What’s perhaps most shocking about Cleveland-Cliffs starting the week up $100 per ton ($5 per cwt) on sheet and targeting $1,200 per ton for hot-rolled coil (HRC) is that many of you didn’t find it shocking. In early February, we got used to prices going up by $50 per ton from one week to the […] The post Final Thoughts appeared first on Steel Market Update.
We’ve just seen the biggest week-over-week increase in hot-rolled coil prices since the frenzy following Russia’s invasion of Ukraine last year. SMU’s hot-rolled coil (HRC) price is up $140 per ton ($7 per cwt) week over week. That’s our biggest such gain since prices jumped $210 per ton in mid-March of last year at the height of […] The post Final Thoughts appeared first on Steel Market Update.
February came in with a bang and went out with one too. We saw two rounds of $50-per-ton sheet price increases early in the month. Then one of $100 per ton. And finally Cleveland-Cliffs came in near the buzzer on Monday with another $100-per-ton price hike. We think that was the last shot of the […] The post Final Thoughts appeared first on Steel Market Update.
The Biden administration has hit Russian pig iron as well as other steel and metal products with tariffs of up to 70%. The move was made with less fanfare than the 200% tariffs on Russian aluminum announced in a presidential proclamation last week. The tariffs were included in an annex attached to that proclamation. The […] The post US Raises Tariffs on Russian Pig Iron, Scrap, DRI Up to 70% appeared first on Steel Market Update.
Sheet prices are up again. By a lot. For the third time this month. And it’s not over yet! Nucor alone is up more since Thanksgiving ($310/per ton) than they were after the invasion of Ukraine ($275/ton), according to our price increase calendar. We had obvious drivers for the last two big rallies. The snapback […] The post Final Thoughts appeared first on Steel Market Update.
SMU’s hot-rolled coil price has cracked $800 per ton ($40 per cwt), and so have prices on the futures market. The question of whether the $800-per-ton threshold would be breached has been answered. But it’s still unclear to me whether that threshold was breached by solid underlying demand or by momentum (buying ahead of the next […] The post Final Thoughts appeared first on Steel Market Update.
We’ll kick off the Tampa Steel Conference next Sunday, and I’m looking forward to seeing many of you there in person. For kicks, I decided to look back at how the market was in mid-February 2022, when we held the event along with the Port of Tampa Bay last year. So join me for a […] The post Final Thoughts appeared first on Steel Market Update.
The cost and scope of Steel Dynamics Inc.’s flat-rolled aluminum mill in Columbus, Miss., and related scrap processing operations, have increased. The total cost of the project is now expected to be $2.5 billion, up from an initial $2.2 billion, SDI chairman, president, and CEO Mark Millett said during the quarterly earnings call last week. […] The post SDI Aluminum Mill Set to Cost Up to $2.5B, Mid ’25 Startup Slated appeared first on Steel Market Update.
Let’s just clear the air of any confusion here. It looks like Nucor’s price increase – $50 per ton ($2.50 per cwt) – announced earlier this week was a catch-up to an increase of the same amount announced by Cleveland-Cliffs in mid-December. Assuming that’s the case, we’ve had two rounds of price increases since Thanksgiving. […] The post Final Thoughts appeared first on Steel Market Update.
Sheet prices entered 2023 moving upward on expectations of higher prime scrap prices, and on a modest uptick in activity as some buyers looked to get ahead of anticipated higher steel prices as well. The gains also came on the heels of a price increase of $50 per ton ($2.50 per cwt) initiated last month […] The post SMU Price Ranges: Sheet Starts ’23 Moving Up appeared first on Steel Market Update.