Tag: US

Economic activity across the US increased marginally from early January through the end of February, according to the latest Beige Book report from the US Federal Reserve.

US hot-rolled coil (HRC) is now just about 5% more expensive than offshore hot band. The premium domestic product had over imports for roughly five months is all but gone, and nearing parity.

What are folks in the steel industry talking about at present? Respondents to SMU’s mini-survey this week shared some of their thoughts with us about what's going on in the market. Rather than summarizing their responses, here’s some of what they had to say in their own words.

India’s JSW Steel has selected steel industry veteran Robert Simon as CEO of JSW Steel USA.

Consumer confidence in the US declined in February after accelerating to a two-year high the month prior, The Conference Board reported. Results came in amid ongoing concerns regarding the US economy. The headline Consumer Confidence Index declined to 106.7 in February from a downwardly revised 110.9 in January. The index, which measures Americans’ assessment of […]

Flat-rolled steel prices have been running downhill in a hurry since the beginning of the year. In some ways, it's no surprise because other indicators have also been pointing lower for some time. Lead times have been contracting since the beginning of the year and are now below the five-week mark for hot-rolled (HR) coil for the first time since September. Mills are more willing to negotiate lower prices, and early reports seem to indicate that scrap might settle lower again in March.

Sheet and plate prices this week continued the downward trend they’ve been on for most of 2024. Some market sources predicted that a wave of spring maintenance outages would help to stabilize lead times and prices in the weeks ahead – especially should service center inventories, high at the beginning of the year, come down meaningfully.

Turkish scrap import prices consistently declined over the past month due to persistently weak domestic demand and lower prices in main supplier markets in recent weeks.

US manufacturing activity continued to slump in February, contracting for the 16 consecutive month, according to the latest report from the Institute for Supply Management.

Domestic production of raw steel declined slightly last week, moving down for the first time in six weeks, according to the most recent data from the American Iron and Steel Institute (AISI).

A clear consensus has emerged among respondents to SMU’s latest steel market survey that hot-rolled (HR) coil prices will bottom this month or in April. Seventy-five percent of respondents to our latest survey think that prices will find a floor before May as the chart below shows:

The failure of the trade remedy actions against imported steel tin mill products (TMPs) continues to resonate. Cleveland-Cliffs and the United Steel Workers Union (USW) lost the case at the International Trade Commission (ITC) last month. A few days ago, the ITC released its final report explaining the decision against imposing antidumping and countervailing duties […]

IAI reports aluminum industry greenhouse gas emissions declined in 2022.

The American Iron and Steel Institute (AISI) is urging Congress to strengthen US trade laws. Specifically, Kevin Dempsey, president and CEO of AISI, asked Congress to incorporate the provisions of the Leveling the Playing Field 2.0 Act in any trade legislation that moves forward this year.

The number of active rigs in the US inched up to the highest level seen since September, according to the latest data from Baker Hughes.

When it comes to finding ways to reduce emissions in steel manufacturing, we are in the all-of-the-above camp.

The news in the West was that a mill in the Rocky Mountain region made a significant reduction in their usual purchase program, while still another small mill in the region also apparently reduced their buying program for February.

SMU’s Current Steel Buyers’ Sentiment Index eased to an eight-week low, according to our most recent survey data.

I want to give a big shoutout to the good folks at the Fabricators and Manufacturers Association (FMA) for inviting me to their annual conference this week in Clearwater, Fla. I also want to give a special thanks to the FMA for awarding SMU founder John Packard with a lifetime achievement award – on that also gave me a chance to catch up with my old boss in person.

Cleveland-Cliffs CEO Lourenco Goncalves said he blames U.S. Steel’s lack of participation in the tin mill products trade case for an unfavorable US International Trade Commission (ITC) decision.

The premium US hot-rolled coil (HRC) held over offshore product for roughly five months has nearly vanished. Domestic hot band prices continue to run downhill at a high rate, erasing a $300/st gap they had over imported HRC just two months ago.

Steel mill lead times shrunk by an average of 0.3 weeks, according to our latest market survey, now nearing levels last seen in September of last year.

The March outlook for most ferrous products is trending down faster than most participants thought as recently as a week ago.

Nucor Corp. announced that its plate mill group would cut prices for as-rolled, discrete, and normalized plate with the opening of its April order book.

Mexico has said it will place retaliatory steel tariffs on the United States if the US acts to reimpose Section 232 on its neighbor, according to an article in Reuters.

What are some “Black Swans” to watch out for? With the war in Ukraine entering its third year, your mind might understandably move to conflicts overseas. Here is one closer to home to consider: US trade relations with Mexico taking a turn for the worse. I mention that because the Office of the United States Trade Representative (USTR) dropped a (virtual) bombshell earlier this month.

US hot-rolled (HR) coil prices have fallen further this week, working their way to $800 per short ton (st) on average – a mark not seen since late October.

Metalformers expressed increased optimism about business activity this month, according to the February 2024 Precision Metalforming Association (PMA) Business Conditions Report.

The United Auto Workers (UAW) union said that over 50% of workers at Mercedes-Benz’s plant in Vance, Ala., “have signed union cards in support of joining the UAW.”  

January’s import level was even higher than an earlier license count had suggested, making it the highest month for imports since June 2023.