There seems to be a growing consensus that the US sheet market has peaked at a high level and could begin losing ground from here. Whether declines happen quickly or whether sheet prices bop around at current levels for a few weeks more is the primary question.
Raw steel production in the US decreased marginally in the second week of 2024, according to the most recent data from the American Iron and Steel Institute (AISI). Domestic steel output totaled an estimated 1,699,000 net tons in the week ended Jan. 13. That’s down 0.5% from the previous week, and comparable to the same […]
Coming out of a strong fourth quarter, galvanized steel market participants are reporting an above-average start to January and are cautiously optimistic for 2024.
US service center flat-rolled steel inventories surged in December with the seasonal slowdown in shipments. At the end of December, service centers carried 64.8 shipping days of supply, according to adjusted SMU data, up from 54 days in November.
Bloomberg has reported that Nippon Steel’s $14.1-billion deal for U.S. Steel might not close until 2025 – well after the Q2/Q3 2024 close date both companies have guided toward. That’s because a national security review of the deal ($14.9 billion if you include the USS debt Nippon Steel would assume) by the Committee on Foreign Investment in the United States (CFIUS) could take longer than initially expected
After three months of provocations, the US and Britain retaliated against Houthi rebels in Yemen, bombing several sites in North Yemen that assisted in Houthi attacks on international shipping in the Gulf of Aden and the Red Sea. The Houthi rebels are widely seen as Iranian proxies, launching attacks to provoke the West into attacking Yemen, leading to more attacks on shipping.
For two consecutive months, the initial scrap prices didn’t attract the amount of scrap that mills needed. A Detroit area mill came in at $460 per gross ton (gt) for busheling, which was down $50 from last month and down $20 on shredded and plate and structurals (P&S). But I guess they did not know at the time another mill in the district bought scrap sideways. Needless to say, that order filled right away. SMU could not find any supplier who sold at down $50.
Active rigs in the US dipped slightly this week, while Canada's count increased for the second consecutive week, according to Baker Hughes.
Nippon Steel said Eiji Hashimoto has been named chairman and CEO, effective April 1.
The Global Steel Climate Council (GSCC) was formed to advance the steel industry's climate strategy. And its intentions are clear: establish standards and advocate for carbon emission reductions by industry members.
It’s been a sloppy start to the year for domestic hot-rolled (HR) coil and ferrous scrap markets. One of the loudest things to happen in HR this year might be something that didn’t happen at all. Namely, Nucor didn’t follow competitor Cleveland-Cliffs higher when Cliffs announced a price hike to start the year.
The United Steelworkers (USW) union is accusing U.S. Steel of labor contract violations as the steelmaker pursues its potential sale to Nippon Steel.
With a new leadership team and a more streamlined workforce, digital metals marketplace Reibus is entering a new phase of its evolution as an innovator in the metals industry.
SMU polled steel buyers on a variety of subjects this past week, including inventory, demand, steel sheet prices, imports, and what people are talking about in today’s marketplace. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We’d like to hear your thoughts, too! Contact david@steelmarketupdate.com to be […]
US hot-rolled coil (HRC) prices were unchanged this week but remain significantly more expensive than offshore product. While imported hot band tags increased vs. last week, gains were marginal, keeping domestic HRC substantially more expensive than imports. All told, US HRC prices are 24.3% more expensive than imports, a premium that is down only slightly […]
TimkenSteel said on Wednesday it is changing its company name to “Metallus Inc.”
I expected that we’d start off January with prime scrap prices modestly up if for no other reason than industrial activity typically slows down over the holidays. And mills’ appetite for scrap typically increases in anticipation of stronger Q1 order activity.
Steel prices continued to move higher last month on the back of repeated mill price increases after tags reached a 2023 low of $645 per ton in late September. Hot-rolled coil (HRC) prices ended December at an average of $1,035 per ton ($51.75 per cwt), rising by $112 per ton during the month.
Domestic steel mill shipments increased in November vs. a year earlier, but fell month over month.
Flat rolled distributor Mill Steel Co. announced the appointment of a new CFO on Jan. 9.
The US Department of Commerce will likely be lowering the antidumping duty (AD) rates on imports of welded steel pipe from the UAE.
Nippon Steel believes it can successfully complete its planned buy of U.S. Steel, according to a report in Reuters.
Commercial Metals Co. saw robust demand from the construction markets in its first fiscal quarter, which ended on Nov. 30, 2023.
We only have three weeks left until the Tampa Steel Conference! If you haven’t already registered, there is still time, but the clock is winding down! The event runs from Sunday-Tuesday, Jan. 28-30, at the JW Marriott Tampa Water Street hotel. You can learn more about the agenda, explore networking opportunities, and register here. Visiting Tampa is […]
I’d have been surprised if anyone told me just last week that the January scrap market might move lower. What we saw on Friday were offers. Not settlements. And no doubt there are still some twists and turns in store before we can say for sure which way scrap will go.
All good things, including but not limited to the Holiday Season, must come to an end. The corporate independence of U.S. Steel Corporation looks like it’s coming to an end also, despite objections from some politicians and the United Steelworkers union.
The Department of Commerce issued its final determination in the trade case involving tin mill products from a handful of countries.
A Detroit-area mill entered the scrap market on Friday afternoon with the following offers: The Chicago area followed suit: Mills in the Great Lakes region sensed there was ample supply of most grades. Also, they all bought heavily last month and so had sufficient inventories to make this move, market participants said. Still, the move surprised […]
The new year represents an opportunity to capitalize on America’s leadership position in free market principles, steel industry modernization, and global efforts to create a lower carbon future for the steel industry. Steel Manufacturing Association (SMA) members are poised to lead the way.
The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, […]