A possible indication that the economy and steel demand gradually continue to improve, domestic steelmakers increased raw steel production for the seventh week in a row to a total of 1,320,000 net tons in the period ending July 25 with the mills operating at an average utilization rate of 58.9 percent, reported the American Iron […]
World crude steel production declined by 7 percent in June, compared with the same month last year, to a total of approximately 148.3 million metric tons, reported the World Steel Association in Brussels. For the first six months of 2020, global steel production totaled 873.1 million tons, down 6.0 percent year over year as steel […]
Join us for CRU’s free economic outlook webinar, where CRU experts will answer your questions about the impact of Covid-19 on the global economy. Tuesday Aug. 4, 2020 Session I – 8:00 AM BST (3:00 PM CST)Session II – 10:00 AM EDT (3:00 PM BST) Topics discussed Key phases of the Covid-19 downturn and recovery […]
Industry sentiment had been trending positive since bottoming out in the first week of April—until this week. Steel Market Update’s Steel Buyers Sentiment Indexes slid back from levels earlier in the month on continued uncertainty over the coronavirus and its effects on the economy and steel demand. SMU asks steel buyers how they view their […]
Steel industry trade groups have joined voices in calling for significant funding for state departments of transportation (DOTs) in the next phase of COVID-19 stimulus legislation. Members of The American Institute of Steel Construction (AISC), American Iron and Steel Institute (AISI), Steel Manufacturers Association (SMA), The Committee on Pipe and Tube Imports (CPTI) and the […]
Investigations are under way into the cause of an accident at ArcelorMittal’s Indiana Harbor mill in East Chicago, Ind., that claimed the life of a 71-year-old worker who was struck by a coil tractor on Tuesday. ArcelorMittal offered condolences to the family of George Salinas of Gary, Ind. “We are deeply troubled by today’s incident […]
Lead times for spot orders of flat rolled and plate steel have seen relatively little change over the past month, but remain about a half week shorter than this time last year as the market tries to come to grips with doing business in a pandemic. Lead times are an indicator of steel demand—shorter lead […]
Steel buyers clearly have the upper hand in negotiations with steel makers given the challenging market conditions from the virus, with overwhelming percentages of those responding to Steel Market Update’s questionnaire this week reporting that the mills are open to price negotiations to win orders. Nearly all the hot rolled buyers (96 percent) said the […]
U.S. Steel plans to restart the No. 8 blast furnace at Gary Works on Aug. 1 in response to improved demand from automotive and other sectors. The 1.2-million-ton furnace was idled in April. “Gary Works is restoring this capacity to satisfy the very strong demand we are seeing from key contract customers with the reemergence […]
U.S. Steel, USS-POSCO Industries (UPI) and AK Steel each announced a $40 increase in flat rolled steel prices on Tuesday, July 21, hoping to reverse the slide that has cut about $120 per ton from steel prices since the coronavirus struck in mid-March. U.S. Steel’s North American Flat-Rolled Sales Organization informed customers today that base […]
Domestic steelmakers continue to increase raw steel production with mill capacity nearing 60 percent once again, even as the spread of the coronavirus threatens new disruptions to the economy. Steel production moved up for the sixth week in a row to a total of 1,306,000 net tons in the period ending July 18 with the […]
Wholesalers who sell galvanized steel products to the HVAC sector remain surprisingly upbeat, despite weak steel prices and uncertain demand due to the coronavirus. In a conference call this morning, members of the Heating, Air Conditioning & Refrigeration Distributors International said they are benefiting from some pent-up demand, especially in the Northeast where state and […]
Wholesalers who sell HVAC and galvanized steel products to the construction sector report a market that is sharply split. In a conference call this morning, members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) said demand from residential building is surprisingly healthy despite the coronavirus pandemic, while nonresidential/commercial construction is weakening. “I have […]
Russel Metals has named Martin Juravsky to succeed the retiring Marion Britton as CFO of the Canadian service center company. “We are moving to the next phase of our planned chief financial officer transition. Martin will assume the role while Marion will continue to support for the balance of 2020 as executive vice president, as well as serving […]
Popular economist Alan Beaulieu, president of ITR Economics, will again be a keynote presenter during the 2021 SMU Steel Summit Conference Aug. 23-25 in Atlanta, providing insight on the economy’s recovery from the pandemic and the outlook for 2022 and beyond. Below from a recent blog, ITR Economics puts the current inflation fears into perspective. […]
Steel prices are always unpredictable, but a confluence of recent events is making price prognostication more difficult than usual. Steel prices have plummeted along with demand ever since the coronavirus appeared in mid-March and undermined the economy. The benchmark base price for hot rolled steel is down to $460 per ton, based on SMU’s canvass […]
Many subscribers to Steel Market Update don’t even know the full extent of the information available to them through SMU’s research. SMU President and CEO John Packard will host this week’s Community Chat Webinar, beginning at 11 a.m. ET on Wednesday, July 22, to enlighten both current and prospective members. John will highlight the methodology […]
Many subscribers to Steel Market Update don’t even know the full extent of the information available to them through SMU’s research. SMU President and CEO John Packard will host this week’s Community Chat Webinar, beginning at 11 a.m. ET on Wednesday, July 22, to enlighten both current and prospective members. John will highlight the methodology […]
UPG Enterprises, LLC, has hired Bob Ross as Vice President of Sales, Electrical Steel. Ross is responsible for the business development of UPG’s Mapes & Sprowl Steel and Lamination Specialties divisions located in the Chicagoland area. Ross joins UPG with over 20 years’ experience selling electrical steel/laminations with the balance in forgings, metal fabrication and […]
The coronavirus pandemic has crippled GDP growth and made the world economy smaller. It follows, then, that the same is in store for steel. “There is going to be a permanent reduction in the size of the steel market,” predicted veteran industry analyst John Lichtenstein, managing partner of the Swiss-based Research and Consulting Group AG […]
Today there was an explosion at the “D” furnace at ArcelorMittal Burns Harbor. Will there be some impact on the market? Will it be enough to put a bottom to the slide in prices? It’s too early to tell, but we will be watching developments closely in the coming days and weeks. Steel shipments between […]
Steel production moved up for the fifth week in a row, and the seventh out of the last eight weeks, to a total of 1,289,000 net tons in the period ending July 11 with the mills operating at an average utilization rate of 57.5 percent, reported the American Iron and Steel Institute. Production has increased […]
Kevin Dempsey has taken the reins as the chief executive at the American Iron and Steel Institute at a challenging and unprecedented time. Indeed, helping AISI’s steel mill members navigate an economy hard hit by the COVID-19 pandemic is first and foremost on his agenda, he said in an interview with Steel Market Update on […]
Air Liquide, a supplier of industrial gases, plans to invest more than $100 million to upgrade and extend its Gulf Coast pipeline by 28 miles to serve Steel Dynamics, Inc.’s planned minimill in Sinton, Texas. Under the agreement with SDI, Air Liquide will install a new Air Separation Unit with the capacity to produce more […]
Steel Market Update’s next Community Chat webinar on Wednesday, July 15, will feature guest speaker and price risk expert Andre Marshall, President and Founder of Crunch Risk, LLC. Crunch Risk is a price risk management and brokerage firm specializing in a suite of futures contracts in ferrous metals and base metals. Andre has over 25 […]
Despite bad news on the coronavirus front, as authorities work to keep a surge in COVID-19 infections from derailing the economy once again, sentiment in the steel industry continues to trend positive. Steel Market Update’s Steel Buyers Sentiment Indexes are near levels comparable to this time last year, prior to the pandemic. Since early April […]
Steel buyers are split on whether the government will need to shut down parts of the economy once again to get the spread of the coronavirus under control. In this week’s check of the market, Steel Market Update asked: Are you or your company concerned about the rising numbers of COVID-19 cases in the South […]
Steel Market Update’s next Community Chat webinar on Wednesday, July 15, will feature guest speaker and futures expert Andre Marshall, President and Founder of Crunch Risk, LLC. Crunch Risk is a price risk management and brokerage firm specializing in a suite of futures contracts in ferrous metals and base metals. Andre has over 25 years […]
John Packard (who is traveling) says his sources are telling him that JSW’s flat roll mill in Mingo Junction, Ohio, may be shutting down (not taking orders) for an unknown amount of time. No confirmation or details yet from the company. John also reports that Steel Dynamics ran the first coil through the new #3 […]
Lead times for spot orders of flat rolled steel saw minor and inconsistent changes in the past two weeks, revealing no clear trend. Hot rolled lead times extended slightly, while lead times for cold rolled and galvanized were flat and plate lead times declined, according to Steel Market Update’s check of the market this week. Lead times […]