The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled For obvious reasons 2021 was a very active year for HR futures – the runaway rise in prices helped bring […]
Steel Buyers Sentiment, as measured by Steel Market Update, has seen little change in the past two months despite declining steel prices and concerns about the economy and COVID heading into 2022. SMU surveys buyers every two weeks and asks how they view their chances of success in the near and longer term. SMU’s Current […]
I want to spend some time talking about the Steel Market Update website and the value that can be found there. Over the years we have tweaked and added new content to the site as we strive to provide more information to the industry and our readers. The SMU Website There are a number of […]
2022 Tampa Steel Conference Update Registrations continue to grow for the 2022 Tampa Steel Conference which is just four weeks away (Feb. 14-16). It is looking like this will be the best-attended Tampa Steel Conference in many years, if not in the entire history. We are seeing a wide range of companies deciding to attend […]
I want to spend some time talking about the Steel Market Update website and the value that can be found there. Over the years we have tweaked and added new content to the site as we strive to provide more information to the industry and our readers. The SMU Website There are a number of […]
Philip Bell, president of the Steel Manufacturers Association, has been selected as chairman of the National Association of Manufacturers’ Council of Manufacturing Associations for 2022. Made up of 260 industry-specific manufacturing associations representing 130,000 companies worldwide, the CMA creates powerful partnerships across the industry and ensures manufacturers have the strongest possible voice, NAM said. “Steelmakers and […]
Distributors who sell galvanized steel products to the construction and HVAC sectors are counting on demand remaining healthy this year to get them through a difficult period of inventory adjustments amid sharply declining steel prices. “One positive, demand is still pretty strong. We’re coming off heights we’ve never seen before,” said one member of the […]
Business activity in the state of New York abruptly declined in January, as the headline index fell by nearly 33 points, according to the Empire State Manufacturing Survey. The headline general business conditions index is now at -0.7 compared to 31.9 the month prior. The downward move suggests that growth in manufacturing stalled in New […]
Monthly Key Market Indicators continued their shift to a neutral position throughout December, according to the latest analysis by Steel Market Update. Positive indicators held for the first time in seven months, while negative indicators eased. Ongoing economic dynamics such as an underperforming job market, supply-chain bottlenecks, rising inflation and producer prices, as well as a […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor, Feb. 10 The CRU metallics price indicator (CRUmpi) rose in February m/m by 2.4% to 392.9, gaining back some of the ground lost during January’s unusually bearish market. This slight upward trend was driven primarily by supply scarcity for obsolete grade scrap and pig iron, […]
Editor’s note: SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Before joining Metal Edge Partners, Bryan held a variety of commercial […]
Editor’s note: SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Before joining Metal Edge Partners, Bryan held a variety of commercial […]
Temperatures today in a large portion of the Northern U.S. are at or below freezing. This is not expected to change once we move into February. As you watch football this weekend, the weather in Tampa is expected to be in the low to mid-70’s and sunny…. Registrations for the 2022 Tampa Steel Conference are […]
Temperatures today in a large portion of the Northern U.S. are at or below freezing. This is not expected to change once we move into February. As you watch football this weekend, the weather in Tampa is expected to be in the low to mid-70’s and sunny…. Registrations for the 2022 Tampa Steel Conference are […]
Temperatures today in a large portion of the Northern U.S. are at or below freezing. Snow is piling up. This is not expected to change once we move into February. The average temperature in Tampa in February is 74 degrees with only four days of rain during the month. Make your plans now to join […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Producer prices expanded by 0.2% in December, seasonally adjusted, maintaining their upward climb since reaching the most recent bottom 21 months ago, reports the U.S. Labor Department. The unyielding trend continues to highlight […]
Producer prices grew by 1.0% in January, seasonally adjusted, maintaining a 22-month growth run since reaching the most recent bottom in April 2020, reports the U.S. Labor Department. Wholesale prices jumped by twice the expected level in January as inflation pressures were unabated to start the year. The Labor Department said that its Producer Price […]
U.S. steel product shipments rose for a seventh straight month in November, expanding by 0.7% versus the prior month. The pace of growth had been steadily rising over the past few months, however, the rate of rise eased in November, the first such shift since May. New orders for steel production, while fractionally higher in […]
U.S. job growth was weaker than expected in December, well below estimates for the fourth time in the past five months. November payrolls rose by 199,000, well below the 400,000 anticipated by economists and underperforming for the second straight month. Despite the big hiring miss, the unemployment rate fell again to 3.9%, a 0.3 percentage […]
The U.S. labor market disappointed once again, adding just 199,000 jobs in December, down from the 249,000 jobs added the month prior. Despite seeing the smallest gains in a year, the unemployment rate fell to 3.9%, from 4.2% in November. The latest data from the U.S. Bureau of Labor Statistics showed that the U.S. economy […]
Flat-rolled steel prices continue to fall, but the market participants I spoke to today were taking the news in stride. SMU’s average hot-rolled coil price now stands at $1,480 per ton ($74 per cwt), down $55 per ton from $1,535 per ton a week ago and down $475 per ton from a 2021 high – […]
While some automakers think the chip shortage may be mostly behind them, others continue to struggle with supply-chain and labor issues – the latter stemming from a surge in COVID cases linked to the Omicron variant. Here is where things stand with three of the largest automakers in North America. Chrysler Stellantis – the European parent […]
U.S. construction spending increased in November amid strong gains in single-family homebuilding, but outlays on public projects were weak. Construction spending rose 0.4% after a similar advance in October, the Commerce Department reported. The Census Bureau’s report on construction spending shows spending on private construction projects rose 0.6% in November. Outlays on residential construction were […]
Schnitzer Steel Industries Inc. posted its best first quarter earnings on record thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $47 million in the first quarter of fiscal 2022 ended Nov. 30, 2021, more than triple the […]
After a year in which steel mills could basically name their price, 2022 is shaping up to be a buyer’s market – at least for the foreseeable future. Nearly all (96%) of the service center and manufacturing executives responding to Steel Market Update’s survey this week reported that the mills are willing to negotiate prices […]
Data on U.S. industrial production, capacity utilization, new orders and inventories continued to improve throughout fourth-quarter 2021, indicating a strengthening manufacturing sector. The health of the manufacturing economy has a direct bearing on the health of the steel industry. Note that some of the historical data below has been adjusted by the U.S. Census Bureau […]
Happy New Year! The first major live and in-person steel event is just six short weeks away as we prepare to host the industry at the Tampa Steel Conference. Steel Market Update will once again be working with Port Tampa Bay as we host the 33rdedition of the Tampa Steel Conference. The 2022 TSC will […]
The first major live and in-person steel event is just six short weeks away as we prepare to host the industry at the Tampa Steel Conference. Steel Market Update will once again be working with Port Tampa Bay as we host the 33rdedition of the Tampa Steel Conference. The 2022 TSC will be held on […]
Economic activity in the manufacturing sector grew again in December, though at a slightly slower pace than in November, with the overall economy achieving a 19th consecutive month of growth, reports the Institute for Supply Management, Tempe, Ariz. “The December Manufacturing PMI® registered 58.7%, a decrease of 2.4 percentage points from the November reading of 61.1%,” said Timothy R. Fiore, […]
Stelco plans to enter the electric-vehicle (EV) battery recycling business with a new integrated shredding and hydrometallurgical refinery at its Lake Erie Works in Nanticoke, Ontario. The Canadian flat-rolled steelmaker said engineering studies for the new recycling operation are expected to be completed in mid-2022 with the plant anticipated to start up in 2023. The […]