Final Thoughts
Final Thoughts
Written by John Packard
June 18, 2018
We are sliding into summer and so far (knock on wood) we are not hearing of any erosion in demand. Those with whom we have spoken over the past week are optimistic about business, although concerned about the uncertainty caused by the Section 232s and now the escalation in trade issues with China using the Section 301 powers of the president.
I participated in the monthly HARDI conference call this morning and we have a recap of the conversation in tonight’s issue.
We made some additions to the SMU Steel Summit Conference, and I am very pleased that CRU Group Executive Chairman Robert Perlman will be joining me on the stage as part of this year’s program. I think those attending will be pleased to hear Mr. Perlman speak about SMU and the CRU Group in general. We will strive to make this “fireside chat” both informative and entertaining. A fitting way to end our 2018 conference.
We have also added Gregg Troian, president of PGT Trucking, and we are adding an executive from Ryder on our transportation panel, as well. I am well aware of the issues facing the trucking industry, and we will do our best to not only broach the subject but also to give our conference attendees some insights into what is being done to improve the situation.
Another reminder that we are working with AK Steel regarding changing the dates for the SMU Steel 201 workshop (the first of its kind out of SMU). The original dates conflict with Jewish holidays, and we want to be sensitive to all of our potential attendees’ needs.
A reminder that I will be in the CRU Group U.S.A. offices on Wednesday (tomorrow). I will return to my office on Thursday and Friday before leaving for New York City early on Monday morning.
I will be participating in a CRU Group New York Steel Briefing on Monday afternoon beginning at 2 p.m. at the Westin Hotel at 270 West 43rd Street in New York. If you would like to attend the CRU Steel Briefing, you may register through Kaitlin Turnley of the CRU Group: Kaitlin.Turnley@crugroup.com.
On Monday evening, I will be hosting the Bank of America Merrill Lynch dinner with their customers, along with a group of steel people, for a discussion of the market from a steel perspective.
On Tuesday. I have meetings set up in NYC before getting on a plane for London where I will meet with the CRU Group management and staff at the company headquarters over the balance of the week. I will return to my office on Tuesday, July 3.
Steel Market Update will not publish on Tuesday, July 3, as we get ready to celebrate the Fourth of July holiday here in the U.S.
As always, your business is truly appreciated by all of us here at Steel Market Update.
John Packard, President & CEO
John Packard
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Final thoughts
SMU has heard from some larger buyers who have stepped back into the market to buy at prices that, if not at a bottom, they assess to be close to one. Is it enough to stretch out lead times and send prices upward again? Or do we continue to scrape along the mid-$600s per short ton (st) as we have been doing for most of the last month?
Final thoughts
Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves had some insightful things to say today about the steel market and about a conference we suspect might be Steel Summit.
Final thoughts
They say a picture is worth a thousand words. Well, when you add in some commentary from respected peers in the steel industry to those pictures, that may shoot you up to five thousand words, at least. In that spirit, we’ve added some snapshots from our market survey this week, along with some comments from market participants.
Final thoughts
I thought we’d have more clarity this week on Section 232, Mexico, and a potential carve-out for steel melted and poured in Brazil. As of right now, the only official comment I have is from the Office of the United States Trade Representative (USTR).
Final thoughts
There are just 40 days left until the 2024 SMU Steel Summit gets underway on Aug. 26 at the Georgia International Convention Center (GICC) in Atlanta. And I’m pleased to announce that it's official now: More than 1,000 people have registered to at attend! Another big development: The desktop version of the networking app for the event has officially launched!