Product
August 21, 2021
Written by Michael Cowden
Veteran metals and mining analyst Timna Tanners will join boutique investment firm Wolfe Research LLC as a managing director.
Tanners gained fame and notoriety as an equity research analyst at Bank of America (BoA) for her Steelmageddon® hypothesis – which posited that the collision of older integrated capacity and new electric arc furnace (EAF) capacity would drive steel prices sharply lower.
Sheet and plate prices continued to tick mostly higher this week amid a supply squeeze that shows no signs of loosening its grip on the US market.
The current plate market squeeze has been driven by improved demand and heightened import barriers, including 50% Section 232 tariffs. But the timing of fall outages—even if they were planned—is exacerbating the supply crunch.
U.S. Steel held a ceremonial groundbreaking on Monday for its new $475-million quench-and-tempering facility at its Fairfield Tubular Operations in Alabama.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.