The J.P. Morgan Global Manufacturing PMI ended 2017 near a seven-year high as economies improved and new orders and output expanded. The PMI, produced by J.P. Morgan and IHS Markit, rose to 54.5 in December from 54.1 in November, expanding for the 22nd month. Intermediate goods saw the greatest rate of growth in December followed […]
We are hearing that ferrous scrap prices will rise by $20 to $30 per gross ton this month. Negotiations continue at most of the mills, but we did learn of one Detroit mill settling yesterday up $20 on primes (busheling/bundles) and up $30 on the other grades. The cold weather, strong exports and low inventory […]
The growth of U.S. Gross Domestic Product in the third quarter of 2017 maintained the strong performance of the second quarter. On Dec. 20, the Bureau of Economic Analysis released the third estimate of GDP growth in the third quarter. Growth was reported to be 3.16 percent quarter-on-quarter and 2.3 percent year-on-year. At the end […]
The year 2017 proved a bit “odd” as the threat of political action against foreign steel worked against the domestic steel mills. Early in the year, newly crowned President Trump authorized the U.S. Department of Commerce, led by former steel magnate Wilbur Ross, to investigate if the steel industry is essential to the U.S. for […]
Through November, Mexico continued to take a greater share of light vehicle assemblies from the U.S. and Canada. U.S. Vehicle Sales At the close of 2017, the Big Three U.S. auto makers see their market share closing in on less than 44 percent, down from over 50 percent in 2007. This comes as analysts are […]
Steel Market Update performs this analysis of global scrap trade each quarter to help readers understand the gyrations of the domestic scrap market and where the U.S. stands as a global player. This data is not very current because some nations are slow to report, but we still believe it gives a valuable perspective on […]
Since the Chinese government put a stop to all exports of steel scrap, analyzing the global scrap trade has become a bit more complicated. Steel Market Update performs this analysis of the world scrap market each quarter to help readers understand the gyrations of the domestic scrap market and where the U.S. stands as a […]
U.S. steel exports in October totaled 895,879 net tons (812,729 metric tons), down 0.8 percent over September, but up 17.0 percent from October 2016. Total exports have averaged around 880,000 tons over the last few months after reaching a 2.5-year high in May (1,006,087 tons). The total October export figure is below the three-month moving […]
Apparent steel supply for the month of October totaled 9,355,621 net tons, according to the latest data from the U.S. Department of Commerce and the American Iron and Steel Institute. Apparent steel supply is calculated by adding domestic steel shipments and finished U.S. steel imports, then subtracting total U.S. steel exports. October apparent steel supply […]
Demand for sheet products improved in the three months through October by 3.2 percent year over year, led by hot rolled and other metallic coated. Demand for Galvalume is surging at the expense of galvanized sheet, according to Steel Market Update’s latest analysis of American Iron and Steel Institute (AISI) and U.S. Department of Commerce […]
Preliminary antidumping duties were determined Thursday by the Department of Commerce on circular welded non-alloy steel pipe imports from South Korea. An antidumping margin of 38.16 percent was assigned to CWP manufactured by Hyundai Steel Co. and 23.17 percent duties on imports from Aju Besteel Co., Nexteel, and SeAH Steel Corp. Husteel received an antidumping […]
Rolled steel imports into the United States declined by 12.7 percent in the three-month period from September-November, compared with the prior three months, June-August. Sheet products declined by 11.4 percent on the same basis, according to weekly licensed import tonnages reported by of the U.S. Department of Commerce on Dec. 5. The data is reported […]
U.S. steelmakers have imported 7.19 million short tons of semi-finished steel so far this year, an increase of 9.1 percent over 2016, according to government data on October preliminary imports and November licenses as of Nov. 27 (Figure 1). Semi-finished steel includes slabs, blooms and billets, which mills hot roll into coils and other products. […]
U.S. demand for steel sheet products continued to expand through September, according to Steel Market Update’s analysis of data from the American Iron and Steel Institute (AISI) and the U.S. Department of Commerce. Apparent supply is a proxy for market demand. Demand momentum for sheet products in total was negative in the three months through […]
Mexico continues to take a larger share of light vehicle assemblies from the U.S. and Canada, according to Steel Market Update’s analysis of October industry data. U.S. Vehicle Sales In September, sales of autos and light trucks surged to an annual rate of 18.6 million units. October fell back to 18.1 million units. Economy.com had […]
Canada and Mexico will “come to their senses and make a sensible deal” for NAFTA, said Commerce Secretary Wilbur Ross at The Wall Street Journal CEO Council on Thursday. Ross defended U.S. NAFTA negotiating tactics, saying Mexico and Canada have more to lose than the United States if the NAFTA agreement collapses. He called a […]
Apparent steel supply for the month of September totaled 9,144,648 net tons, according to the latest data from the U.S. Department of Commerce and the American Iron and Steel Institute. Apparent steel supply is calculated by adding domestic steel shipments and finished U.S. steel imports, then subtracting total U.S. steel exports. September apparent steel supply […]
Total rolled steel imports declined by 14.0 percent in the three months through October, compared to the three months through July. Sheet products were down by 12.6 percent on the same basis, based on final license data for October reported by of the U.S. Commerce Department on Nov. 7. The data is reported within the […]
This Steel Market Update analysis breaks down the imported tonnage of six flat rolled steel products by district of entry and source country through September 2017. We believe that misinformation (or a lack of) about regional import volumes is often used to influence purchase decisions. Our intent with this analysis of tonnage by district of […]
U.S. steel exports in September totaled 903,388 net tons (819,541 metric tons), down 1.5 percent over August, but up 13.6 percent from September 2016. Total exports have averaged around 885,000 tons over the last few months after reaching a 2.5-year high in May (1,006,087 tons). The total September export figure is above both the three-month […]
Members of the Congressional Steel Caucus sent a letter to President Trump Tuesday urging him to defend the American steel industry and its workers during his visit to China this week. Signed by Co-Chairman Mike Bost (R-IL), Co-Chairman Rick Crawford (R-AR), and Vice-Chairman Peter J. Visclosky (D-IN), the letter specifically asks the president to address […]
Speaking at the FABTECH Expo on Monday, Chris Kuehl of Armada Corporate Intelligence offered his unique perspective on the U.S. and global economies, including the following excerpts of his comments on jobs, trade issues and tax reform. Kuehl serves as the chief economist for the Fabricators and Manufacturers Association, International (FMA), a sponsor of the […]
Republican legislators are too worried about passing tax legislation to stand up to Trump on NAFTA, reports Inside U.S. Trade. Although legislators are receiving heavy pressure from the business community to stop the president from withdrawing from NAFTA, behind closed doors Republicans say they won’t publicly intervene due to possible negative consequences from the White […]
Chinese steel production and consumption took a downturn in September, though they trended ahead of 2016 for the first three quarters of this year. China’s exports to the rest of the world are down considerably in 2017, however, according to data from the China Iron & Steel Association and Bradford Research. Year to date, China’s […]
Global manufacturing hit a six-and-a-half year high in October. The JP Morgan Global Manufacturing PMI rose to 53.5 from September’s 53.3. Most components of the PMI rose at faster rates in October. Output and output prices softened slightly during the month. Output charges increased reflecting supply chain constraints and longer vendor lead times. “The global […]
Growth of U.S. Gross Domestic Product in the third quarter appears to have maintained the strong performance of the second, according to the first estimate of 3Q GDP growth released Friday by the Bureau of Economic Analysis. Growth was reported to be 2.98 percent quarter on quarter and 2.26 percent year on year. (At the […]
Market economy status for China is out of the question, according to a 205-page memo from the Commerce Department. The detailed memorandum, published on Oct. 26, was released just days before President Trump is to meet with Chinese President Xi Jinping and in close timing with a preliminary AD/CVD determination against China regarding imports of […]
Market economy status for China is out of the question, according to a 205-page memo from the Commerce Department. The detailed memorandum, published on Oct. 26, was released just days before President Trump is to meet with Chinese President Xi Jinping and in close timing with a preliminary AD/CVD determination against China regarding imports of […]
NLMK USA posted revenue of $424 million in the third quarter, a 3.0 percent decrease from the second quarter due to a 5.0 percent slide in the average sales price. Shipments increased 2 percent to 558,000 metric tons. EBITDA for the segment was $38 million, down 9.0 percent from the second quarter due to higher […]
Since Sept. 20, there have only been two days when the spot price of West Texas Intermediate (WTI) closed below $50, which is a positive sign for steel. The prices of oil and natural gas drive the consumption energy-related steel products including oil country tubular goods, pipe fittings and well head equipment, among others. A […]