This week Magnitude 7 Metals issued a statement to announce the curtailment of its New Madrid smelter in Marston, Mo. The plant, one of only five remaining primary smelters in the US, employs approximately 450 union workers. With over 275,000 metric tons (mt) of capacity per year, New Madrid is the second-largest plant by capacity […]
The American steel market, including the stainless steel market, continues to face serious threats from subsidized and dumped imports resulting from foreign government policies creating an unfair playing field. It is no secret that China is a major culprit.
SMU’s Jan. 24 Community Chat, featuring CRU's Principal Analyst Erik Hedborg, provided viewers with an update on the current state of the global iron ore market.
CRU forecasts that global demand for steelmaking raw materials will fall month over month (m/m) between mid-January and mid-February. The major downward pressure on raw materials demand will come from China, where steel end-use demand will fall toward the Chinese New Year (CNY) holiday (Feb. 10–17).
US steel exports were flat from October to November, but November took the prize for the fewest monthly exports year to date in 2023.
Turkish scrap import prices increased last week with CRU’s assessment for HMS1/2 80:20 at $423 per metric ton (t) CFR, up by $7/t week over week (w/w) but down $2/t month over month (m/m). This was driven by a pickup in buying activity.
The LME three-month price was moving down again on the morning of Jan. 12 and was last seen trading at $2,215 per metric ton (mt). We expect a test of the $2,200/mt support to be imminent. A break would be bearish as it could mean a complete reversal of the gains seen in December, although we still estimate that as being unlikely.
US scrap prices for January remained unsettled as of early Thursday afternoon, according to market sources.
Pig iron prices rose month over month (MoM) in all major regions aside from Europe on improved buying. Demand in the US remains robust while market participants report that availability of Brazilian material increased after tightening a month prior. Meanwhile, Ukrainian export capacity increased due to greater access to temporary sea corridors.
The iron ore price has edged up further from the already high level seen last week. The market is generally slow, meaning that the moderate price increase came from the bullish outlook from the market following last week’s stimulus announcements from China and expectations of restocking picking up. Supply fell w/w from both Australia and Brazil as […]
After a brief decline in the price of scrap for the Turkish market, which peaked in December at approximately $424 per metric ton (mt) for HMS 80/20, the market has bottomed at $405/mt on cargoes from Europe.
Radius Recycling reported a net loss in its fiscal first quarter of 2024 on tighter supply flows for recycled metals and lower average selling prices for the company’s products.
Wilbur Ross doesn’t believe the proposed sale of U.S. Steel to Japan’s Nippon Steel poses any threat to the economic or national security of the US.
Pig iron prices rose month over month (MoM) for all major regions, driven by rising scrap prices.
US apparent supply increased to 8.11 million net tons in October, up 4% compared to 7.82 million tons in September, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI).
US steel exports declined for the second month in a row in October, falling to the lowest monthly total so far in 2023.
The prices for all grades of pig iron have dramatically risen since SMU’s last report from Nov. 18.
Activity in the US manufacturing sector contracted once again in November.
Surging US sheet prices and expanding lead times are making imports more attractive. The automotive workers’ strike is essentially over, and domestic US sheet prices have rocketed higher alongside lead times. There is little to suggest that the momentum of these price increases will slow over the next month or two, and thus imports have […]
There seems to be a consensus that US sheet prices have nowhere to go but up in the short term, in part because offshore material ordered now won’t arrive until late March or even April.
The LME aluminum three-month price was unchanged on the morning of Nov. 3 and was seen trading at $2,235 per tonne.
The ferrous export market in the US has experienced several geopolitical events and natural disasters during 2023.
US apparent supply increased to 8.65 million net tons in August, up 5% compared to 8.24 million tons July, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Apparent steel supply is determined by combining domestic steel mill shipments and finished US steel imports, then deducting total […]
After a meeting Friday at the White House, the EU and US issued a joint statement noting no concrete movement towards a Global Arrangement on Sustainable Steel and Aluminum.
Prices for ore-based metallics were mixed month-on-month (MoM) as lower finished steel production weighs on pig iron demand.
The US and European Union are expected to sign a political agreement that puts a hold on a part of the Global Arrangement on Sustainable Steel and Aluminum (GSA) regarding the decarbonization of steel and aluminum making, according to an article in The Financial Times.
The US and European Union will continue trade talks on Friday, Oct. 20, according to a statement from the European Council.
The 2023 term continues a series of very eventful Supreme Court sessions, similarly to 2021 and 2022 terms.
The latest SMU Market Survey results are now available on our website to all Premium members.
US President Joe Biden is set to meet European Commission President Ursula von der Leyen and European Council President Charles Michel on Oct. 20 in Washington ahead of a deadline for an agreement on steel, according to a report in Reuters.