Final Thoughts

Final Thoughts

Written by John Packard


First, our questions posed to U.S. Steel remained unanswered as we reached the end of the day today. The last we heard they were running two blast furnaces at reduced capacities for each at Gary Works. It is not known exactly how many tons per day of pig iron or steel are being produced. Iron ore is (or will be) on its way to Gary Works as time progresses and the ice breakers are able to move convoys through Lake Superior, past Sault Ste Marie and ultimately into Lake Michigan. We have more about the status of the various vessels in another article in this newsletter.

There is no news coming out of Great Lakes at all. By the way, we did hear from one of our contacts at Hamilton Works who confirmed their substrate was coming from Lake Erie and their lines are all very busy. US Steel made the decision to shut down the blast furnace at Hamilton towards the end of last year.

We were briefly sold out of our Steel 101 workshop in Dearborn. Then we received a cancellation so we do have room for one more. You can find details on our website or you can contact our office for information: 800-432-3475.

We have the dates set on our Managing Price Risk II: Strategies & Execution. We will be holding the workshop at the CME Building at 20 South Wacker Drive in Chicago on June 24 & 25th. The workshop will begin at 1 PM on the 24th and will end on the 25th around 2 PM CT. We are working on finishing the details to put on our website as well as registration details. I hope to have these ready by the end of the week. If you have questions or want to get a spot at the head of the line you can do so by contacting our office: 800-432-3475.

Today is Tax Day in the United States. You have until Midnight tonight…

As always your business is truly appreciated by all of us here at Steel Market Update. Without you and your company we would not be paying taxes this evening…

John Packard, Publisher

 

 

Latest in Final Thoughts

Final thoughts

Last week was a newsy one for the US sheet market. Nucor’s announcement that it would publish a weekly HR spot price was the talk of the town – whether that was in chatter among colleagues, at the Boy Scouts of America Metals Industry dinner, or in SMU’s latest market survey. Some think that it could Nucor's spot HR price could bring stability to notoriously volatile US sheet prices, according to SMU's latest steel market survey. Others think it’s too early to gauge its impact. And still others said they were leery of any attempt by producers to control prices.