Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
Current observations reveal a decline in steel coil prices in the United States from their peak at the close of 2023. However, despite this downturn, industry leaders foresee stable steel demand for the year ahead, echoing insights from World Steel Dynamics.
Mark D. Millett, Chairman and CEO of Steel Dynamics, expressed confidence in the 2024 steel demand forecast, highlighting that throughout the previous year, customer steel product inventories remained below historical averages—a trend persisting into the present.
Millett noted the recent decrease in hot-rolled steel prices in the US but emphasised the continued stability in the flat products segment for Steel Dynamics. Despite the less favourable macroeconomic environment, the company experienced a robust order intake rate in January.
Regarding hot rolled coil (HRC) spot prices, Millett suggested they no longer reliably indicate industry demand due to a decrease in spot deals.
Lorenco González, chairman, president, and CEO of Cleveland-Cliffs, regarded $1,000 per short tonne as a favourable price for HRC. Despite recent price increases, deals are being made at higher levels in some cases, although overall market prices remain lower, presenting a nuanced situation.
González explained Cleveland-Cliffs' approach to price increases, noting that the company continues to implement them until market resistance is encountered.
Nucor expects improved pricing ahead, with Executive Vice President and CFO Steve Luxton highlighting increased shipment volumes at the end of the fourth quarter, leading to higher flat product prices in line with published indices. Nucor anticipates further enhancements in both shipment volumes and pricing to positively impact first-quarter results in 2024.
Survey results from World Steel Dynamics indicate varied expectations for HRC prices in the US by the end of the first quarter of 2024. While a majority foresee prices below $1,000 per short tonne, some anticipate exceeding this figure. However, mainstream price indices are reporting lower HRC prices, indicating market fluctuations.
Despite anticipations of stable demand and prices, steel futures trade notably lower. Analysts suggest mills may accept orders below $1,000 per short tonne, depending on volume.
Globally, hot-rolled coil prices have surged in major markets since the start of 2024. In Europe, limited locally produced supplies and depleted import quotas have supported quotes. Similarly, in the US, although the trend aligns, excess supply relative to demand is tempering price growth.
Also Read : Nippon Steel Secures U.S. Steel in $14.9B Deal, Assures Operational Independence Despite U.S. Oversight Trump Doubles Down on Keeping U.S. Steel Under Domestic Control
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