U.S. steel mills shipped 7,893,990 net tons in November, a 16.9% increase from the same month last year, but a decline of 3.9% from the previous month, the American Iron & Steel Institute reported. Shipments by U.S. steelmakers year to date through November totaled 86,848,042 net tons, a 17.4% increase versus 2020 shipments of 73,950,515. […]
Commercial Metals Co. (CMC) plans to build a “micro mill” to better serve markets in the Northeast, Mid-Atlantic and Midwest. “The new micro mill will fortify our position in the large construction markets within the region and optimize CMC’s existing Eastern U.S. operational footprint,” CMC Chairman, President and CEO Barbara Smith said. The new mill […]
Algoma Steel Group Inc. said it expects its third-quarter fiscal 2022 financial results to align with its previous guidance despite lower-than-expected steel shipments for the quarter. The Sault Ste. Marie, Ontario-based steelmaker shipped roughly 550,000 net tons of steel in the third quarter of fiscal 2022 ended Dec. 30, 2021, below prior guidance of 590,000 […]
The big question entering 2022 is how fast, and how far, steel prices will decline. As Wolfe Research Managing Director Timna Tanners said during our Community Chat this week, “the trajectory for 2022 will depend on the pace of destocking, the new capacity ramping up and demand.” Steel Market Update’s latest survey data offers some […]
Popular analyst Timna Tanners may have changed where she works but not her view that there’s a “sheet storm” on the horizon, one that will bring in sharply lower steel prices over the next few years. Formerly with Bank of America, Tanners is now the managing director of metals and mining at Wolfe Research. Speaking […]
Steel prices declined for the fourth consecutive month in December, following a year-long streak of continuous price increases. Hot-rolled coil prices declined $130 per ton throughout the month, with the SMU index averaging $1,600 per ton ($80.00 per cwt) as of Tuesday, Dec. 21 (SMU did not published updated prices on Dec. 28). The SMU Price Momentum […]
Wolfe Research Managing Director Timna Tanners will be the featured speaker for Steel Market Update’s first Community Chat webinar of 2022 on Wednesday, Jan. 5. We’ll discuss the big issues – the great debates – that will drive steel markets next year: • Will we see continued solid demand in 2022 or a “great unwind”? • […]
Total steel imports into the United States jumped by nearly 45% in the first 11 months of 2021, reported the American Iron and Steel Institute, based on preliminary Census data through November. Imports for the year to date totaled 29.7 million net tons of steel, up 44.6% versus the same period in 2020, including 21.6 […]
Nucor has decided to keep plate prices unchanged with the opening of its February order book. The current plate pricing levels – announced on Monday, Jan. 3, and effective immediately – are the same as those rolled out in late November for January orders. The Charlotte, N.C.-based steelmaker’s letter to customers also marks the first […]
BlueScope Steel has closed its $240 million deal for ferrous scrap recycler MetalX. With the transaction complete, MetalX will operate under the name BlueScope Recycling and Materials. BlueScope announced the deal in early November and closed it on Dec. 17, according to a statement released earlier this week. MetalX is the leading scrap supplier to […]
In line with the declining steel prices, lead times for spot orders from the mills continue to shorten with the average for hot rolled now below five weeks and cold rolled and galvanized now below eight weeks, based on Steel Market Update’s check of the market on Monday and Tuesday. Lead times for all products […]
First the takeaway: Don’t overthink it on the way down. Prices are falling, like it or not. The good thing, demand is still good – so don’t let falling prices ruin your holidays. Now, let’s overthink it a little. We’ve seen some chunky declines in recent weeks: SMU’s hot-rolled coil price fell $70 per ton […]
A&T Stainless – a joint venture between Allegheny Technologies and China’s Tsingshan Group – has filed a request with the Commerce Department asking for a Section 232 tariff exclusion to import hot-band coils from Indonesia. If granted, A&T intends to restart the Midland, Pa., Direct Roll Anneal and Pickle (DRAP) line that was idled in July […]
By Greg Wittbecker, Advisor, CRU Group Legislation passed Dec. 16 by the Senate and now on its way to the White House will all but ban imports connected at any point in the supply chain to materials from China’s Xinjiang Uyghur Autonomous Region. However well justified by human rights, this ban will be a challenge for […]
It’s not just domestic steel prices that are falling rapidly, so too are prices abroad. Case in point: South Korean steelmaker Hyundai. Its latest offer for hot-rolled coil for February-March shipment to the West Coast is $1,450 per ton DDP to Los Angeles-area ports. That’s down significantly from prior offers of $1,600-1,640 per ton, according […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Monitor, Dec. 15 Seasonal pressures are starting to temporarily slow demand for some steel products. For sheet, this weakness is adding to a monumental shift in supply fundamentals. For other products, an unseasonably warm start to December has allowed construction demand to remain stronger than normal. […]
SMU is pleased to announce that Wolfe Research Managing Director Timna Tanners will be the featured speaker on our first Community Chat webinar of 2022. We’ll discuss the big issues – the great debates – that will drive steel markets next year: * Will we see continued solid demand in 2022 or a “great unwind”? […]
SMU is pleased to announce that Wolfe Research Managing Director Timna Tanners will be the featured speaker on our first Community Chat webinar of 2022. We’ll discuss the big issues – the great debates – that will drive steel markets next year: * Will we see continued solid demand in 2022 or a “great unwind”? […]
SMU is pleased to announce that Wolfe Research Managing Director Timna Tanners will be the featured speaker on our first Community Chat webinar of 2022. We’ll discuss the big issues – the great debates – that will drive steel markets next year: • Will we see continued solid demand in 2022 or a “great unwind”? […]
California Steel Industries (CSI) has opened its February order book for flat-rolled steel and decreased prices significantly, according to market participants. That’s a big change from 2021, when the Fontana, Calif.-based slab converter often increased prices substantially from one month to the next. “Customers are reminded that prices are subject to change at any time […]
Monthly Key Market Indicators, as analyzed by Steel Market Update, continued their shift to a neutral position over the past month with positive indicators eroding further, slipping for the sixth successive month. What began as a typical summer slowdown, worsened by a surge in Delta cases and a less-than-ideal job market, has been compounded by […]
ArcelorMittal Mexico has made the first coil from the new hot strip at its steelmaking complex in Lazaro Cardenas, a port city in Mexico’s Michoacan province. Company spokespeople did not respond to requests for confirmation from Steel Market Update. But the moment was celebrated on social media by ArcelorMittal employees and executives. One example: “Congratulations […]
ArcelorMittal Mexico anticipates a run rate of roughly 70% by year’s end at its new hot strip mill in the Michoacan province. Executives lauded the production ramp-up of the new 2.75-million-ton hot strip mill during the company’s earnings call late last week, noting the facility’s output could be around 1.50 to 1.75 million tons in […]
Flat Rolled = 57.1 Shipping Days of Supply Plate = 60.2 Shipping Days of Supply Flat Rolled U.S. service center flat rolled inventories rose again in November, according to Steel Market Update data. At the end of November, service centers carried 57.1 shipping days of supply on an adjusted basis, compared to 56.7 shipping days […]
Producer prices expanded 1.4% in November, seasonally unadjusted, climbing consecutively since reaching the most recent bottom 20 months ago, reports the U.S. Labor Department. Persistently high prices in large part continue to reflect clogged supply chains, as manufacturers scramble to keep up with unusually strong consumer demand. The Labor Department said that its Producer Price Index […]
Steel sheet prices fell again this week as mills continued reducing prices on shorter lead times and increased competition from both imports and other domestic producers. Published lead times are as low as 3-4 weeks for hot-rolled coil, for example, and sources reported orders being processed early. Some said mill offers declined substantially over the […]
Nucor has acquired a majority stake in California Steel Industries (CSI) for approximately $400 million in a deal that will significantly expand its presence on the West Coast. The Charlotte, N.C.-based steelmaker paid that amount for Brazilian iron ore miner Vale’s 50% stake in Fontana, Calif.-based CSI. It also acquired 1% of Japanese steelmaker’s JFE […]
By Greg Wittbecker, Advisor, CRU Group The massing of Russian troops on the border with Ukraine has raised tensions to a high level on the political scene. It forces us to take another look at the repercussions of new sanctions on the Russian state should Putin decide to invade. 2018 Repeated? In March 2018, sanctions […]
Arkansas lawmakers have introduced a bill that would expand tax credits in a bid to attract U.S. Steel’s planned $3 billion electric arc furnace (EAF) sheet steel mill to the state. And the bill’s lead sponsor, state Sen. Dave Wallace (R), narrowed down potential locations even further. He said tax credits were aimed at convincing the Pittsburgh-based steelmaker to invest its […]
Imports of less-expensive sheet and plate products continue to make their way into the U.S. market, a steady increase over the past six months as buyers continue to seek relief from record-high steel prices in the U.S. October Commerce Department data show imports’ shares of the U.S. flat products markets at their highest levels in the past […]