By CRU Principal Analyst Matthew Watkins, from CRU’s Global Steel Trade Service, Nov. 18 There was a big price collapse in China over the past month. HR coil export prices have fallen by 13% since October and rebar is down by 10% in the same period. For HR coil, this means that China has returned […]
Final Census data shows that September foreign steel imports increased 17% from August to 3.26 million net tons and a 28-month high. October import licenses are currently at 2.47 million tons as of Nov. 4, down 24% from September and down 11% compared to August. The last time total monthly import levels were this high was April […]
Commercial Metals Company (CMC) posted record-breaking earnings from continuing operations of $152.3 million on net sales of $2.0 billion in the fourth quarter of FY 2021, exceeding the previous record posted the prior quarter by more than $22 million. For the full year, CMC’s earnings from continuing operations totaled $412.9 million, the best results in […]
By CRU Senior Analyst Ryan McKinley and Analyst Dave Thewlis, from CRU’s Steel Long Products Monitor Long product prices in the U.S. remained elevated and moved higher again m/m in some cases for October. Wire rod mills pushed through another round of price increases in mid-September and there was little to no resistance from buyers […]
Commercial Metals Co. (CMC) has found a buyer for the land in Rancho Cucamonga, Calif., that was the site of its former Steel California and Rebar Etiwanda operations. The steelmaker hopes to get $300 million from the sale, which is still subject to customary closing conditions. The company’s Steel California operations ceased in December 2020, […]
Final Census data shows that August foreign steel imports declined 10% from July’s 18-month high to 2.78 million tons. September import licenses are currently at 2.86 million tons as of Oct. 4, up 3% from August but down 7% compared to July. Total finished imports for August were finalized at 2.18 million tons, the highest […]
Preliminary Census data shows that total foreign steel imports declined 10% in August, easing from July’s 18-month high down to 2.77 million tons. September import licenses are currently at 2.50 million tons as of Sept. 27, a 10% decline from August and down 19% compared to July. Total finished imports are preliminarily at 2.18 million […]
Following a big drop in scrap prices in September, sources tell Steel Market Update they expect an increase in the price of obsolete grades in October, with prime grades seeing some downward pressure. “I think we will see an increase specifically for shred in October. The consensus is building that prices in October for these grades […]
Nucor plans to build a new, $100 million melt shop at one of its bar mills in the western United States. The melt shop is expected to have capacity of 600,000 tons per year and is slated to start up in 2024, the Charlotte, N.C.-based steelmaker said. It is also anticipated to create 140 new, full-time […]
Prime scrap prices saw a big drop in September, down $40-50 per gross ton (GT), report Steel Market Update sources. Obsolete grades also declined, though not as much, at down $20-25/GT in most parts of the country. Declining scrap prices may contribute to downward pressure on finished steel prices in the fourth quarter. Prices for […]
Lobbying groups for U.S. steel mills and the United Steelworkers (USW) union want trade restraints placed on the EU to prevent potential “import surges” from the region. The call – from the American Iron and Steel Institute (AISI), the Steel Manufacturers Association (SMA) and the United Steelworkers union (USW) – comes even as the U.S. and the […]
Final Census data shows that total foreign steel imports increased 5% from June to July, reaching 3.08 million tons. As stated in our preliminary import analysis, this is now the highest monthly import level of 2021, surpassing the previous month. The last time monthly import levels exceeded this rate was January 2020 when 3.16 million tons […]
Prices for four of the seven steelmaking raw materials tracked in this SMU analysis decreased over the last 30 days. Through Sept. 1st, iron ore prices stumbled 18% in one month’s time, pig iron prices fell 11%, shredded scrap prices declined 4%, and zinc prices decreased 2%. Busheling scrap prices remained flat month over month, while aluminum prices rose […]
Preliminary Census data shows that total foreign steel imports increased 3% from June to July, reaching 3.01 million tons. This is now the highest monthly import level of 2021, surpassing the previous month. The last time monthly import levels exceeded this rate was January 2020 when 3.16 million tons of steel entered the country. August import licenses are currently […]
By CRU Principal Analyst James Campbell, from CRU’s Steel Long Products Monitor Long product prices have fallen in most regions this month as demand was lower than expected. Part of the weakness was seasonal, but parts of Asia were also affected by further outbreaks of Covid-19. Except for the USA, the tight supply seen in […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor After rising at end-August, iron ore prices have started pointing downward again in the past week as Chinese demand remains tepid while seaborne supply has been at the strongest level since end-June. Iron ore is currently trading at $135.5 /dmt, down by $18.5 /dmt […]
Roughly half of the steel executives responding to Steel Market Update’s market trends questionnaire this week believe the infrastructure legislation now working its way through Congress will have a significant impact on steel demand in the next year or two. The other half are unsure if the two parties in Washington can reach agreement even […]
Settling on the direction of SMU’s Price Momentum Indicators has been an easy task for the past year. Prices on all products were clearly moving upward week after week as demand continued to outstrip supplies. Today, the market is changing, and the trend is less clear. Determining price momentum is considerably trickier. SMU does not […]
Schnitzer Steel Industries Inc. has resumed production at its Cascade Steel Rolling Mills in McMinnville, Ore., following a fire in late May that damaged the facility’s melt shop. The Portland, Ore.-based recycler, which also owns the Oregon mill, said the facility was accepting orders after restarting operations several weeks earlier than expected. “I am proud […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor The iron ore price decline continues as demand for spot cargoes in China is exceptionally weak, while we have started seeing signs of improving supply from Australia. On Tuesday, Aug. 10, CRU assessed the 62% Fe fines price at $160.0 /dmt, a $25.0 […]
The U.S. Senate passed the $1 trillion infrastructure bill. The bill includes $550 billion in new spending. The bill calls for $110 billion for roads, bridges and major infrastructure projects. It also includes $40 billion for bridge repair and replacement, $39 billion to modernize public transit, $66 billion for passenger and freight rail, $65 billion to […]
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. […]
Final Census data shows that total foreign steel imports increased 16% from May to June, reaching 2.93 million tons. As stated in our preliminary import analysis, this is now the highest monthly import level of 2021, surpassing the April high. The last time monthly import levels exceeded this rate was January 2020 when 3.16 million tons […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore has continued its fall by registering a $15 /dmt drop in the past week after steep declines at the end of last week, followed by a slight rebound on Monday and Tuesday. Chinese buying interest has subsided quickly as the number […]
Preliminary Census data shows that total foreign steel imports are up 15% from May to June, reaching 2.90 million tons. This is now the highest monthly import level of 2021, surpassing the April high of 2.64 million tons. The last time imports were this high was January 2020 when imports totaled 3.16 million tons. July import licenses through […]
Peruvian steelmaker Corporación Aceros Arequipa S.A. (CAASA) has purchased two scrap yards in Florida to ensure it has enough raw materials for a new steel mill. The assets purchased include a shredder as well as a magnetic metal separation system, according to a notice filed with Peruvian securities regulators. Terms of the deal were not disclosed. […]
Former President Donald Trump acted within the law when he doubled Section 232 tariffs on Turkey from 25% to 50% in August 2018, a federal appeals court said. The decision by the U.S. Court of Appeals for the Federal Circuit upends a prior decision by a lower court – namely, by the U.S. Court of […]
This report examines the import share of tubular and long products shipments. Imports’ share of total tubular products rose to 47.9% in May, up from 46.6% in April. Total tubular imports rose by 6.4% month on month, while domestic shipments ticked up only slightly by 0.4% during the same period. Overall supply was up as […]
Final Census data shows that May foreign steel imports totaled 2.53 million tons, down 116,000 tons compared to the month prior, a 4% decline. Although May was down from the month prior, levels remain strong compared to recent months; April imports had reached the highest level seen since July 2020. Current June import licenses through this week […]
Schnitzer Steel Industries, Inc., posted its best results in more than a decade in its fiscal third quarter thanks to high prices and strong demand for both ferrous and nonferrous scrap. The Portland, Ore.-based scrap recycler and long steel producer recorded net income of $63.6 million in the third quarter after losing approximately $5 million […]