Tag: steel

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 […]

The constant flow of information we all receive can be a bit overwhelming, but SMU is here to help with a weekly snapshot.

Chinese export prices for longs were almost steady this week, while those for flats generally declined as producers cut prices to secure deals.

Recent Federal Reserve data paints a positive picture of the US manufacturing sector. Manufacturing indicators remained strong through February and March figures

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.

The market appears to be pausing after a turbulent run. But tension remains just beneath the surface. With net long positioning still elevated, sentiment-driven selling could quickly reignite volatility. Still, supply constraints and limited imports are laying the groundwork for a resilient physical market. This moment of calm feels more like a crossroads than a conclusion.

Meanwhile, an increasing number think it's too early to say whether the penalties are going to bring more manufacturing to the US.

Nearly half of the steel buyers responding to this week’s SMU market survey say domestic mills are showing increased willingness to negotiate pricing on new spot orders. This marks a significant shift from the firmer stance mills held in prior weeks.

Steel prices slipped again this week, with all five of SMU’s sheet and plate indices trending lower for the second week in a row.

The American Iron and Steel Institute (AISI) has announced the publication of the third version of the Product Category Rules (PCR) for North American Steel Construction Products.

The union is also urging stronger enforcement against countries such as China which break trade rules, and a coordinated Canada-US strategy to protect union jobs across the North America

Steel service center shipments and inventories report through March 2024.

Firms were pessimistic, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey