SMU Week in Review: April 21-25
The constant flow of information we all receive can be a bit overwhelming, but SMU is here to help with a weekly snapshot.
Steel News
SMU Steel Summit 2025: A vibe you won’t want to miss
SMU Steel Summit 2025 will be here before you know it. Be sure to register!
US rig count up, Canada declines
Oil and gas drilling activity was mixed this week, according to Baker Hughes. US rig counts expanded for a second straight week, while Canadian activity continued its seasonal slowdown of eight consecutive weeks.
Nucor names Batterbee, Bledsoe to HR roles
Nucor Corp. has promoted Thomas J. Batterbee to the position EVP of human resources and talent and appointed Elizabeth Bledsoe to the newly created position of president of human resources and talent.
US, offshore CRC prices continue to diverge
US cold-rolled (CR) coil prices declined again this week, slipping for a third straight week. Most offshore markets did the opposite, moving higher this week.
GrafTech loss widens in first quarter amid ‘global economic uncertainty’
GrafTech International reported a wider net loss in the first quarter amid “global economic uncertainty” and “fluid” global trade policies.
CRU: Chinese steel export prices mixed, although local buying improves
Chinese export prices for longs were almost steady this week, while those for flats generally declined as producers cut prices to secure deals.
Global steel production recovers in March
Global raw steel production increased in March, according to the latest figures released by the World Steel Association (worldsteel).
Wittbecker on Aluminum: US-China trade war clobbers cross-Pacific trade
Container shipping lines have sharply increased blank sailings on Transpacific routes in response to escalating trade tensions between the US and China.
Final Thoughts
Despite some scary headlines lately (especially about Trump potentially firing Fed Chair Jerome Powell) this is not October 2008 (financial crisis) or March 2020 (onset of the pandemic).
But it sure seems like we’ve taken a relatively strong economy and poured a thick sauce of uncertainty over it.
HR Futures: Nascent rally in HRC futures settles above 6-week downtrend
The CME Midwest HRC futures market’s response to Trump’s election and subsequent comments about blanket 25% tariffs on Canada and Mexico was surprisingly counterintuitive.
S232 lifts EU HR price over US, Asian HR still well behind
Domestic hot-rolled coil prices were flat this week after dropping for four straight weeks. Most offshore markets bucked the trend and gained ground.
CRU: Rising protectionism will continue to weigh on Chinese steel export prices
Chinese steel export prices are expected to remain stable or fall in the coming weeks as trade restrictions rise and tensions between the country and the US escalate.
Millett sees tariffs, CORE case benefiting SDI
Steel Dynamics’ top exec thinks Trump’s tariff policies, as well as the results from the recent CORE case, will prove advantageous to the Fort Wayne, Ind.-based steelmaker and aluminum company.
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
USW digs in on opposition to USS-Nippon deal
“We remain deeply concerned about the national and economic security implications of the subject transaction,” the union stated in the letter dated April 21.
US scrap market looking soft for May
The domestic ferrous scrap market in the US is generally regarded as under downward pressure.
North American Stainless names Grannum as CEO
The US subsidiary of the Acerinox Group has named Clive Grannum as their new CEO.
Reliance reports record tons sold in Q1
A factor in the sales was customers buying ahead of tariff-related price increases.
AZZ sees tariffs boosting demand for US-made coating solutions
Coil coater AZZ Inc. sees President Trump’s aggressive trade policy stoking demand for coating solutions for steel and aluminum made in the US.
North American auto assemblies up again in March
After a hard drop in December — the worst since July 2021 — assembly numbers have climbed three months in a row. Sentiment remains tempered, though.
Beige Book shows concerns about trade policy
Manufacturing was mixed, but two-thirds of districts said activity was little changed or had declined.
SMU Steel Demand Index dips into contraction
SMU’s Steel Demand Index has moved into contraction, according to late April indicators. The slowdown comes in response to growing tariff uncertainty after the index reached a four-year high in late February.
Fed indicators signal healthy manufacturing sector
Recent Federal Reserve data paints a positive picture of the US manufacturing sector. Manufacturing indicators remained strong through February and March figures
Steel market chatter this week
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.
Final Thoughts
I put some of our survey data through ChatGpt, with interesting results.
SDI’s Q1 earnings slump on-year, but up sequentially
SDI earnings slip in first quarter year over year, but are up sequentially.
SMU price ranges: Tags flat or down, sheet momentum ‘lower’
SMU’s flat-rolled steel prices were flat or lower as tariff-related uncertainty continued to drag on the market.
Galv buyers notched strong Q1, but see uncertainty on the horizon
Participants on the HARDI Sheet Metal/Air Handling Council call said underlying demand is solid but there are slower pockets in some markets.
Nucor selects Fives Group for new galv line at CSI
Nucor Corp. has tapped Fives Group as its partner in designing and manufacturing the new continuous galvanizing line being added at its California Steel Industries (CSI) joint venture in Fontana, Calif.