Tag: china

Prices of steelmaking raw materials have moved in different directions over the last 30 days, according to Steel Market Update’s latest analysis.

The Biden administration on Wednesday announced measures to support the domestic steel industry.

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.

The steel market appears to be finding a new, higher normal with the shocks of the pandemic and the Ukraine in the rearview mirror. The good news: a more profitable and consolidated post-Covid US steel industry has been able to invest in operations. That includes efforts to decarbonize. The bad news: That “new normal” could be tested. Because it’s not just domestic sheet prices that have been volatile. Geopolitics are too.

Does the price of ferrous scrap depend on the price of finished steel product? And how much of an influence do billet and slab prices have on scrap prices?

As the ISRI 2024 conference unfolds in Las Vegas, attendees are diving into crucial discussions shaping the future of the recycling industry. Here are the main topics being discussed: New steelmaking capacity coming online this year Export demand during this period Infrastructure spending Supply of pig iron and HBI Current logistics challenges May scrap prices […]

As we navigate through the first half of 2024, we are seeing early signs of an inflationary rate environment for flatbed shipping, albeit slightly later than anticipated. Excess supply has persisted longer than expected for both flatbed and dry van, resulting in rates remaining lower than for longer than anticipated.

The Department of Commerce (DOC) has issued new rules to combat evolving "unfair" trade practice — including the unfair trade of steel products. They go into effect on Wednesday, April 24.

U.S. Steel Corp.’s impending sale to Japan’s Nippon Steel Corp. (NSC) has cleared one hurdle: USS stockholders voted overwhelmingly in favor of the nearly $15 billion merger.

While shipping and supply chains have always been subject to wars, pirates, privateers, geopolitical issues, and natural disasters, it seems that “it’s been busier lately when it comes to dealing with significant supply chain disruptions,” according to logistics expert Anton Posner.

The United Steelworkers (USW) union is calling out Nippon Steel for already prioritizing its Japanese operations at the expense of American workers despite forging ahead with its proposed plan to purchase U.S. Steel.

The Biden Commerce Department just issued a broad rewrite of regulations dealing with a host of antidumping and countervailing duty issues. This week, I write about one of those issues, where it looks like Commerce made a wrong turn.

Personal Consumption Expenditures (PCE) inflation data was released on Friday, March 29, despite the stock market being closed for Good Friday. The year-over-year (y/y) PCE price index rose 2.5% in February, in line with market expectations but up from the 2.4% growth seen in January. The core PCE index, which excludes food and energy prices, rose 2.8% y/y in February, also in line with expectations and slightly down from 2.9% in January.

A prominent US senator has asked the White House to investigate Nippon Steel Corp.’s (NSC) ties to China as the Japanese steelmaker seeks to acquire U.S. Steel.

I can’t really define “Bidenomics” because it is so filled with contradictions. It seems to aim to increase manufacturing output in the United States. But not all increases are created equal.

A container ship collided with the Francis Scott Key Bridge in Baltimore on March 26, causing it to collapse. This has blocked sea lanes into and out of Baltimore port, which is the largest source of US seaborne thermal coal exports. The port usually exports 1–1.5 million metric tons (mt) of thermal coal per month. It is uncertain when sea shipping will be restored. But it could be several weeks or more. There are coal export terminals in Virginia, though diversion to these ports would raise costs.

World steel output slipped in February according to World Steel Association’s (worldsteel) latest monthly report. With the exception of January’s surge, monthly production levels have declined ten out of the past eleven months.

APAC steel prices are likely to bottom out in the near term as seasonally higher demand coupled with production cuts may support prices. In the EU, prices are likely to remain under pressure, while fresh price increases are expected in the US. APAC steel prices are likely to bottom out in the near term In […]

With Earth Day almost a month away, the world’s attention often turns to the manufacturing sector with calls for greener production processes.

I’ve had questions from some of you lately about how we should think of the spread between hot-rolled (HR) coil prices and those for cold-rolled (CR) and coated product. Let’s assume that mills are intent on holding the line at least at $800 per short ton (st) for HR. The norm for HR-CR/coated spreads had been about $200 per short ton (st). That would suggest CR and coated base prices should be ~$1,000/st. Good luck finding anyone offering that.

The spot rate trend in the flatbeds has seen a positive upturn. There are potential rate accelerators and decelerators, however, likely to influence spot and contract flatbed rates. The flatbed market for spot rates is showing signs of improvement as we move through the new year. February increased slightly from January, marking the third consecutive […]

The CRUspi fell by 8.3% month over month (m/m) in March to 206.6 as weaker-than-expected demand weighed on markets around the world. Price falls were notable across all regions, with elevated inventory levels pushing prices in the US and Europe, and disappointing stimulus measures from the Chinese government weighing on those in Asia.

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.

Nippon Steel has reaffirmed the value of its deal for U.S. Steel a day after President Biden issued a statement opposing the sale.

Prices of most steelmaking raw materials have moved lower over the last 30 days, according to Steel Market Update’s latest analysis.

US senators have introduced the "Stop Mexico’s Steel Surge Act," which seeks to reimpose 25% Section 232 tariffs on Mexican steel imports.

In 2023, Mexico emerged as the largest trading partner with the United States—larger than Canada, and even China. The growth in trade with Mexico has been truly historic—Mexico has never captured the title of the largest exporter to the US. At $475 billion for the year, the value of US imports from Mexico exceeded that […]

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.

A weak start for sheet demand this year has continued to weigh on global prices. European demand outside of the renewable energy sector was weak enough that market participants said mills are likely to cut output further after several furnace restarts earlier in the year. In China, demand has also failed to pick up after recent holidays, and even government announcements of more stimulus measures during the country’s “Two Sessions” meetings failed to boost market confidence.

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.