There are specific reasons for the tightness of supply that exists in the market today. Events have been in motion for the past 25 years that have culminated in the limitations of supply. For those of you who have attended SMU Steel Summit Conferences you may recall a presentation done by Paul Lowrey, Managing Director […] The post Final Thoughts appeared first on Steel Market Update.
“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […] The post Goncalves: 2020 was a “Transformational Year” for Cleveland-Cliffs appeared first on Steel Market Update.
“Life at Cleveland-Cliffs has been intense,” said CEO Lourenco Goncalves, referring to a pandemic-challenged year in 2020 and major changes to what just one year ago was an iron ore company. “Without question, 2020 was the most transformational year in our company’s 173-year history,” said Goncalves. “We completed two seminal acquisitions, AK Steel and ArcelorMittal […] The post Goncalves: 2020 was a “Transformational Year” for Cleveland-Cliffs appeared first on Steel Market Update.
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled HR and scrap prices had a very strong move in the last month. All eyes focus on lead times for […] The post Hot Rolled Futures: Very Strong Move appeared first on Steel Market Update.
As we enter the New Year (goodbye 2020, welcome 2021), you will notice changes to Steel Market Update. One of the very first things you will notice is that our newsletters will have more relevant content in them. This is due to the addition of Michael Cowden who joins us after spending 13 years with […] The post Final Thoughts appeared first on Steel Market Update.
John Packard, President & CEO of Steel Market Update discusses changes being made at the company, events on the books for 2021, and the status of the flat rolled and plate steel markets – including steel price commentary: As we enter the New Year (goodbye 2020, welcome 2021), you will notice changes to Steel Market […] The post SMU CEO Comments on New Year, Spot Steel Prices & More appeared first on Steel Market Update.
The Perfect Storm: Long lead times, late deliveries, low service center inventories, strong demand, higher prices, lack of foreign steel imports, mill outages both planned and unplanned, maximum capacity utilization rates at a number of mills, NLMK USA strike, higher ferrous scrap prices that are expected to go much higher in the coming months, restrictions […] The post Final Thoughts appeared first on Steel Market Update.
Pandemic is a public health issue, not a political issue. I watched just a few minutes of the Senate testimony today with Dr. Fauci, Dr. Redfield of the CDC, Dr. Hahn, commissioner of the Food and Drug Administration, and Admiral Giroir, the Assistant Secretary for Health. I thought one question and answer was interesting in […] The post Final Thoughts appeared first on Steel Market Update.
Steel prices saw further declines this week, but not a dramatic collapse. The benchmark price of hot rolled now averages around $560 per ton, down $5 from last week and down $50 from the mid-January high of $610. Most of the steel buyers responding to Steel Market Update’s check of the market this week expect […] The post SMU Market Trends: Buyers Ponder Their Prospects in the Virus Crisis appeared first on Steel Market Update.
By CRU Principal Analyst Josh Spoores The North American sheet market has taken a turn for the worse. At a time when sheet demand and prices have already been stunted by a weaker trend of industrial growth and sheet demand, two recent events are only now starting to affect sheet prices: an on-going strike at […] The post CRU: Worst-Case Scenario in U.S.: GM Strikes as Scrap Costs Collapse appeared first on Steel Market Update.