We still have a few spots remaining in our upcoming Introduction to Steel Hedging: Managing Price Risk course, which will run virtually on April 26-27, 2022. Steel Market Update and Spencer Johnson, StoneX Financial Inc. – FCM Division, along with the CME Group, will be conducting a workshop for those who are actively involved in the buying or […]
Matthew Abrams, Analyst, CRU Group The US Midwest premium on aluminum P1020 has seen consistent upward movement since the recovery from the pandemic started. Last week, it touched $0.40 per pound, a level once heavily fought. The fundamentals of the market indicated room for further upward moves, yet it is pausing here. Markets are getting […]
By CRU Senior Coal Analyst Dmitry Popov, and Senior Analyst Banmeet Khurmi, from CRU’s Steel Sheet Products Monitor, April 7 Among the latest sanctions against Russia, the EU is planning to introduce a full import ban of Russian coal from August 2022. In this Insight, we look at the EU’s reliance on Russia for thermal […]
Foreign import prices are slowly gaining back their competitive advantage over domestic steel, according to SMU’s latest foreign versus domestic hot rolled steel price comparison. Select foreign HRC prices range between $327 per ton cheaper than domestic prices to $46 per ton more expensive, after taking freight costs, trader margins and tariffs into consideration. Recall that the price differentials between […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook The invasion of Ukraine by Russian forces has continued to rock commodity and financial markets. We expect the fallout from the invasion to reduce world growth this year and next, through three main channels: Energy prices. Russia is a major producer and exporter of […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor, April 5. Iron ore has risen again in the past week as lockdowns in China have fuelled hopes of new stimulus measures, resulting in an overall bullish sentiment last week, ahead of the Chinese Qingming holiday (Sunday–Tuesday). Iron ore has now returned to […]
We are now 140 days away, and I am getting very excited about this year’s SMU Steel Summit Conference. The agenda is coming together nicely, we have several new speakers, and I continue to work on a few special projects that I think you will enjoy. The conference dates are August 22-24, and the conference will be […]
We are now 140 days away, and I am getting very excited about this year’s SMU Steel Summit Conference. The agenda is coming together nicely, we have several new speakers, and I continue to work on a few special projects that I think you will enjoy. The conference dates are August 22-24, and the conference will be […]
By Greg Wittbecker, Advisor, CRU Group Since the onslaught of the war in Ukraine last month, the aluminum market has been fixated on the timing and severity of economic sanctions on the Russian aluminum sector. This attention is warranted given the importance of Russian primary aluminum in global trade. As discussed in prior columns, Russia […]
We still have spots remaining in our upcoming Introduction to Steel Hedging: Managing Price Risk course, which will run virtually on April 26-27, 2022. Steel Market Update and Spencer Johnson, StoneX Financial Inc. – FCM Division, along with the CME Group, will be conducting a workshop for those who are actively involved in the buying or selling of […]
When I first started writing Steel Market Update back in 2004, its purpose was to assist my steel buying clients by supplying information necessary for them to be proactive in their decision-making process in a volatile steel market. Its purpose did not change in 2008 when I started the newsletter as a publication for a […]
We still have spots remaining in our upcoming Introduction to Steel Hedging: Managing Price Risk course, which will run virtually on April 26-27, 2022. Steel Market Update and Spencer Johnson, StoneX Financial Inc. – FCM Division, along with the CME Group, will be conducting a workshop for those who are actively involved in the buying or selling of […]
We are less than 3 weeks away from our LIVE Steel 101: An Introduction to Steelmaking and Market Fundamentals training course, to be hoested on Memphis, Tennessee on April 19-20. The workshop will include a guided tour of the Nucor Hickman mill, just across the Mississippi River in Arkansas. Attendees will be able to see first hand […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook, March 21 Russia’s invasion of Ukraine has sent shockwaves through the world economy. What does war mean for the world economy? We outlined three scenarios in terms of severity of impact from the war itself, but most crucially from sanctions and the response to those […]
I find myself looking backwards this week, which is something I try never to do. Onward and upward is my motto. But on the occasion of one’s retirement, it seems compulsory to reflect on the past. In a way, I owe my career to Richard Nixon. When I graduated from Wheaton Central High School in […]
Steel prices around the globe continue to surge in response to the war in Ukraine, and the brief competitive advantage domestic prices held over foreign steel in early-March has faded, according to SMU’s latest foreign versus domestic hot rolled steel price comparison. Select foreign HRC prices range anywhere from $267 per ton cheaper than domestic prices […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, March 23 Persistently high steelmaking raw material prices and restricted global production pushed sheet prices higher w/w across the world. The largest of these increases were in Europe and the USA, with prices rising by triple-digit amounts for yet another week. Still, domestic […]
By CRU Research Analyst Aaron Kearney-Keaveny, from CRU’s Steelmaking Raw Materials Monitor, March 22 In the past week, the iron ore price has been influenced by two notable shocks, a supply shock from lost CIS volumes, which has been occurring since the invasion, and a demand shock from China after lockdowns created bearish sentiments. Improving […]
We are delighted to announce that Steel Market Update’s Steel 101: An Introduction to Steelmaking and Market Fundamentals training course will be hosted LIVE on April 19-20 in Memphis, Tenn. The workshop will include a guided tour of the Nucor Hickman, just across the Mississippi River in Arkansas. Attendees will be able to see first hand all stages of […]
By Matthew Abrams, Analyst, CRU Group Over the past week, there have been a few noteworthy updates to new Russian sanctions. First, the big news was Russia’s removal from the list of Most Favored Nations. This allows room for new duties to be imposed on the imports of Russian goods. The U.S. does not import […]
By CRU Analyst Diego Giangreco, from CRU’s Steel Monitor, March 16 Brazilian distributor sheet prices fell month on month in March due to weak demand, while mills increased their prices in February or stopped giving discounts to match the trends in the international markets. Before the invasion of Ukraine, we were expecting a downward trend in […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, March 16 Global sheet prices took notably different directions this week as the war in Ukraine caused record w/w increases in Europe and the USA, while a fresh outbreak of Covid-19 in China pushed domestic prices lower and prevented increases in other Asian […]
By CRU Principal Analyst Matthew Watkins, part of CRU’s steel series, March 14. The EU announced it will “prohibit the import of key goods in the iron and steel sector from the Russian Federation.” We do not yet have details of what goods these are, but we can look at trade flows between the two […]
Flat Rolled = 54.4 Shipping Days of Supply Plate = 51.1 Shipping Days of Supply Flat Rolled U.S. service center flat rolled inventories continued to recede in February, indicating that inventories may be near balance. At the end of February, U.S. service centers carried 54.4 shipping days of supply on an adjusted basis, according to […]
Steel Market Update is hosting several conferences and events over the balance of this year that you won’t want to miss. This includes our flagship conference, the SMU Steel Summit Conference which will be held at the Georgia International Convention Center in Atlanta on Aug. 22-24. We are also conducting several workshops that may be […]
Everyone is searching for clarity. We are searching for clarity as well. There are many moving parts affecting the current market, and we are not sure what the future is going to look like just a few months from now. With Putin’s war against Ukraine, and the sanctions imposed by the United States, Europe, and […]
Steel Market Update’s hot-rolled coil price was at $1,050 per ton ($52.50 per hundredweight) last week. Several mills are now offering hot band at $1,200 per ton ($60 per cwt). I don’t know where things will settle when we adjust prices on Tuesday. But I think it’s fair to say that prices will be significantly […]
By CRU Research Analyst Christopher Dix and Analysts Diego Giangreco and Tiago Vespoli, from CRU’s Steelmaking Raw Materials Monitor, March 10 Pig iron prices have increased following disruption to CIS supply. The global pig iron market is short of supply as Russian exports are difficult to replace. Black Sea freight options are now very limited, […]
By CRU Analyst Chris Bandman, from CRU’s Steel Monitor, March 16 The war in Ukraine is having widespread and deleterious effects on the global steel markets, but no one region has been more heavily affected than Europe. Steel prices in the region have soared to unseen heights and continue to rise on a daily basis. […]
By Greg Wittbecker, Advisor, CRU Group We digress from the woes of aluminum supply this week to comment on the LME nickel market, which has redefined volatility with a capital “V.” LME nickel has exploded due to a massive Chinese speculative position amidst Russian uncertainty. Nickel fundamentals have been tightening for some time. In 2020, […]