As steel prices continue to rise, the monthly metal index (MMI) of raw steel rose by 7.8% this month.
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As we wrote in this month’s column, steel prices have been rising continuously since last summer.
Steel prices increased by double digits month-on-month. However, the rate of increase seems to have slowed down.
For example, the price of hot rolled coil in the United States continues to rise. The three-month price of hot rolled coil in the United States rose 20% from the previous month to US$1,280 per short ton. However, so far, prices have flattened out in April.
Have steel prices finally peaked? It’s not clear, but price increases have definitely begun to slow down.
Speaking of the distribution market and tight supply, buyers will get some new supply in the short to medium term, which will bring them some comfort.
Work continues at Steel Dynamics’ new plant in Sinton, Texas, which is scheduled to be commissioned by the middle of the year.
The company said that excluding the cost (US$18 million) associated with the investment in the Sinton flat steel plant, it expects its diluted earnings per share in the first quarter to be between US$1.94 and US$1.98, which may indicate the company’s innovation this quarter. Record earnings. the company.
The company said: “Due to strong demand that continues to support flat steel prices, driven by the widening of flat steel prices, it is expected that the company’s steel business earnings in the first quarter of 2021 will be significantly higher than the fourth quarter quarterly results.” The average realized quarterly flat steel product prices will increase significantly during the quarter to offset the increase in scrap steel costs.”
In longer-term news, last month, Nucor announced plans to build a new tube rolling mill near its thin plate plant in Gallatin, Kentucky.
Nucor will invest approximately US$164 million in the new plant and said that the plant will be put into operation in 2023.
Tangshan City, China’s steel production base, has taken measures to curb steel production to limit pollution.
However, the South China Morning Post pointed out that China’s steel production is still strong, with a capacity utilization rate of 87%.
After falling to around US$750 per ton in mid-March, the price of Chinese HRC soared to US$820 on April 1.
Many domestic organizations have challenged former President Donald Trump’s Section 232 steel and aluminum tariffs in the court system.
However, Trump’s recent challenges to tariff expansion (including steel and aluminum derivatives) proved successful to domestic petitioners.
PrimeSource Construction Products competes with Trump’s Trump Announcement 9980 issued on January 24, 2020. The announcement extended Section 232 tariffs to include steel and aluminum derivatives.
USCIT explained: “To declare Announcement 9980 invalid, we must find’obviously incorrect structures of administrative regulations, major procedural violations or actions taken outside the scope of authorization.” “Because the President issued Announcement 9980 after the authorization of Congress to adjust the import of products involved in the announcement expired, Announcement 9980 is an action taken outside the scope of the authorization.”
Therefore, the court declared that the declaration was “invalid in violation of the law.” It also requested the refund of tariffs related to the declaration.
As of April 1, China’s slab steel price rose 10.1% month-on-month to US$799 per ton. China’s coking coal fell 11.9% to US$348 per ton. At the same time, Chinese billet prices fell 1.3% to US$538 per ton.
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I heard that the scrap yard is full and they will close them because they have nowhere to go
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