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3 weeks ago | 
steelmarketupdate.com | David Schollaert
The gap immediately surged after S232 was doubled this week (see Figure 1). This week, SMU’s average domestic HR price was $845 per short ton (st), up $5/st vs. the previous week. The result: Domestic HR is theoretically on average 13% cheaper than imported material, a swing of nearly 16 percentage points from last week, when US product was roughly 2.9% more expensive. If Asian prices weren’t at such a discount to US prices, stateside product would be roughly 25% cheaper than imports.
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3 weeks ago | 
steelmarketupdate.com | David Schollaert
Canada’s count grew by two rigs to 114, but remained 29 behind the same week last year. Canadian activity typically peaks early in the year and declines into the spring as thawing ground conditions limit access to drilling sites. The international rig count is reported monthly at the beginning of each month. The May count was 886 rigs, down five from April and 67 from the same time last year.
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3 weeks ago | 
steelmarketupdate.com | David Schollaert
With higher tariff rates on steel and aluminum set to go into effect on Wednesday, June 4, a new round of chaos across the supply chain is likely in store. Expect a significant impact on manufacturers and metal fabricators. But even before the latest round of Trump-tariff whiplash on Friday evening, there was a lot of interesting data coming out of SMU’s steel-market survey. Yes, more uncertainty, mayhem, and panic buying might come this week because of higher tariffs on steel and aluminum.
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4 weeks ago | 
steelmarketupdate.com | David Schollaert
Timna Tanners, managing director of equity research for Wolfe Research, will be the featured speaker on the next SMU Community Chat. Timna has coined Sheet Storm, Galv Galore, and Rebarmageddon. Her forecasts and insights are always though provoking. And she’s not afraid to speak her mind. So it's no surprise that she's one of our most popular guests!
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1 month ago | 
steelmarketupdate.com | David Schollaert
We’re just 88 days out from North America’s largest gathering of the flat-rolled steel industry! Anticipation leading up to SMU’s Steel Summit 2025 is heating up. We’re ahead of last year’s pace, with record-setting attendance again in sight. More than 700 steel industry professionals from over 300 companies are already registered to attend the Summit this August in Atlanta. To see a list of companies already signed up, click here.
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1 month ago | 
steelmarketupdate.com | David Schollaert
Nucor has lowered its consumer spot price (CSP) for hot-rolled coil by $10 per short ton (st), marking the fourth consecutive weekly decrease. You can track mill price announcements on our website here. This week’s base CSP will be $870/st, the Charlotte, N.C.-based steelmaker told customers in a letter on Tuesday. The company noted that lead times for all spot orders will be offered between 3 and 5 weeks. Published extras will apply to all spot transactions.
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1 month ago | 
steelmarketupdate.com | David Schollaert
The company said pricing applied equally to carbon, normalized, and quenched-and-tempered products. Nucor said its base price for normalized and quenched-and-tempered plate is $1,475 and $2,645 per short ton (st), respectively. “We reserve the right to review and re-quote any offers that are not confirmed with either a Nucor sales acknowledgment or written acceptance by both parties,” the company said in the letter.
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1 month ago | 
steelmarketupdate.com | David Schollaert
Recall that tariff fears pulled forward buying in the US in first quarter. Activity has since slowed, and prices have fallen. You’ll also note in the charts below that Section 232 returned on March 12. Since then, the price gap between European and US hot band has tightened. Before that date, allies like the EU faced quotas rather than the 25% tariff. (See Figure 1.)This week, SMU’s average domestic HR price was $845 per short ton (st), flat vs. the previous week.
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1 month ago | 
steelmarketupdate.com | David Schollaert
Cleveland-Cliffs opened its June order book for spot material at $910 per short ton (st). The Cleveland-based steelmaker said the price cut was effective immediately, in a letter to customers dated Thursday, May 22. It marks a $65/st decrease from the company’s previous list price of $975/st, per SMU’s price increase calendar. The move comes as US hot band prices have been steadily dropping since mid-March. While decreases have slowed, buyers remain cautious.
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1 month ago | 
steelmarketupdate.com | David Schollaert
While I would anticipate market sentiment to pivot and improve if all the questions around tariffs were answered, that still leaves us with a few other factors. Like the fact buyers are stocked, demand is pulled back, and the summer doldrums look to have arrived early – and, dare I say, will “wear out their welcome.”That’s ultimately a recipe for a not-so-enjoyable summer. There’s a lot of interesting data in this week’s survey results.
