Manufacturing growth in New York State surged to a record high in July, according to the data collected in the Empire State Manufacturing Survey. The general business index jumped 26 points to 43.0. Indicators for new orders, shipments and inventories all increased by double digits from June, rising 16.9 points, 29.6 points, and 18.8 points, respectively. Unfilled orders increased as well, […]
Nucor plans to slash Scope 1 and Scope 2 greenhouse gas emissions at its steel mills by 35% by 2030. North America’s largest steelmaker also aims in the following years to be “net zero” when it comes to carbon emissions. “Our GHG intensity is less than one-third the world average, but we are committed to […]
So much for the summer doldrums. After a brief pause following Independence Day (and Canada Day), sheet prices have resumed their sharp upward trajectory. Hot-rolled coil prices are now over $1,800 per ton ($90 per cwt) while cold-rolled and galvanized base prices are above $2,000 per ton ($100 per cwt). If this pace of gains […]
U.S. industrial production, manufacturing and durable goods orders continue to show improvement from the coronavirus pandemic downturn, 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 […]
Steel Dynamics Inc. (SDI) aims to be carbon neutral at its electric arc furnace (EAF) steel mills by 2050. The steelmaker has also set interim emissions reductions goals for 2025 and 2030. Namely, it plans to reduce combined Scope 1 and Scope 2 greenhouse gas emissions at its EAF mills by 20% by 2025 and […]
To those of you in the United States, welcome back from the Fourth of July Holiday. For those of you in Canada, Mexico and elsewhere, thank you for bearing with us as we took our last holiday prior to our conference at the end of August (23-25). Square Peg in a Round Hole? As we move […]
Square Peg in a Round Hole? As we move about speaking to steel buyers, I get the impression they want to live by the rules of the market that have been in place for most of the last 30+ years. Flat rolled and plate steel buyers believe world steel prices will ultimately impact U.S. steel […]
“June saw surging demand drive another sharp rise in manufacturing output, with both new orders and production growing at some of the fastest rates recorded since the survey began in 2007,” said Chris Williamson, chief business economist at IHS Markit, reporting that the research firm’s U.S. Manufacturing Purchasing Managers’ Index (PMI) posted a robust 62.1 […]
U.S. steel product shipments rebounded in May, up 3.1% following a 7.1% decrease the month prior. Steel product shipments have been irregular from month to month since bottoming out in May 2020. The seesaw pattern over the past year is attributable to several factors including mill outages, factory curtailments and seasonal disruptions as the marketplace […]
The U.S. labor market accelerated in June, seeing the largest gain in 10 months, reported the U.S. Bureau of Labor Statistics (BLS). The latest data shows a surge of 850,000 new workers added to payrolls in June after a spring lull. Wages also saw noticeable improvements, both positive signs of growing demand for workers. Following a disappointing jobs […]
The U.S. economy continued to push forward in June, the labor market recovery accelerating after a weaker-than-expected showing in April. Employers added a net 850,000 jobs last month, according to the Bureau of Labor Statistics (BLS), the most added in one month since last August and outpacing the consensus expectation from market experts. Despite the […]
Supply chain disruptions, rising materials prices and labor shortages continued to slow construction spending in May, reported the Associated General Contractors of America (AGC). Officials with the association called on the Biden administration to remove tariffs on key construction materials, allow unemployment supplements that are keeping people out of the workforce to expire and take steps to […]
There will be no Steel Market Update published on Sunday, July 4th, due to the national holiday (USA). We will resume coverage on Tuesday, July 6th. We wish everyone a safe holiday filled with family and friends (at least for those who have been vaccinated). Interesting comments received earlier this week from a steel executive whom I […]
Interesting comments received earlier this week from a steel executive whom I know well, and I respect his opinions. The topic of the day was one that I know drives the steel mills crazy – steel analysts’ price projections. Many of the analysts are calling for prices to peak within the next 60 days (in […]
New orders and production picked up in June, while employment contracted, supplier deliveries slowed and backlogs lengthened, said the Institute for Supply Management in its June 2021 Manufacturing ISM Report on Business. The Manufacturing PMI fell a slight 0.6 percentage point to 60.6 after rising in May and indicates expansion for the overall economy. “Business Survey Committee panelists […]
Steel prices rose even higher through the month of June, now the 10th consecutive month prices have increased. Hot rolled steel prices increased an average of $30 per ton each week, reaching $1,770 per ton in SMU’s latest check of the market. The SMU Price Momentum Indicator has remained unchanged since the August 2020 adjustment […]
The 2021 SMU Steel Summit Conference is seven weeks away and the SMU and CRU events teams are fully focused on making this year’s event one to remember. As always, the place to be on Aug. 23-25 will be the Georgia International Convention Center, which is located right next to the Atlanta International Airport (ATL). […]
The 2021 SMU Steel Summit Conference is seven weeks away and the SMU and CRU events teams are fully focused on making this year’s event one to remember. As always, the place to be on Aug. 23-25 will be the Georgia International Convention Center, which is located right next to the Atlanta International Airport (ATL). […]
The dilemma is global warming, CO2 is just the proxy, Cleveland-Cliffs Inc. President and CEO Lourenco Goncalves said during the opening keynote speech at CRU’s Steel Decarbonization Strategies 2021 Virtual Conference. Cliffs’ top executive took a strong stance during his talk—which opened the first major event devoted exclusively to the topic of decarbonization in the […]
The dilemma is global warming, CO2 is just the proxy, Cleveland-Cliffs Inc. President and CEO Lourenco Goncalves said during the opening keynote speech at CRU’s Steel Decarbonization Strategies 2021 Virtual Conference. Cliffs’ top executive took a strong stance during his talk—which opened the first major event devoted exclusively to the topic of decarbonization in the […]
SSAB Americas President Chuck Schmitt joined SMU for a Community Chat webinar last week during which we talked plate, renewable energy and fossil-free steelmaking. We also got to some good questions from you about the hydrogen-based steelmaking SSAB is undertaking in Sweden through its HYBRIT partnership with iron ore miner LKAB and power producer Vattenfall. […]
As we return to offices and in-person contact after more than a year of pandemic-induced anxiety, it is important to recognize the young people within your organization who stand out as the next generation of leaders. These are young people who already know how to inspire others, to lead by example, and to develop innovative […]
The deadline to nominate a promising young standout from your organization for this year’s SMU NexGen Leadership Award is Friday, July 16. You can recognize those 35 years or younger whose drive, determination and leadership are making a difference by nominating them for the 2021 SMU NexGen Leadership Award this week. The award is sponsored by the […]
Once Produced…Can We Even Get It Shipped? Transportation issues continue to plague the flat-rolled and plate steel markets. It’s bad enough that many steel mills are running one to four weeks late against their original promise date. We are hearing once the steel is produced it can take days to weeks of waiting for a […]
Once Produced…Can We Even Get It Shipped? Transportation issues continue to plague the flat-rolled and plate steel markets. It’s bad enough that many steel mills are running one to four weeks late against their original promise date. We are hearing once the steel is produced it can take days to weeks of waiting for a […]
By Michael Marley The mini sheet mills face a maxi problem, namely no additional supplies of prompt industrial scrap to feed their growing appetites for that raw material. As they move ahead with planned expansions of existing facilities and the construction of greenfield plants, electric arc furnace (EAF) steelmakers may be forced to rely on additional […]
Change in the air…? We are beginning to hear of more hot rolled being available in the spot market. We are not (yet) hearing of mills taking prices below $1,680 per ton (which was the bottom of our range last week). During last week’s SMU Flat Rolled and Plate Steel Market Trends Survey, we noted […]
Let’s talk about lead times. Because the results from our latest survey caught my attention. This is the first time in since January-February that you can maybe discern a potential peak in pricing – at least judging by that metric. Lead Times: Trend or Head Fake I’m going to display our lead latest lead time […]
Let’s talk about flat rolled and plate steel mill lead times. Because the results from our latest steel market survey caught my attention. This is the first time in since January-February that you can maybe discern a potential peak in pricing – at least judging by that metric. Lead Times: Trend or Head Fake I’m […]
Worthington Industries, Inc., reported net sales for the fourth quarter of fiscal 2021 totaling $978.3 million, a 60% increase over the comparable quarter in the prior year. The increase was driven by overall volume improvements in both Steel Processing and Pressure Cylinders and higher average direct selling prices in Steel Processing, the company said. “We […]