South Korean integrated steelmaker Posco has started building a 2.5-million-metric-ton-per-year (Mt/y) electric-arc furnace (EAF) at its Gwangyang works, a key stage in the company’s transition to becoming a green steel producer.
The US Midwest premium continued to trade between 18.8–19.4 cents per pound (¢/lb) this week. There remains a host of macroeconomic and geopolitical risks in the current environment, but none have affected the short-term outlook for the premium. Current trading for April reached 20 ¢/lb which is on par with CRU’s current forecast for Q2’24. Dates closer to the end of the year have fallen to 21.2 ¢/lb.
The Dodge Momentum Index (DMI) was largely unchanged in January, moving up marginally due to improved institutional conditions, according to the latest Dodge Construction Network (DCN) data.
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.
Algoma Steel reported a wider loss in its fiscal third quarter amid lingering impact from the United Auto Workers (UAW) strike and “heavy seasonal maintenance.” Additionally, the Canadian steelmaker said it has completed repairs at it blast furnace and “restored partial coke-making capabilities” after a previously reported incident on Jan. 20.
The recession many predicted did not materialize in 2023, leading industry experts in several key end-user markets for steel cautiously optimistic for 2024.
I participated in the 35th annual Tampa Steel Conference last week, a conclave of steel producers, consumers, traders, logisticians, and (a few) trade lawyers. I participated in a panel discussion concerning challenges in managing supply chains in these troubled times. Things appear to be heading in the wrong direction in this field. Supply chains were shown to be vulnerable to pandemics in 2020 and 2021, and, in 2022 and 2023, to regional conflicts and weather slowing or stopping the free movement of goods through trade bottlenecks (the Suez Canal, the Panama Canal, the Bosporus, etc.)
Speaking during a fireside chat at the Tampa Steel Conference on Monday, Jan. 29, Hybar CEO David Stickler provided a status update on the company’s new rebar mill project and its plans for the future, including the possibility of a flat-rolled steel mill.
A weaker steel market and lower prices in Europe dragged down SSAB’s earnings during the last three months of 2023.
Algoma Steel is currently navigating a challenge as it deals with an unplanned outage at its blast furnace, but the company’s CEO is still bullish on its future as an EAF steelmaker.
Steel Dynamics Inc. faces rising costs for its Columbus, Miss., aluminum rolling mill, but the project timeline remains on track.
The Tampa Steel Conference is just a few days away. Here are some topics I’m looking forward to learning more about during the proceedings on Monday and Tuesday. For starters, we’ll have about a month of 2024 under our belt when we convene on Sunday. How does that compare to what we thought the start of the year would look like? And what’s the outlook for the balance of the year?
The 35th Annual Tampa Steel Conference starts in just a few days. As one of the premier domestic steel conferences, it’s the perfect way to kick off 2024. It’s not too late to register if you haven’t already done so, but make sure to book now!
Canadian flat-rolled steelmaker Algoma Steel said its blast furnace could be down for approximately two weeks following an incident at its coke batteries over the weekend. “We expect some impact on shipments, the extent of which will depend on the timeline to resume blast furnace operations,” the Sault Ste. Marie, Ontario-based company said
We’re just a week away from the 35th annual Tampa Steel Conference! It’s one of the premier domestic steel conferences and the first can’t-miss event of 2024. If you haven’t already registered, there is still time but make sure to book now!
The LME three-month price was broadly stable on the morning of Jan. 19 and was last seen trading at $2,170 per metric ton (mt). The $2,200/mt level is now acting as a resistance it seems, but the break of the previous support level has not inspired a sell-off, at least not for now.
While there was little change in economic activity since its last update, the Federal Reserve reported declines in manufacturing in nearly all districts in its January Beige Book update.
The Global Steel Climate Council (GSCC) was formed to advance the steel industry's climate strategy. And its intentions are clear: establish standards and advocate for carbon emission reductions by industry members.
Steel prices continued to move higher last month on the back of repeated mill price increases after tags reached a 2023 low of $645 per ton in late September. Hot-rolled coil (HRC) prices ended December at an average of $1,035 per ton ($51.75 per cwt), rising by $112 per ton during the month.
Commercial Metals Co. saw robust demand from the construction markets in its first fiscal quarter, which ended on Nov. 30, 2023.
An increase in residential construction brought total construction spending up by 0.4% in November, according to a report from the Associated General Contractors of America (AGC). The uptick offsets a slowdown in public spending.
The Architecture Billings Index (ABI) reading from the American Institute of Architects (AIA) and Deltek showed a slight uptick in November, but was still in negative territory.
US housing starts jumped in November on lower interest rates stimulating home buying, according to the most recent data from the US Census Bureau.
Over many years—even centuries—the wisdom and utility of tariffs as an instrument of government policy in peacetime have been debated. That incessant debate continues, and is likely to persist.
The US Treasury Department and Internal Revenue Service (IRS) announced on Dec. 14 proposed regulations for aluminum production under the Inflation Reduction Act (IRA). According to irs.gov, Section 45X of the Internal Revenue Code (IRC) “provides a credit for the production (within the US) and sale of certain eligible components including solar and wind energy […]
Most steel markets will be more balanced in 2024, according to the latest sector outlook from Fitch Ratings.
The number of open construction jobs reached a record high in October as workforce shortages persist, the Associated General Contractors of America (AGC) reported.
This year saw a huge increase in debate and proposals for addressing greenhouse gas emissions, not only here in the US but around the world.
U.S. Steel will continue to operate the hot strip mill and finishing lines at its Granite City Works in southern Illinois.
The US presidential elections will take place on Nov. 5, 2024.