Key Market Indicators showed a substantial improvement in market trends in the December data. This report is designed to be a big picture summary of data SMU has reported in detail during the month. It summarizes 36 data streams that describe the state of the steel market and provide forward guidance for steel buyers and […] The post SMU Analysis: Key Market Indicators through December appeared first on Steel Market Update.
This report is designed to be a big picture summary of data SMU has reported in detail during the month. It summarizes 36 data streams that describe the state of the steel market and provide forward guidance for steel buyers and sellers. See the end of this piece for an explanation of the Key Indicators […] The post SMU Analysis: Key Market Indicators through November appeared first on Steel Market Update.
By Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 7.5 percent m/m to 195.7 (see chart) after prices rose in most markets. The most pronounced rebounds were in the U.S. and European scrap markets, while prices in Asia either rose or were stable. Prices in regions […] The post CRU: Scrap Prices Find Floor as Supply Dries Up and Demand Returns appeared first on Steel Market Update.
Steel Dynamics CEO Mark Millett enthusiastically spoke of the new steel mill planned for Sinton, Texas, during the company’s third-quarter earnings call. “We are excited about our Sinton, Texas, flat roll steel mill project, and the associated long-term value creation it will bring through geographic and value-added product diversification. This facility is designed to have […] The post SDI Excited About New Mill in Texas appeared first on Steel Market Update.
Steel Dynamics is expecting earnings to drop in the third quarter due to lower profits from its steel operations. Lower scrap prices were not enough to offset lower shipments and declining steel pricing. The steelmaker expects earnings in the range of $0.66 to $0.70 per diluted share compared to $0.87 per share in the second […] The post SDI Expects Lower Shipments and Pricing in Q3 appeared first on Steel Market Update.
By CRU Principal Analyst Chris Asgill The pervasiveness of steel market weakness came to the fore this month, particularly for steel long products, leading to a sharp drop in scrap prices in almost every market we assess. Consequently, the CRU metallics price indicator (CRUmpi) dropped by 8.3 percent m/m to 209.4 (see chart), the lowest level since November […] The post CRU: Scrap Prices Collapse Amid Weak Steel Markets appeared first on Steel Market Update.
“If you want to be successful in this business you need to understand the market you serve,” said Cleveland-Cliffs CEO Lourenco Goncalves at the Credit Suisse Basic Materials Conference on Tuesday. Goncalves appears to know what he is doing, having transformed Cleveland-Cliffs from a failing enterprise into a solid business with a unique market position. […] The post Cleveland-Cliffs CEO: “We See a Huge Opportunity” appeared first on Steel Market Update.
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 […] The post August at a Glance appeared first on Steel Market Update.
Demand for HVAC products remains relatively strong in an otherwise lukewarm steel market, but members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) say they are challenged by declining galvanized steel prices and rising intensity from the competition. Polled six weeks ago, nearly all the HARDI members expected galvanized steel prices to stay […] The post HARDI Members Surprised by Declining Galvanized Steel Prices appeared first on Steel Market Update.
The wait is over—Steel Dynamics has announced it will build its new $1.9 billion flat rolled steel mill in Sinton, Texas, 30 miles northwest of Corpus Christi. The new steel mill will serve the four-state Texas area, the western U.S. and Mexico market regions, representing approximately 27 million tons of relevant flat rolled steel consumption—7 […] The post SDI Chooses Sinton,Texas, for New Flat Rolled Mill appeared first on Steel Market Update.