Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Last week was one of the most eventful for trade this year: USMCA Agreement Editor’s note: The House voted to pass the USMCA earlier today. The Senate is unlikely to vote on the measure before completion of the […]
Registration for the 2020 SMU Steel Summit Conference is now open. You can register through our website: www.SteelMarketUpdate.com/Events/Steel-Summit or through the CRU website. 2020 Conference Dates: Monday, Aug. 24-Wednesday, Aug. 26 Location: Georgia International Convention Center (www.gicc.com) same location as 2019. Cost: $1,375 per person (same as 2019) with $100 per person discounts for SMU/CRU […]
Reliance Steel & Aluminum Co. plans to acquire Fry Steel Co., a general line and long bar distributor in Santa Fe Springs, Calif. Fry Steel performs cutting services on its diverse product assortment of over 8,000 types and conditions of long bar product including stainless, alloy, aluminum, carbon, brass and bronze. The acquisition will complement […]
After declining for much of 2019, steel prices have moved up substantially in the last two months. Will the trend continue into 2020? Flat rolled steel producers raised prices three times during October and November for a total of $110 per ton. (Editor’s note: ArcelorMittal USA announced an additional $40 flat rolled increase on Friday. […]
A new report by the World Trade Organization shows trade restrictions by WTO members are at historically high levels. Between mid-October 2018 and mid-October 2019, the trade coverage of import-restrictive measures implemented by members was estimated at $747 billion, an increase of 27 percent from the prior year and the highest level since October 2012. […]
Nucor’s Board of Directors has elected Leon J. Topalian as a director and John H. Walker to serve as Non-Executive Chairman of the Board of Directors, both effective Jan. 1, 2020. Topalian is the President and Chief Operating Officer of Nucor and will become the Chief Executive Officer of Nucor on Jan. 1, 2020. Walker, […]
Changes may be coming for two joint ventures held by Brazilian mining giant Vale, including California Steel Industries. Vale is looking to trim costs as it continues to make reparations stemming from the Brumadinho tailings dam collapse that took 270 lives and caused major environmental damage to the region. At Vale Day on Dec. 2 […]
CNBC reported comments made by White House Economic Advisor Larry Kudlow on Tuesday saying, “The reality is those tariffs are still on the table.” This is in reference to the tweet from President Trump regarding steel from Brazil and Argentina. Steel buyers should be aware that there has not been a presidential proclamation, or anything […]
SMU Events is pleased to update the status of our popular Steel 101: Introduction to Steel Making & Market Fundamentals Workshops as well as more information on the 2020 SMU Steel Summit Conference. For those interested in attending one of our Steel 101 workshops. Our California workshop is now 90 percent full. We have approximately […]
Steel buyers sentiment, which had been trending up for the past several weeks right along with steel prices, showed the first signs of leveling off this week. Both the Current and Future Sentiment readings had only a 1 point change in the latest data. The goal of the index is to measure how buyers and […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: I have received questions from several people about the ins and outs of product exclusions. I thought I’d give a brief summary of the subject and the opportunities and the problems that may arise. Section 301 (China) Product […]
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel The U.S. Midwest HR futures curve in Cal’20 has had a strong move higher from the beginning of November with an […]
Editor’s note: President Trump’s surprise decision to impose 25 percent tariffs on steel and aluminum imports from Argentina and Brazil stunned the industry and leaves many questions unanswered. Paul Nathanson, executive director of the Coalition of American Metal Manufacturers and Users (CAMMU), addressed the issue in the following op-ed: President Trump announced via tweet on Monday that […]
In the last month, the prices of three of the five raw materials tracked by Steel Market Update in this report declined, one advanced and one was unchanged. Table 1 summarizes the price changes through Nov. 20 of the five materials considered in this analysis. It reports the month/month, 3 months/3 months and 12 months/12 […]
President Trump stunned the market with an early-morning tweet Monday calling for new Section 232 tariffs on steel imports from Brazil and Argentina, which he accused of currency manipulation. No word yet on whether the White House will make the tariffs official, or even if they would be legal. But the prospect of higher priced […]
This morning President Trump tweeted that due to the decline in the Brazilian and Argentinian currencies, he intends to place 25 percent tariffs on steel and a 10 percent tariff on aluminum from both countries. His tweet has created a great deal of confusion in the U.S. steel markets. Steel Market Update is attempting to […]
This morning President Trump tweeted that due to currency manipulation by Brazil and Argentina, he intends to place 25 percent tariffs on steel from both countries, and a 10 percent tariff on aluminum. His tweet has created a great deal of confusion in the U.S. steel markets. Steel Market Update is attempting to help calm […]
By CRU Principal Analyst Josh Spoores, from the CRU Steel Monitor President Trump sent three tweets this morning that said, effective immediately, he would restore the steel and aluminum tariffs on Brazil and Argentina because the countries “have been presiding over a massive devaluation of their currencies, which is not good for our farmers.” No […]
Steel buyers’ sentiment has been trending up for the last six weeks along with steel prices, which is a positive development. But like the prices, sentiment has yet to really take off and prove it has sustained strength, according to Steel Market Update’s latest Steel Buyer’s Sentiment Index. The goal of the index is to […]
A strike by 3,200 Teamster union employees at Canadian National Railway is causing disruption in both Canada and the U.S. Now in its sixth day, with no end in sight, a shortage of propane is imminent for Ontario and Quebec as well as delays to shipping across the manufacturing industry. CN transports more than CAD […]
Metalforming companies reported continued weakness in the market in the latest survey by the Precision Metalforming Association. The PMA November 2019 Business Conditions Report showed 34 percent of participants expect a decline in economic activity and 51 percent expect no change. “The November PMA Business Conditions Report showed little change from the previous month. Metalforming […]
The Coalition of American Metal Manufacturers and Users (CAMMU) and other trade associations are calling for sunset provisions to be included in any comprehensive Section 232 tariff reform legislation considered by Congress. A letter sent today to Senate Finance Committee Chairman Charles Grassley and Ranking Member Ron Wyden emphasizes the damage Section 232 tariffs are […]
Favorable winds are blowing for Nucor Steel in Missouri. The company will start production at its new rebar micro-mill in Sedalia, Mo., by the end of December powered by clean energy provided by Evergy Inc. Evergy has plans to build a windfarm at the Sedalia site that will offset 100 percent of the energy used […]
The composite producer price index of all commodities peaked in October last year and in 12 months through September has declined by 3.2 percent. This Steel Market Update report is an analysis of Bureau of Labor Statistics data and is intended to provide subscribers with a view of the competitive position of sheet steel, aluminum, […]
The following article discussing the global ferrous derivatives markets was written by David Feldstein. As an independent steel market analyst, advisor and trader, we believe he provides insightful commentary and trading ideas to our readers. Note that Steel Market Update does not take any positions on HRC or scrap trading, and any recommendations or comments […]
Flack Global Metals says it will move forward on plans to build a new coil coating and downstream processing facility adjacent to Big River Steel in Osceola, Ark. The new facility will cost approximately $150 million and create more than 150 new jobs. This investment, if completed, will add production capability to the Big River […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The world has grown accustomed to the World Trade Organization. A world without a means to settle disputes through negotiations or, if agreement is impossible, binding dispute resolution, is a hallmark of the WTO system. From 1948 to […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The world has grown accustomed to the World Trade Organization. A world without a means to settle disputes through negotiations or, if agreement is impossible, binding dispute resolution, is a hallmark of the WTO system. From 1948 to […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Happy Thanksgiving! That most American of holidays gives us a chance to appreciate the blessings we have as Americans. Our tradition almost forces us to eat turkey as part of that ritual—along with a lot of other neat […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The China tariffs, the steel and aluminum tariffs, the safeguard tariffs on solar panels and washing machines all have a feature in common: some form of product exclusion. This means that imported products covered by these measures may be […]