Steel price momentum has shifted Lower for hot rolled steel. With scrap prices down in September, the market may have passed a tipping point. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $550-$600 per ton ($27.50-$30.00/cwt) with an average of $575 per ton ($28.75/cwt) FOB mill, east […]
The U.S. exported 620,598 tons of flat rolled steel in July, according to final Census data, a 4 percent rise from June, but down 5 percent from the same month one year ago. July exports were in line with the 2019 average of 611,019 tons, but down significantly compared to recent years. It was this […]
On Friday, Sept. 6, USS-POSCO Industries advised customers: “USS-POSCO Industries (UPI) has revised the published Galvanized coating extras. The new extras will apply on all new orders effective immediately. The new price book for the extras can be found on the attachment as well as on our website. Please contact your UPI Sales Representative with […]
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel prices (delivered to U.S. ports) and domestic hot rolled coil prices (FOB domestic mills). We want our readers to be aware that this is only a “theoretical” calculation as freight costs, trader margin and other costs […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 6 to 898, with oil rigs down 4, gas rigs down 2, and miscellaneous rigs unchanged. Compared to this time last year, the […]
July heating and cooling equipment shipments came in at 1.81 million units for the month, up 0.4 percent over the same month one year ago, according to data recently released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the first month that total monthly equipment shipments have increased on a year-over-year basis since […]
Despite slight upward momentum in steel pricing in August, steel buyers’ sentiment languished in the +40s on SMU’s index. This tepid optimism likely reflects widespread concerns in the market about steel demand in the second half and the staying power of steel prices following the recent increases announced by the mills. The average price for […]
Prices were mixed this week, although we are starting to see signs of weakness in hot rolled, while cold rolled and coated were slightly stronger. We are evaluating price momentum on all products and will have more to say on that subject on Thursday. Here is how we see prices this week: Hot Rolled Coil: […]
On Thursday, Aug. 29, the Nucor Sheet Mill Group advised customers: “Consistent with our practice to monitor the cost of zinc, we have revised our galvanized coating weight extras effective with orders acknowledged for week ending Oct. 5, 2019. Price extras can be accessed under the ‘Sheet’ tab at www.nucornow.com/announcements. Please contact your Nucor District […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 19 to 916, with oil rigs down 16, gas rigs down 3, and miscellaneous rigs unchanged. Compared to this time last year, the […]
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel prices (delivered to U.S. ports) and domestic hot rolled coil prices (FOB domestic mills). We want our readers to be aware that this is only a “theoretical” calculation as freight costs, trader margin and other costs […]
With about 10 days left in the month, steel imports are trending below average at just over 2.2 million tons, based on Commerce Department license data. Imports of semifinished steel, at around 240,000 tons, are tracking at less than half of normal levels following a surge in July. Domestic mills scrambled last month to secure […]
Steel prices were the same or lower this week, depending on the product. Price momentum is still pointing Higher for flat rolled, but with less confidence. Are we at a tipping or inflection point? Here is how we see prices this week: Hot Rolled Coil: SMU price range is $570-$600 per ton ($28.50-$30.00/cwt) with an […]
Flat rolled price increases seem to be slowing, based on what we learned from steel buyers this week. We did see some uptick, but only modest movement. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $550-$620 per ton ($27.50-$31.00/cwt) with an average of $585 per ton ($29.25/cwt) FOB […]
Total U.S. raw steel production in the month of June declined 4.1 percent to 7,984,988 net tons, reports the American Iron and Steel Institute in Washington. This is the first time monthly production levels have dipped under eight million tons since February 2019. Although down over the previous month, June production is only slightly below […]
June heating and cooling equipment shipments came in at just over 2.1 million units for the month, down 5.8 percent over the same month one year ago, according to data recently released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). This is the third consecutive month that total monthly equipment shipments have declined on a […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined again this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 8 to 934, with oil rigs down 6, gas rigs down 2, and miscellaneous rigs unchanged. Compared to this time last year, […]
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel prices (delivered to U.S. ports) and domestic hot rolled coil prices (FOB domestic mills). We want our readers to be aware that this is only a “theoretical” calculation as freight costs, trader margin and other costs […]
The U.S. exported 600,000 tons of steel in June, according to final Census data, a 5 percent slip from May, and down 34 percent from the same month one year ago. June exports were in line with the 2018 average (~610,000 tons), but down significantly compared to the past few years. This time last year, […]
Steel mills continue to press for higher prices and this week SMU found success on everything but hot rolled coil, which continues to lag behind the rest of the flat rolled market. We found that maintenance at Steel Dynamics and other mills over the next 30-45 days is weighing on some steel buyers. Here is […]
The long-awaited rebound in steel prices was the biggest story of the month in July. Steel Market Update’s Price Momentum Indicator was pointing firmly upward by the end of the month following three $40 price increase announcements by flat rolled steel producers. The benchmark price of hot rolled steel hit $580 per ton in July, […]
Domestic steelmakers appear to be collecting at least some of the price increases they have announced on flat rolled steel. Steel Market Update data shows prices for hot rolled, cold rolled and galvanized steel up by $10 to $25 per ton over last week. The mills hope to do the same with steel plate, announcing […]
The U.S. active rotary rig count, an indicator of oil country tubular goods demand, declined this week, according to oilfield services company Baker Hughes. The number of active U.S. rigs fell by 8 to 946, with oil rigs down 3, gas rigs down 5, and miscellaneous rigs unchanged. Compared to this time last year, the […]
If you haven’t registered for the Premier Steel Conference in North America, then this is the time to do so. The Steel Market Update Events App, which all 900+ attendees have access to, was launched last week, meaning registered attendees are now busy organizing meetings with each other in advance to make the most of their time […]
If you haven’t registered for the Premier Steel Conference in North America, then this is the time to do so. The Steel Market Update Events App, which all 900+ attendees have access to, was launched last week, meaning registered attendees are now busy organizing meetings with each other in advance to make the most of their time […]
The following calculation is used by Steel Market Update to identify the theoretical spread between foreign hot rolled steel prices (delivered to U.S. ports) and domestic hot rolled coil prices (FOB domestic mills). We want our readers to be aware that this is only a “theoretical” calculation as freight costs, trader margin and other costs […]
Flat rolled steel prices continued their march higher – even prior to the ArcelorMittal USA price increase announcement. The domestic mills are determined to move prices higher. As one mill executive put it to Steel Market Update today, “I think the fall from $940 to $505 was too much, too fast. Way overshot a fair […]
May apparent steel supply was calculated at 9,387,605 net tons, according to data recently released by the American Iron and Steel Institute and U.S. Department of Commerce. Apparent steel supply, a proxy for demand, is determined by adding domestic steel shipments and finished U.S. steel imports, then subtracting total U.S. steel exports. May apparent steel […]
Imports of “finished” foreign steel are trending below 2 million net tons for the month of July. Overall, the trend, based on the first two weeks of license data for all products, is for a 3.2 million net ton month. SMU believes these numbers are overstated due to the opening of a new quarter and […]
Total U.S. raw steel production in the month of May rose 2.7 percent to 8,325,489 net tons, reports the American Iron and Steel Institute in Washington. May production was at one of the higher levels in recent history, only surpassed by March 2019 and October 2018. Prior to those three months, the last time production […]