Producer prices have not only recovered from the COVID-19-driven fallout, but have now overtaken pre-pandemic levels. Since the repeated decreases from February through April of 2020, the composite Producer Price Index (PPI) of all commodities from the Bureau of Labor Statistics (BLS) has seen consistent month-on-month increases. May’s index registered a 3.2% increase versus the […]
First, Happy Father’s Day to all the fathers, grandfathers, and great-grandfathers out there. Peek-a-Boo… A one-hundred-ton order of hot rolled at $1,680 does not mean the sky is falling. One of our competitors is writing that prices are starting to decline. We conducted channel checks on Friday, and we did not find any evidence of […]
A one-hundred-ton order of hot rolled at $1,680 does not mean the sky is falling. One of our competitors is writing that flat rolled steel prices are starting to decline. We conducted channel checks on Friday, and we did not find any evidence of that being the case. Sure, you can collect a low order […]
2021 SMU Steel Summit Conference Revised Agenda as of June 20, 2021 There are 55 days before the start to the 2021 SMU Steel Summit Conference. We should have close to 300 companies and 800+ executives attending this year based on where we are today. The conference agenda is close to its final shape. There […]
2021 SMU Steel Summit Conference Revised Agenda as of June 20, 2021 There are 55 days before the start to the 2021 SMU Steel Summit Conference. We should have close to 300 companies and 800+ executives attending this year based on where we are today. The conference agenda is close to its final shape. There […]
Some automakers have ramped up production and shipments after securing enough microchips, but others continue to struggle with the global semiconductor shortage. Stellantis (formerly Chrysler) will idle is assembly plants in Belvidere, Ill.; Windsor, Ontario; and Toluca, Mexico, for the rest of June “due to the unprecedented global microchip shortage,” a company spokeswoman said. The […]
Steel Market Update’s latest analysis of monthly Key Market Indicators underscores that the recovery is still under way. Markers for both the Present Situation and Trends show small but positive moves from a month ago and now exceed pre-pandemic levels. SMU’s Key Market Indicators include a host of data on the economy, raw materials, manufacturing, construction, and […]
Flat rolled steel prices have been rising consistently for 45 straight weeks (since the week of Aug. 10, 2020). There is a chance (no guarantees) that we could see the cycle continue for a full 52+ weeks as the steel mills continue to have supply issues and demand remains quite strong in just about every […]
Manufacturing growth in New York State slowed a bit in June, according to the data collected in the Empire State Manufacturing Survey. The general business index fell seven points to 17.4. Indices for new orders and shipments fell by double digits from May, sliding 12.6 points and 16.5 points, respectively. Unfilled orders were slightly higher. […]
SMU caught up with Ternium CEO Máximo Vedoya about the Latin American steelmaker’s plans for its new, $1.1-billion hot strip mill in in Pesquería, just outside of Monterrey, Mexico. The new mill – also known as #4 Pesqueria – sports capacity of 4.4 million tons per year. It rolled its first coils in May and Vedoya […]
By CRU Principal Aluminum Analyst Guillaume Osouf The LME aluminum price has been going through a period of consolidation since it reached its last significant peak at $2,603 /t on May 10. A similar situation was observed between December 2020 and February 2021 before the rally resumed even stronger. Can we expect the same to […]
U.S. steel and metals trade associations warned Congressional leaders that the condition of the nation’s infrastructure is “dire.” They urged legislators to support the “historic” and metal-intensive infrastructure bill proposed by the Biden administration. The trade groups—which claim to represent more than 74,000 domestic facilities—pointed out that an American Society of Civil Engineers (ASCE) 2021 report card gave U.S. […]
Crowe LLP, a public accounting, consulting and technology firm, announced two new executive appointments of particular interest to those in the steel and manufacturing industries. Scott L. Spencer, CPA, has been named managing partner of the manufacturing and distribution services group at Crowe LLP. In this role, Spencer will oversee the delivery of the firm’s […]
U.S. steel product shipments fell by 2.4% in April following an increase of 15.6% in the month prior. The decline, although disappointing, is not surprising because steel product shipments have been irregular from month to month since bottoming out in May 2020. The lack of consistency has been attributed to seasonal factors at times but […]
We are approaching 550 registered attendees for this year’s SMU Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. Just last week we received registrations from the following companies: Niagara LaSalle Steel, JN Linrose Manufacturing, Atlantic Logistics LLC, Steel Dynamics Inc*., Alliance Steel LLC*, Rock […]
We are approaching 550 registered attendees for this year’s SMU Steel Summit Conference. Activity has been high and we are confident we will reach our 800+ registered attendee goal. Just last week we received registrations from the following companies: Niagara LaSalle Steel, JN Linrose Manufacturing, Atlantic Logistics LLC, Steel Dynamics Inc*., Alliance Steel LLC*, Rock […]
Flat rolled and plate steel mill lead times continue to extend, according to the results of this week’s flat rolled and plate steel analysis conducted by Steel Market Update. Hot rolled lead times have sustained 10 weeks or more for a month – the first time that has happened in the history of our records, […]
Steel buyers reported to Steel Market Update this week that the trend for steel mills to limit or totally remove any negotiations on spot steel prices continues. Steel pricing power is totally in the hands of the steel mills as supply continues to be less than the demand for mill products. Steel Market Update went […]
A deadline has been set by the European Union and the U.S. to end Section 232 steel and aluminum tariffs, and any retaliatory measures, by Dec. 1, according to a draft communiqué obtained by Reuters. An announcement of the agreement is expected at the G7 Summit next week in Brussels. “We commit to work towards […]
A 100-day review, authorized by President Biden, was released this week to address vulnerabilities in critical U.S. supply chains. The report, “Building Resilient Supply Chains, Revitalizing American Manufacturing, and Fostering Broad-Based Growth,” was prepared by the departments of Commerce, Energy, Defense, and Health and Human Services. The 250-page report included recommendations not only for reducing […]
The U.S. economy recovered from the disappointing showing in April by adding 559,000 new jobs in May, the Bureau of Labor Statistics (BLS) reported. Although fewer workers were added to the payroll than the 700,000-plus forecasted by economists, the May jobs report was in line with February and March totals. The gains underscore the positive impact of steady […]
The U.S. labor market gained some ground in May following a disappointing performance the month prior. The U.S. Bureau of Labor Statistics (BLS) reported that employers added 559,000 workers to their payrolls in May, a vast improvement from the measly 266,000 new jobs added in April – but still behind the 770,000 new hires in […]
Nucor will purchase Cornerstone Building Brand’s insulated metal panels (IMP) business for a cash price of $1 billion dollars. The purchase is expected to close later this year, pending regulatory approval. The transaction includes seven manufacturing facilities located throughout North America that will complement Nucor Buildings Group and the company’s existing IMP business, TrueCore, the […]
Shipbuilder Austal USA has been awarded a design contract to build a new ship for the U.S. Navy. The agreement, valued at $3.6 million, is for the functional design and construction of the new 80-meter (252.5 foot) Navajo-class Steel Towing, Salvage and Rescue Ship (T-ATS). This follows recent news of Austral USA’s new steel manufacturing […]
Canadian steel producer Stelco is getting into the electric vehicle battery recycling business. The company announced it will enter into a joint venture with Primobious to build a facility in North America that will recover and recycle materials from EV batteries. Primobious is a 50-50 joint venture of Neometals Ltd and SMS Group, formed to […]
The following article was reprinted with permission from John Burns Real Estate Consulting. True statements can lead to misleading conclusions, especially in a busy world full of sound bites and analysis limited to 280 characters. Thank you to one of our clients for several long exchanges that pushed me to clarify our thinking on numerous […]
The 2021 SMU Steel Summit Conference will be the first major steel conference to be held in person since the pandemic shut down all events across the world. Our conference will begin at 9 a.m. ET with our Pre-Summit Programs on Monday, Aug. 23. The official opening of the conference will be at 1 p.m. ET […]
The U.S. economy expanded at a moderate pace from early April to late May as vaccine rates increased and social activity began to normalize, said the Federal Reserve in its latest Beige Book report. Consumers spent more dollars on leisure travel and restaurants, giving a boost to the tourism industry that was among the hardest […]
It has been a busy day trying to condense two days of data collection into one as we produce our flat rolled and plate indices for this evening. It should come as no surprise our numbers did track higher this week, and our Price Momentum Indicator continues to point toward higher prices over the next […]
Good news on the global manufacturing front in May: The J.P. Morgan Global Manufacturing PMI showed production accelerating at one of the fastest rates in a decade and new order growth was at an 11-year high. The PMI, produced by J.P Morgan and IHS Markit, rose to 56.0 in May. Only six of the 20 […]