You may be tired of reading about it, but there is no ignoring the question: When will hot rolled coil prices finally peak? So many livelihoods depend on the answer. Unfortunately, Steel Market Update steel survey data clearly shows that no one knows. Roughly one-third of those polled this week believe hot rolled steel prices […]
Steel prices rose even higher through the month of June, now the 10th consecutive month prices have increased. Hot rolled steel prices increased an average of $30 per ton each week, reaching $1,770 per ton in SMU’s latest check of the market. The SMU Price Momentum Indicator has remained unchanged since the August 2020 adjustment […]
ArcelorMittal wants to be carbon neutral by 2050, but reaching that goal will hinge on developing new ways to take fossil fuels – namely, coal and natural gas – out of the steelmaking process, a company executive said. It will also require that key technologies – carbon capture and storage (CCS), biofuels and other renewable […]
William K. Sales Jr., Reliance Steel & Aluminum’s executive vice president of operations, will retire in January 2022. In the meantime, Sales will work as a special advisor to the metals service center – North America’s largest – in a transition effective from Thursday, July 1. “On behalf of the entire Reliance team, I would […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Prices for all but one of the steelmaking raw materials tracked in this SMU analysis increased from May to June, with most products following large gains seen in […]
By Michael Marley The mini sheet mills face a maxi problem, namely no additional supplies of prompt industrial scrap to feed their growing appetites for that raw material. As they move ahead with planned expansions of existing facilities and the construction of greenfield plants, electric arc furnace (EAF) steelmakers may be forced to rely on additional […]
Readers asked me to discuss Section 232 and its possible future. Steel and aluminum tariffs have been around since 2018, not to mention other investigations on components of electric transformers made with electrical steel, autos and auto parts, and vanadium. I think that, under applicable law, certain of these cases have been resolved. I explain here […]
Last Tuesday, the Court of International Trade issued a major opinion in the massive litigation over China tariffs. As I’ve written before, the imposition of tariffs on more than $200 billion of imports per year from China has prompted a slew of lawsuits (more than 3,600 so far, including 6,500 separate plaintiffs), which could find […]
The Biden administration took office not only in the midst of a pandemic, but a global rethink of economic opportunity and outcomes. It’s one reason that global institutions, such as the WTO and the International Monetary Fund, are suffering from a lack of respect and influence, not only among general populations but opinion leaders and […]
Let’s talk about lead times. Because the results from our latest survey caught my attention. This is the first time in since January-February that you can maybe discern a potential peak in pricing – at least judging by that metric. Lead Times: Trend or Head Fake I’m going to display our lead latest lead time […]
Let’s talk about flat rolled and plate steel mill lead times. Because the results from our latest steel market survey caught my attention. This is the first time in since January-February that you can maybe discern a potential peak in pricing – at least judging by that metric. Lead Times: Trend or Head Fake I’m […]
Producer prices have not only recovered from the COVID-19-driven fallout, but have now overtaken pre-pandemic levels. Since the repeated decreases from February through April of 2020, the composite Producer Price Index (PPI) of all commodities from the Bureau of Labor Statistics (BLS) has seen consistent month-on-month increases. May’s index registered a 3.2% increase versus the […]
The next three months will be challenging, said metalforming companies in the June 2021 Precision Metalforming Business Conditions Report. Only 36% of companies expect an improvement in economic activity during the period, down from 41% in May, while 12% anticipate a decline in activity, up from 10% in the previous month. The percentage of respondents […]
By CRU Prices Analyst Estelle Tran U.S. sheet prices are still trending higher, which has supported further gains in raw materials, slabs and imported steel. Even though CRU HR coil prices have increased 7.4% m/m to $1,655 /s.ton on June 16, market contacts still report a lack of workable offers, especially given lead times into […]
Flat rolled steel prices have been rising consistently for 45 straight weeks (since the week of Aug. 10, 2020). There is a chance (no guarantees) that we could see the cycle continue for a full 52+ weeks as the steel mills continue to have supply issues and demand remains quite strong in just about every […]
Easing pressure on construction costs and supply-chain bottlenecks is at a tipping point, the Associated General Contactors of America (AGC) said, urging the Biden administration to end tariffs and quotas on steel, aluminum, and lumber at once. The cost of goods and services used in construction climbed by a record-setting 4.3% in May and 24.3% […]
The White House has confirmed that the United States and the European Union are in discussions to resolve “existing differences” on Section 232 tariffs on steel and aluminum from the EU before the end of the year. “We are determined to work together to resolve tensions arising from the U.S. application of tariffs on imports […]
By Greg Wittbecker, Advisor, CRU Analysis We have just refreshed our expectations on aluminum for 2021 in our latest of the CRU Aluminum Market Outlook. Here are some of the key takeaways: Demand Is Strong The World ex China is into its recovery from the the Covid-19 pandemic. We expect to see sharp year-on-year growth […]
By Greg Wittbecker, Advisor, CRU Analysis Ten years ago the aluminum can, and the aluminum sheet mills that supplied them, looked to be on borrowed time. Aluminum beverage can shipments, as reported by the Can Manufacturers Institute (CMI) had been flatlining for years. Can manufacturers were consolidating, with Ball and Ardagh acquiring Rexam assets in […]
By CRU Principal Aluminum Analyst Guillaume Osouf The LME aluminum price has been going through a period of consolidation since it reached its last significant peak at $2,603 /t on May 10. A similar situation was observed between December 2020 and February 2021 before the rally resumed even stronger. Can we expect the same to […]
By Greg Wittbecker, Advisor, CRU Analysis On June 28, the Russian government announced the imposition of a 15% tax on aluminum exports. The tax is effective for the period August through December 2021 and covers most primary aluminum exports. This appears to be a case of the Russian government making an opportunistic “raid” on one […]
By Greg Wittbecker, Advisor, CRU Analysis The COVID-19 pandemic’s effects on overall aluminum demand in 2020 was well documented. However, that storyline masked a remarkable rebound in the demand for aluminum beverage cans. Data from the Aluminum Association shows this: • 2020 total domestic shipments of can stock supplied to the can market rose 3.3% […]
I asked a good friend of mine after he was appointed to as the deputy head of a cabinet department what a typical day was like for him. “It’s drinking water from a fire hose. Things come at you so fast you can’t get out of the way,” he said. As an observer and occasional […]
I asked a good friend of mine after he was appointed to as the deputy head of a cabinet department what a typical day was like for him. “It’s drinking water from a fire hose. Things come at you so fast you can’t get out of the way,” he said. As an observer and occasional […]
The government is exploring ways to resolve serious trade disputes with the EU. At the same time, it is attempting to preclude having to make refunds of potentially unlawful duties collected since 2018. As I mentioned in last week’s column, President Biden’s first foreign trip since he took office featured four summit meetings: the G7 […]
U.S. steel and metals trade associations warned Congressional leaders that the condition of the nation’s infrastructure is “dire.” They urged legislators to support the “historic” and metal-intensive infrastructure bill proposed by the Biden administration. The trade groups—which claim to represent more than 74,000 domestic facilities—pointed out that an American Society of Civil Engineers (ASCE) 2021 report card gave U.S. […]
Worthington Industries has acquired certain assets of Shiloh Industries’ U.S BlankLight® business for $105 million. The deal expands Worthington’s capacity and capability with the addition of three facilities, located in Ohio and Michigan, to the company’s laser-welded products joint venture, TWB Company LLC. A fourth facility in Kentucky will operate under Worthington’s Steel Processing business, expanding […]
A deadline has been set by the European Union and the U.S. to end Section 232 steel and aluminum tariffs, and any retaliatory measures, by Dec. 1, according to a draft communiqué obtained by Reuters. An announcement of the agreement is expected at the G7 Summit next week in Brussels. “We commit to work towards […]
A 100-day review, authorized by President Biden, was released this week to address vulnerabilities in critical U.S. supply chains. The report, “Building Resilient Supply Chains, Revitalizing American Manufacturing, and Fostering Broad-Based Growth,” was prepared by the departments of Commerce, Energy, Defense, and Health and Human Services. The 250-page report included recommendations not only for reducing […]
A deadline has been set by the European Union and the U.S. to end Section 232 steel and aluminum tariffs, and any retaliatory measures, by Dec. 1, according to a draft communiqué obtained by Reuters. An announcement of the agreement is expected at the G7 Summit next week in Brussels. “We commit to work towards […]