Iron ore surged in early-December as Vale’s lowered guidance fueled concerns about iron ore availability going into 2021. Short-term market tightness also contributed to the rise as Chinese demand remained strong, while seaborne supply has continued to struggle. On Tuesday, Dec. 8, CRU assessed the 62% Fe fines price at $147.0 /dmt, an increase of $15.5 /dmt […]
By CRU Senior Analyst Erik Hedborg from CRU’s Steelmaking Raw Materials Monitor The iron ore price rally has continued in the past week as the market tightness worsened, with continued strong demand while seaborne supply has taken a major hit following the halting of operations at Australia’s two largest iron ore ports due to bad weather. […]
Steel prices continued to climb in November on strong demand and tight steel supplies. Steel Market Update’s hot rolled price index reached $770 per ton by the end of November, up 10 percent from the beginning of the month. The SMU Pricing Momentum Indicator remained at Higher, indicating prices are expected to rise further over […]
Global manufacturing had its best month of the year in November, expanding for the fifth consecutive month. The J.P. Morgan Global Manufacturing PMI posted a 33-month high of 53.7 with growth in all three industry sectors: consumer, intermediate and investment. Nineteen of 30 territories reported expansion last month, led by higher output in China and […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: At the end of 2020, rather than looking back I’d like to look forward. Anyone care to join me? We can anticipate some major changes in government and the economy. The Biden-Harris administration takes over in exactly one […]
In an interview with Steel Market Update on Thursday, Philip Bell, president of the Steel Manufacturers Association in Washington, shared his thoughts on what the change of presidential administration means for the steel industry and SMA. Following is an edited transcript: SMU: Will the change in administration next year change SMA’s mission? Bell: As a […]
Expect another two months of uneasiness and confusion on the future of the economy, says Armada Corporate Intelligence Managing Director and Economist Chris Kuehl. Although a recovery is under way, its sustainability will depend on consumer attitude, potential lockdowns and the speed of a vaccine. In a FABTECH webinar this week, The New Global Normal: […]
Editor’s note 11/17/20: The data in the “Supply Tons YTD” column on Table 3 didn’t populate correctly, and therefore, was in error. Table 3 has now been updated accordingly. Mill shipments and supply of sheet products continue to see slight yet steady growth since reaching bottom in June. This analysis is based on steel mill […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Exchange rates make international transactions possible. If a trading partner (let’s call them Country X) could keep its exchange rate abnormally low against the U.S. dollar, its exports to the U.S. would be more competitive and sales would […]
U.S. apparent steel supply remained flat from August to September, up 0.4 percent to 7.19 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. While supply levels have improved each month since May, recall that April and May were the two lowest levels seen in the […]
U.S. steel exports continued to recover in September, rising 17 percent from August to 646,194 net tons, according to recent U.S. Department of Commerce data. Total September exports are up 83 percent compared to four months prior, when May exports were at the lowest levels seen in SMU’s 24-year data history. Total September exports are […]
Mexico has agreed to strictly monitor exports of grain-oriented electrical steel in lieu of trade restrictions under Section 232 of the Trade Expansion Act of 1962. A Nov. 5 statement from the U.S. Trade Representative said, “In light of these measures, imports from Mexico will not be subject to any action to adjust imports of […]
The U.S. International Trade Administration has launched a new Steel Import Monitoring and Analysis (SIMA) System as of Oct, 13. This new system collects and publishes data on steel mill product imports and provides valuable information on steel trade within the United States. The import monitor provides an early indication on steel imports by publishing […]
Mexican steelmaker Ternium’s operating rates are approaching full capacity after strong improvement in shipments and demand in the third quarter. Total steel shipments rose 16 percent from the second quarter to 2.8 million tons. Higher finished steel shipments partially offset lower slab shipments to third parties. Pricing recovered significantly from the trough in the second […]
By CRU Principal Analyst James Campbell, from CRU’s Long Products Monitor Most long product prices around the world increased this month as the recovery in demand continues. For some markets and products, the increase in supply has been outpaced by demand. Wire rod remains the strongest product right now as the increase in construction activity […]
BY CRU Research Analyst Eduardo Tinti, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices edged up for the second consecutive week as Chinese domestic steel prices rallied and the seaborne iron ore supply weakened. On Tuesday, Nov. 10, CRU assessed the 62% Fe fines price at $122.0 /dmt, $4.5 /dmt higher w/w. Chinese domestic […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor The global sheet market has seen a few key trends emerge across a variety of regions. First, demand has continued to rise from the pandemic-related lows recorded earlier this year. While sheet demand continues to be driven by sequential increases in automotive demand, […]
By CRU Analyst Estelle Tran, from CRU’s Global Steel Trade Service The U.S. market is at a unique point where steel buyers could be convinced to buy imports because of extreme supply tightness. With about 7Mt of blast furnace capacity remaining idled in the U.S. and Canada, sheet mills in operation are effectively running at […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor The bullish sentiment in the Chinese steel industry has resulted in continuous strong demand for iron ore. Meanwhile, iron ore supply from Australia has been weak throughout November and inventories in China have remained at a low level as a result. On Tuesday, […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have continued to surge in the past week as robust Chinese demand has coincided with lower Australian exports. As a result, prices have climbed above $130 /dmt and on Tuesday, Dec. 1, CRU assessed the 62% Fe fines price at […]
The Department of Commerce said it plans to move forward to implement tariffs or other trade remedies on imports of electrical steel components. Commerce launched a Section 232 investigation in May 2020 following comments by Cleveland-Cliffs CEO Lourenco Goncalves regarding the continued viability of AK Steel Butler, the sole producer of electrical steel in the […]
The J.P. Morgan Global Manufacturing PMI reached a 29-month high in October, posting a score of 53.0. Manufacturing output expanded across consumer, intermediate and investment goods industries with the weakest sector consumer goods. Twenty of 26 countries in the survey saw manufacturing activity increase, however activity in Japan, Greece, Malaysia, Indonesia and Russia contracted last […]
Editor’s note 11/3/20: Some of the data as originally published in Table 1 was incorrect due to a spreadsheet error (specifically the change in shipments 3M Y/Y column). The table has been updated with the correct information below. Mill shipments and supply of sheet products have turned, albeit slightly, since reaching bottom in […]
For those of us who live in the United States, today should be one where we recognize we have expressed our opinions about politics and politicians with our vote. We recognize the strength of our democracy is rooted in the belief that we are all Americans no matter our political ilk. To believe otherwise only […]
Despite some initial concern that the ferrous scrap market would dip in November, scrap dealers anticipate a “strong sideways” price trend next month. “Export sales have been voluminous over the last two weeks, and prices are now about $10 off the lowest levels they fell to over the last month or so,” said a dealer […]
GDP contraction in the second quarter of 2020 was the highest ever recorded at negative 31.4 percent. Growth in the third quarter was also the highest ever at positive 33.1 percent. GDP in Q3 was 2.9 percent below the first quarter result. On Oct. 29, the Bureau of Economic Analysis (BEA) released the first estimate […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Sheet Products Monitor HR coil was the standout product across all regions this week. HR coil deal prices and buyer bids increased in Vietnam, strong demand data supported prices in China, and tight availability continued to bolster U.S. prices and sure up the market in Europe. […]
Friday, Saturday, Sunday, Monday, Election Day – Tuesday, Nov. 3, 2020. If you have a mail-in ballot, it is now too late to put in the mail. You will need to personally drop the ballot off at a collection box. If you can vote early, I would highly recommend it (I voted last week in […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: This campaign, like all others, is about many issues. The economy, though, is clearly the most powerful message of the Trump campaign. Over the last century or so, where does the Trump economy rank? There are many different […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: This campaign, like all others, is about many issues. The economy, though, is clearly the most powerful message of the Trump campaign. Over the last century or so, where does the Trump economy rank? There are many different […]