The vast majority of steel buyers responding to Steel Market Update’s market trends questionnaire this week report that mills are willing to compromise on price to win orders as the economy and steel demand continue to battle the effects of the coronavirus crisis. About 86 percent of hot rolled buyers said the mills are open […]
As expected, ferrous scrap prices declined in July, adding downward pressure to already weak finished steel prices. Steel Market Update sources report that obsolete scrap traded down $10-20 per ton, while prime grades were lower by $40 across the country. Scrap supplies have increased at a greater rate than steel production, say the experts, which […]
U.S. steel mills shipped 5,461,851 net tons in May, a 2.9 percent decrease from April, and a 32.9 percent decrease from the 8,142,270 net tons shipped in May 2019, reported the American Iron and Steel Institute (AISI). Shipments by domestic steelmakers year to date totaled 35,194,683 net tons, a 13.1 percent decrease versus 2019 shipments […]
Steel Market Update’s next Community Chat webinar on Wednesday, July 15, will feature guest speaker 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 of commodity trading […]
Steel Market Update’s next Community Chat webinar on Wednesday, July 15, will feature guest speaker 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 of commodity trading […]
John Packard is traveling… This was the plan when we got word there was a mysterious virus headed our way from China back in March: We shut down the economy for a month or two, keep our distance from each other, then get back to work and enjoy a quick, V-shaped recovery. Wasn’t quite that […]
Perhaps a reflection of an improving economy, steel production moved up for the fourth week in a row to a total of 1,268,000 net tons in the period ending July 4 with the mills operating at an average utilization rate of 56.6 percent, reported the American Iron and Steel Institute. Production was up 2.3 percent […]
In stark contrast to the mostly bad news related to the coronavirus pandemic, the North American steel industry is celebrating the new USMCA trade agreement that took effect last week. “Entry into force of the USMCA represents a significant achievement by the United States, Canada and Mexico that will benefit the North American steel industry […]
Steel Market Update’s next Community Chat webinar on Wednesday, July 8, will host CRU Senior Analyst Ryan McKinley, who will offer an update on the global ferrous scrap market and answer metallics-related questions from listeners. Ferrous scrap prices began to trade this afternoon with obsolete grades dropping by $20 per gross ton, and prime grades […]
Steel Market Update’s next Community Chat webinar on Wednesday, July 8, will feature CRU Senior Analyst Ryan McKinley, who will offer an update on the global ferrous scrap market and answer metallics-related questions from listeners. This webinar begins at 11 a.m. ET and is free to anyone in the industry. Click here to register. {loadposition […]
Halfway through the year, steel production by U.S. mills is down by nearly 19 percent compared with the first half of 2019 as steel demand continues to suffer from the coronavirus. Adjusted year-to-date production through June 27 totaled 39,165,000 net tons at an average utilization rate of 67.0 percent, reported the American Iron and Steel […]
Heidtman Steel, one of the country’s leading coil service centers, has expanded into tube manufacturing through a joint venture known as TNT Pipe and Tube. The new tube mill, located at Heidtman’s Erie, Mich., flat rolled processing plant, began initial production last month and will be fully operational by the end of August, said Heidtman […]
Contractors Steel, a division of UPG Enterprises, has hired Jim Gould as West Region Sales Manager. In his new role, Gould is responsible for the business development of Contractors Steel’s newest service center location in Phoenix, scheduled to open in the fourth quarter. Gould joins Contractors Steel with more than 30 years of experience in […]
For the second year in a row, Nucor Corp. was recognized as a General Motors Supplier of the Year during a virtual ceremony on June 24. Less than 1 percent of GM’s suppliers receive this award. Nucor remains the only electric arc furnace steelmaker to get this recognition. Supplier of the Year award winners were […]
While industry sentiment improved at a double-digit rate in May, as measured by Steel Market Update’s Sentiment Indexes, June has seen more moderate changes in optimism. Current Sentiment increased by a further 7 points in the past two weeks, but Future Sentiment actually declined by 3 points. This leveling of sentiment most likely reflects ongoing […]
The COVID-19 pandemic took a serious toll on global steel output in May everywhere but in China. The World Steel Association reports that world steel production declined by 8.7 percent last month, compared with May 2019, to an estimated 148.8 million metric tons. Steel production in China actually increased by 4.2 percent in May to […]
Keith Gunter, 62, a steel industry veteran and vice president of purchasing at McElroy Metal in Bossier City, La., died this week after a short but courageous battle with cancer. “Keith was a respected leader within the company and a valuable member of McElroy’s executive team,” said Ian McElroy, company president. “His skills, abilities and […]
AK Steel, a subsidiary of Cleveland-Cliffs, was named GM Supplier of the Year for Raw Materials during General Motors’ 28th annual Supplier of the Year Awards June 24. AK Steel was among 116 suppliers recognized by GM for their performance in 2019. The award is reserved for suppliers who meet performance metrics for quality, execution, […]
Lead times for spot orders of hot rolled steel have shortened a bit in the past month, which is somewhat unexpected, while delivery times for other flat rolled products have seen small ups and downs as the market searches for a stable footing. Hot rolled lead times now average 3.59 weeks, down from 3.73 two […]
Steel demand is slowly improving as the economy moves on from the coronavirus shutdowns, but the environment remains very competitive, and buyers report that most mills are willing to negotiate on price to win orders of flat rolled steel. Steel prices have moved up erratically since hot rolled bottomed at $460 per ton in late […]
Ferrous scrap prices most likely will move lower in July as scrap supplies are increasing at a greater pace than steel demand. Finished steel prices have shown some weakness lately as the market struggles to get back on track and are unlikely to get any help from scrap next month. Ferrous scrap prices rose $30-40 […]
Kate Mitchell joins the leadership team of Majestic Steel USA as executive vice president and chief marketing officer. Cleveland-based Majestic is a privately held distributor and processor of flat-rolled steel serving customers in manufacturing, construction and distribution throughout North America. Reporting to Majestic CEO Todd Leebow, Mitchell will oversee brand marketing and corporate communications, as well […]
The U.S. Supreme Court has declined to hear the American Institute for International Steel’s Section 232 case, bringing an end to the trade group’s constitutional challenge of the Trump administration’s national security tariffs on steel and aluminum. AIIS regrets the court’s decision, said Richard Chriss, president of the institute, which represents foreign producers, metals importers […]
Steel production in the week ending June 20 totaled 1,224,000 net tons with the mills operating at an average utilization rate of 54.6 percent. Production was up 1.2 percent from the prior week when the utilization rate was 54.0 percent. This is a notable improvement from the post-virus low point of 1,144,000 tons or 51.1 […]
PRCO America, Inc., a Chinese company that manufactures refractory brick used by steel mills to line their furnaces and transfer ladles, plans to open their first U.S. facility, in Graves County, Ky., by the end of the year. The western Kentucky location was chosen for its proximity to many steel mills, as well as to […]
By CRU Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service U.S. automaker restarts in May drove an increase in steel demand and helped to prop up sheet prices. There is concern, however, over whether there is enough new demand to support mills restarting or if manufacturers are mainly managing pent-up demand. We’ve heard […]
The House Transportation and Infrastructure Committee gave its approval to the INVEST in America Act on Friday, moving forward a measure that would fund much needed infrastructure work, create thousands of jobs and help the economy recover from the effects of the coronavirus pandemic. The measure is widely supported by the steel industry, as construction […]
Big River Steel (BRS) expects to complete its capacity expansion by the end of this year more than two months ahead of expectations. The mill in Osceola, Ark., is in the process of doubling its annual steel production capacity from 1.65 million to 3.3 million tons. BRS began operations at its $1.3 billion scrap metal […]
Construction activity is returning to pre-coronavirus levels in many parts of the country and some firms are adding workers, report the Associated General Contractors of America and construction technology firm Procore, based on just-completed research. The new economic data, however, also shows some future projects are being canceled and many others are being delayed by […]
Steel production in the week ending June 13 totaled 1,210,000 net tons with the mills operating at an average utilization rate of 54.0 percent. Production was up 1.3 percent from the prior week when the utilization rate was 53.3 percent, reported the American Iron and Steel Institute. While improved, the current week’s production still represents […]