Late Sunday night, the Wall Street Journal reported that U.S. Steel had rejected an unsolicited offer from Cleveland-Cliffs for the company, valuing it at $7 billion. According to the report, Cliffs offered $17.50/share in cash plus 1,023 shares of Cliffs stock. U.S. Steel promptly rejected the offer and indicated that it would seek alternative proposals. […]
Tag: steel prices
Raw Steels MMI: Bearish HRC, Steel Prices Flatten at Start of July
The Raw Steels Monthly Metals Index (MMI) moved sideways, with a modest 0.32% decline from June to July. Flat rolled steel prices appeared decidedly bearish throughout June. HRC prices saw the largest month-over-month decline, dropping nearly 16% before finding a bottom at the start of July. From there, HRC prices saw a modest $1/st increase […]
Automotive MMI: Automobile Sales Rise, but Falling Steel Demand Impacts Market
The Automotive MMI (Monthly Metals Index) continued its decline in June, this time falling by 3.28%. The aluminum and copper components of the index traded sideways. However, all other parts of the index dropped. Lead prices managed to trend more sideways in June than in May, but weak demand continues to impact lead and steel […]
Construction MMI: Canadian Wildfire Smoke Puts a Halt on NYC Construction
The Construction MMI (Monthly Metals Index) stayed within a tight range, but dropped more than in the previous three months. Overall, the index fell by 5.04% month-on-month. Meanwhile, steel prices continued to slide, which brought noticeable bearish pressure to the index. However, within the first couple weeks of June, H-beam steel and steel rebar prices […]
Raw Steels MMI: HRC Steel Prices Drop and Mill Lead Times Plummet
The Raw Steels Monthly Metals Index (MMI) remains bearish, declining 6.93% from May to June. Flat rolled steel prices returned to their bearish movement after peaking in April, while hot rolled coil prices retraced down to their March levels. Altogether, HRC prices have declined 13% from their April 14 high. Meanwhile, both cold rolled coil and […]
Raw Steels MMI: U.S. Steel Prices Slide as Construction Sector Poses Long-Term Risk
The Raw Steels Monthly Metals Index (MMI) moved down from April to May as all its components declined. After sharp upside movement during March, flat rolled steel prices saw their four-month uptrend falter throughout April. Meanwhile, hot rolled coil prices had risen over 82% from the beginning of the early December uptrend until prices peaked […]
Automotive MMI: HDG, Palladium and Shredded Scrap Steel Prices Jump
The Automotive MMI (Monthly Metals Index) rose significantly from March to April, jumping by 9.01%. This represents the highest rise the index has seen in over a year. Numerous drivers helped bring prices up, with every part of the index rising month-over-month, including: The steel parts of the index (in particular HDG) followed trend with […]
Raw Steels MMI: Market in Backwardation Suggests U.S. Steel Prices May Be Near Peak
The Raw Steels Monthly Metals Index (MMI) moved sideways from March to April, with a mere 0.65% increase. A sharp reversal to the downside for Midwest HRC future prices placed additional weight on the index. Meanwhile, HRC price action continued to the upside during the month, with the HRC rally yet to show a meaningful slowdown. […]
How Can Steel Procurement Professionals Survive a Recession?
The irony is not lost on steel buyers when they hear the phrase “the cold, hard truth.” After a massive spike at the beginning of March, HRC, CRC, and HDG steel prices are finally losing momentum. However, as any savvy procurement professional knows, they are not out of the woods yet. Recession indicators continue to […]
Raw Steels MMI: U.S. Steel Prices Continue Uptrend
U.S. steel prices continue to rise amid ongoing price hikes from domestic steelmakers. The ascent for HRC prices accelerated throughout January as they jumped by over 10%. Meanwhile, plate prices returned sideways with a modest month-over-month rise of just under 2%. Of course, this came after prices traded down throughout December. Overall, the Raw Steels […]
