We are less than 3 weeks away from our LIVE Steel 101: An Introduction to Steelmaking and Market Fundamentals training course, to be hoested on Memphis, Tennessee on April 19-20. The workshop will include a guided tour of the Nucor Hickman mill, just across the Mississippi River in Arkansas. Attendees will be able to see first hand […]
Nucor has increased the raw materials surcharge (RMS) for customers buying steel sheet on terms linked to scrap prices. The Charlotte, NC-based steelmaker said its RMS – based on prices for busheling scrap – would be $515 per ton ($25.75 per cwt) in April, a $190-per-ton increase from prior levels. The higher RMS will be […]
Producer prices rose moderately in February, maintaining a sustained 23-month growth run. Last month the headline index grew by just 0.8%, seasonally adjusted, but was a gain of 10% when compared to the same year-ago period, reports the U.S. Labor Department. Wholesale prices accelerated as steady consumer demand and pandemic-related supply-chain snarls continued to fuel […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, March 23 Persistently high steelmaking raw material prices and restricted global production pushed sheet prices higher w/w across the world. The largest of these increases were in Europe and the USA, with prices rising by triple-digit amounts for yet another week. Still, domestic […]
Distributors who sell galvanized steel products have some recent experience at managing purchasing and inventory in a rapidly rising price environment. In their monthly conference call earlier today, members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) drew some comparisons between the spike in steel prices prompted by the pandemic last year and the […]
We are delighted to announce that Steel Market Update’s Steel 101: An Introduction to Steelmaking and Market Fundamentals training course will be hosted LIVE on April 19-20 in Memphis, Tenn. The workshop will include a guided tour of the Nucor Hickman, just across the Mississippi River in Arkansas. Attendees will be able to see first hand all stages of […]
By CRU Analyst Diego Giangreco, from CRU’s Steel Monitor, March 16 Brazilian distributor sheet prices fell month on month in March due to weak demand, while mills increased their prices in February or stopped giving discounts to match the trends in the international markets. Before the invasion of Ukraine, we were expecting a downward trend in […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, March 16 Global sheet prices took notably different directions this week as the war in Ukraine caused record w/w increases in Europe and the USA, while a fresh outbreak of Covid-19 in China pushed domestic prices lower and prevented increases in other Asian […]
Nucor will implement a biweekly update to its current fuel surcharge effective Thursday, April 3, for some steel products. Certain divisions of the Charlotte, N.C.-based steelmaker said the move was necessary because “fuel prices are at all-time high levels,” in letters to customers dated Wednesday, March 16. SMU has seen matching letters from the company’s […]
Nucor Corp., the largest steelmaker in the U.S., expects to achieve record first quarter earnings in the range of $7.20 to $7.30 per diluted share. That’s down from earnings of $7.97 per share in the prior quarter but double $3.10 per share in the same quarter last year. Steel mill segment earnings in the quarter ending this month will […]
Nucor aims to increase base prices for steel sheet by at least $125 per ton ($6.25 per cwt) effective immediately. “We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgement or written acceptance by both parties,” the company said in a letter to customers dated […]
Steel Dynamics Inc. (SDI) expects modestly higher first-quarter earnings despite lower average flat-rolled steel selling prices over the last three months. The Fort Wayne, Ind.-based steelmaker expects earnings of $5.55-5.59 per diluted share in the first quarter, according to figures released after the close of markets on Wednesday, March 16. That’s up from $5.49 per […]
Sheet prices saw their biggest week-over-week gains – and by a wide margin – since Steel Market Update’s foundation in 2008. Case in point: SMU’s average hot-rolled coil price jumped to $1,260 per ton this week ($63 per cwt), up $210 per ton (20%) from $1,050 per ton last week. That is more than double […]
Sheet prices saw their biggest week-over-week gains – and by a wide margin – since Steel Market Update’s foundation in 2008. Case in point: SMU’s average hot-rolled coil price jumped to $1,260 per ton this week ($63 per cwt), up $210 per ton (20%) from $1,050 per ton last week. That is more than double […]
Flat Rolled = 54.4 Shipping Days of Supply Plate = 51.1 Shipping Days of Supply Flat Rolled U.S. service center flat rolled inventories continued to recede in February, indicating that inventories may be near balance. At the end of February, U.S. service centers carried 54.4 shipping days of supply on an adjusted basis, according to […]
Steel import permit applications for February totaled 2,274,000 net tons—a 24.5% decrease from the 3,013,000 permit tons recorded in January and a 25.3% decrease from the January final imports total of 3,044,000. Import permit tonnage for finished steel in February was 1,759,000, down 22.8% from the final imports total of 2,279,000 in January, reported the […]
Total mill shipments of steel products fell in January to 8.153 million tons, a 9.4% decline from December’s 8.995 million tons, 2021’s strongest monthly performance. Apparent supply also fell in January, down 7.6% versus the prior month, and unable to keep the upward trajectory seen during the final quarter of 2021. This analysis is based on steel […]
Steel Market Update’s hot-rolled coil price was at $1,050 per ton ($52.50 per hundredweight) last week. Several mills are now offering hot band at $1,200 per ton ($60 per cwt). I don’t know where things will settle when we adjust prices on Tuesday. But I think it’s fair to say that prices will be significantly […]
Steel import permit applications for February totaled 2,274,000 net tons—a 24.5% decrease from the 3,013,000 permit tons recorded in January and a 25.3% decrease from the January final imports total of 3,044,000. Import permit tonnage for finished steel in February was 1,759,000, down 22.8% from the final imports total of 2,279,000 in January, reported the […]
By CRU Analyst Chris Bandman, from CRU’s Steel Monitor, March 16 The war in Ukraine is having widespread and deleterious effects on the global steel markets, but no one region has been more heavily affected than Europe. Steel prices in the region have soared to unseen heights and continue to rise on a daily basis. […]
By Greg Wittbecker, Advisor, CRU Group We digress from the woes of aluminum supply this week to comment on the LME nickel market, which has redefined volatility with a capital “V.” LME nickel has exploded due to a massive Chinese speculative position amidst Russian uncertainty. Nickel fundamentals have been tightening for some time. In 2020, […]
“What a difference a war makes.” No disrespect meant to the suffering people of Ukraine, but more than one respondent to SMU’s survey this week noted the big effect the war is having on global steel prices. Steel sheet had lost nearly 50% of its value in the six months from last September to February. […]
Nucor Corp. is increasing prices for discrete plate by $40 per ton ($2 per cwt), according to letters to customers. The Charlotte, N.C.-based steelmaker made the announcement on Wednesday, March 9, along with the opening of its April orderbook for plate. All published adders and extras will also be applied. “We reserve the right to […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, March 9 The CRUspi moved higher m/m as war in Ukraine broke steel supply chains. While prices in the USA were down m/m, this downward trajectory has now halted. Elsewhere, buyers are scrambling to secure enough steel and steelmaking raw materials before prices […]
It seems all the swans are black now. First we had a pandemic. Now war. You don’t need a reminder from SMU on the terrible human suffering caused by each. When it comes to steel, the result is higher raw material costs and higher prices. Pricing levels that were unimaginable a month ago, when it […]
President Biden strengthened “Buy American” provisions for government procurement with his signature Friday on new rules that will increase the threshold for the value of products to be considered American-made from the current 55% to 65% by 2024 and 75% by 2029. Proponents consider this a positive development for manufacturing and job-creation in the U.S., […]
We are delighted to announce that Steel Market Update’s Steel 101: An Introduction to Steelmaking and Market Fundamentals training course will be running LIVE on April 19-20 in Memphis, Tenn. The workshop will include a guided tour of the Nucor Steel Arkansas, situated in Blytheville, Arkansas. Attendees will be able to see first-hand all stages of production at this facility, which makes […]
Nucor’s sheet mill group – which now includes California Steel Industries (CSI) – plans to increase sheet base prices by at least $100 per ton ($5 per hundredweight). The move is effective immediately and applies to all new orders, the Charlotte, N.C.-based steelmaker said in a letter to customers dated Monday, March 7. The latest […]
PAO Sevestal is no longer selling steel to the European Union. The Russian steelmaker did not acknowledge – as has been widely reported – that the move was in response to EU sanctions. “Severstal states that it is experiencing some difficulties in relations with its EU clients, and as a result is redirecting volumes to […]
Ryerson has acquired Apogee Steel Fabrication, expanding the service center’s value-added offerings in a move likened to its purchase of Specialty Metals Processing (SMP) last September. Terms of the deal were not disclosed. “We see Apogee strengthening Ryerson’s network of value-added service centers in Canada, adding to our processing capabilities and growing our full-service fabrication business,” […]