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Leibowitz: Readout of the SMU Steel Summit—Steel Decarbonization
As the Oct. 31 deadline approaches to reach an agreement on steel matters, the US and EU are headed for an impasse.
As the Oct. 31 deadline approaches to reach an agreement on steel matters, the US and EU are headed for an impasse.
Steel trade continues to cause dissension among our friends, perhaps more so than our adversaries. The conflict between the US and EU is the most talked about, but it impacts others including Japan, Brazil and India.
Five domestic steel trade associations wrote a letter requesting the government to ensure the use of US-made steel in certain components of wind and solar projects receiving federal funding. Addressing the letter to US Treasury Secretary Janet Yellen, the groups included the American Iron and Steel Institute (AISI), Steel Manufacturers Association (SMA), American Institute of Steel Construction (AISC), […]
The rig count roller coaster continues, with numbers dropping in the US but inching up in Canada this week, according to the latest data from oilfield services company Baker Hughes. The total US rig count dipped to 664 active rigs as of July 28, down five from the week prior. Active oil rigs in the US decreased […]
The active rig count in the US and Canada dropped in both countries, according to the latest data from oilfield services company Baker Hughes. The total US rig count stood at 669 active rigs as of July 21, down six from the week prior. Active oil rigs in the US decreased by seven to 530, while […]
After seeing an increase last week, the active rig count in the US is back down. Canada’s rig count, however, saw an increase from the previous week, according to the latest data from oilfield services company Baker Hughes. The total US rig count sat at 675 active rigs as of July 14, down five from the week prior. […]
After nine weeks of declines, the oil and gas rotary rig count is back up in the US. Canada’s count also saw an increase from the previous week, according to the latest data from oilfield services company Baker Hughes. The total US rig count sat at 680 active rigs as of July 7, up six from the week […]
The United States and Indian governments have agreed to terminate six disputes at the World Trade Organization (WTO). Benefits from the settlement include opening the US to more shipments of steel and aluminum made in India, according to New Delhi. “As a part of the agreement, the US has agreed to grant market access to […]
US consumer confidence rebounded in June after having fallen consecutively since April. The result jumped to its highest level since January 2022 and came as fewer households are expecting a recession, The Conference Board reported. The headline Consumer Confidence Index rose 7.2 points to 109.7 in June from 102.5 one month ago. And while both […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Lindsey Fox at lindsey@steelmarketupdate.com. Steel Market Update’s Demand Index reached a seven-month low this past week, according to the latest survey data. Apparent demand for flat-rolled steel in the […]
Global steel production during the month of May was largely steady compared to the prior month, though down vs. the same year-ago period, according to the latest data from the World Steel Association (worldsteel). Worldsteel reports an estimated 161.6 million metric tons of crude steel was produced globally in May. This was an 0.1% increase […]
Rig counts are down for the seventh consecutive week in the US but up in Canada for the week ended June 16, according to the latest data from oilfield services company Baker Hughes. The total US rig count stands at 687 active rigs as of June 16, down eight from the previous week. The number of active oil rigs […]
The US government is moving forward with its goal of establishing a common framework on carbon emissions in the steel and aluminum industries with the European Union by October. US Trade Representative Katherine Tai asked the International Trade Commission this week to investigate and compile a public report assessing the intensity of greenhouse-gas (GHG) emissions […]
Rig counts fell in the US for the fifth consecutive week, but increased in Canada for the week ended June 2 compared with a week earlier, according to the latest data from oilfield services company Baker Hughes. The total US rig count stands at 696 active rigs as of June 2, down 15 from the previous week. The number of active oil rigs in the US dropped […]
Nucor Corp. is joining the carbon capture movement. The Charlotte, N.C.–based steelmaker announced on June 1 that it has signed an agreement with ExxonMobil to utilize carbon from its direct-reduced iron (DRI) facility in Louisiana. ExxonMobil will capture, transport, and store carbon – up to 800,000 metric tons of CO2 per year – from Nucor’s […]
Rig counts fell in the US while they inched up in Canada for the week ended May 26 vs. the week prior, according to the latest data from oilfield services company Baker Hughes. The total US rig count stands at 711 active rigs as of May 26, down nine from the previous week. The number of active oil rigs in the US fell […]
Rig counts fell in both the US and Canada for the week ended May 19 vs. the week prior, according to the latest data from oilfield services company Baker Hughes. The total US rig count stood at 720 as of May 19, down 11 from the previous week. The number of active oil rigs in the US fell by 11 to 575 […]
The Global Steel Climate Council (GSCC) addressed the Group of Seven (G7) on May 16, encouraging leaders to move towards sustainable steelmaking. The G7 Summit is currently being held in Hiroshima, Japan. G7 leaders were asked to support the transition to cleaner steel products by incentivizing steelmakers to utilize lower-emitting steel production processes and technologies. […]
Rig counts dropped in the US for the second straight week and inched up by one rig in Canada vs. the previous week, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 731 for the week ended May 12, down 17 from last week. The number of active oil rigs in the US fell by two […]
Rig counts fell in the US and remained flat in Canada vs. the previous week, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 748 for the week ended May 5, off seven rigs from the previous week. The number of active oil rigs in the US fell by three to 588 in the same comparison. Gas rigs were […]
Weather events significantly disrupted commodity markets in 2022, fueling already significant price volatility. La Niña has ended in Australia, but other weather events and permanent climate change continue to impact global commodity supply chains. Weather – A Significant Disruptor in 2022 Heightened seasonal weather and extreme weather events disrupted multiple commodity markets in 2022. Heavy […]
New calculations suggest that the lifespan of steel might be shorter than originally believed, according to a report released by the Steel Manufacturers Association (SMA). The report provides new calculations suggesting that the lifespan of steel is in the range of 25 to 35 years, rather than 40 years. The shorter lifespan increases the availability of […]
Metallurgical coke producer SunCoke Energy Q1 net earnings were hit by a “lower export coke contribution margin.” Beyond the earnings results, SunCoke reported an extension of its coke agreement with Cleveland-Cliffs. “Last week we announced the extension of our Indiana Harbor coke agreement with Cleveland Cliffs through September 2035,” Katherine Gates, president of SunCoke Energy, said […]
The Great Lakes Clean Hydrogen Coalition (GLCH) has officially submitted its full application for federal funding to create a $2-billion clean hydrogen hub in the Midwest. GLCH’s plan is to develop a hub to serve Ohio, Michigan, and portions of Pennsylvania and Indiana to help industries in the region decarbonize. Cleveland-Cliffs already has plans to […]
The Global Steel Climate Council (GSCC) has released a draft of the Steel Climate Standard, a global standard to measure and report steel carbon emissions. The GSCC has been participating in efforts to reduce steel carbon emissions and encourage investments in lower emission technologies within the steel industry. “Steel companies and associations from around […]
I sometimes think of Steel Market Update as an early-warning system for big market moves, and our most recent survey data clearly points to a market inflection. Take these three slides from our latest steel market survey. SMU Steel Market Survey Highlights For starters, nearly half of respondents to our latest survey think lead times […]
Surprise! Instead of $10-$20 per-short-ton (ST) increase expected by most the index for the CME HR jumped $50/ST this week. This caught many by surprise as recent futures activity seemed to reflect a more bearish sentiment. It appears small retail truckload transactions from the mills carried the day. Wednesday HR futures volume was healthy as […]
Steel Market Update will be taking time off in observance of Passover and Easter. Our offices will be closed on Friday, April 7, and we will not publish our Executive issue on Sunday, April 9. Our weekly pricing service will not be impacted. We will resume our regular publication schedule on Monday, April 10, and […]
We’ve reached a milestone on the trade litigation front. Nearly all the cases (save two) have been decided regarding the legality of Section 301 tariffs on China and of Section 232 tariffs (and other measures) on steel and aluminum. The US government has prevailed. The Supreme Court last week declined to review one of the […]
New orders for US-manufactured durable goods fell to 1% in February month over month to a seasonally adjusted $268.4 billion, according to the US Census Bureau. They have now been down three of the last four months, according to Census data. New orders for transportation equipment, also down three of the past four months, drove the […]