The General Motors Co. (GM) recently recognized its top suppliers at its annual Supplier of the Year event in San Antonio, Texas. The Supplier of the Year award honors outstanding international suppliers who exceed GM’s requirements. Among the award winners were steelmakers Cleveland-Cliffs Inc., Nucor Corp., and Companhia Siderurgica Nacional (CSN). “We are thrilled to […]
About half of the US added construction jobs from January to February, according to Associated General Contractors of America (AGC) figures. Month over month (MoM), construction employment increased in 24 states, held constant in six states, and declined in 20 states and Washington, D.C. Year-over-year (YoY) construction employment increased in 45 states. California added the […]
On March 17, the Court of International Trade, the federal court with jurisdiction over most cases involving international trade regulation, issued a major ruling giving control over China tariffs to the discretion of the US Trade Representative (USTR). The case dealt with legal challenges in nearly 4,000 separate cases to the “List 3” and “List […]
Global crude steel production was estimated at 142.3 million metric tons in February, as steelmakers around the world cut output by 1.4 million metric tons vs. the same year-ago period, the World Steel Association (worldsteel) reported. Last month’s estimated production was also down sequentially, declining 2%, or 2.9 million metric tons, from January’s total crude […]
Is a banking crisis that started with Silicon Valley Bank (SVB) going to have a massive impact on the steel industry? Maybe. Regional banks lend to many service centers and smaller businesses, and ultimately aren’t as insulated as the larger institutions. Steel Market Update’s Laura Miller sat down with John Armstrong, founder and CEO of […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! […]
Galvanized sheet continues to experience stable demand but market sentiment is waning, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the March 22 meeting of its Sheet Metal/Air Handling Council. Bullishness has subsided from sentiment in February. With lead times approaching eight weeks, HARDI members are experiencing tighter inventories and delayed […]
Esmark Inc. has announced the passing of Hans Joachim Schmidt, father of Esmark founding investor and longtime member of the Esmark board of directors, Uwe T. Schmidt. Hans Joachim Schmidt passed away on Feb. 19 at the age of 90, Esmark said, noting that he was a leader and internationally recognized business executive serving the […]
Finding your passion in life can take time, sacrifice, and dedication. For Jeremy Flack, founder and CEO of Flack Global Metals, it’s been a lifelong journey. On the heels of the inaugural Risk Initiatives Summit for Executives (RISE) Summit, Steel Market Update sat down with Jeremy for an exclusive interview. A lightly edited transcript of […]
Existing home sales rebounded in February from January, swinging positive for the first time in 13 months, according to the National Association of Realtors (NAR). However, all four major regions in the US registered year-over-year (YoY) drops, though month-on-month (MoM) sales were up among the four regions, NAR said. Sales of existing homes surged 14.5% […]
March scrap prices have settled up across the board after extensive trading. As previously reported, mills were resistant and prices were up. With prime scrap reportedly hard to obtain, March prices settled up nearly $100 per gross ton above February, market participants said. And it doesn’t appear this prime scrap rally is ending this month. […]
Price increases have dominated the headlines thus far in 2023. Since Jan. 1, we’ve had one blitz of tag hikes after another. In the eleven weeks since the start of the year, there’s only been a single week in which not a single mill announced a price increase. It sometimes felt like one mill had […]
More than three-quarters of US metro areas added construction jobs year-over-year (YoY) through January, according to Associated General Contractors of America (AGC) figures. Despite the employment boost, construction firms struggled to find enough qualified workers to hire, the report said. The report cautioned that projects may stall or be canceled altogether if contractors lack an […]
The US International Trade Commission issued a report to Congress last week on the impact of the Section 232 import restrictions on steel and aluminum and the tariffs on imports from China under Section 301. The report catalogued significant injury to downstream industries. Namely, those that use steel or aluminum in manufacturing. The losses were […]
SMU’s Steel Current Buyers Sentiment Index stayed level, whiile the Future Buyers Sentiment dropped off steeply, according to SMU’s most recent survey data. SMU’s Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s ability to be successful in the current market, as well as three to six months down the road. Every other […]
The number of steel buyers finding mills willing to negotiate prices sank even further this week, according to SMU data. Galvanized was the only product surveyed by SMU to top 30% of respondents saying mills were willing to talk price, while plate dipped below 10%. Every two weeks, SMU asks steel buyers whether domestic mills are […]
Despite strong profitability within its different product segments, Nucor Corp. expects first-quarter earnings to be down both sequentially and year on year. The Charlotte, N.C.-based steelmaker said Q1 operating income should be higher than the previous quarter while net earnings will be lower. This is due to higher state tax benefits seen in Q4 as […]
The US Surface Transportation Board (STB) has approved the merger of the Canadian Pacific (CP) and Kansas City Southern (KCS) railways, subject to certain conditions. When completed, the two railways would combine to form Canadian Pacific Kansas City (CPKC), the first single-line railway that connects the US, Mexico, and Canada. “The decision authorizes CP to […]
Total US mill shipments of steel products increased in January, recovering from a 23-month low the month prior. January’s shipments were the highest since last August and totaled 7.63 million tons, a 6.5% increase from December’s 7.17 million tons. Apparent supply also saw a month-on-month (MoM) increase in January, up 7.9% vs. the prior month. This analysis […]
US Steel said it will begin closing coke-making batteries 1, 2, and 3 at its Clairton plant outside Pittsburgh later this month. First announced in early 2021, the shutdown will take an estimated six days and is expected to be completed by the end of March, the Pittsburgh-based steelmaker said Tuesday. US Steel noted that […]
Raw steel production by US mills rose 0.8% last week from the week prior, according to data released by the American Iron and Steel Institute (AISI) on Monday, March 13. Domestic production stood at 1,677,000 net tons in the week ended March 11 vs. 1,664,000 net tons the previous week. It was off 1.9% from 1,710,000 net tons in […]
Canada will no longer accept imports of Russian aluminum and steel, Chrystia Freeland, Deputy Prime Minister and Minister of Finance of Canada, announced on March 10. “Through regulatory amendments under the Special Economic Measures (Russia) Regulations, the importation of all Russian aluminum products, such as unwrought aluminum, aluminum sheets, and finished products including containers and other […]
SSAB Americas has announced plans to increase plate prices by at least $80 per ton ($4 per cwt), the third of its kind in as many months. The notice follows in short order from Nucor’s $50-per-ton increase announced today. The price hike applies equally to rolled, normalized, quenched-and-tempered, and wide cut-to-length plate products. It is […]
The LME aluminium three-month price eased lower again last week and was seen trading Friday at around $2,300 per tonne. Still below the high mark for 2023, recent news from the macroeconomic scene has dampened demand sentiment and prices accordingly. Market participants awaited Jerome Powell’s semi-annual congressional testimony, with Friday’s focus the nonfarm payrolls report. […]
By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor The CRU metallics price indicator (CRUmpi) for March rose by 7.4% month on month (MoM), to 357.7, which is its highest value since June 2022. Strong Turkish buying of scrap and pig iron since the second half of February is the key […]
US plate prices have steadily increased over the past two weeks, largely in response to repeated mill price hikes. The most recent increase came from Cleveland-Cliffs when the steelmaker aimed to increase base prices for steel plate by at least $60 per ton ($3 per cwt). It was Cliffs’ first official plate price notice in […]
March scrap trading is ongoing as of Friday, but prices are reportedly up. One scrap source said the reason behind the continued trading was pretty simple. “Yes, it’s taken too long,” the source said. “Market is up, and mills are resistant. Took a while to sort through things.” Regarding what he’s seeing in the market at […]
The price advantage domestic cold-rolled coil (CRC) had recently enjoyed over imported steel was short-lived, as US mills continue to drive prices higher, according to Steel Market Update’s latest foreign vs. domestic price analysis of the CRC market. Repeated mill price hikes through February and into March has seen the US CRC price advantage over foreign […]
What a difference a month makes in light of a difficult forecast environment for hot rolled (HR) prices. The mills have been raising HR spot prices faster than folks can track, and the futures appear to be in lockstep as lead times continue to extend. While steel capacity utilization rate seems stuck in the mid-70% […]
February license data indicate that steel imports will have totaled 2.19 million net tons last month, down 16.2% from January. February levels are also down 13.8% when compared to the previous 12-month average. Recall that monthly import levels declined nearly 17% month on month (MoM) in November, before rebounding in December and January. February figures […]