Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: It’s worth a moment to reflect on the end, one century ago today, of the First World War, “the war to end wars.” The Armistice led to a bitter peace and another even more destructive war, the effects […]
By CRU Chief Economist Jumana Saleheen The U.S. midterm elections brought few surprises; voter turnout was exceptional, the Republicans gained a majority in the Senate, and the Democrats in the House. What does this mean for U.S. policy and growth? Our view is that there is some scope for additional fiscal policy easing, which would […]
The price of new nonresidential buildings accelerated in October as contractors attempted to recoup fast-rising costs for materials and labor, according to an analysis by the Associated General Contractors of America of new Labor Department data. Association officials said that trade tensions and labor shortages are contributing to higher construction prices, making it harder for […]
Most buyers tell Steel Market Update that flat rolled mills are open to price negotiations on hot rolled, cold rolled and coated steel products. The notable exception is plate. Two out of three respondents to SMU’s latest market trends questionnaire report that plate mills will not compromise on price, while one-third have found some wiggle […]
Lead times for Galvalume and plate products shortened up a bit in the past two weeks, but otherwise lead times for flat rolled products have seen little change in October or November, despite the price hike announcements by the major mills. Lead times for steel delivery are a measure of demand at the mill level—the […]
Olympic Steel executives reported record results in the third-quarter and hopes for more of the same next year, with the possible support of a new federal infrastructure bill. “Based on the results of this week’s election, we are optimistic our nation’s pro-growth agenda remains on track and that the industrial sector’s recovery will continue to […]
Toronto-based Russel Metals reported “stellar” results for its third quarter, attributing the company’s success to a high steel price environment and improved demand in all three of its business segments: service centers, energy products and steel distributors. Trade actions by government authorities have increased steel prices, which has benefited both producers and distributors. However, these […]
Oil and gas companies, and their steel suppliers, were relieved to learn late Tuesday that Proposition 112 failed to get enough support among the voters who cast ballots in Colorado. The highly contentious measure, which pitted the energy industry against anti-fracking environmentalists, failed by a 57-43 percent margin. Proposition 112 would have more than doubled […]
By CRU Steel Analyst Ryan McKinley CMC’s expanded footprint across the United States, following its acquisition of Gerdau’s assets, raises the probability that a rebar price increase is on the horizon. That said, price increases may be short-lived as Nucor works to bring two of its newest micro mill projects online in 2019. Rebar prices […]
ArcelorMittal expects no disruption in service as a result of a minor fire at its Indiana Harbor 4 Steel Producing (4SP) operation on Monday afternoon. One employee was treated for minor burns following a fire that resulted when slag was dumped onto an area containing water. “Indiana Harbor 4SP remains in production, and we do […]
ArcelorMittal expects no disruption in service as a result of a minor fire at its Indiana Harbor 4 Steel Producing (4SP) operation on Monday afternoon. One employee was treated for minor burns following a fire that resulted when slag was dumped onto an area containing water. “Indiana Harbor 4SP remains in production, and we do […]
Ferrous scrap prices have risen for the second month in a row as November buys settled early at up $10 for prime grades and up $20 for obsoletes, report Steel Market Update sources. “Dealers and mills both wanted to wrap things up given that November is a shorter shipping month and they need to get […]
U.S. steel imports for October are likely to fall just below 3 million tons when the Census data is final, based on license data from the Department of Commerce. The total is roughly in line with the 12-month moving average for imports, but up more than 30 percent from September. Imports of semi-finished steel, mostly […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Summary of Section 232 Exclusion Data As of early October, according to a comprehensive analysis by the Mercatus Center at George Mason University, there have been 30,916 tariff exclusion requests for steel products. There have been 14,356 objections, […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Commentators and administration officials have filled the airwaves with speculation about the future course of the U.S.-China “trade war” over the last few weeks. Today, I provide a brief assessment of where this might be going. Memories of Lenin’s […]
Construction employment increased by 30,000 jobs in October and by 330,000 jobs over the past year, topping 7.3 million for the first time since April 2008, while the industry’s average pay jumped and unemployment decreased to a historic low, according to an analysis of new government data by the Associated General Contractors of America. Despite […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: When is a product from Japan instead of China? Turns out, it depends on why you’re asking. For purposes of the required “marking” of imported products, U.S. Customs and Border Protection decides whether a product composed of several […]
Construction spending hit a seasonally adjusted annual rate of $1.329 trillion and grew 5.5 percent for nine months of 2018, with continued year-to-date gains for major public and private categories, according to an analysis of new government data by the Associated General Contractors of America. Association officials said that while demand for construction should remain […]
Steelmaker SSAB plans to invest up to $100 million in its operations near Mobile, Ala. Improvements to the mill, to take place from 2019 to 2021, will increase the potential capacity for high-strength steel production by 130,000 metric tons per year, the company said. The investment aims to increase production capacity for high-strength, value-added steels, […]
CRU Steel Analyst Ryan McKinley offers the following brief analyses of steel prices in Europe, China and Asia and the factors that have influenced them this week. Europe Sheet prices in Germany have remained unchanged this week. Last week’s Euroblech trade fair has not brought any immediate change to the spot market, though this may […]
Construction spending hit a seasonally adjusted annual rate of $1.329 trillion and grew 5.5 percent for nine months of 2018, with continued year-to-date gains for major public and private categories, according to an analysis of new government data by the Associated General Contractors of America. Association officials said that while demand for construction should remain […]
With oil and gas prices rising, the nation’s shale plays, particularly the Permian Basin, are struggling with costly bottlenecks as drillers try to pump more crude and natural gas than the existing pipelines can handle. Energy companies are committing billions to new and expanded pipelines over the next several years, which represents a major opportunity […]
The American Iron and Steel Institute continues to support the Trump administration’s plan to ease vehicle fuel economy and emissions standards. In a submission to the EPA during the public comment period that ended Oct. 26, AISI expressed its support of the general direction of the proposal, which would establish a standard that balances the […]
The following article was contributed by CRU North America Steel Analyst Ryan McKinley The trade dispute between the United States and Canada has caused inventories to build and put downward pressure on prices. The 25 percent duties on steel imports in place by Canada and the U.S. against one another is eroding profits and driving […]
Steel Market Update sources are expecting another $10-$20 per ton increase in ferrous scrap prices in November, much like the bump seen in October. “If there is a $10-$20 change, shredded scrap will be on the higher end, given typical seasonal slowdowns and lower scale prices,” said CRU North America Steel Analyst Ryan McKinley. Some […]
As expected in a market where foreign suppliers must pay a 25 percent tariff (50 percent for those in Turkey), steel imports into the United States are down 11 percent for the year to date. Unexpected were the increases in imports of hot rolled sheet and plate. Steel Market Update’s analysis of Commerce Department data […]
Voters who go to the polls in Colorado next month will consider Proposition 112, a measure with serious implications for the energy industry in their state, and beyond. “If this passes, not only will it devastate our economy, but also the economies of surrounding states,” an executive from a steel fabricator in Denver told Steel […]
Reliance Steel & Aluminum Co. is now the sole owner of Acero Prime and its affiliate Acero Prime Servicios, a toll processor with four locations in Mexico. Reliance was the majority owner but purchased the remaining 40 percent interest from joint venture partner U.S. Steel. Terms of the transaction were not disclosed. “Acquiring the remaining […]
SSAB Americas and Nucor both announced a $40 per ton increase in the price of plate products this week. SSAB Americas informed customers on Monday, Oct. 22, that it is increasing transaction prices on plate products by a minimum of $40 per ton, effective immediately for all non-contract orders acknowledged for shipment the week of […]
Ternium USA Inc. will invest $14.7 million to expand and upgrade its facility at The Port of Caddo-Bossier in Shreveport, La. Ternium will overhaul its galvanizing line and complete other capital upgrades to optimize plant operations and logistics. Upgrading the galvanizing line will yield an additional 42,000 metric tons per year of coated products. “In […]