Timna Tanners, managing director of equity research for Wolfe Research, will be the featured speaker on the next SMU Community Chat. The webinar will be on Wednesday, Nov. 13, at 11 am ET. It’s free to attend. You can register here. Timna – who has coined Sheet Storm, Scrap Squeeze, and Galv Galore – is one of the most popular guests on our Community Chats. Her insights and forecasts are always thought-provoking.
Votes were still being counted when this column posted on Tuesday evening. And I’d be surprised if we know who the president will be by the time some of you are reading it on Wednesday morning.
Nucor’s weekly consumer spot price (CSP) for hot-rolled coil was unchanged week on week at $740 per short ton as of Monday, Nov. 4.
Next week promises to be a big week for the country. Could even top the World Series (congrats to the Dodgers). As we all hold our breath to see what happens next, it’s a good time to reflect.
I joined in a Steel Market Update community chat last week. Predictably, many of the questions concerned the likely results of a Trump or Harris victory in the election. Like most people, I don’t know who will win. But by next week I probably will know. Here is my take, with an emphasis on steel policy. There are a surprising number of similarities between the Democratic and Republican candidates’ positions on steel policy. In part, that is because both candidates are going after the same voters—steel workers, whether unionized or not.
The premium galvanized-coil prices carry over hot-rolled (HR) coil continues to decline following the uptick seen earlier this year.
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.
Nucor said it is seeking $740 per short ton (st) for hot-rolled (HR) coil this week, up $20/st from last week. USS, meanwhile, is shooting for up $30/st for sheet products in general. (USS did not announce a target price for HR.)
SMU price indices declined again this week for all products other than hot-rolled sheet. Our indices have trended lower across October, falling as much as $75 per short ton (st) in that time.
Primetals Technologies renewed two long-term maintenance service contracts with steel producers in the Americas.
September marked the lowest month for steel imports so far this year, according to preliminary Census data released by the Commerce Department.
Nucor has raised its weekly consumer spot price (CSP) for hot-rolled (HR) coil by $20 per short ton (st), now at $740/st as of Monday, Oct. 28.
Global steel mill output totaled 143.6 million metric tons (mt) in September, the lowest monthly rate recorded this year.
SMU’s Current Sentiment Index suggests steel buyers are still optimistic about their businesses’ ability to succeed in today’s market, though their confidence has significantly declined compared to recent months.
U.S. Steel plans to increase sheet prices by at least $30 per short ton (st). That's something we haven't seen for a while.
SSAB Americas plans to increase plate prices by at least $60 per short to, according to a letter to customers dated Thursday, Oct. 24. The higher prices are effective immediately for all new non-contract orders scheduled to ship on or after Dec. 2.
More than nine out of every 10 steel buyers polled by SMU this week reported that mills are flexible on prices for new orders. Negotiation rates have been strong since April and on the rise since early September.
Mill lead times have declined on both sheet and plate products this week, according to steel buyers responding to our latest market survey,
U.S. Steel aims to increase spot prices for all new orders of flat-rolled steel by at least $30 per short ton (st), according to an internal letter dated Thursday.
Join SMU for a Community Chat next Wednesday featuring Lewis Leibowitz, a veteran trade attorney and one of our most-read columnists. The webinar will be on Oct. 30 at 11 am ET. It’s free to attend. You can register here
SMU's hot-rolled (HR) coil price slipped this week to $685 per short ton (st) on average. We also adjusted our sheet momentum indicators to lower for the first time since July.
Steel prices ticked lower again this week for most of the products SMU tracks. Our indices have declined as much as $40 per short ton (st) across the last four weeks.
Insteel Wire Products Co., a subsidiary of Insteel Industries, has acquired Liberty Steel’s Engineered Wire Products (EWP) for $70 million with cash on hand.
Nucor Corp. has commissioned SMS group to upgrade its Tuscaloosa, Ala., plate mill.
We had an October surprise here at SMU on Wednesday. I was working from the CRU office in Pittsburgh, and the internet connection briefly went out. As luck would have it, that happened smack in the middle of a live Community Chat webinar. Fortunately, my colleague David Schollaert stepped in, Zekelman Industries CEO Barry Zekelman rolled with the punches – and the show went on. Could there be any more October surprises in store for us and for the steel market?
Steel Dynamics Inc. remains optimistic about its prospects as it ramps up flat-rolled steel operations and prepares for the production of aluminum products next year. Executives from the Fort Wayne, Ind.-based steelmaker provided an update on the company’s operations on a conference call on Thursday held to discuss SDI’s third-quarter earnings results.
The volume of finished steel entering the US market declined in August from July, according to SMU’s analysis of data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Referred to as ‘apparent steel supply,’ we calculate this monthly rate by combining domestic steel mill shipments and finished US steel imports and deducting total US steel exports.
Steel Dynamics Inc. (SDI) reported a drop in third-quarter profits driven largely by lower flat-rolled steel prices. The Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker also saw scrap prices slip. That happened because of softer demand from domestic mills taking planned maintenance outages.
Prices, demand, inventories, evolving market events... What are buyers and sellers of steel talking about this week?
Steel sheet prices mostly edged lower for a second week, while plate prices slipped for the third consecutive week.