Strong demand and tight supply pushed steel prices upwards throughout December, with hot rolled prices nearing quadruple digits as 2020 came to a close. Steel Market Update’s hot rolled price index reached $985 per ton by the end of December, up $180 per ton or 22 percent from the beginning of the month. The SMU […]
The U.S. manufacturing sector expanded again in December, gaining 3.2 points to register a PMI of 60.7 percent in the December 2020 Manufacturing ISM Report on Business. “The manufacturing economy continued its recovery in December,” said Timothy Fiore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee. “Survey Committee members reported that their […]
As we enter the New Year registrations are starting to accelerate for the 32nd annual Tampa Steel Conference which will be held virtually on February 2nd of this year. We currently have 150 registrations, and we expect 300-500 attendees once the conference opens. Here are the companies registered. Those with an asterisk (*) next to […]
Construction spending was heavily weighted toward single-family homebuilding in November, according to an analysis of government data by the Associated General Contractors of America. Residential construction soared 2.6 percent last month and 16.2 percent year-over-year, contrasting a 0.6 percent decline in private and public nonresidential spending in November and a 4.7 percent tumble from a […]
As we enter the New Year, registrations are starting to accelerate for the 32nd annual Tampa Steel Conference to be held virtually on Feb. 2. We currently have close to 200 registrations, and we expect 400-500 attendees once the conference opens. Here are the companies registered. Those with an asterisk (*) next to their name means they […]
As we enter the New Year (goodbye 2020, welcome 2021), you will notice changes to Steel Market Update. One of the very first things you will notice is that our newsletters will have more relevant content in them. This is due to the addition of Michael Cowden who joins us after spending 13 years with […]
John Packard, President & CEO of Steel Market Update discusses changes being made at the company, events on the books for 2021, and the status of the flat rolled and plate steel markets – including steel price commentary: As we enter the New Year (goodbye 2020, welcome 2021), you will notice changes to Steel Market […]
The Tampa Steel Conference will be conducted virtually for the first time in its 32-year history. The 2021 conference will be held on Feb. 2 and will be an all-day event. We encourage everyone to register for what promises to be both an entertaining and timely event. Steel Market Update and Port Tampa Bay are pleased […]
The Tampa Steel Conference will be conducted virtually for the first time in its 32-year history. The 2021 conference will be held on Feb. 2 and will be an all-day event. We encourage everyone to register for what promises to be both an entertaining and timely event. Steel Market Update and Port Tampa Bay are pleased […]
Orders for durable goods rose for the seventh month in November, edging up 0.9 percent after a 1.8 percent gain in October. Transportation equipment orders gained 1.9 percent and included a 2.4 percent rebound in orders for motor vehicles and parts, according to the latest Census data. Core capital goods, orders excluding defense and aircraft, […]
Steel Market Update wants to make you aware of some of the events we have planned for early 2021 as well as the 2021 SMU Steel Summit Conference, which will be (fingers crossed) a live event at the end of August. Steel Hedging 101: Introduction to Managing Price Risk Dates: Jan. 26-27 (half day workshop […]
By CRU Senior Cost Economist Ross Cunningham, from CRU’s Steelmaking Raw Materials Monitor Global CO2 emissions have been rising since the start of the industrial revolution. This has caused rising global temperatures and severe weather events such as wildfires, flooding and drought. In 2015 the United Nations framework convention on climate change put together the Paris […]
This report is an analysis of Bureau of Labor Statistics data and is intended to provide subscribers with a view of the competitive position of sheet steel, aluminum, plastic and wood. The analysis includes some downstream products and a comparison of truck and rail transportation. On Dec. 10, the BLS released its series of Producer […]
Metalforming firms are expecting business conditions and order activity to remain unchanged during the next three months, said the Precision Metalforming Association in its December 2020 Business Conditions Report. “Metalforming manufacturers are showing resiliency during the COVID-19 pandemic, but finding workers continues to be a challenge despite the high unemployment rate,” said PMA President David […]
I received a call earlier today from one of our readers who is also a consultant to companies who purchase flat rolled steel. He mentioned to me that there is some confusion with companies who think our index is the same as CRU, since we are owned by CRU. That belief is ill-advised and flat […]
President-elect Joe Biden will hit the ground running due to his past experience in Washington and the depth of experience of his Cabinet choices, said Omar Nashashibi, founding partner of the Franklin Partnership, during a FABTECH webinar last week. Expect to see a flurry of executive orders and memorandums from the new executive office regarding […]
Steel Market Update is pleased to share the following Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. By CRU Principal Economist Alex Tuckett and Chief Economist Jumana Saleheen, from CRU’s Global Economic Outlook As the curtain falls on 2020, this overview looks back on the year […]
Before we slide into the Christmas and New Year vacations, we want to make you aware of some of the events we have planned for early 2021 as well as our SMU Steel Summit Conference, which will be (fingers crossed) a live event at the end of August. Steel Hedging 101: Introduction to Managing Price […]
Not only are wholesalers who service the HVAC and construction industries wondering how high galvanized steel prices can possibly go, they’re even more worried about how low prices could go once the market normalizes next year. In a conference call this morning, members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) reported firm […]
Registration is in full swing for the 2021 Tampa Steel Conference, which will be held virtually on Feb. 2, 2021. Here are just a few of the companies already registered to attend (those with an asterisk * mean more than one person is registered for the event): All Metals*, ArcelorMittal Dofasco*, Bank of America Merrill […]
Majestic Steel has completed the acquisition of P&S Metals and Supply, a Las Vegas-based steel service center and processor. The addition of P&S will extend Majestic’s footprint in Nevada and the western United States. “We are happy to welcome P&S Metals and Supply to the Majestic family,” said Todd Leebow, Majestic President and CEO. “P&S […]
Olympic Steel has hired Jeffrey A. Carson as General Manager for the Bettendorf, Iowa, facility. Carson will be responsible for growing the facility’s temper mill processing, fabrication and metal distribution in the region and will report directly to Thomas Sacco, Regional Vice President. Carson has more than 30 years of experience in manufacturing operations management, […]
The December Empire State Manufacturing Index indicated a loss of momentum in the New York region. The headline General Business Conditions index fell to 4.9 from November’s reading of 6.3. “Like the prior month, manufacturing activity in New York State expanded only to a small degree in December,” said the Federal Reserve Bank of New […]
We are quickly moving to the end of 2020, and I am sure many of you cannot wait to put this year in the rearview mirror. I think we all want our lives back. I was texting with someone in the steel industry who had a different perspective, and maybe now is a good time […]
Cleveland-Cliffs has finalized the acquisition of ArcelorMittal USA and its subsidiaries, creating the largest flat-rolled steel producer in North America. As agreed, ArcelorMittal received $505 million in cash and 78 million shares of Cleveland-Cliffs common and non-voting preferred stock, redeemable for 58 million shares of common stock or equivalent cash. In return, Cleveland-Cliffs assumes all […]
Downstream steel product shipments continue to improve, though slower than the overall manufacturing economy. The fallout driven by the first wave of the global pandemic back in April is still evident in the data despite the steady rebound. The Census Bureau provides monthly data on inventories, shipments and new orders for total U.S. manufacturing and […]
Steel supplies are so tight these days that $1,000 hot rolled is not out of the question. Which makes predictions of a coming “Steelmageddon” seem that much harder to believe. In fact, 60 percent of the service center and manufacturing executives who responded to Steel Market Update’s questionnaire this week do not view Steelmageddon as […]
Manufacturing has continued to reshore back to the United States this year, despite the challenges presented by COVID-19. Reshoring will continue to be an essential part of the recovery of the U.S. economy in 2021 and beyond, said Harry Moser, founder of the Reshoring Initiative, an advocacy group he formed in 2010 to bring manufacturing […]
The November employment report released Friday by the Bureau of Labor Statistics showed a net gain of 245,000 jobs, a positive move but only half of economists’ consensus expectations. The gain was down from October’s 610,000 new jobs. In the November data, September was revised up by 39,000 and October was revised down by 28,000. […]
Employment gains have slowed each month since June, with a disappointing result in November, according to Steel Market Update’s latest analysis of Bureau of Labor Statistics data. The net change in employed persons in November was 245,000. Employment gains have slowed each month since June when 4.8 million jobs were recovered. The base line against […]