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 […]
U.S. steel product shipments rose for a fourth consecutive month in August, but at a slower pace, just 0.6% above July’s total. Despite the slow pace of growth, steel product shipments have been on a steady upward trend for much of the year. Although the expansion in steel product shipments and new orders continued, the […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Data on U.S. industrial production, capacity utilization, new orders and inventories continued to improve through August, indicating a strengthening manufacturing sector. The health of the manufacturing economy has a direct bearing on the […]
The U.S. manufacturing sector continued strong in September, though the PMI dropped to a five-month low due to ongoing material and labor shortages, according to the latest U.S. Manufacturing PMI data from IHS Markit. “The U.S. manufacturing sector continues to run hot, with demand once again racing well ahead of production capacity as firms report […]
New orders, employment, and production grew through September, while supplier deliveries slowed and backlogs lengthened, said the Institute for Supply Management in its latest Manufacturing ISM Report on Business. The Manufacturing PMI rose 1.2 percentage points to 61.1% in September, the second consecutive monthly increase, indicating continued expansion for the overall economy. As a three-month […]
Steel prices gradually declined through the month of September, following one full year of increasing prices. Hot rolled steel prices decreased $35 per ton ($1.75 per cwt) throughout the month, with the SMU index averaging $1,920 per ton ($96.00 per cwt) as of last Tuesday. The SMU Price Momentum Indicator was adjusted to neutral the […]
U.S. steel product shipments grew for the third straight month in July, up 2.8% from the prior month. Following some irregularity to start the year after bottoming out in May 2020, steel product shipments have been on a steady upward trend. Mill outages, factory curtailments, seasonal disruptions, and COVID-related closures slowed steel products’ shipments to […]
U.S. gross domestic product (GDP) grew by a healthy 6.7% in the second quarter of 2021 on an annualized basis, slightly faster than the 6.6% previously estimated, according to the Bureau of Economic Analysis (BEA). This third and final review was adjusted higher thanks to upward revisions in personal consumption expenditures, exports and private inventory […]
U.S. gross domestic product (GDP) grew at a 2.0% annual rate in the third quarter, the slowest pace in more than a year, according to the Bureau of Economic Analysis (BEA). The Delta variant is likely to blame for slowing U.S. economic growth in the third quarter. Consumer spending was stifled as the new strain of […]
U.S. consumer confidence declined for the third straight month in September, following a downward revision for the month prior, according to the latest data from The Conference Board. The September index fell by 5.9 points month on month after slipping 9.9 points in August. “Consumer confidence dropped in September as the spread of the Delta variant […]
World crude steel production contracted for the third consecutive month in August, a complete reversal from the repeated months of record-breaking output from March through May, according to World Steel Association (worldsteel) data. Global production in August, at an estimated 156.8 million metric tons, declined 3.0% from July, and was 1.4% lower than the same […]
At the top of the news this week, Steel Market Update sources reported that steel supplies are loosening as lead times from the domestic mills shorten and surging imports start to make it into service center inventories. It’s no surprise, then, that steel prices are beginning to moderate. Hot rolled steel prices rose virtually every […]
By CRU China CEO John Johnson from CRU’s Steelmaking Raw Materials Monitor In this Insight we examine China’s new Emission Trading System (ETS). We look at progress so far and consider its future potential. We do this by making comparisons with Europe’s ETS and consider the CO2 price necessary to impact investment decisions in China’s power and […]
Steelmakers around the world produced an estimated 156.8 million metric tons of crude steel in August, down 3.0% or 4.9 million metric tons from the month prior, reported the World Steel Association (worldsteel). Cutbacks in China accounted for much of the decrease. Global steel production in August was also down 1.4% compared to the same […]
Demand for design services from architecture firms in the U.S. improved for the seventh consecutive month, said the American Institute of Architects. AIA’s Architecture Billings Index rose from 54.6 in July to 55.6 in August. The ABI has expanded each month since January. The index for new project inquiries fell by 0.3 points to 64.7, […]
Mill shipments of steel products rose 2.0% in July to 8.7 million tons, following an increase of 1.7% the month prior. Apparent supply jumped 3.6% in July after a 6.0% increase the prior month. July marks the fifth consecutive month of gains after February’s double-digit contraction. This analysis is based on steel mill shipment data from […]
Manufacturing growth in New York State accelerated in September, climbing 16 points and nearly reversing the slowdown from the prior month, according to the Empire State Manufacturing Survey. The general business index climbed to 34.3, compared to 18.3 in August. Indices for new orders and shipments grew by double digits in September, expanding by 19 and […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Producer prices expanded further in August, albeit at a slower rate. The gains continued, however, maintaining the historic climb for the index and subcategories for final demand, which have […]
The U.S. labor market saw its worst monthly performance since January, according to the U.S. Bureau of Labor Statistics’ (BLS) August report. The latest data showed 235,000 new workers were added to payrolls in August, less than a quarter of the 1.053 million positions added in July. August’s employment report was a huge disappointment, nearly […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. U.S. job creation in August disappointed, unable to maintain pace with July’s results. The U.S. economy decelerated in August, as hiring rose at its slowest pace since January. Nonfarm payrolls increased by […]
By CRU Economist Frank Eich, from CRU’s Global Economic Outlook COP26, the first Conference of the Parties since the outbreak of the pandemic, is widely seen as an important follow-up to the 2015 Paris Agreement. In 2015 countries committed to carbon reduction targets in the form of nationally-defined contributions. Expectations are high that governments will […]
Steel prices continued to climb through the month of August, marking one full year of increasing prices. Hot rolled steel prices increased $45 per ton ($2.25 per cwt) throughout the month, with the SMU index averaging $1,935 per ton ($96.75 per cwt) as of Tuesday. The SMU Price Momentum Indicator remains unchanged since the August 2020 adjustment to higher, indicating prices […]
Steel Market Update will not publish on Sunday due to the Labor Day holiday. We will resume our normal publishing schedule on Tuesday. We will be sending out our market trends questionnaire on Monday and Tuesday as usual, however. Please take the time to share your views on steel prices and other factors affecting the […]
The Chicago Business Barometer declined to 66.8 in August, according to MNI Indicators, the fourth-highest pandemic-era reading. The August PMI is down 6.6 points from the month prior. MNI reports that order backlogs rose significantly in August, while production decreased. Firms say they are unable to keep up with new orders due to limited raw material availability […]
The U.S. manufacturing sector saw significant improvement in August, supported by steep upturns in production and new orders, according to the latest U.S. Manufacturing PMI data from IHS Markit. “U.S. goods producers continued to register marked upturns in output and new orders in August, as demand flourished once again. That said, constraints on production due […]
New orders, production and prices grew in August, while employment contracted and supply backlogs expanded, said the Institute for Supply Management in its August 2021 Manufacturing ISM Report on Business. The Manufacturing PMI rose 0.4 percentage point in August to 59.9%, edging higher and indicating expansion in the overall economy for the 15th consecutive month […]
World crude steel production contracted for the second straight month in July after repeated months of record-breaking output, according to World Steel Association (worldsteel) data. Global production in July, at an estimated 161.7 million metric tonnes, declined 3.7% from June, but was still 4.0% higher than the same period last year. Since March’s historic 12.7% […]
U.S. gross domestic product (GDP) grew by an estimated 6.6% in the second quarter of 2021, slightly faster than the 6.5% annual rate previously forecast, marking the fourth consecutive quarter of growth for the U.S. economy since the pandemic downturn, according to the Bureau of Economic Analysis (BEA). The second estimate was adjusted higher thanks […]