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 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 […]
U.S. apparent steel supply levels slipped 1% from December to January, down 120,000 net tons to 9.36 million tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. Recall that just last September, the market saw the highest monthly supply level in over six years (9.92 million tons). Apparent […]
Steel import permit applications for February totaled 2,274,000 net tons—a 24.5% decrease from the 3,013,000 permit tons recorded in January and a 25.3% decrease from the January final imports total of 3,044,000. Import permit tonnage for finished steel in February was 1,759,000, down 22.8% from the final imports total of 2,279,000 in January, reported the […]
Total mill shipments of steel products fell in January to 8.153 million tons, a 9.4% decline from December’s 8.995 million tons, 2021’s strongest monthly performance. Apparent supply also fell in January, down 7.6% versus the prior month, and unable to keep the upward trajectory seen during the final quarter of 2021. This analysis is based on steel […]
The Biden administration rolled out a new round of trade actions aimed at punishing the Russian government for launching an invasion of Ukraine. Some of those measures have the potential to reach deep into the steel supply chain – including with tariffs of 20% or more on many Russian steel products, according to trade experts and government documents. […]
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 Trade Attorney Lewis Leibowitz (Editor’s note: The following views are those of the author and do not necessarily reflect the opinions of Steel Market Update.) On Friday, President Biden announced that the United States would end “Most Favored Nation” status, termed “PNTR” in the United States, for Russia, a member of the World Trade […]
Steel import permit applications for February totaled 2,274,000 net tons—a 24.5% decrease from the 3,013,000 permit tons recorded in January and a 25.3% decrease from the January final imports total of 3,044,000. Import permit tonnage for finished steel in February was 1,759,000, down 22.8% from the final imports total of 2,279,000 in January, reported the […]
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. […]
In his remarks during Wednesday’s Community Chat, Johnny Sjöström, the top executive at SSAB Special Steels, suggested that the fighting in Ukraine will make nations more gun-shy about becoming too dependent on their foreign trading partners. Nations in Europe and many other parts of the world are scrambling to maintain production without the exports of […]
The war in Ukraine has triggered what may be the largest monthly increase in scrap prices ever seen with shredded scrap trading in March at around $600/GT and prime scrap at $700/GT – up by $125-175/GT over February, sources tell Steel Market Update. Market participants were expecting modestly higher scrap prices in March following declines […]
By CRU Research Analyst Aaron Kearney-Keaveny, from CRU’s Steelmaking Raw Materials Monitor, March 8 The war in Ukraine has caused a dramatic rise in the iron ore price, which now stands at $164 /dmt. European steelmakers are now scrambling to find iron ore to replace lost imports from Ukraine and Russia. The market will take […]
SMU’s Steel Buyers Sentiment Index continues to inch downward from its late-2021 peak, with the latest three-month moving average sliding to the lowest level seen in nearly 10 months. Although down, sentiment remains at very optimistic levels on the 100-point scale. Steel Market Update surveys buyers every two weeks and asks how they view their […]
By Trade Attorney Lewis Leibowitz (Editor’s note: The following views are those of the author and do not necessarily reflect the opinions of Steel Market Update.) A bit over a week into the new world order (i.e., the Russian invasion of Ukraine) and things are proceeding, but slowly. We have all been following the conflict—but […]
A lot has happened in the world since my last article. Please bear with me as there is much to talk about. First, my thoughts and prayers go out to the people of Ukraine, and for that matter the innocent people in Russia who want nothing to do with Putin’s war. The world order is […]
The war in Eastern Europe is hitting close to home for some steel buyers. Steel Market Update’s survey this week asked readers: How might the Russian invasion of Ukraine impact your business? Roughly three out of four of the service center and manufacturing executives who responded said they fear at least some fallout from the […]
Last year when hot rolled coil prices in the U.S. surged to record highs, foreign steel was hundreds of dollars cheaper, and import orders skyrocketed. Now that U.S. steel prices have come back to earth, foreign steel has lost that competitive advantage. Foreign HRC prices are now approximately $45-108 per ton more expensive than domestic steel, […]
February marked month six of declining steel prices, following a 12-month streak of continuous price increases. Hot rolled prices declined $215 per ton throughout the month, with the SMU index averaging $1,020 per ton at the end of February (recall our HR average this week declined another $20 to $1,000 per ton). The SMU Price Momentum Indicator for sheet products was […]
Preliminary Census data shows that steel imports in January rose 7% month-over-month to 3.08 million net tons, the highest monthly level seen in the past two years. February import licenses through March 1 are currently at 2.20 million tons, a 29% decline from January and down 24% compared to December. Note that the latest U.S. […]
By CRU Principal Analyst Matthew Watkins and Research Analyst Christopher Dix, from CRU’s Global Steel Trade Service, Feb. 28. Contributors Erik Hedborg, Dmitry Popov, Ryan McKinley and Clare Hanna. Following the escalation of the situation in Ukraine, we set out what positions Russia has currently in the export market through the steel value chain. In the short term […]
By CRU Multi Commodity Analyst Alex Christopher and Research Analyst James Mills, from CRU’s Steel Sheet Products Monitor, March 3 The sanctions imposed on Russia over its invasion of Ukraine will have direct and indirect implications for commodity markets, and their impact will be felt by everyone involved along the length of commodity value chains. […]
By Trade Attorney Lewis Leibowitz Albert Einstein is reputed to have said that time is the “fourth dimension” because you cannot tell where you are except by knowing “when” you are. The onset of war in Europe is “when” we are right now. As I write, there is a battle for control of Kyiv. Because […]
By Matthew Abrams, Analyst, CRU Group Now that we have seen the first steps of an invasion into Ukraine by Russian forces, the business concerns shift to the possibility of sanctions and how severe they might be. While initially the aluminum market itself is not expected to be directly targeted, there are various potential and […]
Steel Market Update sources expect ferrous scrap prices to rise by at least $30/GT, and probably more, in most regions next month, following substantial declines in January and February. On the metallics front, mills around the world are watching anxiously to see how the conflict in Ukraine will impact pig iron supplies and prices. “The […]
JSW Steel (USA) and JSW Ohio’s lawsuit claiming Nucor, U.S. Steel and Cleveland-Cliffs conspired to stifle competition by denying semifinished steel slab to the company has been dismissed. The lawsuit, filed on June 8, 2021, in federal court in Houson, alleged that three of the largest American steelmakers formed a cartel and conspired to cause […]
By CRU Multi Commodity Analyst Alex Christopher and Research Analyst James Mills, from CRU’s Steel Monitor, Feb. 17 The only certainty about the heightened state of East-West relations playing out over Ukraine is that the stakes are high. The gulf between Russian security concerns and guiding principles of NATO, the EU, and western liberalism are […]
By CRU Principal Analyst Erik Hedborg and Senior Coal Analyst Dmitry Popov, from CRU’s Steelmaking Raw Materials Monitor, Feb. 24 On Feb. 24, Russia launched an invasion of Ukraine as President Vladmir Putin ordered a large-scale “specialized military operation.” Russian troops entered Ukrainian territory – from Belarus in the north, the separatist-controlled regions in the […]
For those of you who don’t pay attention to such things, today’s date is 2/22/22…. On Monday, Cleveland-Cliffs announced on their website their intention of indefinitely idling the #4 blast furnace at Indiana Harbor, and a $50 per ton ($2.50/cwt) price increase on orders slated for production in April 2022. Cliffs CEO Lourenco Goncalves spoke […]