Tag: US

Steel trade associations applauded the introduction of the “Prove It Act” into the House of Representatives on Monday.

Following April’s eight-month high, May represents the second-lowest export rate of the year, only greater than January’s 771,000 st level.

Domestic raw steel production tumbled last week to the lowest rate seen in five-months, according to the latest release by the American Iron and Steel Institute (AISI).

The volume of steel shipped into Vietnam more than doubled in May to 1.1 million (mt), with China’s share above 70%, according to customs’ statistics. In the first five months, Chinese imports were more than 4.7 million mt, an increase of 91% year on year.

First off, we hope everyone had a safe and happy July 4th holiday, with fireworks seen and BBQs attended. Many parts of the country are quite toasty at the moment, signaling that, yes, summer has indeed arrived. And looking at our most recent survey results, the summer doldrums have arrived as well.

US drill rig activity moved back up last week after drifting lower for four straight weeks. Meanwhile, Canadian counts slipped for the first time after a seven-week rally, according to the latest data from Baker Hughes.

North America has one of the most robust steel scrap markets in the world. The continent has a long history of steel production, significant imports of steel and steel-containing products, and mature steel consumption. Due to this, the reservoir of scrap available to be recycled each year in the US and other North American markets is substantial and growing.

Data on US industrial production, capacity utilization, new orders and inventories all held steady through the latest figures, indicating a stable and healthy manufacturing sector. The strength of the manufacturing economy has a direct bearing on the health of the steel industry.

US hot-rolled (HR) coil prices fell again this week – now on a 13-week run – causing tags to drift further below offshore hot band prices on a landed basis.

Domestic steel shipments increased in May month over month but have fallen on-year.

SMU’s Steel Buyers’ Sentiment Indices dropped this week, with Current Sentiment plummeting to a level not seen since the Covid-19 pandemic, according to our most recent survey data.

After celebrating the July 4th holiday, let’s have a look back at the first half of 2024.

Steel mill lead times remain near some of the lowest levels witnessed in months, according to our latest market canvass to steel service centers and manufacturers.

Stellantis announced temporary layoffs at its Warren Truck Assembly Plant in Michigan and its Toledo South Assembly Complex in Ohio. The Netherlands-based automaker is adjusting the operating schedule at the plants to better align production with sales, a spokesperson told SMU in an email.

Cornerstone Building Brands agreed to buy Mueller Supply Co. for $475 million, according to a Form 8-K filing with the US Securities and Exchange Commission (SEC) on July 1.

A record 60.6 million people are expected to travel by car for the Fourth of July holiday, according to the American Automobile Association (AAA). And a recent survey by The Vacationer said 75% of Americans intend to take at least one road trip this summer. In short, Americans are hitting the road this season and probably crossing a short-span steel bridge on their travels.

Most longs prices in the US were unchanged this month, except for rebar, which declined by $1.50/cwt ($30/short ton) m/m. While end-use demand is stable, inventories are well-stocked, keeping purchases limited. Domestic availability is sufficient to meet current demand, hindering the appetite for imported material. Meanwhile, prices for scrap remained under pressure in June, with […]

US sheet prices moved lower again this week, continuing a trend seen since early April. The slowdown aligns with the typical summer doldrums, when lax demand and shorter lead times often take center stage. The current market is also characterized by ample supply and concerns about restocking – especially with few signs of a bottom […]

It’s been a slow start to the week as far as news goes, something you’d expect ahead of a shortened Independence Day week. That said, it’s not as if transactions have completely ground to a halt. (Prices continue to drift lower.) And while news might be slow, rumors of low-priced deals, price hikes, and trade cases seem to have filled that void.

Antidumping and countervailing duties (AD/CVDs), in place for more than twenty years on imports of hot-rolled (HR) steel from six countries, are up for their fourth sunset review.

Looking out over the American economy, Triple-S Steel Holdings CEO Gary Stein believes what is required doesn’t fundamentally have to do with government policy. “Rather, it’s a mind shift.”

Domestic raw steel production inched up again last week to reach a four-week high, according to the latest release by the American Iron and Steel Institute (AISI).

US manufacturing activity contracted again in June, as reported in the latest release from the Institute for Supply Management (ISM).

Veteran investment bankers Vince Pappalardo and Andy Pappas will be the featured guests on the next SMU Community Chat on Wednesday, July 10, at 11 am ET (10 am CT). The live webinar is free to attend for all who register. A recording will be available only to SMU members. You can register here.

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

Domestic plate prices have been on a historic run since they began surging in January 2021. Tags reached an all-time high of $1,940 per short ton (st) in May 2022, though they have mostly trended lower over the past two years.

At the end of every Supreme Court term there are a few big cases. This year, there are more. The last day for releasing opinions comes July 1. On Friday, the Court issued a long-awaited and long-expected decision about interpreting statutes that give powers to administrative agencies, including (among many others) the Commerce Department, the […]

July is less than a week away, which means SMU’s Steel Summit in August is just around the corner.

The Congressional Steel Caucus have expressed concern regarding the US government’s potential trade status change for Vietnam.

US drill rig activity eased for the fourth consecutive week last week, while Canadian counts increased for the seventh week in a row, according to the latest data release from Baker Hughes.