Tag: steel

Nucor's weekly hot-rolled (HR) coil price registered a notable decline this week.

Many of our contacts remain bearish about the very short-term direction of steel prices. But a consensus seems to be forming, according to our latest survey results, that a bottom will occur in July. Consensus is also that hot-rolled (HR) coil prices won't fall below $600 per short ton (st).

Offshore cold-rolled (CR) coil prices are cheaper than domestic product despite US CR coil prices ticking lower. Domestic CR coil tags stand at $995 per short ton (st) on average, down $25/st vs. our prior check of the market on Tuesday, June 18. (We will update prices again on Tuesday, June 25.) All told, US […]

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?

Summer has officially begun, and the countdown to SMU Steel Summit is on. More than 800 steel industry professionals from nearly 350 companies have already registered to attend the Summit on Aug. 26-28 at the Georgia International Convention Center (GICC) in Atlanta. Are you one of them? If so, we’re looking forward to seeing you […]

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 […]

Global steel output rose 6% from April to May, and is now at the highest rate seen since March 2023, according to World Steel Association’s (worldsteel) latest release.

Algoma Steel’s quarterly and full-year results took a hit from an unplanned blast furnace outage earlier this year. However, with a modernized plate mill and two new EAFs slated to come online by the end of this year, the Canadian flat-rolled steel producer is looking to a greener future.

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.

Steelmaking raw material prices have generally declined over the past month according to SMU’s latest analysis.

SMU’s Current Steel Buyers’ Sentiment Index tumbled this week, while Future Sentiment ticked up slightly, according to our most recent survey data.

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 […]

Please enjoy this roundup of recent news from the aluminum industry from our colleagues at CRU. EU to hit Chinese electric cars with tariffs up to 48% The European Commission notified carmakers on June 12 that it would provisionally apply additional duties of 17-38% on imported Chinese EVs from next month. The duties will be […]

For the first time in weeks, activity in the futures market broke out of the recent “front grinds lower” pattern to provide new insight into the dynamics of the steel industry.

The US scrap market is quiet as we pass through June. Speculation about the direction of July is mixed, with most sentiment neutral or bearish. The concerns are about demand during the summer months. There are still several planned outages and other cutbacks at various mills that could limit overall demand for recycled steel scrap.

The summer doldrums are here. That means lazy days at the office, or behind the computer. Perhaps heading over to the water cooler to chat, maybe stare at a fly buzzing on a windowsill. There is work to be done, product to be made or shipped, but there’s no hurry. And around lunchtime, you hang that classic sign on the front door: Gone fishin’.

Steel mill lead times remain short for all steel products tracked by SMU, according to our latest market survey. Service center and manufacturers continue to report short to normal lead times for sheet and plate products.

CMC reported solid demand and a healthy start to the construction season in its latest quarterly earnings statement.

The next SMU Community Chat will be Wednesday, June 26, at 11 am ET (10 am CT) with Gary Stein, CEO of Triple-S Steel Holdings Inc. The webinar is free to attend. A recording will be available to SMU members. You can register here.

US hot-rolled (HR) coil prices fell further this past week, pushing them below offshore hot band prices on a landed basis.

Steel buyers of hot-rolled, cold-rolled, and galvanized products found mills more willing to negotiate spot pricing this week, according to our most recent survey data. However, buyers of Galvalume and plate products said mills were less willing to talk price.

Mill Steel Co. announced several executive appointments as it works to transform the organization.

Nearly 800 people have registered to attend Steel Summit on Aug. 26-28 at the Georgia International Convention Center (GICC) in Atlanta.

Flack Global Metals (FGM) is set to take majority ownership of Pacesetter Steel Service.

Galvanized prices have tumbled from a month ago, and many market participants expect that trend to continue in July.

ArcelorMittal Mexico is suffering a significant production loss as the labor strike at its mill in Lazaro Cardenas is now in its fourth week.

Steel Dynamics Inc.’s (SDI’s) top executive Mark D. Millett has received the 2024 Willy Korf/Ken Iverson Steel Vision Award.

Domestic raw steel production fell to a seven-week low last week, according to the latest release by the American Iron and Steel Institute (AISI).

Flat Rolled = 60.6 Shipping days of supply Plate = 61.1 Shipping days of supply Flat Rolled US service center flat-rolled steel supply rose in May with a drop-off in shipments. At the end of May, service centers carried 60.6 shipping days of supply on an adjusted basis, up from 57.8 shipping days of supply […]

Steel Dynamics Inc. guided to significantly reduced second-quarter earnings as its steel operations have taken a hit from lower prices.