As I bounce around the market this week talking to steel buyers, I am trying to get a better feel for potential changes, how contract negotiations are going, how receptive end-user customers are toward the higher prices being offered (compared to one year ago), and what kind of foreign steel offers are out there. The […]
Oil prices topped $80 per barrel this week for the first time since 2014, likely giving a boost to drilling activity and consumption of steel products such as line pipe and oil country tubular goods (OCTG). But don’t expect a big spike in the market. “The recent increases in oil and gas prices are certainly […]
The number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active […]
Sheet prices are mixed this week. Hot rolled is up $10 per ton, cold rolled is down $30 per ton, and galvanized base prices are unchanged. What do you make of a week like this when there is no clear trend? First, I would caution against reading too much into any one week – especially when […]
Total construction spending was flat for a second consecutive month in August, as a decrease in nonresidential projects offset continuing gains in residential construction, reported the Associated General Contractors of America (AGC). Spending on infrastructure year-to-date declined when compared to the same year-ago period, leading the AGC to urge the House of Representatives to promptly […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Stupp Corp. said it plans to lay off 45 workers at its Baton Rouge, La., pipe manufacturing plant in November. The layoffs will begin on Nov. 6, according to the Worker Adjustment and Retraining Notification (WARN) notice filed with the Louisiana Workforce Commission earlier in the month. The Baton Rouge-based pipe manufacturer said in the […]
Finished steel imports into the United States rose by nearly 27% in the first eight months of the year. Census Bureau data reported by the American Iron and Steel Institute showed a 25.5% increase in total steel imports to 20.56 million tons, including a 26.9% increase in finished steel imports to 14.21 million tons, for […]
The number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released on Friday afternoon by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. The Energy Information Administration’s August Short-Term Energy Outlook remains subject to heightened levels of uncertainty related to the ongoing economic recovery from the COVID-19 pandemic. That big caveat […]
The number of active oil and gas drill rigs increased in the U.S. this past week, while Canadian rigs declined, according to data released on Friday afternoon by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Steel Trade Service, Nov. 18 The world economy is facing multiple headwinds. Supply-chain problems continue to hold back industrial sectors and elevate inflation. Meanwhile, an energy crisis is adding to the pressure on manufacturers and consumers. On the demand side, the biggest risk remains the Chinese […]
The number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released on Friday afternoon by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number […]
The Energy Information Administration’s August Short-Term Energy Outlook remains subject to heightened levels of uncertainty related to the ongoing economic recovery from the COVID-19 pandemic. That big caveat aside, the increase in economic activity continues to contribute to rising energy use. EIA anticipates a mostly balanced global oil market for the remainder of 2021. Crude oil […]
Toronto-based Russel Metals, Canada’s second largest metals distributor, posted its best second-quarter earnings ever off strong market conditions, the company said. Driven by rising demand and constrained supply chains, pre-tax earnings totaled $178 million, up 38% from Q1 on sales of $1.07 billion. That compares to EBITDA of $32 million on sales of $588 million in […]
Steel prices can’t go up forever and could correct downward from their historic highs later this year, steelmaker Evraz said. “Steel prices look unsustainable at current levels and there is a possibility of a gradual price decline in the coming months,” the company said in outlook commentary released with earnings data on Thursday, Aug. 5. […]
Steel tube producer Tenaris saw global sales jump 29% sequentially to $1.53 billion in the second quarter of 2021, pushing results up 17% year-over-year. A 21% increase in volumes was aided by a 6% increase in selling prices. Sales surged by 37% in North America, supported by a continued recovery in energy drilling activity and […]
The number of active oil and gas drill rigs slipped in the U.S. yet increased in Canada this past week, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active […]
Record steel prices = record profits for steel mills. And so it was record second-quarter profits all around, with even better expected in the third quarter. We’re not going to guess whether spot prices will continue upward for the balance of Q3. But contract prices, which lag spot prices, will. And that alone should be […]
Record steel prices = record profits for steel mills. And so it was record second-quarter profits all around, with even better expected in the third quarter. We’re not going to guess whether spot prices will continue upward for the balance of Q3. But contract prices, which lag spot prices, will. And that alone should be […]
Reliance Steel & Aluminum Co.’s sales soared to a record of $3.42 billion in the second quarter on shipments of 1.424 million tons. Sales were up 20.4% from the previous quarter and up 69.3% from the same period last year. The record-setting results for the largest service center in North America were due primarily to the […]
The number of active oil and gas drill rigs increased again this past week for both the United States and Canada, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of […]
The Energy Information Administration’s July Short-Term Energy Outlook remains subject to heightened levels of uncertainty related to the ongoing economic recovery from the COVID-19 pandemic. That big caveat aside, the increase in economic activity and an easing of the pandemic have contributed to rising energy use. EIA anticipates a mostly balanced global oil market for the […]
I’ve heard more than a few times now that we should keep a close eye out for falling steel prices because, “Look what happened in lumber.” In case you’ve been under a rock (or tree), lumber prices fell more than 40% in June, their biggest monthly drop on record, according to CNBC and others. What […]
Canada has launched an antidumping trade case against oil country tubular goods (OCTG) from Austria. The investigation by the Canada Border Services Agency (CBSA) – initiated on Wednesday, July 7 – stems from a complaint filed by Tenaris SA’s Canadian subsidiaries. “The CBSA will investigate whether the imports are being dumped and will make a preliminary decision […]
Prompted by rising energy prices, the number of active oil and gas drill rigs increased again this past week for both the United States and Canada, according to data released by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular […]
New orders and production picked up in June, while employment contracted, supplier deliveries slowed and backlogs lengthened, said the Institute for Supply Management in its June 2021 Manufacturing ISM Report on Business. The Manufacturing PMI fell a slight 0.6 percentage point to 60.6 after rising in May and indicates expansion for the overall economy. “Business Survey Committee panelists […]
Canada has launched an anti-dumping trade case against oil country tubular goods (OCTG) from Mexico. The probe stems from a complaint filed by Regina, Saskatchewan-based Evraz Inc. NA Canada and Concord, Ontario-based Welded Tube of Canada, according to documents from the Canada Border Services Agency (CBSA). The CBSA, which initiated its investigation on June 30, […]
Readers asked me to discuss Section 232 and its possible future. Steel and aluminum tariffs have been around since 2018, not to mention other investigations on components of electric transformers made with electrical steel, autos and auto parts, and vanadium. I think that, under applicable law, certain of these cases have been resolved. I explain here […]
Let’s talk about lead times. Because the results from our latest survey caught my attention. This is the first time in since January-February that you can maybe discern a potential peak in pricing – at least judging by that metric. Lead Times: Trend or Head Fake I’m going to display our lead latest lead time […]