Below is the latest release issued by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through May 2015. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for May 2015 increased 10.2 percent, […]
Earlier this week US Steel came out with a $40 per ton price increase. Since then the other mills have been eerily quiet not yet jumping on the bandwagon. It is normal for the smaller mills to wait and see if the larger mills will follow the lead. So far this week, they have not. […]
A month ago one of our dealer sources echoed the views of many in the ferrous scrap business, he expected nothing worse than a sideways (no change) market for July scrap prices. He pointed to stronger demand at the steel mills and continued weak collection of obsolete scrap grades. We will hear more from him […]
Mexican steelmakers are feeling the pressure from unfairly traded steel. In a joint statement on last week, Altos Hornos de Mexico (AHMSA), De Acero, Tubacero and ArcelorMittal accused Russia, China and Turkey of dumping steel at prices below production costs. In a full page newspaper ad, the steel companies urged President Enrique Pena Nieto to […]
The Institute of Supply Management released their June report on July 1st. An explanation of the ISM index is given at the end of this piece. After seven straight months of decline the index gained 1.3 points in May and a further 0.7 points in June to end at 53.5 with a three month moving […]
The Bureau of Labor Statistics (BLS) analysis of non-farm employment reported that 223,000 jobs were added in June which was in line with expectations. April and May were revised down by a total of 60,000. Monthly job gains have averaged 221,000 over the past three months. In the 12 months prior to June, employment growth […]
Global manufacturing in June slowed close to a two-year low according to the JP Morgan Global Manufacturing PMI. The Index posted at 51.0 from 51.3 in May, but manufacturing output remained in expansion (above the neutral 50 point) for the 31st consecutive month. Manufacturing growth, on average, continued to grow in North America and Europe […]
According to Baker Hughes data from June 26, 2015, the U.S rig count for the week was 859 rigs exploring for or developing oil or natural gas. This is up 2 rigs when compared to last week, with oil rigs down 3 to 628 rigs, gas rigs up 5 to 228 rigs, and miscellaneous rigs […]
Worthington Industries closed fourth quarter FY 2015 with net sales of $846 million and net earnings of $28.9 million. Quarter earnings were negatively impacted by pre-tax impairment, restructuring and other charges, totaling $6.5 million. Earnings in Q4 2014 were $33.2 million. Steel processing net sales dropped 4 percent y/y to $540 million due to lower […]
This piece, written by Peter Wright, combines our own data analysis with recently published opinions about the iron ore, metallurgical coal and zinc markets that we find credible. Iron Ore: The Platts IODEX of 62 percent Fe delivered North China recovered to $61.25 on March 22nd, continued its upward trend in June then on June […]
Global steel production in 12 months through May totaled 1.672 billion metric tonnes with a capacity of 2.2 billion tonnes according to the World Steel Association. Capacity utilization on a three month moving average, (3MMA) basis was 72.2 percent unchanged from April. China accounted for 50.2 percent of global production in May. Asia as a […]
Figure 1 shows historical gas and oil prices since January 2000. The daily spot price of West Texas Intermediate fell below $100 per barrel in August and by January 23rd was down to $44.80. By June 15th, the latest daily figure available from the Energy Information Administration (EIA) the price of WTI had recovered to […]
Both these data points are reported in the Federal Reserve G17 data base. The IP index was reported as 105.102 for May, down by 0.18 from April and down from the all-time high of 106.309 in November last year. The three month moving average, (3MMA) in May was 105.40, down by 0.23 from April. January […]
We are starting to see signs that the June import numbers could be significantly below those of April and May which were both at 3.5 million net tons. The daily import license rate for June is at 109,662 tons per day and if the actual imports were to come in at that rate the month […]
Below is the latest release issued by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through April 2015. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for April 2015 decreased 8.8 percent, […]
According to Baker Hughes data from June 12, 2015, the U.S rig count for the week was 859 rigs exploring for or developing oil or natural gas. The last time the active U.S. count was this low was back on January 17, 2003 at 845 rigs. This week’s total rig count is down 9 rigs […]
The Bureau of Labor Statistics (BLS) analysis of non-farm employment reported that 280,000 jobs were added in May and the March and April result was revised up by a total of 32,000. Economists had expected U.S. employers to add 220,000 jobs last month. The three month moving average, (3MMA) of gains through May was 207,000 […]
The US Department of Commerce release Final Census Data regarding April steel imports which were reported to be 3,501,337 net tons in total, down 3.2 percent over March data and down 6.3 percent over the level seen one year ago. Semi-finished (blooms, billets, and slabs) imports recovered 118,000 tons from the four year low we […]
According to Baker Hughes data from June 5, 2015, the U.S rig count for the week was 868 rigs exploring for or developing oil or natural gas. The last time the active U.S. count was this low was back on January 24, 2003 at 862 rigs. This week’s total rig count is down 7 rigs […]
Steel Market Update found it interesting as we received a number of comments regarding Al Plummer’s letter to the editor regarding foreign steel imports, pricing and potential dumping. What was most interesting was the vast majority of the comments received were from other steel traders… One trader responded to the continued threats of filing dumping […]
Global manufacturing advanced slightly in May according to the JP Morgan Global Manufacturing Survey. The Global PMI registered 51.2 last month, compared to 51.0 in April. International trade remained weak, however, as new export business decreased for the first time in two years. Production and new orders picked up in May after hitting lows in […]
According to Baker Hughes data from May 29, 2015, the U.S rig count for the week was 875 rigs exploring for or developing oil or natural gas. The last time the active U.S. count was this low was back on January 31, 2003 at 873 rigs. This week’s total rig count is down 10 rigs […]
This is the first time we have dedicated a piece specifically to raw materials prices. It combines our own data analysis with expert opinion published in the last couple of weeks that we find credible. Iron Ore As of this past weekend, the Platts IODEX of 62% Fe delivered North China recovered by $6.25/dmt in […]
Canacero, the Mexican Iron and Steel Industry Chamber, is urging Latin American countries to take action against the flood of steel imports and derivatives from China. Latin America is the second largest international market for Chinese steel products, said Alonso Ancira Elizondo, president of Canacero. In 2014 shipments of rolled steel from China exceeded nine […]
According to Baker Hughes data from May 22, 2015, the U.S rig count for the week was 885 rigs exploring for or developing oil or natural gas. The last time the active U.S. count was this low was back on June 12, 2009 at 876 rigs. This week’s total rig count is down 3 rigs […]
The American Institute for International Steel (AIIS), Eurometal, and the International Steel Trade Association have agreed to establish a global steel supply chain partnership. The purpose is outlined in a press release from AIIS below: The purpose of their agreement is to establish a Global Steel Supply Chain Partnership as a framework for collaboration among […]
Global steel production in 12 months through April totaled 1.624 billion tonnes with a capacity of 2.2 billion tonnes which yields a utilization for the 12 month period of 73.8 percent. China accounted for 50.9 percent of global production in April. Asia as a whole, including India, accounted for 68.4 percent. Production in April on […]
Steel Market Update is a member of an association connected to the construction industry called HARDI. HARDI stands for Heating, Air-conditioning & Refrigeration Distributors International. HARDI and the Institute for Trend Research (ITR), an economic forecasting company, work together to gather economic data to provide a quarterly forecast to the HARDI members located in the […]
An electrical fire Friday at ArcelorMittal Weirton in West Virginia sent eight employees to the hospital. A transformer at the Weirton strip steel operation malfunctioned causing adjacent electrical equipment to catch fire said ArcelorMittal spokesperson Mary Beth Holford. The fire was extinguished quickly and employees working the area were evacuated as a precaution. Several employees […]
According to Baker Hughes data from May 15th, 2015, the U.S rig count for the week was 888 rigs exploring for or developing oil or natural gas. The last time the active U.S. count was this low was back on June 12, 2009 at 876 rigs. This week’s total rig count is down 6 rigs […]