The NexGen Metals Community held its first webinar on Wednesday, featuring special guest Philip K. Bell, president of the Steel Manufacturers Association. The webinars provide an opportunity for NexGen members to get up close and personal with some well-known, highly experienced individuals in the steel industry. Bell generously shared 45 minutes of his time with […]
The Global Steel Climate Council (GSCC) has released a draft of the Steel Climate Standard, a global standard to measure and report steel carbon emissions. The GSCC has been participating in efforts to reduce steel carbon emissions and encourage investments in lower emission technologies within the steel industry. “Steel companies and associations from around […]
As the ISRI Convention and Expo this week in Nashville, Tenn., comes to a close, I’m sure everyone’s mind is on recycling. While green steel and sustainability have been buzzwords for some time now, evidence of change is growing. You may recall the announcement of an alliance between US Steel, Equinor, and Shell to establish a […]
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! […]
Rig counts continue to fall in the US and Canada, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 748 for the week ended April 14, down three rigs from the week prior. The number of active oil rigs in the US dropped by two from the prior week’s 588. The […]
US heating and cooling equipment shipments were up in February, according to recently released data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in February were 1.69 million units, compared to 1.65 million in January. While shipments were up month-over-month (MoM), they were down 8% year-over-year (YoY). On a 12-month moving average (12MMA) […]
The Global Steel Climate Council (GSCC) has released a statement ahead of this month’s G7 climate meetings. GSCC said that the International Energy Association (IEA) has indicated that a concise carbon emissions measurement standard for the steel industry is imperative for achieving global climate goals. G7 leaders were encouraged by the IEA to focus on […]
Steel mill lead times are down for the first time since January, according to SMU’s latest steel market survey data. Lead times seem to be tapering off after climbing week over week for the past few months. SMU’s hot-rolled lead time is approximately 6.1 weeks, a 0.6-week drop from two weeks ago. While numbers are currently […]
Some people like to talk scrap, but not many talk as much scrap as CRU’s Senior Analyst, Alexandra (Alex) Anderson. We sat down with Alex ahead of the ISRI conference to discuss the role scrap plays in the steel industry. A lightly edited version of the interview is below. Steel Market Update: How long have […]
Some people like to talk scrap, but not many talk as much scrap as CRU’s Senior Analyst, Alexandra (Alex) Anderson. We sat down with Alex ahead of the ISRI conference to discuss the role scrap plays in the steel industry. A lightly edited version of the interview is below. Steel Market Update: How long have […]
Steel exports from the US increased 8% in February from the previous month, according to the latest US Commerce Department data. Total exports for February were 786,223 tons vs. 728,907 tons in January. This is the highest exports have been since August 2022 when they were at 800,677 tons. Canada led the way with 350,998 tons of exports. […]
Looks like the Easter Bunny left a price increase in our baskets this week. After a price increase comes through, the question is always, “But will it stick?” This week’s market chatter contributors don’t seem to think it will. Many comments over the past few weeks refer back to long-term sustainability. Eventually, foreign prices will […]
Rig counts dropped this week in the US and Canada, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 751 for the week ended April 6, down four rigs from the week prior. The number of active oil rigs in the US dropped by two from the prior week’s 592. The […]
Brazilian steelmaker Gerdau has confirmed a planned outage at its mill in Whitby, Ontario. “Gerdau confirms a planned outage in its Whitby, Ontario mill. Rolling operations will undergo routine annual maintenance, lasting two weeks. The melt shop will experience a longer outage, beginning in late April and lasting approximately six weeks,” a spokesperson for the […]
You may have wondered what goes on behind the scenes over here at CRU and Steel Market Update. CRU principal analyst Josh Spoores will talk about what goes into forecasts as well as his take on the latest market trends at the next SMU Community Chat on Wednesday, April 5, at 11 am ET. (You can register […]
Rig counts are down in the US and Canada this week, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 755 for the week ended March 31, down three rigs from the week prior. The number of active oil rigs in the US dropped by one from the prior week’s 593. The […]
After working in the steel industry for nearly six years, I’m comfortable with my knowledge about flat-rolled products. I do enjoy talking about the market and furthering my steel education any chance I get. Back in October 2022, I attended the Steel 101 training in Corpus Christi, Texas. It was nice to chat with metallurgists […]
Steel mill leads time were largely flat this week, a trend change in a year that has seen them mostly rising, according to SMU’s latest steel market survey data. Case in point: hot-rolled coil lead times were flat for the first time since early January. We’ve noted a similar trend in prices, which tend to trend […]
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 […]
New orders for US-manufactured durable goods fell to 1% in February month over month to a seasonally adjusted $268.4 billion, according to the US Census Bureau. They have now been down three of the last four months, according to Census data. New orders for transportation equipment, also down three of the past four months, drove the […]
Rig counts dropped in Canada but increased again in the US this week, according to data from oilfield services company Baker Hughes. The total US rig count was 758 for the week ended March 24, up four rigs from the week prior. The number of active oil rigs in the US increased to 593 from the prior week’s […]
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 […]
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 […]
Martin Keighley, CEO of CarbonFree Chemical Holdings, recently spoke with SMU to discuss his company’s SkyCycle carbon capture and storage (CCS) and carbon capture and utilization (CCU) technology. As previously reported, US Steel has entered into a preliminary agreement with CarbonFree to address the capture of CO2 at its Gary Works facility in Indiana. SkyCycle, CarbonFree’s second-generation […]
Rig counts dropped in Canada and rose in the US this week, according to data from oilfield services company Baker Hughes. The total US rig count was 754 for the week ended March 17, up eight rigs from the week prior. The number of active oil rigs in the US fell by one to 589 from the […]
Lead times are increasing and so are prices. Do I sound like a broken record yet? This week’s survey showed that a whopping 61% of participants think lead times will remain flat two months from now. Based on historical data, March through June is high season for the HVAC sector. Taking that into account, we […]
US heating and cooling equipment shipments were down in January, according to recently released data from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in January were 1.65 million units, compared to 1.68 in December, and down 9% compared to the same time last year. The highest shipment levels of 2022 were recorded […]