Manufacturing activity continued to expand in New York State, but at a slower pace in February. The Empire State Manufacturing Survey general business index dipped five points to 13.1. A slight increase in new orders was offset by a similar decrease in shipments. Unfilled orders increased slightly and delivery times lengthened. Input prices jumped in […]
It appears that the market is being set for the next round of flat rolled price increases. With benchmark hot rolled averaging $745 per ton, which is essentially at the levels suggested by ArcelorMittal USA in their last announcement, then there is nothing to stop another increase. I heard from a buyer earlier this week […]
At a meeting with lawmakers this morning, President Donald Trump said imposing tariffs is an option for stopping the dumping of steel and aluminum into the U.S. “I want to keep prices down, but I want to make sure that we have a steel industry,” said Trump, according to a Bloomberg report. “Part of the […]
Distributors of galvanized steel products to the HVAC industry are concerned that steel prices could experience a correction once President Trump finally announces his decision on Section 232. “I fear that a lot of 232 is already built into the pricing, and if the [trade action] is less than people were expecting, we could see […]
Fifteen trade associations, representing more than 30,000 U.S. steel-using manufacturers and employing one million American workers, sent a letter to President Trump and other senior trade officials last night in advance of the meeting between the administration and legislators regarding Section 232. The letter warns that restrictions on basic steel imports will “adversely impact national […]
Fifteen trade associations, representing more than 30,000 U.S. steel-using manufacturers and employing one million American workers, sent a letter to President Trump and other senior trade officials last night in advance of the meeting between the administration and lawmakers regarding Section 232. The letter warns that restrictions on basic steel imports will “adversely impact national […]
The release of President Trump’s infrastructure plan drew mixed responses from trade groups involved with the steel industry. Although all support the much-needed infrastructure work, several question the president’s plan to fund it. Thomas J. Gibson, president and CEO of the American Iron and Steel Institute supported the streamlining of permits proposed in the plan. […]
The employment picture looks attractive so far for 2018, particularly for construction and manufacturing. The Bureau of Labor Statistics (BLS) reported on Friday that the economy created 200,000 new nonfarm jobs in January. The BLS data included revisions for previous years, which we have incorporated into this update. There were increases in the total number […]
Both manufacturing companies and flat rolled steel service centers reported near unanimous support for higher spot pricing. In the process, it is Steel Market Update’s opinion the higher flat rolled and plate spot prices provided by the distributors also support the most recent steel price increase announcements by the flat rolled steel mills. Last week, […]
The American Institute for International Steel, which represents foreign steel producers, sent a letter to President Trump on Thursday on behalf of the 1.3 million people who depend on steel imports for their livelihoods. AIIS President Richard Chriss urged the administration not to impose new tariffs and quotas on imported steel products that would benefit […]
Steel Market Update has been pulling out all of the stops as we prepare to host the fastest growing and the largest steel conference in North America at the end of August. This year’s SMU Steel Summit Conference is expected to attract 750+ executives in manufacturing, service centers, steel mills, trading companies, toll processors and […]
Steel Market Update has been pulling out all of the stops as we prepare to host the fastest growing and the largest steel conference in North America at the end of August. This year’s SMU Steel Summit Conference is expected to attract 750+ executives in manufacturing, steel service centers, steel mills, steel trading companies, toll […]
Editor’s note: Richard Chriss, president of the American Institute for International Steel, which represents foreign steelmakers, offered this rebuttal to a recent letter to the editor in the New York Times by Scott Paul, president of the Alliance for American Manufacturing: There is no single word for the economic fallacy of assuming that those who […]
The United Steelworkers challenged the president to reduce the trade deficit after Commerce released its deficit report today. The Department of Commerce reported that for 2017, the goods and services deficit increased $61.2 billion, or 12.1 percent, from 2016. Exports increased $121.2 billion or 5.5 percent and imports increased $182.5 billion or 6.7 percent. Specifically […]
Another note regarding our SMU Service Center Flat Rolled Steel Inventories report. This information is provided first to those companies who supply data. So, if you are a service center or wholesaler selling prime flat rolled and/or plate products and you would like to participate as a confidential data provider, please contact me at John@SteelMarketUpdate.com. […]
The JP Morgan Global Manufacturing PMI was only slightly lower in January than December’s near seven-year record. Inching down to 54.4 from 54.5, manufacturing is off to a good start for 2018. The Global PMI is produced monthly by J.P. Morgan and IHS Markit in association with the Institute for Supply Management and the International Federation […]
Construction spending increased for the fifth consecutive month in December, but an infrastructure bill is needed to address growing deficiencies in transportation, water and wastewater infrastructure, says the Associated General Contractors of America in an analysis of new government data. “Construction spending ended the year on a high note, with gains over November levels for […]
Those who were hoping the State of the Union address would offer some indication of how President Trump will act on Section 232 were left disappointed. His speech was long on patriotism and short on specifics when it came to trade policy. The steel industry is left to speculate on whether the administration will further […]
Manufacturing activity slipped slightly in January, according to the latest Report on Business from the Institute for Supply Management. The ISM Index edged downward to 59.1 percent from 59.3 percent in December, but remained higher than its average reading of 57.4 for 2017. Indexes for new orders fell 2 points to 65.4 percent and production […]
I am excited about this year’s SMU Steel Summit Conference. The pieces of the puzzle are carefully fitting into place. As always, our program will be cutting edge as we address issues of the day, as well as those that will change the steel and manufacturing industries very soon. Much is happening, and you will […]
Steel Market Update publisher John Packard is excited about this year’s SMU Steel Summit Conference. The pieces of the puzzle are carefully fitting into place. As always, our program will be cutting edge as we address issues of the day, as well as those that will change the steel and manufacturing industries in the weeks, […]
Economic indicators are strong overall and portend well for the first half of 2018. This report summarizes seven data sources that describe the state of manufacturing, construction, steel activity and the overall market in the United States. We have reported on most of these separately in our Steel Market Update publications, and therefore will […]
Steel Market Update publisher, John Packard, traded comments with a financial analysts who was of the opinion that demand was under duress and the future of the steel using markets was in doubt. This does not match our belief based on a review of the SMU Key Market Indicators. We are sharing this report with […]
“We don’t just sell to each other–this is a kind of unique relationship in the world…we make things together,” said Canada International Trade Minister François-Philippe Champagne in a recent speech. Center for Automotive Research analyst Bernard Swiecki referred to the quote as a summary of what NAFTA means to the North American automotive industry. “We […]
AK Steel announced today that it will increase current spot market base prices for all carbon flat-rolled steel products by a minimum of $30 per ton, effective immediately with new orders. This latest price hike follows a $40 increase announced by the steelmaker in early January. AK Steel is a producer of flat-rolled carbon, stainless […]
As plugged into Washington as they may be, the leadership of the Steel Manufacturers Association is in the dark on Section 232, just like everyone else. Queried by reporters last week during SMA’s board meeting in Florida, the trade group’s officers could offer no inside information on what to expect from President Trump as he […]
The following article was written by George F. Will as an opinion piece in the Washington Post. It was originally published on Jan. 26, 2018. Like Horatius at the bridge, or the boy who stood on the burning deck whence all but he had fled, or the Dutch boy who saved the city by putting […]
The U.S. International Trade Commission ruled on Friday that imports of Canadian Bombardier civil aircraft do not injure the U.S. industry. The surprise unanimous vote was a disappointment to Boeing which called for stiff tariffs against their competitor for alleged unfair trade practices. In December 2017, the Commerce Department claimed the planes were sold at […]
Durable goods orders increased at their fastest pace in six months, gaining 2.9 percent after an upwardly revised 1.7 percent advance in November. On a year-over-year basis, orders increased 5.8 percent from 2016, the most in six years. Durable goods are items that are meant to last at least three years. Civilian aircraft orders jumped […]
ArcelorMittal announced that it will invest CAD $70 million (U.S. $56.8 million) in its Contrecoeur, Quebec, wire rod and bar facilities. Two reheating furnaces will be replaced at Contrecoeur-East wire rod mill and its Contrecoeur-West steel bar mill. The furnaces will increase the company’s rolling capacity by 100,000 metric tons with greater efficiency and reduced […]