The first thing that jumps out at you when reviewing the end of the month data for November is the pace of the price index averages as they push toward $600 hot rolled (which we believe we may hit by the end of the calendar year). Our monthly average at $522 per ton was $11 […]
An explanation of the Key Indicators concept is given at the end of this piece for those readers who are unfamiliar with it. This will explain the difference between our view of the present situation which is subjective and our analysis of trends which is based on the latest facts available. At the end of […]
Steel Market Update went out to a couple of hundred steel buyers and executives today as we probe for information about flat rolled steel prices. At the same time we asked questions about price direction and demand. Tonight we will cover price direction (prior to AM increase announcement) and on Thursday we will cover their […]
As of late this afternoon www.Kitco.com was reporting zinc spot pricing around $1.22 per pound. Zinc recently reported prices not seen in the past 9 years and those of you buying galvanized and Galvalume steels need to be aware of how zinc is trading. The U.S. steel mills published new extras just as zinc pierced […]
Many service centers and end users in Colorado and east of the Rockies have known for years that California Steel and USS/POSCO have lower galvanized coating extras than the domestic steel mills located outside of California. On Sunday we published a number of the new extras published by many of the mills located outside of […]
Over the past week the domestic steel mills have been revising their galvanized coating extras due to the higher prices for zinc which ended the week at $1.1412 per pound. We have managed to collect a number of the mill extras and we thought our readers would like to see a comparison of the extras […]
On Monday NLMK USA advised their customers of their intention to begin collecting new zinc extras on galvanized steel products effective immediately. The new extras are in response to zinc spot prices being at the highest level in the past five years. Zinc closed Monday at $1.1716 per pound up $0.0608 since this past Friday […]
US Steel announced new coating extras for galvanized steel on Tuesday. A letter from the company to customers stated the new extras are due to rising zinc prices. The letter from US Steel to its customers is reproduced below as well as the new coating extras chart:
I am about to embark on a two-week trip which includes stops in Memphis (and Big River Steel in Arkansas), Las Vegas (FabTech and ASD annual meeting), San Diego and then on to Los Angeles to have Thanksgiving with my daughter and the rest of our family. I will be in the office early tomorrow […]
Two more days and we will all (I hope) be able to breathe once again. This is the last Sunday before the election here in the United States when we will decide who will be President and, just as important, who will control the House and Senate. The world is watching so I hope that […]
The following “letter to the editor” was prompted by comments made by Lourenco Goncalves CEO of Cliffs Natural Resources during his earnings conference call with analysts and reported on by Steel Market Update (and others). The comments below were made by an executive at a domestic steel service center in response to Mr. Goncalves: I’m […]
Steel Market Update (SMU) reported a shift in steel pricing “Momentum” at the end of October as our Steel Price Momentum Indicator was adjusted first to Neutral and then to Higher. Our expectation is for domestic flat rolled steel prices to increase over the next 30-60 days. Sentiment, however, has been trending lower with our […]
An explanation of the Key Indicators concept is given at the end of this piece for those readers who are unfamiliar with it. This will explain the difference between our view of the present situation which is subjective and our analysis of trends which is based on the latest facts available. At the end of […]
Hot rolled coils settled September on the CME at $542 per ton while Platts ($539 average) and SMU ($530 average) saw market prices as being weaker. The SMU Price Momentum Index pointed toward lower prices throughout the month and ended the month suggesting prices will continue to slide as we move into the month of […]
Steel Market Update spoke with two sources regarding the most recent complaint filed by the domestic mills against Vietnam and China for circumvention of duties (China) on cold rolled and CORE (corrosion resistant steels such as galvanized and Galvalume) products. One of the tenants behind the accusations made by the domestic steel mills is the […]
On Thursday, September 22, 2016 four steel mills: ArcelorMittal USA, Nucor, AK Steel and US Steel submitted petitions asking the US Department of Commerce to review imports of cold rolled and corrosion resistant steels (galvanized and Galvalume) arriving in the United States from Vietnam as actually being a way for China to circumvent antidumping and […]
Two of the indexes followed by Steel Market Update (actually one index followed and our own) saw flat rolled steel market prices differently this past week. Our indices were relatively calm this past week having moved dramatically the previous week. Platts indices were all down by double digits and, in the case of hot rolled […]
There have been two complaints filed with the U.S. Department of Commerce for circumvention of duties by Vietnam. One is on CORE (corrosion resistant steels like galvanized and Galvalume) and the second one is on cold rolled. Steel Market Update has seen the CORE complaint but we have not yet seen the cold rolled one. […]
Australia has initiated a review of antidumping measures on imports of Aluminum Zinc Coated Steel from China. Jiangyin Zongcheng Steel Co. and Angang Steel Co. applied to the Antidumping Commission to review the import duties assessed on August 5, 2013. Angang Steel currently has AD duties of 5.8 percent and Jiangyin 18.1 percent. The review […]
During the month of August the SMU Price Momentum Indicator was adjusted from Neutral to Lower indicating our belief that flat rolled steel prices would continue to fall during the next 30 to 60 days. Our hot rolled “average” for the month dropped from $618 measured during the month of July to $591 per ton […]
An explanation of the Key Indicators concept is given at the end of this piece for those readers who are unfamiliar with it. This will explain the difference between our view of the present situation which is subjective and our analysis of trends which is based on the latest facts available. At the end of […]
We saw minor erosion in hot rolled prices this past week according to the steel indexes followed by Steel Market Update. Both our own index as well as Platts dropped their HRC average by $5 per ton. As of the end of last week Steel Market Update was showing hot rolled as averaging $610 per […]
An explanation of the Key Indicators concept is given at the end of this piece for those readers who are unfamiliar with it. It is important to understand the difference between our view of the present situation which is subjective and our analysis of trends which is based on the latest facts available. The total […]
This Key Markets Indicator report is something we produce for our Premium level clients. However, we thought that our Executive level readers would appreciate knowing… An explanation of the Key Indicators concept is given at the end of this piece for those readers who are unfamiliar with it. The total number of indicators considered in […]
The U.S. International Trade Commission announced Friday that it made an affirmative decision on injury to U.S. steel producers by imports of corrosion resistant steel products from China, India, Italy, Korea, and Taiwan. The USITC determined by unanimous vote that the U.S. steel industry was materially injured by the import of corrosion-resistant steel products (galvanized, […]
Late this afternoon one of our readers forwarded to us an article from one of the other steel periodicals referencing foreign steel prices as “falling fast.” Steel Market Update’s perspective (and those from our steel trading sources) is different than what another periodical may be reporting. We believe that one must look at the bigger […]
SMU Price Momentum continues to reflect the strength of steel mills as we expect prices to continue to rise over the next 30 days. Our Price Momentum Indicator has been pointing toward higher prices since early December 2015 (6 months and counting). Although our Steel Buyers Sentiment Index took a hit in May for both […]
The Department of Commerce announced on Wednesday affirmative final determinations in AD and CVD investigations of imports of corrosion-resistant steel products (CORE) from China, India, Italy, Korea; an affirmative final determination in the AD investigation of imports of CORE from Taiwan; and a negative final determination in the CVD investigation of imports of CORE from […]
The following article was written by Lisa Reisman, Managing Director and CEO Of Azul Partners, Inc., on May 24, 2016 and is reprinted with permission of MetalMiner: Jennifer Diggins is the director of Government Affairs at Charlotte, N.C.-based Nucor Corp., the largest steelmaker in the U.S. and North America’s largest recycler of any material (Nucor […]
There have been many comments made in the press recently regarding the opinions of analysts and consultants as to how long the current flat rolled price environment will last.The Pittsburgh Post published an article by Len Boselovic entitled: “Heard off the Street: Analysts: steel price hike may not last.” This article, which quotes one of […]