Sheet prices slipped for the third consecutive week on continued discounts from certain mills for larger buyers. The post SMU Price Ranges: Sheet Price Slide Again as Volume Discounts Continue appeared first on Steel Market Update.
August could see US scrap prices stabilizing, or even rising, depending on the grade or region, scrap sources told SMU. The post Domestic Scrap Tags Could Rebound in August: Sources appeared first on Steel Market Update.
Second-quarter net income decreased year-on-year for US steel producers Nucor and Cleveland-Cliffs as prices and turnover fell. Nucor is bracing for lower profits; Cleveland-Cliffs is looking forward to higher shipments. North Carolina-based Nucor said it expects company earnings in Q3 will be less than the $1.46 bn (€1.32 bn) achieved in Q2 because of decreased profitability […]
Schnitzer Steel Industries has changed its corporate name to Radius Recycling. The Portland, Ore.-based scrap recycler and long steel producer said on Wednesday it’s part of a rebranding initiative to reflect the company’s “vision, purpose, and impact on the global economy.” “While metals recycling and steel manufacturing have been the foundation of our global business for […] The post Schnitzer Steel Changes Name to Radius Recycling appeared first on Steel Market Update.
Steel Manufacturers Association (SMA) president Philip K. Bell will be joining as a panelist and presenter at the 2023 SMU Steel Summit Conference Aug. 21-23 in Atlanta. “I’ve been attending Steel Summit for over a decade, and each year it gets bigger and better,” Bell said in a sitdown with SMU. This year he will […] The post Steel Summit 2023 Speaker Focus: Philip K. Bell appeared first on Steel Market Update.
West Virginia’s environmental protection department has given longs producer Commercial Metals Company (CMC) permission to begin construction of a micro-mill near Martinsburg, Berkley County. “With the permit in hand, and land purchase completed, we can now begin construction to achieve our targeted commissioning date in calendar 2025,” said CEO and chairwoman Barbara Smith. The plant […]
Hot-rolled coil prices remain rangebound between roughly $850-900 per ton ($42.50-45 per cwt), according to our latest market check. You could say that’s not news. Our HRC index settled at $870 per ton on Tuesday afternoon. A week-over-week decline of $20 per ton from $890 last week might be little more than noise. You’d want to […] The post Final Thoughts appeared first on Steel Market Update.
On Steel Market Update’s most recent Community Chat, we caught up with Timna Tanners, managing director of Wolfe Research, to hear her latest take on the steel market. Tanners chatted with SMU managing editor Michael Cowden about the myth of mill discipline within the sheet market. The market isn’t much more disciplined than a few […] The post SMU Community Chat: Tanners Talks the ‘Myth’ of Mill Discipline appeared first on Steel Market Update.
The spread between hot-rolled coil (HRC) and prime scrap prices continued to narrow in July, according to Steel Market Update data. SMU’s average HRC price rose this week, while busheling scrap tags fell. Our HRC average price rose $10 per net ton week over week to $890 per ton ($44.50 per cwt) as of Tuesday, July 11. Busheling tags, […] The post Prime Scrap, HRC Price Spread Narrows Further in July appeared first on Steel Market Update.
There’s been a lot of talk about AI. We’ve even used ChatGPT a bit here ourselves at Steel Market Update. But this week I had the chance to get a broader view on what’s on offer in the field at the Reuters Momentum Conference on July 11-12 here in Austin, Texas, where I live. I went […] The post Final Thoughts appeared first on Steel Market Update.