Raw steel production by US mills was down slightly last week, following back-to-back weekly gains. Domestic output was 1,747,000 net tons in the week ending Aug. 27, while capacity utilization was 79.3%. Despite recent fluctuations, utilization rates haven’t eclipsed the 80% mark in eight weeks, according to the latest data from the American Iron and […]
As we’ve done in past years during Steel Market Update’s (SMU) Steel Summit Conference, we sought to gauge the mood of the room, particularly how those in attendance see the steel market developing over the next year. This year, the 12th annual edition of our Summit, we polled nearly 1,300 attendees about where prices and demand […]
Cleveland-Cliffs Inc. has reached a tentative agreement with the United Steelworkers (USW) on a new, four-year labor contract, the company and the union said on Saturday, Aug. 27. The agreement is pending ratification by the USW local union members, who are likely to vote in the coming days on the pact negotiated by the bargaining […]
NLMK USA is seeking to increase spot base prices for carbon steel sheet by at least $75 per ton ($3.75 per cwt). The price increase is effective immediately and applies equally to all new orders of hot-rolled, cold-rolled, and coated products in North America, the company said in a letter to its customers on Friday, […]
New home sales fell to their lowest level since January 2016, further signaling a waning housing market, according to the latest data from the US Census Bureau and the Department of Housing and Urban Development. The tepid sales pace continued to match declining builder confidence, a trend that has been gaining momentum since the beginning […]
New orders for US manufactured durable goods stalled in July, at a seasonally adjusted $273.5 billion last month, virtually mirroring the month prior. But a pullback on orders for long-lasting goods in July might reflect a cooling in demand amid other signs of a slowing US economy. Last month’s bookings for durable goods were down […]
Demand for design services from architecture firms in the US continued to grow in July, though the pace of growth continued to decline. The July AIA Architecture Billings Index (ABI) score was down again month-on-month (MoM) but still marked the 18th consecutive month of growth following the pandemic-induced downturn in 2020. The July ABI registered […]
Global crude steel production was estimated at 149.3 million metric tons in July as steelmakers around the world cut back on output by 9.7 million metric tons, or 6.5%, from the same period last year, the World Steel Association (worldsteel) reported. Last month’s estimated production was also down sequentially, shrinking by 5.6%, or 8.8 million […]
Here’s the Steel Summit program for Wednesday, Aug. 24, at the Georgia International Convention Center in Atlanta: 7:30 a.m. – Doors open at GICC. All-day beverages sponsored by Felux and pastries sponsored by Ratner Steel 8:30-8:45 a.m. – Opening Remarks by SMU President and CEO John Packard and Senior Editor Michael Cowden 8:30-9:30 a.m. – […]
The transformation the steel industry has undergone has been accelerated over the past 18-24 months, with even greater dynamics underway, said a panel of steel executives and analysts during the first day of Steel Market Update’s 2022 Steel Summit conference in Atlanta, Ga. Demand trajectories across regions are diverging, finished steel consumption in China is […]
Raw steel production by US mills was up slightly last week, expanding for the second straight week. Domestic output was 1,756,000 net tons in the week ending Aug. 20, while capacity utilization was 79.7%. Though up, the result marks the sixth consecutive week below 80%, according to the latest data from the American Iron and […]
Canadian flat-rolled steelmaker Stelco Inc. confirmed the renewed five-year collective bargaining agreements it reached with each of its United Steelworkers (USW) locals. Stelco’s workforce represented by USW Local 1005 (Hamilton Works), USW Local 8782 (Lake Erie Works), and USW 8782b (Lake Erie Works Pickle Lines), have all voted in favor of agreements that expire on […]
US plate prices edged down marginally this week, declining for the third straight week. The easing was driven by a tightening of the range, though sources feel pricing has flattened. The repeated declines are not exactly a surprise given plate prices have been holding an unsustainable premium over coil, while buying remains strategic and mainly hand-to-mouth. […]
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 was sideways in our mid-August reading. The lack of change in the index highlights the current state of […]
The number of open construction jobs shrank to 334,000 in June, down from 405,000 in May and declining repeatedly from the record-high and top measure in the data series’ history of 449,000 unfilled positions in April, said the National Association of Home Builders (NAHB). According to the latest Job Openings and Labor Turnover Survey data […]
Producer prices fell in July, stunning a 27-month growth run. Last month the headline index declined by 3.1%, seasonally adjusted, driven by a plunge in energy prices that slowed the pace of inflation, the US Labor Department reported. July’s producer price index (PPI), a measure of the prices received for final-demand products, fell 0.5% from […]
North American auto assemblies declined by 17.3% in July after expanding repeatedly in the prior two months. Though the market remains supply constrained due to ongoing parts and supply shortages, production in July was largely impacted by scheduled downtime for summer breaks and model-year changeovers. July’s results were ahead of the same year-ago period. Disruptions […]
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 were largely unchanged in July, coming in at 1.13 million units, unadjusted. But last month’s total was an 11.6% decline year-on-year (YoY), the US Bureau of Economic Analysis […]
Business activity in the state of New York saw a sharp decline in August, a complete reversal from the modest increase 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—plummeted by 42.2 points in August to […]
Builder confidence hit a two-year low, tumbling for the eighth straight month in August and bringing the housing market to a crawl. The National Association of Home Builders/Wells Fargo Housing Market Index (HMI) said that elevated interest rates, ongoing supply chain problems and high home prices continue to exacerbate housing affordability challenges. August’s HMI reading—the […]
Raw steel production by US mills edged up marginally last week after declining for two straight weeks. Domestic output was 1,742,000 net tons in the week ending Aug. 13, while capacity utilization was 79%. That marks the fifth week below 80%, according to the latest data from the American Iron and Steel Institute (AISI). US […]
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 turned in our early August reading, though it’s too early to note if […]
The prices contractors pay for construction materials and services – chiefly for new nonresidential construction – fell 1.3% month-on-month (MoM) in July, while contractors’ bid prices rose 5.4%, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC noted that despite the MoM decline, materials prices remain high and […]
Imported sheet and plate products arrived at US ports at a higher clip in June, resulting in them accounting for a larger 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 […]
Total mill shipments of steel products shrank in June, after gaining ground the month before. June’s mill shipments totaled 8.09 million tons, a 3.5% decline from May’s 8.38 million tons. Apparent supply also declined in June, down 2.8% versus the prior month. This analysis is based on steel mill shipment data from the American Iron and Steel […]
US plate prices edged down again this week after seeing their largest decline in nearly five years the week prior. The latest declines are not exactly a surprise given plate prices had been holding an unsustainable premium over coil and buying has been largely hand-to-mouth. But the straw that broke the camel’s back might just […]
The S&P Global US manufacturing PMI—another measure of manufacturing—fell to 52.2 in July, its lowest level in two years, as output and new orders decreased last month. July’s results are down slightly from 52.7 in June, as US manufacturers report the toughest business conditions since 2009. (Recall that a reading above 50.0 indicates growth.) The […]
The Dodge Momentum Index moved 2.9% higher in July, gaining ground on the upwardly revised reading for the month prior, according to data and analytics from the Dodge Construction Network. The index registered 178.7 last month, up from 173.6 in June. The leading index for commercial real estate measures data about planned nonresidential building projects […]
US construction spending in June totaled $1.762 trillion at a seasonally adjusted annual rate, 1.1% below May’s upwardly revised estimate of $1.782 trillion. Though down for the second straight month, this is only the second drop since September 2021, according to data from the Commerce Department. The decline came as outlays on single-family homebuilding declined […]
The US labor market added 582,000 jobs in July, a surprising boost in hiring and more than doubling what forecasters had projected. The economy has now regained all jobs lost during the pandemic. The result pushed the unemployment rate down to 3.5%, matching the pre-pandemic low, the Bureau of Labor Statistics reported. The July jobless […]