Steel prices continued to climb through the month of July, now the 11th consecutive month prices have increased. Hot-rolled steel prices increased an average of $30 per ton ($1.50 per cwt) each week, with the SMU index averaging $1,860 per ton ($93 per cwt) as of last Tuesday. The SMU Price Momentum Indicator has remained unchanged since the […]
In a trading update for Q2 2021, Evraz reported favorable market conditions and a 6.1% increase in sales over the first quarter. Although demand remained high in North America throughout the quarter amid a rapid economic recovery from the pandemic, fewer imports and relatively low levels of distributor inventory impacted overall sales in the region. […]
By CRU Senior Analyst Helen O’Cleary U.S. refined demand continues to impress through the traditionally slower summer months, with market contacts reporting still-strong off-take under long-term contracts into August. We hear that many consumers continue to take the higher end of their contracted metal tonnage, with some still buying additional spot quantities. A further increase […]
ArcelorMittal continues to forge ahead with major expansions at its North American operations on the heels of its best second-quarter profits since 2008. The multinational steelmaker recorded net income of $4 billion in the second quarter of 2021 after losing $559 million in the same quarter last year on sales that increased 76.2% to $19.3 […]
Construction employment declined or stagnated in 101 metro areas between February 2020, the last month before the pandemic, and last month, reported the Associated General Contractors of America in its latest analysis of government data. Labor shortages and supply chain challenges have kept many firms from adding workers in various parts of the country, said […]
2021 SMU Steel Summit Conference – Revised Agenda as of July 27, 2021 The 2021 SMU Steel Summit Conference will be held at the Georgia International Convention Center on Aug. 23-25. The convention center is conveniently located next to the Atlanta International Airport (ATL). The center and the hotels surrounding the convention center are on […]
Sales of new single-family homes fell in June for the fifth time in six months, landing at 6.6% below May’s downward revised estimate at a seasonally adjusted annual rate of 676,000, the U.S. Department of Housing and Urban Development and the U.S. Census Bureau reported on Monday. Sales fell by 19.4% when compared to the […]
Daimler AG has recognized Big River Steel (BRS) for its “exceptionally sustainable” steel. The electric arc furnace (EAF) producer, a U.S. Steel subsidiary, has helped the German automaker reduce the CO2 emissions attributed to the steel used in its Mercedes-Benz products by more than 70%. Emission-free mobility is a corporate goal for Damiler, which thinks climate […]
This evening we published our SMU Mill Lead Times by Product analysis. I recently received a few questions on the subject: How do we gather our lead time data? Do we take into consideration the lead times being published by the individual domestic steel mills? How do we feel the information we report is indicative […]
Reliance Steel & Aluminum Co.’s sales soared to a record of $3.42 billion in the second quarter on shipments of 1.424 million tons. Sales were up 20.4% from the previous quarter and up 69.3% from the same period last year. The record-setting results for the largest service center in North America were due primarily to the […]
Demand for design services from U.S. architecture firms continued to increase in June, said the American Institute of Architects. AIA’s Architecture Billings Index reached 57.1 in the month, 1.4 points lower than May but still in growth territory. The billings index has expanded every month since January. The index for new design contracts declined 4.3 points from […]
NLMK USA joined the growing ranks of steelmakers posting massively higher second-quarter earnings on solid demand and record-high steel prices. The U.S. subsidiary of NLMK Group – Russia’s largest steelmaker – recorded EBITDA of $213 million in the second quarter of 2021, up more than threefold from $65 million in the first quarter and an […]
Existing-home sales rose in June, ending a four-month decline, reported the National Association of Realtors. Three of the four major U.S. regions registered small month-over-month gains, while the South was sideways. All four areas saw double-digit gains year on year. June sales rose 1.4% from May to a seasonally adjusted annual rate of 5.86 million. […]
Mark Millett, CEO of Steel Dynamics, had some interesting comments in this morning’s earnings conference call with analysts. Based on his comments, the domestic steel industry is capable of producing 90-95 million tons of steel annually. The demand for steel is closer to 120 million tons; in extremely strong markets in the past it has […]
Mark Millett, CEO of Steel Dynamics, had some interesting comments in this morning’s earnings conference call with analysts. Based on his comments, the domestic steel industry is capable of producing 90-95 million tons of steel annually. The demand for steel is closer to 120 million tons; in extremely strong markets in the past it has […]
Steel Dynamics Inc. (SDI) doesn’t see a big steel price correction in the cards because of broader – and largely unrecognized – structural shifts underway in the U.S. steel market, company executives said. Industry experts have been focused on potential negatives such as new capacity, increased imports and the removal of trade barriers. They are missing […]
Nucor has agreed to buy racking and hollow structural section (HSS) manufacturer Hannibal Industries Inc. for $370 million. “Acquiring Hannibal Industries gives us a new growth platform and broadens our offering to the fast-growing warehouse channel,” Nucor President and CEO Leon Topalian said. “This acquisition reflects our strategy of expanding beyond our core steel businesses and establishes […]
Steel Dynamics Inc. (SDI) kicked off steel earnings season by posting record second-quarter sales and record profits on ballooning metal spreads. And the Fort Wayne, Ind.-based electric arc furnace (EAF) steelmaker anticipates another record performance in the third quarter as well as strong demand into 2022. “We remain confident that macroeconomic and market conditions are […]
Housing starts accelerated in June, jumping 6.3% from May to a seasonally adjusted annual rate of 1.64 million units, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Single-family starts increased 6.3% to a 1.16 million seasonally adjusted annual rate, while construction on homes of five […]
Testifying before Congress last week, National Association of Home Builders (NAHB) CEO Jerry Howard called on lawmakers to enact key policies that will ensure access to good housing for all Americans. During the subcommittee hearing, Howard noted that such policies will help home builders expand the housing supply, reduce the housing deficit and improve housing […]
Construction employment trails pre-pandemic levels in more than three-quarters of U.S. states, reports the Associated General Contractors of America in its latest analysis of government data. June’s employment totals in 39 states show that the construction sector remained below the levels reached before the pre-pandemic peak in February 2020. Supply chain challenges and rising materials prices […]
Flat Rolled = 47.6 Shipping Days of Supply Plate = 44 Shipping Days of Supply Flat Rolled U.S. service center flat rolled inventories increased again in June, though service centers continue to report that they are unable to meet customer demand. At the end of June, service centers carried 47.6 shipping days of supply, up from the […]
Producer prices continue to rise into the summer months showing no signs of slowing down. The index and subcategories for final demand have not only recovered from the collapse seen at the onset of COVID-19 but have now surpassed pre-pandemic levels. Since the repeated decreases from February through April of 2020, the composite Producer Price […]
Steel Market Update’s latest analysis of monthly Key Market Indicators highlights that the road to recovery from the COVID-19 doldrums is far from over. Markers for the Present Situation have contracted a bit while Trends show small but positive moves from a month ago. The markers are not necessarily an evaluation of the economy’s journey from affliction to […]
Unprecedented price increases for a wide range of goods and services used in construction pushed up contractors’ costs by a devastating 26.3% from June 2020 to June 2021, according to an analysis of government data by the Associated General Contractors of America. Association officials cautioned that rising materials prices are making it difficult for many […]
By CRU Research Analyst Yusu Mao CRU hosted its inaugural Steel Decarbonization Strategies Virtual Conference from June 25-28. Policy makers, industry leaders and financial institutions from across the global steel value chain joined the event to discuss pathways to carbon neutrality, the financial tools to support necessary investment and the policy frameworks needed to make […]
The U.S. construction sector lost momentum in May as the industry continues to deal with the effects of the COVID pandemic. Growth remains uneven across sectors as many continue to work through supply chain disruptions, rising materials prices and labor shortages. Total construction spending during May, at a seasonally adjusted annual rate, was $1.545 trillion, […]
The Dodge Momentum Index has fallen for the first time this year – and after six consecutive months of gains – on uneven demand and higher costs. The index now stands at 165.8, down 5% from a revised May number of 175.1, according to Hamilton, N.J.-based Dodge Data & Analytics. “Uncertain demand for some building […]
Steel Dynamics Inc. (SDI) has delayed the start-up of the hot end of its new steel mill in Sinton, Texas, to the fourth quarter, the company’s top executive said. The move was necessary because of severe rain over the last 4-6 weeks, something that was amplified by recent flooding in the region, SDI Chairman, President […]
Steel Dynamics Inc. (SDI) has delayed the start-up of the hot end of its new steel mill in Sinton, Texas, to the fourth quarter, the company’s top executive said. The move was necessary because of severe rain over the last 4-6 weeks, something that was amplified by recent flooding in the region, SDI Chairman, President […]