Reibus, the independent metals marketplace, has raised $75 million in Series B funding led by SoftBank Vision Fund 2. With this investment, Reibus claims total funding in excess of $100 million and a valuation of $750 million. The funding from SoftBank Vision Fund 2 adds to prior investment by Canaan Partners, Nosara Capital, Battery Ventures, […]
Coming off a year of strong growth, Reibus is looking to 2022 with guarded optimism. John Armstrong, president and CEO of the Atlanta-based online marketplace, anticipates more volatility ahead for the metals market. “We have budgeted for a 25% decrease in steel prices next year. That is our forecast, and we have built our business […]
Steelmakers around the world produced an estimated 145.7 million metric tons of crude steel in October, up 0.9% or 1.3 million tons from the prior month, reported the World Steel Association (worldsteel). October’s growth marked the first month of expansion since May, a notable result, especially given a 3.0% production contraction in China, down 2.2 […]
By CRU Steel Analyst Tiago Vespoli, from CRU’s Steel Sheet Products Monitor, Nov. 17 There is a high probability that the weather phenomenon La Niña will start at end-November, which could have serious consequences for the steel supply chain, depending on the severity of the event. Some expected impacts include increased rainfall in Australia and […]
By Philip Bell, President, Steel Manufacturers Association Earlier this year, the European Commission began reviewing its Waste Shipment Regulation (WSR) and considering proposals for its revision. On Nov. 17, the EU commission announced that it may restrict waste exports including metal scrap to non-OECD countries. In yesterday’s formal announcement, the commission proposed revised legislation on […]
Manufacturing growth in the state of New York saw a strong expansion rate in November compared to October, according to the Empire State Manufacturing Survey. The headline general business conditions index rose 11 points to 30.9 during the month. After falling by 15 points in October, the rebound in the headline index was a welcome […]
When President Biden signed his long-awaited infrastructure bill, he did far more than set out to make America’s roads and bridges safer. The $1 trillion measure promises to be a boon to the environment, and the steel industry in particular. The American Iron and Steel Institute (AISI) lauded the Infrastructure Investment and Jobs Act. “Modernizing […]
Total mill shipments of steel products fell 12.2% in September to 8.502 million tons, after seeing an 11.1% increase the month prior. Apparent supply also slipped in September, down 6.9%, following a 7.9% increase in August. September’s contractions mark the first decrease in steel supply in seven months. This analysis is based on steel mill shipment […]
Producer prices rose at a slightly higher rate in October, according to data released by the Labor Department. Supply-chain bottlenecks and shortages continue to drive manufacturing and shipping costs, keeping the historic climb for the index and subcategories for final demand moving up. Since falling in early 2020, the composite Producer Price Index (PPI) of […]
By CRU Chief Economist and Head of Sustainability Jumana Saleheen and CRU Research Manager Paul Butterworth There are no low-cost options when it comes to tackling climate change. Renewable energy is not cheaper than fossil-based power once the price of investment and storage are considered. Low-carbon energy will cost more. The only way to incentivize […]
October saw a major improvement for the U.S. labor market and a sign of optimism as the latest coronavirus surge eases. The latest data from the U.S. Bureau of Labor Statistics showed that the economy created a noteworthy 531,000 new jobs in October following disappointing monthly results in August and September. October’s results included nearly 100,000 […]
U.S. job creation roared back in October as payrolls rose by 531,000, a welcome contrast to the weak outcome the month prior. The mark was unexpected, as total jobs exceeded most estimates by nearly 100,000 and the unemployment rate fell to 4.6%, the Labor Department reported. Private payrolls were even stronger, rising 604,000 as a loss […]
The U.S. manufacturing sector continued to expand in October, though output growth was hampered by ongoing material shortages, according to the latest U.S. Manufacturing PMI data from IHS Markit. The report noted that overall output growth eased yet again, slowing to its weakest reading since July 2020 amid capacity constraints including material shortages. A lack […]
October saw a gradual decline in steel prices for the second consecutive month, following one full year of continuous price increases. Hot rolled steel prices decreased $45 per ton throughout the month, with the SMU index averaging $1,885 per ton ($94.25 per cwt) as of Tuesday, Oct. 26. The SMU Price Momentum Indicator for hot […]
New orders, production and employment grew in October, while supplier deliveries slowed at faster rate and backlogs lengthened further, said the Institute for Supply Management in its latest Manufacturing ISM Report on Business. The Manufacturing PMI fell for the third straight month in October, down 0.3 percentage points to 60.8% in October, but still indicating […]
The Chicago Business Barometer increased to 68.4 in October, according to MNI Indicators, following two consecutive months of decline. This is the fourth highest PMI level recorded in the last 10 years, following the May, July, and April 2021 highs. The October PMI is up 3.7 points from the month prior. MNI reports that order backlogs recovered more than […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-levels subscription, email Info@SteelMarketUpdate.com. World crude steel production fell further in September, contracting for the fourth straight month. Since repeated months of record-breaking output in late Q1 and early Q2, steel production has begun trending down, […]
U.S. consumer confidence saw a surprise increase in October, after declining the three months prior, as concerns over the Delta virus improved, reported The Conference Board. The October index recovered by 4.0 points month on month after slipping 5.4 points in September. “Consumer confidence improved in October, reversing a three-month downward trend as concerns about […]
In this year’s edition of CRU Breakfast – part of LME Week – we explored three key themes that shaped the commodities markets – the global economic and commodities outlook, the changing role of China, and Navigating ESG. All three themes have been central to many developments in the industry and remain equally crucial moving […]
By Philip Bell, President, Steel Manufacturers Association Editor’s note: Phil Bell and SMA are now periodic contributors to Steel Market Update. Look for Phil’s insights on steel and events in Washington in future issues of SMU. The U.S. and EU want to resolve the Section 232 steel tariff issue by Nov. 1. This is an […]
Demand for design services from architecture firms in the U.S. improved for the eighth consecutive month, according to the latest report from The American Institute of Architects (AIA). AIA’s Architecture Billings Index rose from 55.6 in August to 56.6 in September. The ABI has expanded each month since January. The index for new project inquiries […]
The U.S. economy expanded at a modest to moderate rate from late August to early October, said the Federal Reserve in its latest Beige Book report. Overall growth was curbed, though, due to supply chain disruptions, labor shortages and uncertainty around the surging Delta variant. Consumers spent more dollars in travel and tourism activity once again, […]
Manufacturing growth in the state of New York grew at a noticeably lower rate in October compared to September, according to the Empire State Manufacturing Survey. The headline general business conditions index fell nearly 15 points to 19.8 during the month. After climbing by 16 points in September, the headline index nearly lost all the […]
Producer prices posted the smallest advance year-to-date in September, according to data released by the Labor Department. Despite supply chain snarls and shortages that have driven up manufacturing and shipping costs, the negligible expansion kept the historic climb for the index and subcategories for final demand going. Since the fall in early 2020, the composite […]
Global steel demand will grow by 4.5% in 2021 and reach 1.855 billion metric tons following a 0.1% growth the year prior, according to World Steel Association’s (worldsteel) October 2021 Short-Range Outlook (SRO). An additional increase of 2.2% to 1.896 billion metric tons in 2022 is forecast for steel demand worldwide. The current forecast assumes […]
Zekelman Industries reports that it donated $1 million to help charter two flights into and out of Kabul, Afghanistan, which successfully rescued 534 American citizens and lawful permanent residents, spouses and children after the U.S. military withdrew from the city. The mission was sponsored by Task Force Argo, a group of private citizens working to evacuate […]
Mill shipments of steel products jumped 11.2% in August to 9.69 million tons, following an increase of 2.0% the month prior. Apparent supply was up 7.8% in August after a 3.6% increase in July. August’s expansion is the sixth straight month of growth in the steel supply since February’s double-digit contraction. This analysis is based on […]
September saw the worst monthly performance for the U.S. labor market since January, according to the U.S. Bureau of Labor Statistics’ (BLS) job report. The latest data showed the economy created a stingy 194,000 new jobs in September to mark the second disappointing monthly increase in a row. The sharp dive from the 1.091 million positions […]
U.S. job creation came up short again in September with just 194,000 added, marking the second disappointing monthly increase in a row. U.S. economic growth continued to decelerate in September on COVID concerns, driving hiring to its slowest pace since January. Surprisingly, the unemployment rate dropped to its lowest level since February 2020, down 0.3 […]
The American Metals Supply Chain Institute (AMSCI) plans to commemorate its successful reorganization by hosting its 70th Annual Dinner Gala on Thursday, Nov. 4, at the Loews Hotel in New Orleans. Formerly the American Institute for International Steel (AIIS), AMSCI has expanded its mission from one focusing primarily on free and fair trade in steel […]