U.S. consumer confidence declined for the second straight month in August, following a downward revision for the month prior, according to the latest data from The Conference Board. The August index fell by 11.03 points month on month after slipping 3.8 points in July. “Consumer confidence retreated in August to its lowest level since February 2021 […]
By CRU Principal Economist Alex Tuckett and CRU Chief Economist and Head of Sustainability Jumana Saleheen, from CRU’s Global Economic Outlook The spread of the Delta variant, plus some disappointing data from the U.S., have led us to slightly revise down our forecast for 2021 GDP growth from 6.1% to 5.9%. Growth in industrial production […]
By CRU Principal Economist Alex Tuckett and CRU Chief Economist and Head of Sustainability Jumana Saleheen A disappointing outlook for U.S. Q3 growth, and the problems in China’s construction sector, have led us to downgrade our forecast for 2021 world growth from 5.8% to 5.4%. Our forecast for 2021 growth in Industrial Production has been revised […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Steel Trade Service, Nov. 18 The world economy is facing multiple headwinds. Supply-chain problems continue to hold back industrial sectors and elevate inflation. Meanwhile, an energy crisis is adding to the pressure on manufacturers and consumers. On the demand side, the biggest risk remains the Chinese […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook, Jan. 31 2022 has begun with tentative signs that supply chains are slowly normalizing. Business survey measures of delays, bottlenecks and price pressures in the U.S. and Europe are moderating. PPI inflation looks to have peaked. This is essential to our view that consumer price inflation […]
Felux has raised $5.1 million in seed funding for its B2B marketplace and supply chain logistics platform, according to a press release dated Aug. 23. Felux aims to transform the steel industry by bringing commerce and inventory online for a digital solution to manage supply chains. The Felux platform allows users to connect directly with thousands of potential […]
Despite the uncertainty of the pandemic year, Crowe’s 2021 Technology in Metals Survey indicates that technology remains a strategic imperative for a majority of metals industry executives. In fact, 59% of respondents increased technology spending in 2020 and 56% planned to increase spending on computers, software and other systems again in 2021. Crowe LLP, the […]
The infrastructure bill passed by the Senate last week is important not just for what’s in it, but also for what’s not. What’s not is a much needed increase in the fuel tax that feeds the federal Highway Trust Fund, said Jim Burg, president of James Burg Trucking Co., Warren, Mich. Burg is also co-chairman […]
Manufacturing growth in New York State expanded slightly in August but at a far slower rate than the record-setting pace seen the month prior, according to the data collected in the Empire State Manufacturing Survey. The general business index fell 25 points to 18.3. Indices for new orders and shipments fell by double digits from […]
Mill shipments of steel products rose in June by 1.7%, following an increase of 1.9% the month prior. Apparent supply jumped 6.0% in June after a 1.3% increase in May. June’s gains were the fourth in as many months after February’s double-digit contraction. This analysis is based on steel mill shipment data from the American […]
Steel Market Update is pleased to share this Premium content with our Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Producer prices accelerated into midsummer, showing no signs of slowing down. The index and subcategories for final demand have fully recovered from the COVID-driven collapse and have overtaken pre-pandemic […]
By Phil 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. Even as the United States has sought closer cooperation with allies to confront non-market actors like China, many of […]
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. Many people often mischaracterize the American steel industry as dirty and struggling to cut carbon emissions. This all-too-common misperception […]
What does the infrastructure spending plan passed this week by the Senate mean for steel? On Tuesday, in a bipartisan vote, the Senate passed a $1 trillion infrastructure package that includes $550 billion in new federal spending. That measure now moves on to the House for consideration. Around 44% of total U.S. steel demand is […]
The Senate passed a sweeping infrastructure bill on Tuesday – the Infrastructure Investment and Jobs Act – that calls for a nearly $1 trillion federal investment in roads, bridges, rail, the electrical grid and broadband. Steel is chief among the industries that stand to benefit from this new spending over the next decade if the […]
The U.S. economy continued to accelerate in July, as hiring rose at its fastest pace in nearly a year. Nonfarm payrolls increased by 943,000 for the month, while the unemployment rate dropped to 5.4%, according to the Bureau of Labor Statistics (BLS). The payroll increase was the best since August 2020. Following sizable jumps in […]
The U.S. labor market saw its best monthly performance in nearly a year in July, reported the U.S. Bureau of Labor Statistics (BLS). The latest data shows a flood of 943,000 new workers added to payrolls in July, as the American economy roared into midsummer. With just under 3 million new jobs added from May through July, the […]
New orders, production and employment grew in July despite a deceleration is supplier deliveries and growing backlogs, said the Institute for Supply Management in the July 2021 Manufacturing ISM Report on Business. The Manufacturing PMI fell 1.1 percentage points in July to 59.5%, still above 50% and indicating expansion in the overall economy for the […]
The U.S. manufacturing sector saw the most substantial improvement in operating conditions on record, according to July’s U.S. Manufacturing PMI data from IHS Markit. “July saw manufacturers and their suppliers once again struggle to meet booming demand, leading to a further record jump in both raw material and finished goods prices,” said Chris Williamson, chief […]
Steel prices continued to climb through the month of July, now the 11th consecutive month prices have increased. Hot-rolled steel prices increased an average of $30 per ton ($1.50 per cwt) each week, with the SMU index averaging $1,860 per ton ($93 per cwt) as of last Tuesday. The SMU Price Momentum Indicator has remained unchanged since the […]
The Chicago Business Barometer rebounded in July to a reading of 73.4, the second highest pandemic-era level, according to MNI Indicators. The July PMI is up 7.3 points over the month prior. MNI reports that demand is strong, but firms remain concerned about supply chain disruptions and rising prices. Production rose ;8.8 points in July […]
U.S. gross domestic product (GDP) grew by 6.5% in the second quarter of 2021 on an annualized basis, according to the advanced estimate from the Bureau of Economic Analysis (BEA). While the gain was the second-fastest pace of growth in 38 years, it was a disappointing mark, falling short of forecasts for 8% GDP. The second […]
U.S. consumer confidence remained steady in July following more accentuated gains in five of the past six months, according to the latest data from The Conference Board. The July index rose by just 0.2 of a point month on month, on top of increases totaling nearly 34 points from February through June. “Consumer confidence was flat […]
Orders for manufactured durable goods rose slightly in June, slowing the upward momentum seen the month prior, reported the U.S. Census Bureau. Orders for cars, appliances and other durable goods rose by 0.8% to a seasonally adjusted $257.6 billion in June, weaker than expected and much less than the 3.2% growth seen the month before. […]
World crude steel production, at an estimated 167.9 million metric tons in June, was down 3.7% from a month ago but up 12.0% when compared to the same year-ago period, reported the World Steel Association (worldsteel). June’s data is the first decrease in more than four months and follows sequential record-breaking increases seen from March […]
World crude steel production lost momentum in June after repeated months of record-breaking output, according to World Steel Association (worldsteel) data. Global production in June, at an estimated 167.9 million metric tons, declined 3.7% from May, but was still 12.0% higher than the same period last year. Since March’s historic 12.7% jump, world crude steel production […]
Demand for design services from U.S. architecture firms continued to increase in June, said the American Institute of Architects. AIA’s Architecture Billings Index reached 57.1 in the month, 1.4 points lower than May but still in growth territory. The billings index has expanded every month since January. The index for new design contracts declined 4.3 points from […]
U.S. steel mills shipped 7,987,038 net tons in May, a 46.2% increase compared with the 5,461,851 net tons shipped in May 2020 when the economy was struggling with the worst of the pandemic. May shipments also were up 1.8% from the 7,845,008 net tons shipped in the previous month, reported the American Iron and Steel Institute. […]
Producer prices continue to rise into the summer months showing no signs of slowing down. The index and subcategories for final demand have not only recovered from the collapse seen at the onset of COVID-19 but have now surpassed pre-pandemic levels. Since the repeated decreases from February through April of 2020, the composite Producer Price […]
Mill shipments of steel products rose in May by 1.9%, rebounding from the 2.0% decline seen the month prior, while apparent supply was up 1.7% compared to April. Although mill shipments and apparent supply gains have decelerated from the nearly 20.0% rally seen in March, May’s gains were the third increase in as many months […]