US consumer confidence expanded again in September, extending a rebound in sentiment that began with a strong jump in August and reaching its highest level since April, The Conference Board reported. Results in September were better than expected, measuring 108 points and building on the 103.6 reading in August. The repeated gain and steady month-on-month […]
The US economy was balanced between “slight to modest” growth and softening in early July but is headed for “generally weak” in the next six to 12 months, the Federal Reserve said in its latest Beige Book report. The latest temperature check by the Fed on the state of the economy said the outlook for […]
Global crude steel production was estimated at 150.6 million metric tons in August as steelmakers around the world cut back on output by 6.2 million metric tons, or 4%, from the same period last year, the World Steel Association (worldsteel) reported. Last month’s estimated production was up sequentially, though, edging up by 0.9%, or 1.3 […]
New, single‐family home sales bounced back in August despite high prices and rising mortgage rates. Although those dynamics have pushed some buyers away, sales of newly constructed homes jumped 28.8% month-on-month (MoM) in August, according to a joint report from the US Department of Housing and Urban Development and the US Census Bureau. Last month’s […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. US light vehicle (LV) sales grew in August, coming in at 1.13 million units, unadjusted. Last month’s total was a 3.9% increase year-on-year (YoY), the US Bureau of Economic Analysis (BEA) reported. The […]
The United Steelworkers union and US Steel traded blows as bargaining talks on a new labor deal continued well past the Sept. 1 expiration of a prior agreement. The USW said in an update to its members on Sept. 22 that the Pittsburgh-based steelmaker had failed to invest in its union-represented facilities as promised. The union also […]
Well, I guess it’s the official outage and idling season. In the month of September alone we’ve confirmed a half dozen or more maintenance outages (some pulled forward) and temporary idlings. Why? It sure looks like some steelmakers are trying to deal with declining demand and uncertain market conditions. The hope? Somewhat of a stopgap measure […]
Steel Market Update is pleased to share this new, Premium content — an index comparing lead time and demand data — with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Apparent demand for flat-rolled steel in the US saw its sharpest decline since our early July reading when the index fell seven […]
US Steel Corp.’s month-long maintenance outage on the No. 3 blast furnace at Mon Valley Works near Pittsburgh is expected to be completed on Saturday, Sept. 24, a company spokeswoman confirmed to SMU. Once complete, the blast furnace is expected to remain idle for the next month or so in response to declining demand and […]
Demand for design services from US architecture firms continued to grow in August, with the pace of growth inching upward month-on-month. The August AIA Architecture Billings Index (ABI) score was up for the first time in five months. The development also marked the 19th consecutive month of growth following the pandemic-induced downturn in 2020. Recall […]
Housing starts saw a double-digit gain in August driven by a surge in multifamily production. Despite the overall gain, high mortgage rates and building production bottlenecks continue to act as a drag on the single-family housing market. Overall housing starts increased 12.2% to a seasonally adjusted annual rate of 1.58 million units in August from […]
Total mill shipments of steel products were largely sideways in July, up marginally when compared to June. Mill shipments have been fluctuating up and down all year with little consistency. July’s mill shipments totaled 8.11 million tons, a 0.3% increase from June’s 8.09 million tons. Apparent supply also saw a slight gain in July, up just 1.1% […]
Imported sheet and plate products arrived at US ports at a slower clip in July, resulting in them accounting for a lower share of the domestic market, according to US Commerce Department data. Imports’ share of US sheet and plate markets peaked in December, with sheet reaching its highest level in the past 4.5 years. The trend […]
US plate prices fell this week, responding to Nucor’s latest price announcement on Monday, Sept. 19. Price tags remain under pressure and further declines are expected through the fourth quarter as spot demand is likely to remain limited. But few expect Nucor’s latest plate price announcement to generate any immediate business, sources told SMU, speculating […]
Nucor Corp. is significantly lowering plate prices effective immediately, largely impacting its November plate order book. The Charlotte, N.C.-based steelmaker said discrete plate prices, as well as prices for normalized plate, will be $120 per ton ($6 per cwt) lower. Prices for certain cut-to-length items are unchanged from its Sept. 2 price announcement. “We reserve […]
The prices contractors pay for construction materials and services—chiefly for new nonresidential construction—declined 1.1% month-on-month (MoM) in August, as a steep drop in fuel prices masked increases in the cost of other construction inputs, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC cautioned that limited price declines […]
Business activity in the state of New York improved in September, remaining in negative territory, though, following a sharp decline the month prior, according to 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—recovered by 29.8 points in September to a […]
Since this is my first time officially tackling Final Thoughts, I figured what better time than now to take a few moments and formally introduce myself. Even though you’ve been reading Premium and Executive content that I’ve authored here for SMU for a little over two years, my experience in the metals and mining industry—primarily […]
The American Iron and Steel Institute (AISI) called on Congress to intervene in the ongoing nationwide rail negotiations to ensure a successful resolution is reached. In a Sept. 14 letter on behalf of the American steel producers AISI represents, Kevin Dempsey, the association’s president and CEO expressed concerns about “the state of ongoing labor negotiations in […]
US Steel Corp. expects its performance to be substantially lower sequentially for its third quarter ending Sept. 30. The Pittsburgh-based steelmaker anticipates adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $825 million in Q3, according to earnings guidance figures released on Thursday, Sept. 15. That’s down nearly 50% from second quarter EBITDA […]
Nucor Corp., the largest steelmaker in the US, expects lower sequential results for its third quarter ending Oct. 1. The Charlotte, N.C.-based steelmaker expects earnings of $6.30 to $6.40 per diluted share in Q3, according to earnings guidance figures released on Wednesday, Sept. 14. That’s down from the record of $9.67 per diluted share in […]
A potential nationwide rail strike could wreak havoc on the steel industry, association executives warned, negatively impacting the shipment of finished and semi-finished steel products as well as steelmaking raw materials. “Our supply chains are stressed and any disruption in freight rail service will hurt our economy by adding costs and delays to a rail […]
Ratification votes on the new labor deal between Cleveland-Cliffs Inc. and the United Steelworkers (USW) are to begin Oct. 12, a union representative told Steel Market Update. The two sides agreed to a new, tentative four-year contract nearly three weeks ago. The new deal is effective Sept. 1 but does not go into effect unless a […]
Raw steel production by US mills recovered last week after declining for two straight weeks. Despite the week-on-week (WoW) gain, the total was still the second-lowest total since February 2021, while utilization rates haven’t eclipsed the 80% mark in ten weeks. Domestic output was 1,723,000 net tons in the week ending Sept. 10, while capacity […]
US plate prices were unchanged this past week but remain under pressure. Spot demand is limited, with sources noting that Nucor’s efforts to keep prices flat might be short-lived. Recall that Nucor announced it would keep some plate prices flat and decrease certain cut-to-length items as much as $150 per ton ($7.50 per cwt) with the […]
Cleveland-Cliffs Inc. has reached a tentative agreement with the United Steelworkers (USW) on a new, 47-month labor contract for its mining and pelletizing operations, the company said on Friday, Sept. 9. The new deal is effective Oct. 1 but does not go into effect unless a majority of the 2,000 union members represented under the […]
The Dodge Momentum Index ticked down 1.2% in August, losing ground on the downwardly revised reading for the month prior, according to data and analytics from the Dodge Construction Network. The index registered 171.9 last month, down from 174.0 in July. The leading index for commercial real estate measures data about planned nonresidential building projects […]
Construction employment increased by 16,000 jobs in August, though the sector’s unemployment rate was up at 3.9%, the Associated General Contractors of America (AGC) reported. Contractors were eager to hire more employees last month though they were stymied by a dearth of qualified workers. More than 90% of contractors are having a hard time finding […]
The S&P Global US manufacturing PMI – another measure of manufacturing – slipped to 51.5 in August, contracting for a second straight month and its lowest level in two years, as output and new sales fell further last month. August’s results are down slightly from 52.2 in July, broadly in line with the earlier released […]
US manufacturing activity grew in August, expanding for the second straight month amid stronger order growth and employment, according to the Institute for Supply Management (ISM). Supply bottlenecks and price pressures eased, while domestic factory activity grew steadily last month. August’s Manufacturing PMI held at 52.8%, the same reading recorded in July. This is the […]