Steel Market Update, in partnership with the Steel Manufacturers Association, is now accepting nominations for the new SMU NexGen Leadership Award. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North […]
By CRU Principal Analyst Josh Spoores and CRU North America Analyst Ryan McKinley U.S. domestic scrap prices fell by $10 /l.ton m/m in the Great Lakes and Ohio Valley for most grades prior to the Independence Day holiday, but dealers the following week pushed back on the price decline, with some successfully securing little to […]
Most indicators of manufacturing activity are still positive, but if trends continue, growth will become negative by late summer. This report summarizes 11 data streams that describe the state of U.S. manufacturing in general and the steel industry in particular. We have reported on most of these separately in our Steel Market Update publications, and […]
The Producer Price Index, inclusive of all commodities, has been relatively stable in 2019. In the last 12 months the prices of cold-rolled steel sheet and aluminum have declined in unison, according to an analysis of Bureau of Labor Statistics data performed by Steel market Update. This report is intended to provide subscribers with a […]
Economic activity continued to expand at a modest pace from mid-May through early July, although manufacturing production was generally flat, reported the Federal Reserve in its July 17 Beige Book. The Fed’s periodic survey of the market found businesses have a generally positive outlook for the coming months, with expectations of continued modest growth despite […]
In Sunday’s issue of Steel Market Update, we adjusted our Price Momentum Indicator on flat rolled from Neutral to Higher. One of the justifications for that move was the Service Center Spot data we were collecting last week. In our analysis, we found a change in pricing mentality, not a 180 degree change, but a […]
To stiffen his Buy American policies, President Trump signed an executive order on Monday raising the threshold for American-made steel used in federal projects from 50 percent to 95 percent. The executive order states that the Federal Acquisition Regulatory Council is to “consider proposing” within 180 days amendments to the Federal Acquisition Regulation (FAR) that […]
Manufacturing conditions improved in New York State in July, says the Federal Reserve Bank of New York. The latest Empire State Manufacturing Survey general business index rebounded from contraction to gain 13 points and register 4.3. Shipments increased during the month while new orders were essentially flat. Indices for unfilled orders and inventories moved lower […]
The rate of job creation in the U.S. in 2019 is slowing, according to Steel Market Update’s analysis of the latest Bureau of Labor Statistics data. The recent employment reports provide mixed signals. Job openings are high, unemployment is low, but the rate of job creation is slowing. This is probably due to […]
In the last 12 months the rate of job creation in the primary metals industries has been slower than in manufacturing as a whole, according to Steel Market Update’s analysis of Bureau of Labor Statistics (BLS) data. In June, 191,000 jobs were created in the private sector and government gained 33,000 positions. Table 1 breaks […]
Demand for long products is very strong, driven by the construction industry. Demand for sheet products is declining. This analysis by Steel Market Update is based on steel mill shipment data from the American Iron and Steel Institute (AISI) and imports/export data from the U.S. Department of Commerce (DoC). The analysis summarizes total steel supply […]
Commerce Department data confirms a slowdown in steel product shipments and new orders in 2019. Steel industry trade association data from the AISI and MSCI is most widely used to assess the state of the industry. In addition, the Census Bureau provides monthly data on manufacturing inventories, shipments and new orders for total U.S. manufacturing […]
The following article discussing the global ferrous derivatives markets was written by David Feldstein. As an independent steel market analyst, advisor and trader, we believe he provides insightful commentary and trading ideas to our readers. Note that Steel Market Update does not take any positions on HRC or scrap trading, and any recommendations made by […]
Canada’s Samuel, Son & Co., Limited, has named Colin Osborne to replace the retiring Bill Chisholm as the company’s president and chief executive officer, effective Aug. 1. Osborne has been transitioning to the leadership role since late 2018 as Samuel’s president and chief operating officer. Chisholm has served as CEO since 2013. “On behalf of […]
Manufacturing technology orders in May rose 7.3 percent from April to $378.4 million. The Association for Manufacturing Technology reported orders for metal cutting technologies increased 4.5 percent from the previous month while orders for forming and fabricating jumped 64.8 percent. Total orders fell almost 22 percent from May 2018. Orders for the first five months […]
SMU NexGen Leadership Award – Nomination Deadline Aug. 1, 2019 – Award to be Given at SMU Steel Summit Conference The first SMU NexGen Leadership Award – sponsored by the Steel Manufacturers Association – will be awarded at the 2019 SMU Steel Summit Conference We are looking for qualified people in the industry (manufacturing, service […]
SMU Steel 101: Introduction to Steel Making & Market Fundamentals Workshop – Oct. 8-9, 2019 – Cincinnati, Ohio You can learn more about the program, costs and how to register on our website: www.SteelMarketUpdate.com/Events/Steel101 Hotel is The Westin Cincinnati, 21 East 5th St., Cincinnati, OH 45202 Hotel reservation phone number is 513-621-7700 (note, you may […]
SMU Steel 101: Introduction to Steel Making & Market Fundamentals Workshop – Oct. 8-9, 2019 – Cincinnati, Ohio You can learn more about the program, costs and how to register on our website: www.SteelMarketUpdate.com/Events/Steel101 Hotel is The Westin Cincinnati, 21 East 5th St., Cincinnati, OH 45202 Hotel reservation phone number is 513-621-7700 (note, you may […]
Ferrous scrap prices for July settled down $10 per ton in the Western Pennsylvania/Ohio/Indiana markets, stayed sideways in the southern markets, and saw a combination of the two at points west, reported Steel Market Update sources. “This is a far cry from recent expectations of down $20-30/GT and represents what I believe is the bottom […]
The steel price increases announced by the major mills have not had much effect on the HVAC sector yet, but members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) are hopeful the market has bottomed and the value of their inventories has stabilized. “There hasn’t been much change in behavior on the street […]
Over 800 executives are registered with just seven weeks to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta, Ga., on Aug. 26-28. Once again, the Georgia International Convention Center will be the home of this, our […]
Over 800 executives are registered with just seven weeks to go before the start of the 2019 SMU Steel Summit Conference. We continue to see strong interest in this year’s event, which will be held in Atlanta, Ga., on Aug. 26-28. Once again, the Georgia International Convention Center will be the home of this, our […]
Steel Market Update asked steel buyers this week to respond to the following question: Do you believe a floor has been put on prices and they will rise from here? Here are some of the responses received: “A floor is possible, but I fear that if we see the expected downward move for scrap prices […]
The ISM Manufacturing Index slipped to 51.7 percent in June from 52.1 percent in May, its lowest reading since October 2016. The headline PMI has been softening since September 2018, noted Timothy R. Fiore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee. “Softening this month was primarily due to demand and inputs […]
Global manufacturing contracted in June with manufacturing indices falling as trade tensions and tariffs impacted business conditions. At 49.4, the J.P. Morgan Global Manufacturing PMI contracted to its lowest rate in six-and-a-half years. International trade continued to weaken with export orders falling for the tenth consecutive month. The majority of countries in the June survey […]
Bellville Tube Company has a new and, as yet, undisclosed owner. The manufacturer of steel tubulars for the commercial construction, industrial, and oil and gas industries will be reopened by a U.S.-based private investment group during the third quarter of 2019. The facility is expected to expand to full annual capacity of 130,000 tons and […]
A note this morning from one of my scrap friends: “Btw, we are not getting too excited just yet, the scrap market is clearly beginning to bottom a bit. Should strengthen a little in August.” I am getting mixed messages on lead times, but I think the consensus is lead times have moved out […]
Steel Market Update’s analysis of the Key Market Indicators shows a slight improvement in both our view of the present situation and in the trend of the indicators in June. This report is designed to be a big picture summary of data on which we have reported in detail during the month. In it we […]
Global steel production hit an all-time high in April and that record was smashed in May. Global steel production in April achieved a new high annual rate of 1.880 billion metric tons (Mt). Production surged in May to an annual rate of 1.953 billion Mt. Capacity is calculated to be 2.4 billion Mt and capacity […]
Worthington Industries, Inc., reported net earnings of $153.5 million for its 2019 fiscal year ended May 31, down 21 percent from earnings of $194.8 million in the prior year. Earnings were hurt by inventory holding losses from declining steel prices, among other factors. Sales for the year totaled $3.76 billion, up from $3.58 billion last […]