We are excited to talk about the week that was in US hot-rolled coil (HRC) futures. Before we dive in too deeply into specifics, though, let’s touch on a data point we haven’t talked about extensively in recent reports: volume and open interest. Hard to believe, but about a decade ago the most prominent complaint […]
The Midwest premium (MWP), calm at year end, started the new year off with a bang, and has jumped up $0.03-.04 in the first two weeks of January. Movement is likely based on the market regulating back up to the full replacement cost level (freight, inventory carry cost, insurance) as trading activity picks back up. […]
The Biden administration has announced $2.1 billion in funding for four nationally significant bridges in the US. This is the first round of funding from the Large Bridge Project Grants from President Biden’s competitive Bridge Investment Program, part of the Bipartisan Infrastructure Law. The Kentucky Transportation Cabinet will receive $1.385 billion to rehabilitate and reconfigure the existing […]
Nucor Corp. rolled its first steel plate at its new $1.7-billion plate mill in Brandenburg, Ky., on Dec. 30, the company said in a statement on Tuesday, Jan. 3. The Charlotte, N.C.-based steelmaker confirmed final commissioning and first customer shipments from the mill are expected in the first quarter of 2023. “Congratulations to our more than […]
Prices of imported hot-rolled coil (HRC) remain higher than domestic steel, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 2–12% cheaper than foreign prices this week, after consideration of freight costs, trader margins and any applicable tariffs. This is the eighth consecutive week domestic prices have been cheaper […]
Olympic Steel said Michael A. Tookey has joined the company in the newly created role of director of coated products. The Highland Hills, Ohio-based metals service center said Tookey’s responsibilities will focus the company’s efforts on accelerating growth related to coated carbon flat-rolled products and processes, including galvanized, galvannealed, aluminized, and automotive grades of steel. […]
Raw steel production by US mills inched up last week, gaining ground for the second straight week, according to the latest data from the American Iron and Steel Institute (AISI). Despite the increase, utilization remained below the 80% mark for the 22nd consecutive week. Domestic steel output was 1,635,000 net tons during the week ending […]
Cleveland-Cliffs Inc. has submitted an application to the Department of Energy (DOE) for funding the next phase of research for the front-end engineering design (FEED) for large-scale carbon capture at its Burns Harbor integrated steel plant in Indiana. The Cleveland-based steelmaker said in a statement its initial phase of research with funding from DOE’s […]
The number of active drilling rigs remained flat this week in the US and increased by one in Canada, according to data from oilfield services company Baker Hughes. Counts have been trending in different directions in recent weeks. Drilling activity in the US continues to improve, although it is still not back to pre-Covid levels. The […]
President Joseph Biden on Friday Dec. 2 signed into law a bill aimed at averting a nationwide rail strike. The law compels railroad unions to accept a tentative agreement reached in September. The unions opposed the agreement because it did not provide paid sick days. Railroad companies and the unions faced a Dec. 9 deadline to reach a […]
The Energy Information Administration’s (EIA) October Short-Term Energy Outlook (STEO) was released earlier this month, forecasting spot prices, production, and inventories for crude oil and natural gas. Crude oil prices are forecast to remain stable through the first quarter of 2023, while natural gas prices are expected to decline slightly after January. The EIA continues […]
The number of active drilling rigs increased this week in both the US and Canada, according to data from oilfield services company Baker Hughes. Counts have been trending in different directions in recent weeks. Drilling activity in the US continues to improve, although it is still not back to pre-Covid levels. Canadian rig counts have been […]
A new international initiative aimed at setting a global standard for green steel has been launched and is being led by major players in the US steel industry. The founding members of the new Global Steel Climate Council (GSCC) include Nucor Corp., Steel Dynamics Inc. (SDI), Commercial Metals Co. (CMC), Spain’s Celsa Group, the Steel […]
The Great Lakes Clean Hydrogen Partnership (GLCH) has proceeded with its Department of Energy (DOE) hydrogen hub application. The partnership consists of Linde, Energy Harbor, GE Aerospace, Cleveland-Cliffs, and the University of Toledo. “This industry-led hydrogen hub intends to ensure that the Midwest is a leader in decarbonization so that regional industries and supply chains […]
The number of active drilling rigs was mixed this week, with counts increasing in the US and falling in Canada, according to data from oilfield services company Baker Hughes. Activity in the US and Canada has held steady in recent weeks but is not quite back to pre-Covid levels. The number of oil and gas rigs […]
By CRU Sustainability Analyst Zsombor Garzo, from CRU’s Sustainability Services – The US political system was designed to balance power – with the President, the Congress, and the Supreme Court all being able to challenge each other. – Democrats losing control of Congress would considerably limit the Biden administration’s ability to pursue its climate change […]
The number of active drilling rigs were mixed this week, with counts increasing in the US and falling in Canada, according to data from oilfield services company Baker Hughes. Activity in both the US and Canada has leveled out over the last two weeks and is not quite back to pre-Covid levels. The number of […]
The Biden administration is pushing its Federal Buy Clean Initiative to reduce carbon emissions from American industry and to support the purchase of low-carbon, made-in-America construction materials. The administration last week lauded two domestic steelmakers for their commitments to lower emissions and for participating in the initiative. Cleveland-Cliffs is the first domestic steel producer to […]
The Energy Information Administration’s (EIA) October Short-Term Energy Outlook was released earlier this month, forecasting spot prices and production for crude oil and natural gas. Crude oil prices are forecast to remain near current levels for the remainder of this year and to slightly increase in 2023. Natural gas prices are expected to rise slighly […]
Green iron startup company Electra has raised $85 million to support its production of low-temperature iron (LTI). The process will utilize commercial and low-grade ores and zero-carbon electricity. The Boulder, Colo.- based company focuses on iron refining without a green premium and is backed by various organizations, including the Bill Gates-founded Breakthrough Energy Ventures, Amazon, […]
The number of active drilling rigs declined in the US this week, while Canadian counts increased, according to data from oilfield services company Baker Hughes. Activity in both the US and Canada has leveled out in recent weeks. The number of oil and gas rigs in operation is important to the steel industry because it […]
Minnesota is joining forces with North Dakota, Montana and Wisconsin to develop a multistate hydrogen hub. The announcement, made on Oct. 5, stated the Heartland Hydrogen Hub will be a regional clean energy hub that spans across the northern states. Under a memorandum of understanding signed by the governors of all four states, a proposal […]
The number of active drilling rigs increased in both the US and Canada this week, according to data from oilfield services company Baker Hughes. The number of oil and gas rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG). The number […]
A group of European steel companies and nongovernmental agencies, members of the Austrian non-profit organization ResponsibleSteel, have come together to create international standards for greenhouse gas emissions as the industry works to decarbonize across the supply chain. The ResponsibleSteel International Standard V2.0 will allow steel companies to clearly show how they are driving down GHG […]
The Energy Information Administration’s August Short-Term Energy Outlook (STEO) was released earlier this month, forecasting spot prices and production for crude oil and natural gas. Crude oil prices are expected to remain at heightened levels for the remainder of this year, rising slightly into 2023. Natural gas prices are forecast to remain near recent highs […]
To stimulate the development of low-carbon, made-in-America materials, the Biden administration has announced new activities under the Federal Buy Clean Initiative. An announcement made by the White House on Sept. 15 in Toledo, Ohio, noted that the Federal Government will prioritize the purchase of essential low-carbon construction materials, covering 98% of materials purchased by the […]
The number of active drilling rigs declined in both the US and Canada this week, according to data from oilfield services company Baker Hughes. The number of active oil and gas drilling rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country tubular goods (OCTG). […]
The number of active drilling rigs in the US and Canada was relatively flat in both countries this week, according to data from oilfield services company Baker Hughes. The number of active oil and gas drilling rigs in operation is important to the steel industry because it is a leading indicator of demand for oil […]
The Energy Information Administration’s August Short-Term Energy Outlook (STEO) remains subject to a high level of uncertainty due to the volitle global energy market. Contributing factors include Russia’s invasion of Ukraine, foreign and domestic oil production levels, and OPEC+ production decisions. Due to these variabilities, the EIA continues to warn that actual price outcomes could […]
The number of active drilling rigs in the US and Canada slightly declined in both countries this week, according to data from oilfield services company Baker Hughes. The number of active oil and gas drilling rigs in operation is important to the steel industry because it is a leading indicator of demand for oil country […]