The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled In spite of the rapidly spreading Covid virus and some market concern about its potential impact on manufacturing operations, not […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: This campaign, like all others, is about many issues. The economy, though, is clearly the most powerful message of the Trump campaign. Over the last century or so, where does the Trump economy rank? There are many different […]
Orders for durable goods increased for the fifth straight month, up 1.9 percent to $237.1 billion and surpassing expectations. Transportation orders led the increase with a 4.1 percent gain. Automotive orders rose 1.5 percent in September on continued strong sales for SUV’s and light trucks. The commercial airline industry, showing losses through the pandemic, had […]
We had a good conference call with HARDI wholesalers this morning. The dealers who service the mechanical contractors with galvanized sheet and coils continue to be busy. They are surprised at the steepness of the cost curve, and they are beginning to be wary of paying too high a price. One reason they are wary is […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: This campaign, like all others, is about many issues. The economy, though, is clearly the most powerful message of the Trump campaign. Over the last century or so, where does the Trump economy rank? There are many different […]
The return of automotive manufacturing after closures due to the pandemic boosted demand for Cleveland-Cliffs’ products and resulted in revenue of $1.6 billion and net income of $2 million for the third quarter of 2020. “We were significantly affected in Q2 by the unprecedented shutdowns that took place throughout the entire auto sector for an […]
The agriculture market in the Midwest is on course for a profitable year despite the historic pandemic and a historic storm earlier this summer. Farmers are in the fields more than halfway done with a successful harvest. Grain prices are decent and, combined with government subsidies, “it sounds like net farm income is going to […]
Economic activity grew at a slight to modest pace in early October with inconsistency among sectors, says the Federal Reserve’s latest Beige Book. Manufacturing activity growth was moderate and the sector added jobs across the country. Demand for new and existing homes kept residential construction robust, but interest in commercial real estate leasing deteriorated. Construction […]
Nucor reported better than expected results for the third quarter of 2020. The company’s bar and structural mills led earnings, benefiting from a good nonresidential construction market. Joist and deck orders, quotes and backlogs are up year-over year with strong demand from nonresidential, including data and distribution center construction, company executives told investors and analysts […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
Schnitzer Steel, a metals recycler and steel manufacturer, maintained operations throughout the pandemic, navigating though low scrap supply and falling demand and emerging optimistic about the year ahead. “These past seven months have been challenging for all of us,” said Chairman and CEO Tamara Lundgren of Schnitzer Steel. “We have been confronted with cascading crises, […]
ESG (Environmental, Social and Governance) and decarbonization are big concerns for corporate investors in the metals and mining sector, according to a recent survey by CRU. How prepared are global corporations to take on the changes needed to reach zero emissions? China is a leader in decarbonization, announcing in September a target of net zero emissions […]
With early voting underway, record breaking mail-in ballots, and a final voting date a mere 14 days away, it is safe to say that much is riding on the upcoming U.S. presidential election. With two candidates who share little common ground in a bitter election battle, it’s clear that a shift in presidential administration will […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of financial market trading experience and has been active in the ferrous futures space for eight years. David earned an MBA from the University of Chicago Booth School of Business with concentrations in economics, statistics and analytical finance. […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of trading experience in financial markets and has been active in the ferrous futures space for over eight years. You can learn more at www.thefeldstein.com or add him on twitter @TheFeldstein and on Instragram at #thefeldstein. Q3 U.S. […]
By CRU Multi-Commodity Analysts Zanna Aleksahhina and Will Young Over the summer and into Q3 2020 commodity prices staged a remarkable recovery from Q2 lows and in October many prices are comfortably above where they started the year. Given that the major economies are still struggling to control the spread of Covid-19, underlying demand is […]
Flat Rolled = 45 Shipping Days of Supply Plate = 51.3 Shipping Days of Supply Flat Rolled Service center flat roll inventories fell significantly month on month as shipments increased and mill lead times extended. The SMU service center inventories data for September shows that service centers carried 45 shipping days of supply of flat […]
Ford has selected ArcelorMittal and its Fortiform 980 GI steel as its sole source of third-generation advanced high-strength steel for use in the 2021 Ford Bronco. The steel is produced at AM/NS Calvert and is designed for automotive application due to its strength and formability. “Ford called us to see if we could develop this […]
Manufacturing activity continued to expand in New York during October, but at a slower pace. The Empire State Manufacturing Survey general business index slipped seven points to 10.5, decreasing more than expected by analysts. New orders and shipments continued to expand and unfilled orders declined. Inventories were a little leaner and delivery times remained steady. […]
Welcome to the year that never ends…and the worst part is just beginning. First, the good news. According to the manufacturing and service center executives who made up 82 percent of the respondents to this week’s survey, the steel economy is going to be much improved in 2021 versus what we have seen this year. About […]
The following report was done by David Schollaert, the new analyst at Steel Market Update. He was asked to take a look at past market trends and to lay out scenarios for future trends. Obviously, there are black swan events (such as the Section 232 tariffs) which can push a market in one direction much […]
Ferrous scrap prices for October traded sideways to slightly lower in most parts of the country, surprising the experts who had been expecting scrap to move higher for another month. “October sales have brought stable pricing for the majority in the Ohio Valley and Midwest. There seems to be a balance between supply and demand as […]
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Hot rolled spot prices have risen sharply in the last month in step with mill lead times that have moved […]
Downstream steel product shipments are recovering from the COVID-driven panic that began in April. The Census Bureau provides monthly data on inventories, shipments and new orders for total U.S. manufacturing and for individual industries, one of which is steel products. Every two months, Steel Market Update extracts data from the Census Bureau to provide a […]
The COVID-19 pandemic has heightened the United States’ awareness of its economic and security risks, said U.S. Steel President and CEO David Burritt, in an op-ed published by Fox Business. “Key among these risks: the hidden cost of our country’s high dependence on the global supply chain.” As the coronavirus took hold globally, critical supplies […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The turmoil in this country continues. The election is now 30 days away. The president has COVID-19; the debates may not continue. And, our economy continues to suffer from the pandemic and the economic impact of disease and […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Each week seems to bring new surprises, economically and politically. I was struck by the monthly trade report and question from readers—I thought I’d pull them together and try to respond. The August trade report was released last […]
On Thursday, Steel Market Update produced an article on lead times with the headline, “Steel Mill Lead Times: Mixed Messages.” The lead times being discussed in the article come from our proprietary survey, which is produced every other week. The lead times are based on the average from the manufacturing companies and steel service centers […]
On Thursday, Steel Market Update produced an article on lead times with the headline, “Steel Mill Lead Times: Mixed Messages.” The lead times being discussed in the article come from our proprietary survey, which is produced every other week. The lead times are based on the average from the manufacturing companies and steel service centers […]