In Q4 2017, the Pacific pulled ahead of the East North Central region in total employment and held onto that lead in Q1 2018, according to Steel Market Update’s latest analysis of government employment data. First-quarter employment data by state was released by the Bureau of Labor Statistics (BLS) on Friday. Economy.com summarized as follows: […]
Global steel production grew significantly in 2017, though the pace of growth slowed somewhat in December due to pollution control cutbacks in China, according to the latest Steel Market Update analysis of World Steel Association data. “Global growth has been accelerating since mid-2016, and all signs point to a further strengthening both this year and […]
Prepare for growth in the U.S. economy this year, says ITR Economics. The latest HARDI/ITR quarterly forecast predicts accelerated industrial production through the first half of the year and possible slowing in the second half. Steel Market Update is a member of an association connected to the construction industry called HARDI, the Heating, Air-conditioning & […]
Steel is a core business for the port in Tampa, Fla., which handled steel and scrap imports and exports totaling about 900,000 tons last year. Hundreds of industry executives will also pass through the port as attendees of the 29th annual Tampa Steel Conference to be hosted by Port Tampa Bay and Ports America on […]
AK Steel has confirmed that a ladle used in the steelmaking process at the company’s Middletown Works malfunctioned around 8 a.m. Saturday morning, releasing liquid steel into the facility. The spill caused a fire that drew crews from four area fire departments who worked for over two hours to contain the blaze. A spokesperson for […]
Jean Carroll Kemp, a Washington trade and public policy veteran, has joined the Steel Manufacturers Association (SMA) as Senior Vice President of Government Affairs and Trade Policy. “Jean’s experience and character make her uniquely qualified for this role at the SMA. She is a trade policy expert adept at creating solutions to the sensitive and […]
The Empire State Manufacturing Index showed continued growth in New York State, but at a slower pace in January. The general business index registered 17.7, down from 19.6 in December. New orders declined 7.1 points to 11.9, while shipments eased by 9.1 points to 14.4. The unfilled orders index registered 4.3 indicating a small increase. […]
U.S. demand for steel sheet products continued to expand through November, according to Steel Market Update’s analysis of data from the American Iron and Steel Institute (AISI) and the U.S. Department of Commerce. Apparent supply is a proxy for market demand. Demand momentum for sheet products in total was negative in the three months through […]
While the December jobs report was a bit disappointing, it still represents the 85th consecutive month of job growth and left the unemployment rate unchanged. The Bureau of Labor Statistics (BLS) employment report for December was released on Friday. The total number of nonfarm jobs created was 148,000. October was revised down by 33,000 and […]
Chinese steel trade data was recently released for the month of November 2017, providing updated data on iron ore imports, scrap imports and flat rolled imports and exports. Chinese imports of iron ore in November totaled 94,540,000 metric tons, an increase of 18.9 percent from the previous month, and an increase of 2.8 percent from […]
The U.S. economy overall has grown for 103 consecutive months, and the manufacturing sector for 16 months, based on the Institute for Supply Management’s latest survey of corporate purchasing executives. In December, ISM’s manufacturing PMI climbed 1.5 percentage points to 59.7, well above the reading of 50 that indicates growth. “This indicates growth in manufacturing […]
Editor’s note: Following is a letter to the editor by Richard Chriss, president of the American Institute for International Steel, responding to comments by Thomas Graham, a long-time steel executive and now consultant with T.C. Graham Associates, published by American Metal Market. In his Nov. 29 AMM commentary on Chinese President Xi’s role in China’s […]
The J.P. Morgan Global Manufacturing PMI ended 2017 near a seven-year high as economies improved and new orders and output expanded. The PMI, produced by J.P. Morgan and IHS Markit, rose to 54.5 in December from 54.1 in November, expanding for the 22nd month. Intermediate goods saw the greatest rate of growth in December followed […]
Strengthening its position as a supplier of high-value-added metals to the aerospace sector, Toronto-based Samuel, Son & Co. has acquired Metal Spinners Holdings. Metal Spinners will operate as a separate group within Samuel’s manufacturing division. The group will include Missouri Metals of St. Louis, Mo., and Metal Spinners’ production facilities in Angola, Ind., Rock Falls, […]
Global steel production grew by 4.6 percent in the three months through November year over year with negative momentum, according to Steel Market Update’s analysis of World Steel Association data. The reduced growth rate was driven by pollution control cutbacks in China. Production in the month of November totaled 136,280,000 metric tons, down from 144,972,000 […]
The growth of U.S. Gross Domestic Product in the third quarter of 2017 maintained the strong performance of the second quarter. On Dec. 20, the Bureau of Economic Analysis released the third estimate of GDP growth in the third quarter. Growth was reported to be 3.16 percent quarter-on-quarter and 2.3 percent year-on-year. At the end […]
The following industry data, current through the end of the month of December 2017, covers a number of important indices and drivers of steel prices, as well as supply and demand. As the month ended, the Steel Market Update (SMU) Price Momentum indicator was referencing higher flat rolled steel prices over the next 30 to […]
The MNI Chicago Business Barometer reached a six-and-a-half year high in December. The Barometer rose to 67.6 from 63.9 in November. The indicator also had its best quarterly performance since Q1 2011, rising to 65.9 in the fourth quarter from 61.0 in the third. Production hit a 34-year high in December, while new orders were […]
The Fed rate increase in December was a non-event as far as the Broad Index value of the U.S. dollar was concerned. From Jan. 3 through Sept. 8, 2017, the Broad Index value of the U.S. dollar depreciated by 9.3 percent. The value rebounded by 2.97 percent from Sept. 9 through Dec. 15. Please see […]
Steel Market Update performs this analysis of global scrap trade each quarter to help readers understand the gyrations of the domestic scrap market and where the U.S. stands as a global player. This data is not very current because some nations are slow to report, but we still believe it gives a valuable perspective on […]
Since the Chinese government put a stop to all exports of steel scrap, analyzing the global scrap trade has become a bit more complicated. Steel Market Update performs this analysis of the world scrap market each quarter to help readers understand the gyrations of the domestic scrap market and where the U.S. stands as a […]
The American Institute of Architects’ Architecture Billings Index (ABI) rose to 55.0 in December from a reading of 51.7 in November, reflecting an increase in design services provided by U.S. architecture firms. The new projects inquiry index was 61.1, up from a reading of 60.2 the previous month, while the new design contracts index rose […]
Following is an edited excerpt of a new monthly publication, “The GOES Chronicle,” from Steel-Insights. For further details, contact Becky E. Hites at becky.hites@steel-insights.com. Production of Grain Oriented Electrical Steel (GOES) has undergone a tectonic shift in the past decade. The market historically has been supplied through a controlled group of companies protected from outside […]
Sectors closely associated with the steel industry have generally reacted favorably to the tax reform legislation passed on Wednesday. The Steel Manufacturers Association hopes the bill will “result in significant economic growth that improves the fiscal situation for individuals, small business and corporations.” SMA President Philip Bell said it is now time to turn to […]
Business activity in New York State continued to expand in December. The Empire State General Business Conditions Index registered a healthy 18.0, down slightly from 19.4 in November. The new orders index posted 19.5 and shipments rose four points to a reading of 22.4, indicating solid growth. Unfilled orders declined and delivery times lengthened during […]
The latest Steel Market Update news briefs: • Olympic Steel has signed a new $400 million credit agreement that gives the service center additional resources for future growth. “The increased borrowing capacity and more favorable terms provided by this agreement underscore the confidence our lenders have in our business. The low-cost capital structure enhances our […]
Economist Alan Beaulieu of ITR Economics spoke at the HARDI annual meeting where he advised HARDI wholesalers to expect good results during the first half of 2018. After that, there will be a slowing in the rate of growth that will continue into 2019. He told the group that 2019 could be a test year […]
An Ohio-based company is taking the lead on a possible new multi-billion dollar steel mill proposed in Shiawassee County, Michigan, according to a Dec. 4 report in Crain’s Detroit Business. New Steel International reportedly is seeking a $7 billion federal loan through the U.S. Department of Energy to place a steelmaking plant in Durand, Mich., […]
The ferrous scrap market is heading higher. In a surprise to scrap experts (and probably the mills), prices are rising with some early deals done at +$20 per gross ton on prime grades and +$30 per gross ton on everything else. That is where Detroit settled earlier this week. Steel buyers need to be aware […]
Dan DiMicco, former CEO of Nucor Corp., has been appointed to a four-year term as a member of President Trump’s Advisory Committee for Trade Policy and Negotiations, the White House announced in a Dec. 4 release. DiMicco, who retired from Nucor, is a former trade advisor to the Trump campaign and serves as chairman of […]