North American auto assembly plants continue to see production hobbled by a global microchip shortage. The chip supply squeeze could become more intense because of a fire on Friday at Japanese microchip supplier Renesas Electronics. And the trouble doesn’t stop there. Parts requiring petrochemicals are in some instances in short supply because severe weather in […]
Steel product shipments continued to improve through January this year, maintaining a month-on-month growth trend since bottoming in April 2020 when COVID shook the economy. Steel shipments have recovered to pre-pandemic volumes and posted an increase of 2.7% compared to January 2020 levels, according to Census Bureau data on inventories, shipments and new orders for total […]
Steel buyers believe benchmark hot rolled prices will peak at $1,350 to $1,400 per ton ($67.50/cwt-$70.00/cwt) based on our canvassing of the flat rolled and plate markets this week. We are seeing spot HRC orders at $1,300 per ton with a few buyers telling us there are offers up to $1,340 per ton from the […]
Steel buyers believe benchmark hot rolled prices will peak at $1,350 to $1,400 per ton ($67.50/cwt-$70.00/cwt) based on our canvassing of the flat rolled and plate steel markets this week. We are seeing spot HRC orders at $1,300 per ton with a few buyers telling us there are offers up to $1,340 per ton from […]
Ford is building some vehicles in North America without certain components because the global semiconductor shortage has collided with a broader parts shortage. The automaker said it would assemble its popular F-150 pickup truck and its Edge SUV without some electronic modules because they contain “scarce semiconductors” and because of “parts shortages created by the […]
Mill lead times, which means the amount of time it takes to receive (or be promised delivery) for a new order placed today, continue to be highly extended. We share our lead time by product graphic every couple of weeks after we conduct our latest market analysis. We also look at lead times from a […]
Mill lead times, which means the amount of time it takes to receive (or be promised delivery) for a new order placed today, continue to be highly extended. We share our lead time by product graphic every couple of weeks after we conduct our latest market analysis. We also look at lead times from a […]
The Philadelphia Fed Manufacturing Index surprised the markets with a massive increase in March, reaching its highest level in nearly 50 years. The index shot up nearly 29 points to 51.8 in March from 23.1 in February. Market economists were expecting a reading between 22 and 24.5. An increase in business activity was reported by […]
Commercial Metals Co. achieved a strong second quarter in its 2021 fiscal year despite a challenging period beset by rising scrap costs and weather disruptions. Earnings from continuing operations totaled $66.2 million on net sales of $1.6 billion. Shipments of finished steel totaled 1.44 million tons, the steelmaker reported. CMC Chairman, President and CEO Barbara […]
The Coalition of American Metal Manufacturers and Users (CAMMU) is appealing to the Department of Commerce (DOC) to terminate Section 232 tariffs and quotas on imported steel and aluminum, in a followup to similar demands directed at the Biden administration on Feb. 10. In a March 15 letter to Commerce Secretary Gina Raimondo, CAMMU–which claims to represent […]
Foreign or domestic? “More risk buying domestic….” I had some interesting conversations with steel buyers today as I have been trying to gauge the strength of domestic price support, and what will be the catalyst that will turn the tide. One large manufacturing steel buyer with operations around the world told me, “The prices will […]
Foreign or domestic? “More risk buying domestic….” I had some interesting conversations with steel buyers today as I have been trying to gauge the strength of domestic steel price support, and what will be the catalyst that will turn the tide. One large manufacturing steel buyer with operations around the world told me, “The prices […]
By CRU Analyst Atul Kulkarni, from CRU’s Steel Sheet Products Monitor The U.S. manufacturing PMI rose to a 38-year high during March as the Biden government’s $1.9 trillion stimulus package improved sentiment. U.S. vehicle production and durable goods new orders stayed strong during February. Although U.S. crude steel capacity utilization increased during March, sheet supply […]
By CRU Senior Analyst Helen O’Cleary from CRU’s Zinc Monitor. Zinc use has been optimized on an ongoing basis for decades as technological advances lead to lower raw materials usage and the development of higher-performing alloys with a lower zinc content. This is particularly true of the galvanizing industry, which accounts for around 60% of […]
Business activity in New York State grew significantly in March, according to the New York Fed’s Empire State Manufacturing Survey. The general business index rose five points to 17.4, its highest level since July 2020. New orders increased slightly during the month, but shipments soared 17 points to an index reading of 21.1. Inventories were […]
Steel Market Update’s monthly analysis of Key Market Indicators–a host of data on the economy, raw materials, manufacturing, construction, and steel sheet and long products–shows that the marketplace continues to improve, albeit cautiously. At the onset of COVID-19 a year ago, the impact of the pandemic on the economy was delayed, with only 3 of […]
Editor’s note: Steel Market Update is pleased to share this Premium content–an edited version of our Key Market Indicators analysis–with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Steel Market Update’s monthly analysis of Key Market Indicators–a host of data on the economy, raw materials, manufacturing, construction, and steel […]
In Sunday night’s issue of Steel Market Update, I discussed the increase in the days of inventory on order at the service centers. The increase can be attributed to extended lead times, late deliveries and perhaps some double ordering from the distributors’ end-user customers. We saw an increase in the percentage of inventory that is […]
In Sunday night’s issue of Steel Market Update, I discussed the increase in the days of inventory on order at the service centers. The increase can be attributed to extended lead times, late deliveries and perhaps some double ordering from the distributors’ end-user customers. We saw an increase in the percentage of inventory that is […]
Now that the presidential election is behind us, Congress has passed an historic stimulus package and there is light at the end of the pandemic tunnel as the vaccines proliferate, executives at Klöckner & Co. look forward to a stronger year for steel, especially for demand in the second half. “We expect the $1.9 trillion […]
By CRU Senior Analysts Ryan Smith and Ryan McKinley, from CRU’s Steelmaking Raw Materials Monitor 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. The need for virgin iron units in the U.S. market is rising as new electric-arc furnace (EAF) […]
By CRU Senior Analyst Ryan McKinley from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 14.4% m/m in March to 354.4, bouncing back above levels seen in January. China’s return to the steel market following New Year holiday celebrations there helped lift steel and scrap prices in Asia, while seasonally constrained […]
I am going to spend some time discussing Steel Market Update this evening. I started SMU in August 2008 as a one-man show. The company has grown over the years both in size and scope. The sale of the company to CRU has turned out to be a blessing (I think for both companies), and […]
Service centers reported lower shipments during the month of February partially due to the harsh winter weather associated with “Snowmageddon.” Steel Market Update’s proprietary service center inventories and shipments report indicated 42.7 days of flat rolled inventories, which is up from 40 days of supply on hand at the end of January. Plate inventories stood […]
Service centers reported lower shipments during the month of February partially due to the harsh winter weather associated with “Snowmageddon.” Steel Market Update’s proprietary service center inventories and shipments report indicated 42.7 days of flat rolled inventories, which is up from 40 days of supply on hand at the end of January. Plate inventories stood […]
Ternium plans to start up its new hot-strip mill in Pesquería, outside of Monterrey, Mexico, in early June, according to market participants. The development has allowed the Latin American steelmaker to take June orders for customers in the U.S, sources said. Those tons from will be rolled from Ternium’s existing hot-strip mills, something that is […]
Steel prices simply continue to move higher—as do the anxiety levels of many service center and manufacturing executives. Hot rolled steel set yet another record this week, according to Steel Market Update’s check of the market, reaching an average of $1,270 per ton, topping the previous high mark set in 2008 by $200 per ton. […]
Steel prices simply continue to move higher—as do the anxiety levels of many service center and manufacturing executives. Hot rolled steel set yet another record this week, according to Steel Market Update’s check of the market, reaching an average of $1,270 per ton, topping the previous high mark set in 2008 by $200 per ton. […]
The U.S. economy added 379,000 jobs in February, making the first positive move in three months, reported the Bureau of Labor Statistics (BLS). The unexpected increases were driven by large job gains in the nation’s service and entertainment industries as the economy continues to recover. The jobs data was the strongest since October, resulting from a […]
After dismal reports for the U.S. labor market in December and January, February saw positive gains in employment. The U.S. Bureau of Labor Statistics (BLS) reported that employers added 379,000 to their payrolls in February, as vaccinations and business reopenings gave the economy a boost. Despite the added jobs this past month, the unemployment rate […]