Via Metal Miner The Raw Steels Monthly Metals Index MMI moved sideways, with a modest 1.86% decline from April to May. U.S. flat-rolled steel prices found a bottom at the close of March and proceeded to move sideways. HRC prices saw a modest increase but ultimately closed the month at $838 per short ton. Meanwhile, HRC Midwest Futures saw a strong decline throughout April, which saw the delta between MetalMiner HRC prices and futures narrow to a mere $1 per short ton as of May 1.
Mill Quarterly Reports Show Mixed Results Q1 2024 saw mixed results among steel mills with steel prices. Overall, shipments from the four leading domestic producers trended up from the previous quarter. Both Nucor and SDI saw an increase in total shipments, which offset quarterly declines from both U.S. Steel and Cleveland-Cliffs. Historically, Q1 typically sees an uptick in steel shipments, so the increase is unsurprising. However, shipments fell across all mills from Q1 2023.
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