Tag: steel

The company said 79 workers will be impacted.

While Congress has given the president enormous power over trade policy, the president wants to test the limits of that authority. If there are no guardrails, our economic and political liberty may be on the block. Stay tuned.

Four weeks have passed since the last article from Rock Trading Advisors on January 30. The paint has dried, and Midwest HRC futures have exploded higher in response to President Trump’s declaration of impending 25% tariffs on all imported steel products. The rolling 2nd month CME Midwest HRC future erupted through the top end of its downtrend, one that dates back to the peak of the winter 2022 rally. It also broke out of its narrow range seen dating back to June of last year.

Global crude steel output rose 5% from December to January but still lagged last year.

Prices for six of the seven steelmaking raw materials SMU tracks are increased from January to February, according to our latest analysis.

It won't be so easy to restart idled aluminum production in the US, AMU says.

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

Market participants might disagree over how high flat-rolled steel price might go and for how long they might remain elevated. But there is near total agreement on one thing: Prices are up sharply again this week. The gains come on the heels of waves of mill price increases (for sheet and for plate), expectations that scrap prices will rise again in March, and the threat of tariffs looming over the market.

Brazilian long products producer Gerdau is now considering siting a 600,000 ton per year specialty steel plant in the United States, rather than Mexico as initially planned, in the wake of President Donald Trump’s imposition of 25% tariffs on steel imports into the US.

Buyers are optimistic for a strong scrap market in March, driven by limited scrap inflows from severe weather disruptions and increasing mill demand.

Cleveland-Cliffs said it will open its April order book for spot material at $900 per short ton (st). The Cleveland-based steelmaker said the increase was necessary because of “rapidly changing market conditions” in a letter to customers dated Friday, Feb. 21.

Buyers responding to our latest market survey reported that steel mill lead times were stretching out this week for sheet and plate products tracked by SMU. The results weren’t much of a surprise. Production times have begun moving out following a wave of frenzied buying in response to stricter Section 232 announced by the Trump […]

The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]

Sheet and plate prices surged higher this week on a wave of what some called “panic buying” following the Trump administration’s announcement of stricter Section 232 measures last week.

The Trump administration has revealed the list of derivative steel products being added to the Section 232 tariff list.

US steel mills produced an estimated 1,670,000 short tons (st) of raw steel last week, according to recently released American Iron and Steel Institute (AISI) figures.

Nucor has increased its consumer spot price (CSP) for hot-rolled (HR) coil for a fourth consecutive week.

Hot-rolled (HR) coil prices rose further in the US this week, while tags abroad saw minor gains. The result: the margin US hot band holds over imports on a landed basis increased.

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

Josh Spoores, principal analyst at CRU, will be the featured speaker on the next SMU Community Chat webinar on Wednesday, Feb. 19, at 11 a.m. ET. The live webinar is free. A recording will be available for free to SMU members. You can register here.

Each of the steel product prices tracked by SMU saw significant increases this week. All four of our sheet price indices rose by $30-50 per short ton (st) on average. Plate prices popped $60/st compared to the week prior.

The new version of Section 232 goes into effect on 12:01 am ET on March 12, according to the executive order. The latest iteration of Section 232 removed quotas, exemptions, and other carve outs that had accumulated over years.

December 2024 marks the fourth month in a row that steel exports have declined, now at the lowest monthly rate recorded since December 2022.

President Donald Trump said he would announce 25% tariffs on all steel and aluminum imported to the US, according to Bloomberg. Trump said he would make an announcement about the matter on Monday. It was not clear when the tariffs might take effect.

Following the one-year low recorded in November, steel imports rose by 3% in December to 2.14 million short tons (st) according to final US Commerce Department data. January could be the highest month for steel imports witnessed in nearly three years.

SMU’s latest steel buyers market survey results are now available on our website to all premium members.

After reaching multi-month lows in mid-January, SMU’s Steel Buyers’ Sentiment Indices rebounded this week to some of the highest readings recorded in months.

While we have seen some movements in recent weeks, steel mill production times remain within a few days of the historical lows observed over the last two years, a trend observed since mid-2024.

Steel mill negotiation rates have declined in each of our last two surveys; this week’s rate is the lowest recorded since March 2024.

SMU’s steel price indices rose across the board this week. Sheet prices increased as much as $35 per short ton (st) compared to last week, while our average plate price ticked up by$10/st.