Tag: steel

Nucor started off May with a bang, dropping its weekly base spot price for hot-rolled (HR) coil by $65 per short ton (st) this week.

Is it just me, or does it seem like the summer doldrums might have arrived a little early? I could be wrong there. It’s possible we could see a jump in prices should buyers need to step back into the market to restock. I’ll be curious to see what service center inventories are when we update those figures on May 15. In the meantime, just about everyone we survey thinks HR prices have peaked or soon will. (See slide 17 in the April 26 survey.) Lead times have flattened out. And some of you tell me that you’re starting to see signs of them pulling back. (We’ll know more when we update our lead time data on Thursday.)

The election campaign is white-hot right now, and the Biden administration is touting its protectionist message. Just this past week, the Office of the US Trade Representative (USTR) touted this message. In a release entitled “What They are Saying,” USTR quoted many of the usual protectionist groups praising government action against Chinese steel exports and shipbuilding. Consuming industries in the United States, which employ many times the American workers as the industries seeking trade protection, were not mentioned.

CRU principal analyst Ryan McKinley will be the featured speaker on the next SMU Community Chat on Wednesday, May 15, at 11 am ET. McKinley is instrumental in determining CRU’s benchmark hot-rolled (HR) coil price. He’ll discuss his role, his background in steel, and how the index works.

Nucor broke ground on a new galvanizing line at its Nucor Steel Berkeley sheet mill in Huger, S.C., on Thursday, May 2.

March 2024 represents the third highest monthly steel import rate seen over the prior year.

Foreign cold-rolled (CR) coil remains much less expensive than domestic product even as domestic prices continue to decline, according to SMU’s latest check of the market.

Drilling activity declined in the US but increased in Canada, according to the latest data from Baker Hughes.

Olympic Steel logged lower earnings in the first quarter of 2024, but the company said all three of its segments contributed to profitability.

Brazil’s chamber of foreign trade, Camex, has approved quotas on imports of 11 steel products and a 25% levy on shipments 30% above a product’s average import volume between 2020 and 2022.

The sale of U.S. Steel Corp. to Nippon Steel Corp. has been delayed by the US Department of Justice’s antitrust investigation. The Justice Department, which is conducting an antitrust review of the merger, has requested additional information from both USS and NSC. The companies originally anticipated closing the sale in the second or third quarter […]

As we approach “buy week,” a term industry veterans use to refer to steel mill scrap buying time and an excuse to remain in the office, we have seen a variety of slants on the May market.

Everybody has a plan… until they’ve dealt with volatility in the HRC market. While Mike Tyson’s original quote was about getting punched in the mouth, it’s unlikely the ex-champ has gone many pricing rounds with hot-rolled coil.

U.S. Steel posted slightly lower Q1’24 earnings as stronger earnings from its sheet mills were partially offset by a weaker performance from it tubular division. All told, the Pittsburgh-based steelmaker reported Q1’24 earnings of $171 million. That's down 14.1% from $199 million in Q1’23 on sales that fell 6.9% to $4.16 billion in the same comparison.

US steel mill shipments dropped in March on-year but were up from February, according to the most recent figures from the American Iron and Steel Institute (AISI).

Northwest Pipe’s profits more than doubled in the first quarter on-year, as the company expects a strong remainder of the year in both its steel pressure pipe and precast segments.

ArcelorMittal posted a narrower Q1’24 profit compared to Q1’23 but remained optimistic about steel's long-term demand prospects.

Hybar has big plans for entering the American steel market. Although it is the newest player in the US rebar market, the startup is led by an experienced, nimble, and ambitious team, and backed by investors with deep pockets. Industry titan and Hybar CEO David Stickler joined SMU Managing Editor Michael Cowden on Wednesday’s Community Chat to update the SMU community on the company’s first mill, and its grand plans for the future.

Russel Metals’ earnings fell in the first quarter, but the Toronto-based metals distributor sees steel prices stabilizing in the near term and staying above historical averages.

US hot-rolled (HR) coil price premium over offshore hot band has tightened on the back of lower domestic tags, though stateside HR coil remains markedly more expensive than imports.

SunCoke's earnings soared in the first quarter, with the company citing strong performances in its cokemaking and logistics segments.

The Index had briefly showed expansion in March, but has indicated a contracting manufacturing sector for 17 of the last 18 months.

On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.

Hold-rolled (HR) prices held roughly steady this week after slipping for much of April. I don’t have any spicy quotes to offer about mostly flat prices. Besides, a lot of the questions I’ve gotten recently have been about demand. Some of you tell me that it’s still stable or improving. Others tell me that it’s suddenly dried up.

Sheet prices were flat or moderately down again this week – underscoring the shift in momentum we’ve seen over the last month. The exception was hot-rolled (HR) coil, which was largely unchanged from last week.

Ryerson swung to a loss in the first quarter of 2024, but the company’s chief executive sees less volatility in the sheet steel market.

US raw steel production slipped again last week. It now stands at a 13-week low, according to the latest American Iron and Steel Institute (AISI) data. AISI estimated total domestic steel output estimated to have been 1,701,000 short tons (st) in the week ending April 27. That's down 0.9% compared to the week prior.

Solar tracker maker Nextracker and steel processor JM Steel announced the completion of an expansion of Nextracker-dedicated manufacturing lines at JM’s Leetsdale steel facility near Pittsburgh.

Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its June order book. The Charlotte, N.C.-based steelmaker said in a letter to customers on Monday, April 29, that tags would be lowered by $90 per short ton (st). That would bring its base price to roughly $1,200/st.

Nucor lowered its weekly base spot price for hot-rolled (HR) coil by $10 per short ton (st) this week.