US light-vehicle (LV) sales rose to an unadjusted 1.25 million units in February, up 9.6% vs. year-ago levels, the US Bureau of Economic Analysis (BEA) reported. The year-on-year (y/y) growth in domestic LV sales was boosted by a 6% month on month (m/m) gain.
Volkswagen employees at its assembly plant in Chattanooga, Tenn., have filed a petition with the National Labor Relations Board to become part of the United Auto Workers (UAW) union.
Are we still looking for a bottom on sheet prices? In what direction are steel and scrap prices headed? How’s demand holding up at the moment?
Happy St. Patrick’s Day. “To govern is to choose.” Those words, reportedly first uttered by the late French Premier Pierre Mendes-France in the 1950s, resonate vividly in our time. It means that choices have consequences and that priorities must be set based on goals. Interested parties, in and out of government, raise their voices in […]
Strength in its flat-rolled steel operations is pushing Steel Dynamics Inc. (SDI) to guide to higher sequential earnings in the current quarter.
According to the latest “Index of Net New Orders of Aluminum Mill Products” released by the US Aluminum Association (AA), total orders in February 2024 were up 9.3% compared to February 2023. This is a noticeable improvement from the growth of 2.1% year over year (y/y) seen in January.
Steel mill lead times were flat to slightly up, according to our market survey this week.
Reaction to the price announcements last week by domestic mills varied just a little depending on who you were speaking to. I heard rumblings before the announcements that a price hike of $100 per short ton (st) was coming. After the announcements were made, I had some questions as to whether they were increases at all.
The LME three-month price continued to strengthen through Friday, March 8, defending its position close to its five-week high and rising further to $2,262 per metric ton (mt), up 0.3%, on the day. Gains were also noted over the last week in other industrial metals, including copper, zinc, and lead. The price gains appeared to be due to weakness in the US dollar, which fell sharply against a basket of currencies after Fed Chairman Jerome Powell said on Wednesday that rate cuts were still expected this year.
What are folks in the steel industry talking about at present? Respondents to SMU’s mini-survey this week shared some of their thoughts with us about what's going on in the market. Rather than summarizing their responses, here’s some of what they had to say in their own words.
IAI reports aluminum industry greenhouse gas emissions declined in 2022.
The United Auto Workers (UAW) union said that over 50% of workers at Mercedes-Benz’s plant in Vance, Ala., “have signed union cards in support of joining the UAW.”
The United Auto Workers (UAW) executive board has voted to start a new “solidarity project” to support auto workers in Mexico.
US Trade Representative Katherine Tai has voiced the United States’ unease at a marked increase in steel and aluminum imports from Mexico, and what she termed a lack of transparency about Mexican imports of the metals from third countries.
The US already had strict regulations on air-quality standards for particulate matter, but they are going to get even tighter.
At SMU, our goal is not to tell you what to think but to keep the conversation going. We asked you in our survey this week what you were seeing when it comes to steel prices, demand, imports, and wildcards. In your own words, with minimal editing, here’s what some of you in the SMU community shared with us this week.
North American auto assemblies recovered in January after a usual seasonal slowdown at year-end, according to LMC Automotive data. The result was driven by improved production across the region vs. December’s output.
US light-vehicle (LV) sales rose to an unadjusted 1.08 million units in January, up 2.8% vs. year-ago levels, the US Bureau of Economic Analysis (BEA) reported. Despite the year-on-year (y/y) boost, domestic LV sales were down 5.6% month on month (m/m). On an annualized basis, LV sales were 15 million units in January, down from […]
Falling steel prices at present are not a symptom of demand but of imports arriving into the US and to some parts of Mexico, Ternium’s CEO Maximo Vedoya said this week.
A United Auto Workers (UAW) local has reached a tentative agreement with Ford, avoiding a strike at the automaker’s Kentucky Truck Plant (KTP).
Australia's BlueScope Steel has begun making plans to potentially add cold rolling and coating capabilities in the US.
A coalition of climate and industrial organizations has launched a 'Race to Green Steel' campaign.
Approximately 9,000 United Auto Workers (UAW) members at Ford’s Kentucky Truck Plant said they will strike on Friday, Feb.. 23, if local contract issues are not resolved.
The LME 3-month price was broadly stable again on the morning of Feb. 16, and was last seen trading at $2,230 per metric ton (mt). On Feb. 16, LME stocks were reported at 534,925 mt, an increase of nearly 10,000 mt from last Friday. The change comes after 15,125 mt of metal was delivered into […]
Sheet prices have fallen again this week on shorter lead times, higher imports, and potentially higher inventories. (We’ll see for sure when we release our service center shipment and inventory data next week.) I remember reporting almost exactly the same thing about a month ago and getting a fair amount of pushback. Not so much these days.
ArcelorMittal swung to a loss in the fourth quarter largely because of costs associated with a deadly coal mining disaster last year in Kazakhstan. The Luxembourg-based steelmaker sold its Kazakhstan operations in December and no longer owns and operates coal mines as a result of the move, according to comments released along with earnings data on Thursday.
What are folks in the steel industry talking about? SMU polled steel buyers on a variety of subjects this past week, including domestic steel prices, import offers, buying activity, and more. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words.
The recession many predicted did not materialize in 2023, leading industry experts in several key end-user markets for steel cautiously optimistic for 2024.
The US Midwest premium was flat week over week (w/w) at 18.8–19.4¢/lb. Again, the premium has exhibited remarkably low levels of volatility and has yet to react to news in the geopolitical or macroeconomic spaces.
I thought Nippon Steel’s $14.1-billion deal for U.S. Steel might become a political football in this year’s presidential election. Now there is little doubt that it will after Trump told reporters in Washington, D.C., earlier this week that he would “absolutely” block the transaction – and that he would do so “instantaneously.”