Most sheet and plate prices edged lower again this week, albeit at a slower pace compared to the movements seen over the last seven weeks. Buyers remain cautious and hesitant to hold onto much inventory, citing lingering demand concerns, ongoing tariff uncertainty, and a potentially weakening scrap market in June.
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The budget proposal has big implications for steel and manufacturing.
SMU’s Buyers’ Sentiment Indices resumed their downward trend this week, erasing the modest recovery seen two weeks ago.
Sheet and plate lead times declined across the board this week, according to buyers responding to the latest SMU market survey. While our lead time ranges were unchanged compared to mid-April levels, average production times for each steel product we measure have declined from they were two weeks ago.
Domestic mills are largely negotiable on spot prices, according to the majority of steel buyers responding to our latest market survey.
Nucor said it temporarily and proactively halted some production operations at various locations.
All of SMU’s sheet and plate steel price indices declined this week, easing by $30-40 per short ton (st) on average since early May. Prices continue to slide lower as buyers remain on the sidelines, wary of holding much excess inventory and expecting further declines.
CRU Group revised down its forecast for North American auto production by about 800,000 to 14.7 million this year.
The volume of finished steel entering the US market rebounded in March, according to our analysis of US Department of Commerce and American Iron and Steel Institute (AISI) data.
A Pennsylvania state senator plans to submit legislation to incentivize steelmaking in the state.
The UK deal may signal relaxation of the heaviest tariffs. The suspension of the reciprocal tariffs greater than 10% - remember, 57 countries were hit with that - ends on July 9. But it could be extended. If more deals like the one with the UK are struck, the suspensions may continue to permit more agreements - relieving global markets of considerable worry.
Oil and gas drilling activity declined again this week in the US and Canada, according to Baker Hughes.
The volume of steel exported from the US marginally increased from February to March, according to the latest US Department of Commerce figures. Although up month over month (m/m), export levels have generally trended downward over the past year.
Cliffs came tantalizing close to buying U.S. Steel in 2023. There were rumors in 2024 that Cliffs might buy NLMK USA before it ultimately purchased Stelco for $2.5 billion in November of last year. Who would have thought that asset sales would have been the focal point of discussion just six months later?
US steel imports rebounded from February to March, rising to the second-highest monthly rate witnessed in the past ten months, according to final data recently released by the US Commerce Department. April license data shows that gain has likely been erased, with trade falling to the lowest rate of the year and several product categories hitting multi-year lows.
Cleveland-Cliffs Inc. gushed red ink in the first quarter, and pledged to stem the bleeding by idling inefficient, “loss-making operations” and increasing focus on its core automotive business.
SMU polled steel buyers on an array of topics earlier this week, including market prices and demand, tariffs and reshoring, inventories and imports, and evolving market trends.
Steel buyers said Nucor’s price decrease was a public acknowledgement of what most of the market had already known - that sheet prices were moving lower in a more significant way. The question now is whether mills and service centers will manage the decline or whether prices might fall rapidly, they said.
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Cleveland-Cliffs plans to indefinitely idle its steel mill in Riverdale, Ill., as well as mills in Conshohocken, Pa., and Steelton, Pa. The Cleveland-based steelmaker said all three facilities would be idled on or around June 30. Approximately 950 jobs will be impacted, the company said.
SMU’s Monthly Review provides a summary of our key steel market metrics for the previous month, with the latest data updated through April 30.
SMU’s Buyers’ Sentiment Indices both improved this week, reversing the decline seen two weeks ago.
Sheet and plate lead times held steady this week, according to buyers responding to the latest SMU market survey. This week we saw little change from mid-April levels, with just one product (Galvalume) showing any significant movement.
Nearly two thirds of the steel buyers who responded to this week’s SMU survey say domestic mills are negotiable on spot prices. This increasing flexibility marks a significant shift from the firmer stance mills held in recent months.
Tariff-related noise aside, there is one basic factor keeping buyers on the sidelines. Despite recent declines, HR prices remain at historically high levels. And there is no obvious support to keep them there.
Most sheet and plate steel prices declined yet again this week, with four of SMU’s five indices moving lower.
If you’re looking to build a solid foundation in steel or sharpen the knowledge you already have, the SMU Steel 101 Workshop is a great place to start. Our next workshop will be held in Memphis, Tenn. on June 10-11, 2025
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil remained unchanged this week.
Bilstein Cold Rolled Steel LLC CEO Brent Wilson will be the featured speaker on the next SMU Community Chat webinar on Wednesday, April 30, at 11 am ET. You can register here. Reminder: The live webinar is free to attend. A recording will be available only to SMU subscribers. About Bilstein and Wilson Bilstein Cold […]