unanimously recommended the offer,” encouraging members to vote in favor of the fair agreement. The two sides had agreed […]
Cleveland-Cliffs Inc. has reached a tentative agreement with the United Steelworkers (USW) on a new, four-year labor contract, the company and the union said on Saturday, Aug. 27. The agreement is pending ratification by the USW local union members, who are likely to vote in the coming days on the pact negotiated by the bargaining […]