By CRU Senior Editor Ryan McKinley, from CRU’s Steel Sheet Products Monitor Steel sheet prices were either little changed or fell w/w across most of the globe, with the U.S. market now joining in the global cooldown. Prices in the U.S. fell w/w for the first time in over year, albeit the decline was only […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Producer prices expanded further in August, albeit at a slower rate. The gains continued, however, maintaining the historic climb for the index and subcategories for final demand, which have […]
By CRU Aluminum Advisor Greg Wittbecker Steel and aluminum are vigorous competitors, but share a common plight, supply chain woes. Just-in-time manufacturing, lean manufacturing, vendor-managed inventory…we all know the buzzwords that have shaped the way both the aluminum and steel supply chains have operated for several decades. Since the Global Financial Crisis, the primary aluminum market […]
The end of summer marks a return to normal in Washington. Congress is back, and so are the president’s cabinet and advisors. This is the time of year for officials to float new ideas. In the international trade arena, American business groups grew increasingly impatient with the lack of ideas on resetting the economic relationship […]
Is there really any such thing as a “foreign car” anymore? Who among us hasn’t driven a vehicle with a foreign-sounding name like Toyota, Honda or Nissan? Most likely it was built down the road in Kentucky, Alabama or Mississippi. And produced with American-made steel and other locally sourced materials. An economic impact report just released […]
Samuel, Son & Co., Limited, is constructing a new automotive processing facility in Querétaro, Mexico. This new operation, along with an existing automotive facility in Monterrey, will position Samuel as a leading metals processor to global automotive brands and their supply chain partners operating in Mexico, the company said. Samuel expects to complete construction of […]
General Motors will resume production at some assembly plants next week, but is extending downtime at others into October because of the continued global chip shortage. “All of GM’s full-size truck and full-size SUV plants in North America will be running full production next week,” a company spokesman told SMU on Thursday, Sept. 9. The […]
The U.S. labor market saw its worst monthly performance since January, according to the U.S. Bureau of Labor Statistics’ (BLS) August report. The latest data showed 235,000 new workers were added to payrolls in August, less than a quarter of the 1.053 million positions added in July. August’s employment report was a huge disappointment, nearly […]
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. U.S. job creation in August disappointed, unable to maintain pace with July’s results. The U.S. economy decelerated in August, as hiring rose at its slowest pace since January. Nonfarm payrolls increased by […]
Steel prices continued to climb through the month of August, marking one full year of increasing prices. Hot rolled steel prices increased $45 per ton ($2.25 per cwt) throughout the month, with the SMU index averaging $1,935 per ton ($96.75 per cwt) as of Tuesday. The SMU Price Momentum Indicator remains unchanged since the August 2020 adjustment to higher, indicating prices […]
The U.S. manufacturing sector saw significant improvement in August, supported by steep upturns in production and new orders, according to the latest U.S. Manufacturing PMI data from IHS Markit. “U.S. goods producers continued to register marked upturns in output and new orders in August, as demand flourished once again. That said, constraints on production due […]
New orders, production and prices grew in August, while employment contracted and supply backlogs expanded, said the Institute for Supply Management in its August 2021 Manufacturing ISM Report on Business. The Manufacturing PMI rose 0.4 percentage point in August to 59.9%, edging higher and indicating expansion in the overall economy for the 15th consecutive month […]
Despite some regional shifts in commercial construction, demand remains robust – while some project delays are creating backlogs that will likely drive additional construction activity in late Q4 and into early 2022, said members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI). Demand for HVAC and other galvanized-intensive steel products remains strong, said members of […]
In the near term, ferrous scrap prices are heading down. But in the long term – with the proliferation of electric arc furnace (EAF) steelmaking around the globe putting added pressure on scrap supplies – the price trend for scrap is definitely pointing upward. The cost of scrap and other metallics is of high interest […]
I was pleased to see many of you this past week in Atlanta at the SMU Steel Summit. It is certainly one of the largest (and most significant) steel conferences in the United States. This year was a first – a hybrid conference, with about 800 in-person attendees and 300 virtual. I doubt it will […]
Steel mills were supposed to see increased demand this summer as automakers ramped up production after putting the chip shortage in the rear-view mirror. That might no longer be the case. And now the COVID-19 pandemic is complicating matters further. Case in point: Dearborn, Mich.-based Ford Motor Co. is scaling back production of the F-150 […]
Steel prices need to correct to “a healthy level,” said steel buyers on the consumer panel at the SMU Steel Summit on Wednesday. But none volunteered an exact number. The hot rolled price has overcorrected from the trough of $440 per ton ($22 per cwt) last August as the economy struggled with the pandemic, agreed […]
In the face of tough circumstances, the SMU and CRU teams proved once again that we could conduct a safe, energetic, entertaining and informative Steel Summit conference. We did it despite suffering a power outage at the Georgia International Convention Center that lasted the entire afternoon on Monday. Our team was quick to react, and […]
By CRU Principal Economist Alex Tuckett and CRU Chief Economist and Head of Sustainability Jumana Saleheen A disappointing outlook for U.S. Q3 growth, and the problems in China’s construction sector, have led us to downgrade our forecast for 2021 world growth from 5.8% to 5.4%. Our forecast for 2021 growth in Industrial Production has been revised […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Steel Trade Service, Nov. 18 The world economy is facing multiple headwinds. Supply-chain problems continue to hold back industrial sectors and elevate inflation. Meanwhile, an energy crisis is adding to the pressure on manufacturers and consumers. On the demand side, the biggest risk remains the Chinese […]
Here’s the Steel Summit program for Wednesday, Aug. 25, at the Georgia International Convention Center in Atlanta: 7 a.m. – Doors open at GICC. All day beverage sponsored by Felux and pastries sponsored by Ratner Steel 8:20-8:30 a.m. – Opening Remarks by SMU President and CEO John Packard 8:30-9:30 a.m. – Steel […]
Latin American steelmaker Ternium and Brazilian iron ore miner Vale have signed an agreement to work together to lower carbon emissions. Potential joint investments include an iron ore briquetting plant near Ternium Brasil, the company’s steel mill in Rio de Janeiro, and pig iron made from alternate raw materials such as biomass. “Vale is a […]
Toyota Motor Corp. is anticipating a reduction in automotive production in the range of 40-60% in North America. Except for Toyota’s San Antonio, Texas, plant, all North American vehicle assembly plants will be affected, a company spokesperson confirmed to Steel Market Update. “Due to COVID-19 and unexpected events with our supply chain, Toyota is experiencing […]
Majestic Steel USA has acquired West Coast service center Merit Steel USA in a push to expand its presence in the region. The Cleveland-based service center said persistent supply chain constraints bolstered the case for growing its footprint west of the Rocky Mountains. Terms of the deal were not disclosed. “Merit has a strong reputation as a […]
Manufacturing growth in New York State expanded slightly in August but at a far slower rate than the record-setting pace seen the month prior, according to the data collected in the Empire State Manufacturing Survey. The general business index fell 25 points to 18.3. Indices for new orders and shipments fell by double digits from […]
Allegheny Technologies Inc. (ATI) has sold its Flowform Products business to Consolidated Boring Inc. for $55 million in cash. Proceeds from the sale of Billerica, Mass.-based Flowform will be used to boost ATI’s liquidity and to strengthen its balance sheet, the company said. “While ATI Flowform is a strong performer with a great team serving […]
BlueScope Steel Ltd. posted record earnings in its 2021 fiscal year thanks to strong demand and record metal spreads. All told, the Australian steelmaker – the parent company of Delta, Ohio-based North Star BlueScope – recorded net profit of Australian $1.19 billion ($870 million U.S.) in its fiscal year ended June 30, 2021, up more […]
On Friday, Steel Market Update sent data providers the final analysis for July of service center inventories, shipments, steel on-order, and percentage of inventories tied up for contract sales. Premium members will receive the report on Monday. As expected, after reviewing our Flash Report which is provided to data providers five days into the new […]
One Week to Go… There is now but one week to go before the doors open at the Georgia International Convention Center (GICC) in Atlanta for the 2021 SMU Steel Summit Conference on August 23. This year the conference will be unique as it will be a “hybrid” event. By this I mean we will […]
We are seeing (again) the disruption that unexpected news can bring. Just when we thought we were out of the woods (no pun intended), we see a resurgence of hospitalizations from COVID, the fall of Afghanistan, perhaps the unluckiest country in the world, a major earthquake in Haiti, perhaps the second unluckiest, and a hurricane […]