There are a lot of rumors swirling around the steel market over the last couple of weeks. Chief among them was that we might see a price hike after Independence Day. Another concerns a key detail in the new Section 232 agreement with Mexico. Namely, steel imported from Brazil into Mexico. Of particular interest is its potential implication for slabs imported from Brazil, rolled in Mexico, and then exported to the US.
Steel is, mostly for historical reasons, a bellwether of international policy. No longer an industry of primary importance, its advocates still proclaim that it is. And steel still continues to punch above its weight in Washington, DC. Below are a few recent examples.
Two veteran investment bankers joined SMU's Community Chat on Wednesday, July 10, to talk consolidation and M&A in the metals industry.
A month ago, when we last presented this column, there was a surprising amount of optimism in the presumably imminent reversal of the downtrend in hot-rolled steel prices in the second half of this year.
Shipments of heating and cooling equipment bounced back in May, according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
Offshore cold-rolled (CR) coil remains cheaper than domestic product. The gap continues to tighten, however, as US CR coil prices slip to a nine-month low. Domestic CR coil tags averaged $960 per short ton (st) in our check of the market on Tuesday, July 9, down $5/st from the week before. CR tags are now […]
US drill rig activity resumed its downward trend last week, while Canadian counts increased to a four-month high, according to the latest data release from Baker Hughes.
Global Plate prices declined in all regions this week amid slow seasonal demand. With bearish outlooks on demand in the near term, market participants are watching how mills will react to low order entry levels and short lead times. In the US and China, production has been steady, but in Europe, steel mills are contemplating […]
A roundup of CRU aluminum news.
We’ve taken some time to supply you with some handy-dandy production figures for 2024 presented in a unique way.
Renewable energy infrastructure, including wind turbines, solar farms, and electric-vehicle charging stations, requires substantial amounts of steel. The domestic steel industry, with its capacity to produce world-class steel with the world’s smallest carbon footprint, should be at the forefront of this supply chain. Yet the United States is increasingly importing steel from abroad to meet its renewable energy needs.
The Mexican government said on Thursday that it had negotiated a temporary carve out for Brazilian steel in recently updated Section 232 rules. Mexico said that the pact would stretch until 2027, by which point all steel exported to the US would have to me “melted and poured” within North America.
Steel Warehouse plans to expand in Jefferson City, Tenn., with an investment of ~$20 million.
The volume of finished steel entering the US market, dubbed ‘apparent steel supply,’ ticked up 3% from April to May according to SMU analysis of Department of Commerce and the American Iron and Steel Institute (AISI) data.
The ferrous scrap export market on the Atlantic and Gulf Coasts of North America has maintained its pricing for several months despite continuing declines in domestic markets.
US hot-rolled (HR) coil prices continued to drift lower this week, falling further below imported hot band tags on a landed basis. SMU’s check of the market on Tuesday, July 9, put domestic HR coil tags at $650 per short ton (st) on average, down $15/st vs. last week. Domestic HR coil prices are now […]
The US and Mexico announced measures on Wednesday to prevent tariff evasion and protect North America’s steel and aluminum industries.
Three steel trade groups and United Steelworkers (USW) union held an event on Capitol Hill urging action on strengthening legislation against unfair trade.
US steel imports registered a steep decline from May, with June licenses falling to the lowest monthly level so far this year.
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.
Flat-rolled steel prices have been largely falling since the beginning of the year. Even after a slight bump in early April when mills tried to halt the downtrend, the decrease resumed.
US sheet prices saw a similar pattern this week, customary for much of the year – new week, lower prices. Domestic tags moved lower this week, aligning with the typically slower summer period – but maybe a further indication of dwindling demand.
Flood-level waters have prompted the US Army Corps of Engineers (USACE) to close locks on the Mississippi River.
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.