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 […]
Another 285 workers were laid off at US Steel’s Gary Works. US Steel spokesperson Courtney Boone attributes “challenging market conditions that are impacting the company” for the latest layoffs. US Steel laid off 270 workers three weeks ago but recalled 52 of them last week. On Friday, 57 salaried managers were dismissed, bringing the total […]
Below is the latest data issued by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through March 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 March 2015 increased 12.8 percent, […]
The Bureau of Labor Statistics (BLS) analysis of non-farm employment reported that 223,000 jobs were added in April but the March result was revised down by 41,000 to a mere 85,000. The three month moving average (3MMA) of gains through April was 191,000 and the combined result for March and April was the lowest since […]
The Q2 2015 February Senior Loan Officer Opinion Survey on Bank Lending Practices was released on May 4th. This survey addresses changes in the standards and terms on, and demand for, bank loans to businesses and households on a quarterly basis and is based on the responses from 76 domestic banks and 23 U.S. branches […]
Ryerson Holding Company, a processor and distributor of metals, announced the appointment of Edward J. Lehner as President and Chief Executive Officer. Lehner will succeed Michael C. Arnold who will retire at the end of May. Lehner has served as executive vice president and chief financial officer for Ryerson since 2012. Prior to joining Ryerson, […]
According to Baker Hughes data from May 10th, 2015, the U.S rig count for the week was 894 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 11 rigs […]
Gibraltar Industries, a leading manufacturer and distributor of products for building markets, saw revenues decrease in Q1 2015 in the industrial and infrastructure product segments. Low oil prices have dampened spending in the oil and gas markets and the strong US dollar has impacted order rates and revenues. Historically, approximately 25-20 percent of revenues for […]
The 2015 Association for Iron and Steel Technology Steelmaker of the Year Award was presented to Mario Longhi, president and chief executive officer of U.S. Steel Corp. at the AISTech 2015 conference in Cleveland, Ohio on May 5, 2015. The award recognizes the contributions of a prominent individual to the steel industry. Longhi was honored […]
According to Baker Hughes data from May 1st, 2015, the U.S rig count for the week was 905 rigs exploring for or developing oil or natural gas. The last time the active U.S. count was this low was back on June 19, 2009 at 899 rigs. This week’s total rig count is down 27 rigs […]
US Steel spoke at length on the impact that unfairly traded imports have had on results in first quarter. Although, CEO Mario Longhi could not give an estimate for when the next trade case will be filed he did respond, “What I can tell you, it’s not a question of if; it’s a question of […]
The March AIIS imports report shows steel imports falling for the second month in a row. Imports from South Korea rebounded 16.6 percent from February. The AISI report in its entirety follows: Falls Church, VA. April 29, 2015. Steel imports fell for the second straight month in March – and the fourth of the last […]
Latin America is China’s second largest market for steel exports, receiving 8.3 million tons of steel in 2014. Alacero, the Latin American Steel Association, was one of eight steel organizations representing steel interests in North America, Latin America and Europe to express concern over China’s “Steel Adjustment Policy 2015.” SMU asked Alacero to comment on […]
Both these data points are reported in the Federal Reserve G17 data base. The IP index was reported as 105.22 for March, down by 0.64 from February. The three month moving average (3MMA) was 105.63, down by 0.34 from February. January was the highest value ever of the 3MMA at 106.11. The Y/Y growth rate […]
Reliance CEO Gregg Mollins is expecting a steel price increase in the “not too distant future.” Steel prices have been bouncing near bottom due to a flagging energy industry and competition from extraordinary levels of steel imports. The spread between domestic and foreign is now thin, said Mollins, business is good, and demand is there. […]
The energy markets, especially oil and natural gas, are major users of flat rolled steel and plate products. As oil prices have fallen the production of pipe & tube and related products for the energy segment of the economy have fallen significantly. This has had a major impact on hot rolled coil production and pricing. […]
Nucor Corp. announced net earnings of $67.8 million. Consolidated net sales decreased 14 percent year over year to $4.4 billion in the first quarter 2015. Earnings were down 12 percent compared to fourth quarter 2014. Total tons shipped to outside customers were 5.6 million tons, down 7 percent from Q4 and 9 percent from Q1 […]
As much as the steel industry would like to see foreign steel imports shrinking so far in April, that is not the case. Based on steel import license data through Tuesday, April 23rd, imports are on pace to come close to repeating March’s 3.7 million tons. At this point in time Steel Market Update believes […]
Global steel production in 12 months through March totaled 1.626 billion tonnes with a capacity of 2.2 billion tonnes which yields a utilization for the 12 month period of 73.9 percent. China accounted for 50.3 percent of global production in March. Asia as a whole, including India, accounted for 68.3 percent of global production. Production […]
US Steel announced another round of production adjustment cuts that affect the company’s tubular operations. Notice of potential layoffs were issued to 1,404 employees on Friday, April 17. The latest round of notifications impact 404 management employees in Houston and other U.S. Steel tubular operations, 579 employees at Lone Star Tubular, 166 at Offshore Operations […]
According to Baker Hughes data from April 17th, 2015, the U.S rig count for the week was 954 rigs exploring for or developing oil or natural gas. The last time the active U.S. count was this low was back on July 31, 2009 at 948 rigs. This week’s total rig count is down 34 rigs […]