There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!
Cleveland-Cliffs has been pursuing M&A opportunities for some time now and thinks it has found a solid partner with aligned interests in Stelco. The companies announced on Monday that Cliffs would acquire the integrated Canadian steelmaker. That same day, Cliffs held a conference call with analysts to discuss the acquisition. Lourenco Goncalves, Cliffs’ chairman, president, […]
SMU’s hot-rolled coil price fell to $640 per short ton (st) on average on Tuesday. That’s down $10/st from last week and marks the lowest point for HR prices since December 2022, according to our pricing archives. SMU’s HR price is now $5/ton below 2023’s low of $645/st, which occurred against the backdrop of a United Auto Workers (UAW) union strike.
Nucor dropped its consumer spot price (CSP) for hot-rolled coil to $650 per short ton, down $20/st from last week. The Charlotte, N.C.-based steelmaker also said base prices for HR from CSI, its subsidiary in California, would be $720/st. That’s a $30/st decrease from $750/st a week ago.
US drill rig activity resumed its downward trend last week, while Canadian counts increased to a four-month high, according to the latest data release from Baker Hughes.
We’ve taken some time to supply you with some handy-dandy production figures for 2024 presented in a unique way.
The Mexican government said on Thursday that it had negotiated a temporary carve out for Brazilian steel in recently updated Section 232 rules. Mexico said that the pact would stretch until 2027, by which point all steel exported to the US would have to me “melted and poured” within North America.
US steel imports registered a steep decline from May, with June licenses falling to the lowest monthly level so far this year.
US sheet prices saw a similar pattern this week, customary for much of the year – new week, lower prices. Domestic tags moved lower this week, aligning with the typically slower summer period – but maybe a further indication of dwindling demand.
Following April’s eight-month high, May represents the second-lowest export rate of the year, only greater than January’s 771,000 st level.
Nucor has kept its consumer spot price (CSP) for hot-rolled (HR) coil flat this week.
First off, we hope everyone had a safe and happy July 4th holiday, with fireworks seen and BBQs attended. Many parts of the country are quite toasty at the moment, signaling that, yes, summer has indeed arrived. And looking at our most recent survey results, the summer doldrums have arrived as well.
US drill rig activity moved back up last week after drifting lower for four straight weeks. Meanwhile, Canadian counts slipped for the first time after a seven-week rally, according to the latest data from Baker Hughes.
Domestic steel shipments increased in May month over month but have fallen on-year.
Steel mill lead times remain near some of the lowest levels witnessed in months, according to our latest market canvass to steel service centers and manufacturers.
Sheet steel buyers found mills more willing to negotiate spot pricing this week, according to our most recent survey data.
US sheet prices moved lower again this week, continuing a trend seen since early April. The slowdown aligns with the typical summer doldrums, when lax demand and shorter lead times often take center stage. The current market is also characterized by ample supply and concerns about restocking – especially with few signs of a bottom […]
Nucor lowered its consumer spot price (CSP) for hot-rolled (HR) coil by another $10 per short ton (st) for the first week of July. The steelmaker said in a letter to customers on Monday that its CSP base price for the week will be $670/st for all of its sheet mills with the exception of California Steel Industries (CSI).
US drill rig activity eased for the fourth consecutive week last week, while Canadian counts increased for the seventh week in a row, according to the latest data release from Baker Hughes.
Low global sheet demand continued to weigh on prices around the world this week. In the US, mills were forced to remain aggressive to secure orders during this period of demand weakness. And compounded by recent new capacity ramp-ups, has forced US hot rolled (HR) coil prices down closer to levels seen in offshore markets. […]
It was great to have Gary Stein, CEO of Triple-S Steel, join SMU for a Community Chat earlier this week. (Btw, you can find a record of the webinar here.) We covered a lot of ground. From Andrew Carnegie and the Johnstown Flood to the current steel market and the state of domestic manufacturing broadly speaking. One thing that stuck with me was how unevenly construction spending appears to be on “green” initiatives and other key items funded by infrastructure spending, the Inflation Reduction Act, and the CHIPS Act.
US sheet prices continue to fall, with SMU’s average hot-rolled (HR) coil price now at $670 per short ton (st). Prices for cold-rolled and coated products are now in the mid/high $900s/st. As I noted in my last Final thoughts, the consensus among our readers is that prices will bottom out in July. And that makes intuitive sense. Lead times in mid/late July should be stretching into the typically busier fall months. The question then is where prices bottom.
US sheet prices continued to drift lower this week on lackluster demand, short lead times, and ample supply. SMU’s hot-rolled (HR) coil price now stands at $670 per short ton (st) on average, down $15/st from last week. Hot band is down $175/st from a recent high of $845/st in early April. It is also […]
ArcelorMittal Mexico said it's on the brink of severing labor relations with striking members of the local mining union. This serious move comes as an illegal strike and the resulting mill outage persist into their second month, posing a significant threat to the continuation of the mill’s operations.
JSW Steel USA plans to invest $110 million in steel plate mill modernization projects with sustainable technology in its Baytown, Texas, facility.
Nucor's weekly hot-rolled (HR) coil price registered a notable decline this week.
The chairman of a large American steel company called for Mexico to be dropped from USMCA at a steel industry conference last week. This follows earlier calls from members of Congress to reinstate Section 232 duties on Mexico. How did we get to this point?
Steel Market Update’s Steel Demand Index ticked down 2.5 points last week, slipping further into contraction territory, according to our latest survey data. SMU’s Steel Demand Index now stands at 38.5, down from 41 at the beginning of June. The decrease puts the index at its lowest measure since November 2022. The reading – down […]
US drill rig activity eased again last week, now down to levels not seen since late-2021, according to the latest data release from Baker Hughes. Canadian counts are moving in the opposite direction, inching higher for the sixth consecutive week to a three-month high.
Demand has remained persistently weak across the globe for sheet steel, weighing on prices. US HR coil prices fell the furthest this week as high-volume, low-priced deals were transacted as mills looked to fill order books and competed with one another amid relative demand weakness. Meanwhile, European prices were also down due to low demand […]