Based on the latest license data from the U.S. Department of Commerce reported earlier this week, we are expecting the trend for May steel imports to total 2.5 million to 2.6 million net tons. We continue to see strength in plate imports, in both coil and sheet. Finished imports are trending toward 2.1 million net […]
With the price of oil now above $70 per barrel, the prospects appear positive for oil country tubular goods. But economic and political tensions on a global scale will keep energy prices uncertain. The spot price of West Texas Intermediate (WTI) broke through $70 on May 7 for the first time since Nov. 27, 2014. […]
The following article on the hot rolled coil (HRC) futures market was written by David Feldstein. As the Flack Global Metals Director of Risk Management, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
Foreign steel imports for May are trending toward a 2.3 million net ton month, based on the data released by the U.S. Department of Commerce earlier this week. April imports were just shy 4.0 million net tons. In the graphic below, we are tracking the license rate for the first two weeks of a month […]
Lewis Leibowitz, a trade attorney and contributor to Steel Market Update, offers the following update on trade issues in Washington affecting the steel industry: • Section 301 Hearing on Proposed Tariffs: On May 16, the U.S. Trade Representative’s office will kick off three days of hearings on the proposed Section 301 tariffs on China announced […]
On Monday, Steel Dynamics announced the acquisition of the CSN Heartland flat rolled steel mill in Terre Haute, Ind. The purchase was reported to be for $400 million in cash. The CSN plant has the ability to roll 1 million net tons of cold rolled and to coat approximately 360,000 net tons of galvanized. Steel […]
Below is the latest data released by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through March 2018. You may read the full press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for March 2018 decreased 2.2 […]
The U.S. rig count, an indicator of oil country tubular goods demand, rose this week, according to May 4 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 11 to 1,032 rigs, with oil rigs up 9 to 834 rigs, gas rigs up 1 to 196 rigs, and […]
Ryerson Holding Corp. reported an exceptional first quarter with net income of $10.4 million and revenue of $942.3 million. First-quarter revenue improved 16.1 percent over fourth quarter due to higher volume, seasonal improvement, and higher average selling price. Ryerson shipments totaled 526,000 tons for the quarter at an average selling price of $1,790 per ton. […]
Global manufacturing started second quarter with a small hop rather than a jump. The JPMorgan Global PMI posted 53.5 in April, up slightly from March’s six-month low of 53.3. “April PMI data signaled a marginal pick-up in the rate of expansion of the global manufacturing sector, the first growth acceleration seen since the turn of […]
Economic growth is expected to continue in 2018 followed by a mild recession in 2019, says ITR Economics. Concern over looming U.S. tariffs on aluminum and steel, as well as retaliatory Chinese tariffs, aligns with the HARDI/ITR quarterly forecast of macroeconomic deceleration in the U.S. economy late in 2018. Steel Market Update is a member […]
Steel Market Update downshifted its price momentum indicator from higher to neutral in late April as steel buyers reported stability in most products and prices appeared to have plateaued, at least in the short term. At month’s end, hot rolled was selling for about $873, cold rolled for just over $1,000, galvanized for around $1,100, […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Product Exclusions—The Latest No objections to product exclusions had been posted on the regulations.gov website as of April 29. The BIS regulations require objections to be submitted to BIS within 30 days after a request has been posted. […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Product Exclusions—The Latest No objections to product exclusions had been posted on the regulations.gov website as of April 29. The BIS regulations require objections to be submitted to BIS within 30 days after a request has been posted. […]
Were it not for the surprisingly strong steel demand, the price hikes prompted by the Trump administration tariffs would be a disaster, say manufacturers. As it is, the effects of the Section 232 tariffs are proving troublesome for many companies. President Trump is due to announce May 1 whether his 25 percent tariff on steel […]
As a group, flat rolled steel buyers are of the opinion that prices on hot rolled, cold rolled and coated products have plateaued over the near term. However, to a person, the buyers are waiting for May 1st to arrive and then see how President Trump, USTR Robert Lighthizer and the Department of Commerce handle […]
Oil prices are firm, and the drill rig count continues to increase, which is positive news for suppliers to the energy sector. The spot price of West Texas Intermediate (WTI) has remained above $60 per barrel since Feb. 14 and on April 10 closed at $65.48 per barrel. The total number of operating rigs exploring […]
Both current and future sentiment among flat rolled steel buyers remain at optimistic levels, though buyers’ confidence appears to have seen some erosion as measured by the three-month moving averages in Steel Market Update’s Steel Buyers Sentiment Index. The index is designed to measure changes in buyers’ attitudes, which offers insight into their likely decision-making. […]
The following article on the hot rolled coil (HRC) futures market was written by David Feldstein. As the Flack Global Metals Director of Risk Management, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
Pipe producer Borusan Mannesmann Pipe U.S. is among a reported 3,500 companies that have requested product exclusions from President Trump’s Section 232 steel tariffs. Borusan has filed for exclusions on 19 items, which covers the various diameters of its oil country tubular goods line. Borusan Mannesmann, a subsidiary of the Borusan Group in Turkey, operates […]
Below is the latest data released by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through February 2018. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for February 2018 increased 1.4 percent, […]
The U.S. rig count, an indicator of oil country tubular goods demand, rose this week, according to April 13 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs rose by 5 to 1,008 rigs, with oil rigs up 7 to 815 rigs, gas rigs down 2 to 192 rigs, and […]
Attorney and SMU contributor Lewis Leibowitz offers the following update on trade developments in Washington: This week saw some important developments. Very few people have the slightest idea where all the talk on national security, intellectual property, NAFTA renegotiation and tariffs is actually going. At this point, the only trade restrictions are on steel and aluminum, […]
Trying to predict the price of a metal is an exercise in futility, but MetalMiner strives to provide metal buying organizations with clarity around when and how much to buy, says Lisa Reisman, MetalMiner Executive Editor. Reisman will make another appearance at Steel Market Update’s 2018 Steel Summit Conference, set for Aug. 27-29 at the […]
Bay State Wind, a 50-50 partnership between offshore wind company Orsted and transmission builder Eversource, will partner with international steel pipe producer EEW to manufacture components for offshore wind projects at a new facility to be built in Massachusetts. EEW will collaborate with U.S.-based Gulf Island Fabrication, a fabricator of offshore and onshore steel structures […]
Ryerson Holding Co., a processor and distributor of industrial metals, said in earnings guidance on Wednesday that tons sold and average selling prices are expected to be higher in the first quarter. Sales revenue is anticipated in the range of $930-$950 million compared to $811 million in the fourth quarter and $815 million in Q1 […]
Global manufacturing growth in March slowed to its lowest level since October 2017. The J.P. Morgan Global Manufacturing PMI posted 53.4, down from 54.1 in February. Rates of expansion fell in the consumer and intermediate goods sectors, while the investment goods PMI rose to its highest level so far this year. Manufacturing growth eased in […]
Manufacturing activity expanded in March, though at a slower rate than February, reports the Institute for Supply Management. ISM’s March PMI registered 59.3 percent, down from 60.8 percent in the February survey of corporate purchasing managers. Any reading above 50 indicates growth. New orders continued to expand in March, although slowing 2.3 percentage points from […]
I am happy to announce CNBC analyst and commentator Ron Insana will be doing our closing keynote speech this year. Mr. Insana is well know for his analysis, business forecasts and work following politics, regulations and trade issues and how they will impact business in the United States. I believe our attendees will have a […]
In response to the Trump administration tariffs, South Korea was the first country to agree to a quota and to restrict the amount of steel they can export out of their country to the United States. Steel Market Update’s analysis below shows the potential for the quotas to have a big impact on specific market […]