We’ve seen several sheet price hike announcements from mills over the past couple of months, to the tune of $160 per ton ($8.00 per cwt) since late November. This week alone we’ve seen at minimum Cleveland-Cliffs and ArcelorMittal officially increase spot prices for steel sheet by at least another $50 per ton ($2.50 per cwt). […]
Domestic hot-rolled coil (HRC) competitive price advantage over imported steel continues, gaining ground over the past week as foreign HRC prices accelerated, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 9% cheaper than foreign prices this week, doubling the roughly 4.5% mark from last week after consideration of […]
North American auto assemblies declined 13.8% in December, slowing down for the second straight month. Last month’s assembly output was the second-lowest total in 2022 and just 3.4% higher year on year (YoY), according to LMC Automotive data. December finished as the third consecutive month at more than one million units. Though inventories have improved, the […]
US light-vehicle (LV) sales slowed further in December, with an unadjusted figure of 1.26 million units, the US Bureau of Economic Analysis (BEA) reported. Despite the month-on-month (MoM) decline, last month’s total was still 4.9% higher year on year (YoY), and the fifth consecutive month to see YoY increases in sales. Prior to August 2022, […]
Business activity in the state of New York fell in January, reaching its lowest level since the early days of the pandemic, according to data from the Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index — a gauge of manufacturing activity in the state — plunged from -11.2 […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Total US mill shipments of steel products slipped in November and reached their lowest total year to date (YTD). Mill shipments have been fluctuating up and down all year […]
Domestic hot-rolled coil (HRC) continues to hold a competitive price advantage over imported steel, though it has declined over the past couple of weeks, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately just 1–8% cheaper than foreign prices this week, after consideration of freight costs, trader margins, and […]
Sheet imports into the US varied in December, a similar trend also seen in imports of plate and semifinished slab, according to the latest license figures released by the US Department of Commerce’s International Trade Administration. All steel imports into the US require an import license to enter through Customs. The license count provides a […]
The Dodge Momentum Index registered 222.2 in December, up 6.6% from 208.3 in November, according to data and analytics from the Dodge Construction Network. Dodge is the leading index for commercial real estate, using the data of planned nonresidential building projects to track spending in the sector for the next 12 months. For December, the index’s […]
Raw steel production by US mills fell further last week as capacity utilization slipped to just 71.3%, according to data released by the American Iron and Steel Institute (AISI) on Monday, Jan. 9. The decline came as production was again impacted by the holidays, with mills in the Great Lakes, South, and West cutting production, […]
Schnitzer Steel Industries Inc. posted a net loss in its first quarter of fiscal 2023 on lower demand and lower average selling prices for recycled metals and finished steel products. The Portland, Ore.-based scrap recycler and long steel producer recorded a net loss of $18 million in its fiscal Q1 ended Nov. 30, 2022. That’s […]
The year-end market close was quiet this time around when it came to the newswire, but Nucor’s status update on its ultramodern $1.7-billion steel plate mill in Brandenburg, Ky., was the big news we all saw this morning after the holiday break. After rolling its first steel plate on Dec. 30 – an important step […]
Nucor Corp. rolled its first steel plate at its new $1.7-billion plate mill in Brandenburg, Ky., on Dec. 30, the company said in a statement on Tuesday, Jan. 3. The Charlotte, N.C.-based steelmaker confirmed final commissioning and first customer shipments from the mill are expected in the first quarter of 2023. “Congratulations to our more than […]
Nucor Corp. will keep plate prices unchanged with the opening of its February order book. The move comes after the steelmaker announced a sharp decrease in late November. The Charlotte, N.C.-based steelmaker said the move was effective on Dec. 28, in a letter to customers. Published adders and extras will continue to be applied, and the […]
New orders for US-manufactured durable goods fell in November to a seasonally adjusted $270.6 billion, according to the US Census Bureau. Last month’s downward move was the first decline in four months, and well below consensus estimates. Shipments were again slightly higher month over month (MoM), moving higher for 18 of the last 19 months despite […]
Global crude steel production was estimated at 139.1 million metric tons in November, as steelmakers around the world cut output by 4.2 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 5.6%, or 8.2 million metric tons, from October’s total crude […]
World crude steel production declined month on month (MoM) in November, driven by a widespread decline worldwide. Global production was also down nearly 3% vs. the same period last year, according to World Steel Association (worldsteel) data. November’s output lost ground when compared to October, down 5.6%, declining for the second straight month. World crude […]
The US economy’s growth was even better than expected in the third quarter, the US Commerce Department’s Bureau of Economic Analysis (BEA) said in its third and final review. Gross Domestic Production (GDP) accelerated to a 3.2% annualized pace in Q3. That’s an improvement from the previously estimated government reading in November, which showed 2.9% […]
US consumer confidence provided a bit of a boost and a hopeful sign for the economy as it bounced back in December. Following back-to-back monthly declines, the headline index in December rose sharply as American consumers’ confidence in the economy grew as high inflation continued to ease, The Conference Board reported. The headline Consumer Confidence […]
US Steel Corp. and the United Steelworkers (USW) union announced on Tuesday they have agreed to a new labor pact after USW members ratified the terms of a new, four-year collective agreement. The USW-represented employees — roughly 11,0000 across 13 US Steel flat-rolled, iron ore mining, and tubular operations — voted “overwhelmingly” in favor of […]
Raw steel production by US mills fell again last week as capacity utilization slipped to only 72.9%, according to data released by the American Iron and Steel Institute (AISI) on Monday, Dec. 19. The decline came as mills in the South and Northeast cut production, even as those in the Great Lakes, Midwest, and West […]
Monthly Key Market Indicators (KMI) deteriorated over the past month after steadily improving since July, while steel buyer sentiment inched up after it had tumbled to a 26-month low, according to the latest analysis by Steel Market Update. Positive and neutral indicators have eased, while negative indicators rose. Despite recent improvements, headwinds remain. The economy […]
Imported sheet and plate products’ arrival at US ports varied in November, leading their share of the US market to diverge, even though domestic shipments declined during the month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel […]
Imported sheet and plate products arrived at US ports at a slightly higher clip in October, though their share of the US market diverged as domestic shipments varied during the month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron […]
US light-vehicle (LV) sales decelerated in November, coming in at an unadjusted figure of 1.12 million units, the US Bureau of Economic Analysis (BEA) reported. Despite the month-on-month (MoM) decline, last month’s total was still 10.4% higher year-on-year (YoY), and the fourth consecutive month to see YoY increases in sales. Prior to August, YoY sales […]
Total US mill shipments of steel products edged up in October, recovering slightly month on month (MoM), after falling in September to their lowest total year to date (YTD). Mill shipments have been fluctuating up and down all year with little consistency, and October was no different. October’s shipments totaled 7.65 million tons, a 0.9% increase […]
Producer prices grew more than expected in November, thwarting hopes that inflation could be easing, the US Labor Department reported. Last month’s Producer Price Index (PPI), a measure of the prices received for final-demand products, advanced 0.3% month-on-month (MoM) and 7.4% from a year ago, the smallest annual gain since May 2021, according to data […]
North American auto assemblies declined by 6.2% in November, reversing the nearly 3% increase in October. Last month’s assembly output was among the lowest totals year-to-date (YTD) and just 3.7% higher year-on-year (YoY), according to LMC Automotive data. Though the market remains supply-constrained due to ongoing parts and supply shortages, November’s downgraded production continued to […]
Raw steel production by US mills inched up last week, gaining ground for the second straight week, according to the latest data from the American Iron and Steel Institute (AISI). Despite the increase, utilization remained below the 80% mark for the 22nd consecutive week. Domestic steel output was 1,635,000 net tons during the week ending […]
The US economy added 263,000 new jobs in November, again outperforming consensus expectations but slightly decreasing from October’s upwardly revised 284,000, according to data from the US Department of Labor. November’s job growth was much better than expected despite the Federal Reserve’s aggressive efforts to slow the labor market and tackle inflation. The jobless rate […]