Worthington Steel Flat Roll Processing

See what our expert had to say this week about the current state of the steel market: Jason Miller, Vice President - Purchasing/Cost Planning. Tariffs continue to add confusion and uncertainty to the market, with Canada and Mexico kicking off this week and the reintroduction of Section 232 scheduled for next week on the 12th.?Hot roll coil is solidly priced at a minimum of $900 a ton for spot transactions this week, with some mills said to be quoting much higher than that.?It looks like all analysts reflect that in their articles, and no one is showing signs of relief soon. Buyers are concerned about the longevity of US prices at these levels, with imports able to compete even with a 25% tariff.?Scrap is headed up again this month, possibly at least $50 on primes, but buying has not wrapped up.?Mill order books continue to show strength through April, with contract prices resetting at higher levels. Will that enthusiasm continue for the rest of the second quarter? For more information on Worthington Steel's Buying Intelligence, visit https://lnkd.in/dy_7Cd2d ? #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence #trumptariffs

See what our expert had to say this week about the current state of the steel market: Jason Miller, Sr. Director - Purchasing/Cost Planning. Most buyers are now caught up on the situation. Pricing in most areas is starting to reflect $900 a ton for hot roll coil, along with value add being offered at $1100 a ton or more.?Cleveland-Cliffs was the first steel mill to make it public and announce an April price of $900 a ton but asked that clients interested in spot volumes contact their account managers to discuss availability.?How much spot is available for April? That is still the unknown at this point.?Some mills have informed customers that it will be limited, while others have not yet opened their spot order book.?Availability is restricted based on strong contract bookings, lost production from winter weather, and upcoming planned maintenance outages that have pushed lead times out.? Scrap is expected to be up again in March; early predictions are up $30 to $50, but buying has not started yet.?The most popular question is how "real" is this??Near-term prices appear to be firm, but depending on the staying power of higher prices, imports still make sense at some point, even with a tariff. For more information on Worthington Steel's Buying Intelligence, visit https://lnkd.in/dy_7Cd2d ? #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

The steel industry is constantly evolving and changing, and we're proud to be on the forefront of innovation and progress. Thank you, Dan Eaton, for sitting down with our CEO, Geoff Gilmore, to chat about our growth and vision for the future. #DrivingSteelForward

See what our expert had to say this week about the current state of the steel market: - Jason Miller, Sr. Director - Purchasing/Cost Planning. Buyers and analysts are still catching up with what is happening in the market; with most mills still not open for spot sales in April, assumptions are being made about what prices are available.?The problem is that minimal pricing is being quoted right now, with the mini-mills waiting to see where scrap prices are headed in March and integrated mills working through their contract orders before opening their spot order books; still a couple of weeks out before maybe someone publishes a price.?What has been offered to select customers demanding a price is being reported as $900 a ton hot roll coil or above.?In the previous week, maybe some tons were sold below $900 a ton, but that no longer seems an option.?Arguably, buyers were warming up to $800 a ton of steel, so expect some confusion.?How we got here:?scrap prices rising, tariffs, solid booking on contract, scheduled outages, all leading to lead times pushing out.?Depending on who you deal with, some may be in for a shock, as some mills have alluded to potentially not having any spot available in April.?Demand does not seem overly strong, but panic sometimes makes things look better than they should.????? For more information on Worthington Steel's Buying Intelligence, visit: https://lnkd.in/dy_7Cd2d #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

"I always leave this conference much smarter than when I came in." Great insights shared by Geoff Gilmore who spoke to a packed auditorium this morning at the 36th annual Tampa Steel Conference. Among the key highlights Geoff mentions: the wide range of interesting speakers we bring to TSC, the topic of tariffs and how it's playing out in real time as the conference unfolds, information on what we can expect from the economy, and demand in several end markets. We are excited to see what the rest of the day brings! #SMUsteel #TampaSteelConference #scrap #metals #mining #trade #tariffs #steel Port Tampa Bay Worthington Steel

Yesterday was National Innovation Day. I’m proud to be part of a company where innovation is a key part of our growth strategy and success. From custom-processed steel to hydrogen annealing and friction stir welding, Worthington has been at the forefront of innovation for 70 years. We continue to apply this spirit of innovation in everything we do. #InnovationDay #WorthingtonSteel #DrivingSteelForward

See what our expert had to say this week about the current state of the steel market: - Jason Miller, Sr. Director - Purchasing/Cost Planning. I am not even sure where to start; the surprise announcement of tariffs, once again this week, has done wonders for pricing.?Just as tariff fears eased coming out of last week, buyers were growing comfortable with prices trending up because scrap prices were rising; enter the chaos.?Scrap prices arguably rose more than mills expected, with primes up $50 in most areas. Then, all the panic on tariffs returned, and every country was back in the fold.?So, a $800/ton hot roll coil was a target coming into the week; now, I am not even sure if anyone is still willing to sell at a price that low.?The issue is that lead times have jumped out. Almost everyone is into April, and I am not sure anyone has put an April spot price out or opened their order book for a spot just yet.?The next issue you run into when you get in that time frame is the old seasonal planned maintenance, which always seems to come at the best times.?In the near term, expect some uncertainty, limited availability, and sticker shock, depending on who you deal with. For more information on Worthington Steel's Buying Intelligence, visit: https://lnkd.in/dy_7Cd2d #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

See what our expert had to say this week about the current state of the steel market: - Jason Miller, Sr. Director - Purchasing/Cost Planning. Heading into the week, mills were positioning to get prices up. U.S. Steel informed customers they were taking their spot price up $50 a ton and targeting $800 for hot roll coil, matching a price previously announced by Cleveland-Cliffs when they opened their March order book.?On Monday, Nucor increased their Consumer Spot Price to $775 a ton from the previous week's $760.?Everyone was on edge with tariffs and how that would impact Canada and Mexico; fast forward to mid-week, and the tariff excitement has died down, with Mexico and Canada finding agreements that buy them another month to continue and negotiate border control measures.?The market is aligned, prices are up from the previous week, and prices will likely continue to get pressed even more from where analysts would elude prices today.?Even with the pause in tariffs, scrap prices, after increasing in January, are expected to go up again here in February, so sellers will want to get their contract prices up with raw material prices rising.?Usually, rising contract prices lead to heavier bookings as buyers try to get ahead of what is to come. ? For more information on Worthington Steel's Buying Intelligence, visit: https://lnkd.in/dy_7Cd2d #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

See what our expert had to say this week about the current state of the steel market: - Jason Miller, Sr. Director - Purchasing/Cost Planning. Activity seems to have picked up week-over-week, but maybe not all is based on customer demand increasing, with some buyers working to get all their Canadian or Mexican orders in before Trump makes an announcement on tariffs.?Mills were also reported as being firmer with their prices this week, a move seen by Nucor on their Consumer Spot Price as they increased to $760 a ton from the previous week at $750 a ton.?Lead times were also recognized as pushing out in some areas or at least holding tight, possibly led by increased contract buying or weather-related production lost from the chill over the last week.?Hot roll coil prices seem solidly above $700 a ton, with a potential to keep going up, depending on what happens next week.?Keep an eye on scrap, as most expect another increase on primes in February as flows have been impacted by weather, and the mills will surely want to keep up with rising input costs.? For more information on Worthington Steel's Buying Intelligence, visit: https://lnkd.in/dy_7Cd2d #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence

See what our expert had to say this week about the current state of the steel market: - Jason Miller, Sr. Director - Purchasing/Cost Planning Spot buying remains minimal coming out of last week, leading to minimal change being reflected on the index prices, but most analysts seem to agree that the bottom side of offers has moved up.?Most offers for hot roll coil are pushing $700 a ton or above right now, with the major mills still advertising spot prices much higher @ $750 a ton or above.?Most would agree that the majority of transactions are on contract right now, as buyers are not finding a better spot price.?With scrap prices increasing in January and early indications of more potential upside in February, I expect the mills to focus on increasing transaction prices to increase their contract price over the next couple of weeks.?Then there is the whole tariff situation, which is still pending with Trump retaking office; decisions are expected come February 1, 2025.? ? #steelindustry #steelnews #steelmanufacturing #steelproduction #automotive #businessintelligence