U.S. Steel narrowed its loss to $234 million in the third quarter from a net loss of $589 million in the second quarter. Net sales increased to $2.34 billion from $2.09 billion. “Our third-quarter results exceeded our guidance and demonstrated the power of the actions we have taken since the onset of COVID-19 with dramatically […]
Ferrous scrap prices are expected to see a strong finish to 2020, say the experts, rising by an estimated $35-55/GT, lending support to finished steel prices that also continue to rise. Except for some slight weakness in October, ferrous scrap prices have moved upward for the past three months, and that trend is expected to […]
Ferrous scrap prices are expected to see a strong finish to 2020, say the experts, rising by an estimated $35-55/GT, lending support to finished steel prices that also continue to rise. Except for some slight weakness in October, ferrous scrap prices have moved upward for the past three months, and that trend is expected to […]
While trading was still ongoing as of Friday, it appeared ferrous scrap prices for February would settle sideways for prime grades, but down for obsoletes, as shred supplies have increased and export demand has decreased. Steel Market Update sources reported the February busheling price unchanged at around $495/GT and the shred price down by $50-60 […]
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. […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
Iron ore trade on the Great Lakes felt the “pinch of COVID-19” during 2020, plummeting 30 percent from its normal levels, reported the Lake Carriers Association. The pandemic hit just as crews were readying ore vessels for the new shipping season in March. No plans were in place to guide maritime shipping. “The United States Coast […]
By CRU Senior Analyst Ryan Smith and Research Manager Paul Butterworth CRU analyzes hydrogen-steelmaking costs in the EU and explains why CO2 prices of more than $200/t-CO2 are required to incentivize an EU industry shift to these technologies. Climate Goals vs. Economics The 2050 goal for the EU economy is to be climate-neutral, meaning that […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) was unchanged m/m in October at 225.6 following large price increases the prior month. Supply in many markets became more available as prices rose, and this helped prevent additional upside pressure. For November, market sentiment is that prices […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have fallen by $8 /dmt in the past month as seaborne supply has been robust, even during the start of the new quarter, which is typically a weak supply period. As a result, arrivals to China have remained strong and […]
By CRU Multi-Commodity Analysts Zanna Aleksahhina and Will Young Over the summer and into Q3 2020 commodity prices staged a remarkable recovery from Q2 lows and in October many prices are comfortably above where they started the year. Given that the major economies are still struggling to control the spread of Covid-19, underlying demand is […]
The U.S. dollar weakened against 10 of the 16 steel and raw materials trading nation currencies in the last 30 days and against 12 in the last 90 days, which is similar to the declines we reported in our September update. The biggest changes in the last 90 days were in the value of the […]
The U.S. dollar weakened against 15 of the 16 steel and raw materials trading nation currencies in the last 30 days and against 12 in the last 90 days, which is similar to the declines we reported in our last two updates. The biggest changes in the last 90 days were in the value of […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have remained steady in the past week as a price increase last Thursday was met by similar falls in the past few days. Steel prices in China have risen after the holidays on an optimistic demand view, but iron ore […]
By CRU Analyst Anh Nghiem, from CRU’s Steelmaking Raw Materials Monitor Optimism from the steel market led to good buying interest of iron ore from Chinese steel mills last week. There was also post-holidays restocking demand as iron ore inventory at Chinese steel mills fell by 13% w/w last week. However, there was an announcement […]
The 2020 pandemic has caused more disruption to the global energy sector than any other event in recent history, says the International Energy Agency in its newest World Energy Outlook. “Whether this upheaval ultimately helps or hinders efforts to accelerate clean energy transitions and reach international energy and climate goals will depend on how governments […]
The following report was done by David Schollaert, the new analyst at Steel Market Update. He was asked to take a look at past market trends and to lay out scenarios for future trends. Obviously, there are black swan events (such as the Section 232 tariffs) which can push a market in one direction much […]
Dry bulk carriers followed a bit behind their container ship counterparts but are now rebounding in a colossal way. Dry bulk shipping jumped to a new high for the year on Monday with rates at $34,293 per day compared to under $5,000 per day through the first and second quarters. Rates were 127 percent higher […]
Swedish initiative HYBRIT has received $2.5 million from the Swedish Energy Agency for a comprehensive study of steelmaking using hydrogen for the direct-reduction of iron ore. HYBRIT is a collaboration of steelmaker SSAB, iron ore producer LKAB, and electricity producer Vattenfall. HYBRIT seeks to replace coking coal used in ore-based steel making with hydrogen to create steel with […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Market Outlook In less than a year Cleveland-Cliffs has transformed themselves from a Great Lakes-based iron ore miner to the largest fully integrated flat rolled steel producer in the USA. Cliffs has done this by acquiring AK Steel earlier this year and now they […]
By CRU Senior Cost Economist Ross Cunningham and CRU Research Analyst Eric Lucking, from CRU’s Global Steel Trade Service At CRU, we forecast the exchange rates for all the countries where our relevant commodities are produced. Our short and medium-term view is reviewed each quarter. This is anchored to our long-term forecast, which uses a […]
With a presidential election on the horizon, the AIST Town Hall Forum asked steel executives how a new administration may affect the steel industry and trade. “I continue to expect bipartisan support in Washington for American workers, American steelmaking, regardless of who is in the White House,” said U.S. Steel CEO Dave Burritt. “But I […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
Looking at the month-on-month changes in steelmaking raw materials costs, the prices of iron ore, pig iron and zinc have continued to experience noticeable gains, a pattern seen since the beginning of Q3 2020. As expected, scrap prices have bounced back after the downturn seen in the summer months, providing support to higher finished steel […]
ArcelorMittal’s divestment of U.S. assets to Cleveland-Cliffs completes the company’s $2 billion asset portfolio optimization and strategically repositions its North American platform. “This transaction is a unique opportunity for ArcelorMittal to unlock significant value for shareholders while retaining exposure to the North American economy through our high-quality NAFTA assets alongside a participation in what will […]
Cleveland-Cliffs is about to become the largest flat-rolled steel producer in North America. The company announced Monday that it will acquire the operations of ArcelorMittal USA and its subsidiaries for a purchase price of approximately $1.4 billion in equity and cash. The transaction includes 78.2 million shares of Cleveland-Cliffs common stock valued at $500 million, […]
Cleveland-Cliffs is about to become the largest flat-rolled steel producer in North America. The company announced Monday that it will acquire all of the operations of ArcelorMittal USA and its subsidiaries for a purchase price of approximately $1.4 billion. The deal is expected to close in the fourth quarter of 2020. The ArcelorMittal assets include […]