Over the last month, the iron ore price has shown more weakness as fewer participants in the market maintain a positive outlook based on more stimulus measures in China. Simultaneously, on the supply side, Australia followed seasonal trends with a marginal y/y increase. Recovered Brazilian volumes have also begun to weigh on the market. Supply […]
In the past two months, the US Midwest Hot Rolled Coil (HRC) futures market has experienced significant fluctuations. The initial decline in prices led to destocking and low inventory levels. However, recent price increase announcements by mills halted the downward trend and even reversed it temporarily. The futures curve reflected short-term optimism but indicated that the […]
In the past two months, the US Midwest Hot Rolled Coil (HRC) futures market has experienced significant fluctuations. The initial decline in prices led to destocking and low inventory levels. However, recent price increase announcements by mills halted the downward trend and even reversed it temporarily.
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Steel Dynamics Inc. (SDI) posted lower year-over-year second quarter profits but said demand “remains solid” across the automotive, construction, industrial, and energy sectors. The Fort Wayne, Ind.-based steelmaker also predicted that steel prices might find support thanks to what it described as low customer inventories. “We remain confident that market conditions are in place for […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Flat Rolled = 52.3 Shipping Days of Supply Plate = 58.1 Shipping Days of Supply Flat Rolled US service center flat-rolled steel supply edged up slightly in […]
US heating and cooling equipment shipments recovered in May, according to the most recent data released from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). The total amount of units shipped for the month of May was 1.98 million, compared to 1.74 million units in April. Shipments were up 13% month-over-month (MoM), but down 6% year-over-year (YoY). […]
The US Federal Reserve said that overall economic activity has inched up since May in its latest Beige Book Report released on July 12. The Beige Book is a compilation of information on current economic conditions, gathered by each district Federal Reserve Bank, and is published eight times per year. The newest report by the Fed on the state […]
US service center flat-rolled steel supply edged up slightly in June as daily shipments dropped to the lowest rate this year.
Commercial Metals Co. (CMC) has secured a permit giving it the go-ahead to begin construction of its new micro mill in West Virginia. The Irving, Texas-based longs and scrap producer said on July18 the West Virginia Department of Environmental Protection granted it the permit, allowing for the commencement of construction of its “fourth technologically advanced micro […]
The US Federal Reserve said that overall economic activity has inched up since May in its latest Beige Book Report released on July 12. The Beige Book is a compilation of information on current economic conditions, gathered by each district Federal Reserve Bank, and is published eight times per year. The newest report by the Fed on the state […]
Commercial Metals Co. (CMC) has secured a permit giving it the go-ahead to begin construction of its new micro mill in West Virginia.
Manufacturing activity in New York state has stayed relatively level in July compared with the previous month, according to the most recent Empire State Manufacturing Survey. The headline manufacturing general business conditions fell six points to 1.1 in July month-on-month, according to survey results collected between July 3 and July 11 by the Federal Reserve Bank […]
With demand trending lower throughout out the first half of 2023, the aluminum industry is searching for something to be optimistic about. Recent economic news is leaning positive, with inflation slowing across multiple measures including the Producer Price Index (PPI) and manufacturing final goods’ pricing. Personal consumption expenditure has slowed from its peak but sustained […]
AZZ Inc. reported an 18% increase in net income in its fiscal first quarter of 2024, driven by a strong performance in its Metal Coatings business and by a full quarter with its Precoat Metals acquisition. The Fort Worth, Texas-based galvanizer and coil coater posted net income of $28.5 million in its fiscal Q1 ended […]
U.S. Steel has announced environmental product declarations (EPDs) across three flat-rolled steel coil products melted at its Big River Steel Works in Osceola, Ark. The Pittsburgh-based steelmaker said Friday the offerings include hot-rolled, cold-rolled, and corrosion-resistant flat-rolled products from Big River Steel. “The EPDs provide quantifiable, independent, and audited environmental data on these core products,” […]
The LME aluminum 3-month price is moving down again after the 4th of July holiday and was last trading near $2,130 per metric ton (as of the writing of this article on July 7). The fact that the price resumed sharp declines and is not challenging the next resistance at $2,200 per metric ton shows […]
A short week with the July 4th Holiday kind of sums up recent HR futures activity. Subdued spot activity and not much change from the previous weeks’ indexes leaves the market time to roll exposures. The recent price increases appear to have given spot prices a pause. Heading into the cyclical summer soft spot, mills are […]
Ternium and Tenaris have upped their stake in Brazilian steelmaker Usinas Siderúrgicas de Minas Gerais S.A. (Usiminas). Ternium’s Brazilian subsidiary Confab Industrial S.A., Ternium Investments, and Ternium Argentina, collectively known as the T/T group within the controlling group of Usiminas, closed on a previously announced acquisition of 68.7 million ordinary shares of Usiminas. The shares […]
The US manufacturing sector receded for the eighth consecutive month in June, according to the latest monthly report on business from the Institute for Supply Management (ISM). The ISM’s manufacturing PMI was 46% in June, 0.9% lower than May. The reading marks the seventh month of contraction following a 30-month period of expansion in the […]
Total US construction spending increased in May by 0.9% from April and 2.4% year-over-year (YoY), according to the Associated General Contractors of America (AGC). “The data for May show there has been no letup in the feverish pace of manufacturing construction but a very mixed picture for other project types,” said Ken Simonson, chief economist of AGC. […]
We’re now less than two months away from the kickoff of SMU’s 2023 Steel Summit Conference, which runs from Monday-Wednesday, Aug. 21-23, in Atlanta. Registrations for Steel Summit are flooding in, with roughly 820 people already registered, and hotel availability dwindling fast. Register here. The hotels within walking distance of the event – Georgia International Convention […]
The US Department of Commerce recently updated antidumping and countervailing duty rates on a number of different welded pipe and tube products. An SMU review of the US government’s Federal Register show the following changes by Commerce in multiple administrative reviews: Welded Line Pipe from South Korea Considering the one-year period ended Nov. 30, 2021, […]
Several North American automakers have confirmed with SMU their planned summer outages for maintenance programs, facility updates, and model-year changeovers. Some outages are starting this month, while others can be seen as late as August, but the bulk of the scheduled downtime will be taken throughout the month of July. Stellantis (Chrysler’s European parent company), […]
It’s been a wild ride in the HRC futures market since we last wrote this column. The chart below shows the CME Futures curve at our last publication at the beginning of June (yellow) and the last three weeks since Nucor’s initial price announcement (blue). A month ago, the physical market was in the doldrums. […]
Worthington Industries Inc. announced strong earnings for its fiscal 2023 fourth quarter, boosted by an exceptional performance from its steel processing business. The Columbus, Ohio-based manufacturing and steel processing company reported net earnings of $129.9 million for fiscal Q4 ended May 31, a 62% increase from $80.3 million in the same period one year prior. […]
Companies should keep a watchful eye on pricing and lead times, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the June 27 meeting of its Sheet Metal/Air Handling Council. During May’s meeting, most HARDI participants thought that prices would continue to drop. Over half of the individuals thought it […]
The Leveling the Playing Field 2.0 Act introduced into Congress earlier this month is aimed at modernizing our trade laws for the 21st century, making sure they are strong and enforceable, according to Washington-based law firm Wiley Rein’s Tim Brightbill. Brightbill, partner and co-chair of the firm’s International Trade Practice, recently sat down with SMU to discuss […]
US mills are now seeking as much as $950 per ton ($47.50 per cwt) for hot-rolled coil after the latest round of price hikes. The big question remains whether that figure will stick, “stop the bleeding,” or if it risks failing. It’s too early to provide any concrete answers to that. Our latest market survey found […]
The US Department of Energy has awarded 10 projects with a combined $31.9 million in funding to help decarbonize the iron and steel industry. Through its Low Emissions Steel Manufacturing Research Program, the DOE funding will focus on advancements enabling decarbonization in both ore-based and scrap-based steelmaking, it said. Projects that convert existing operations to […]