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Lead times for spot orders of steel continue to extend with hot rolled delivery now averaging more than six and a half weeks and coated steel orders around eight and a half weeks. Lead times are an indicator of steel demand—longer lead times mean the mills have more orders to process and are less likely to negotiate on prices.
Mills continue to control negotiations over hot rolled, cold rolled and coated steel orders as they seek to collect higher prices in a market characterized by extended lead times and tight supplies.
Despite some initial concern that the ferrous scrap market would dip in November, scrap dealers anticipate a “strong sideways” price trend next month.
Nucor has agreed to acquire Precoat Metals' paint line facility in Armorel, Ark., accelerating Nucor’s entry into the painted products market, said Troy Brooks, vice president and general manager of Nucor Steel Arkansas. Precoat's paint line is located near the Nucor Steel Arkansas sheet mill campus and has a capacity of approximately 250,000 tons per year.