Steel buyers continue to report short mill lead times for both sheet and plate products, according to SMU's latest canvass of the market. Lead times for hot-rolled and plate products marginally increased from our late July survey, likely due to limited restocking in anticipation of upcoming mill outages for scheduled maintenance.
This Premium analysis covers North American oil and natural gas prices, drilling rig activity, and crude oil stock levels. Trends in energy prices and rig counts are an advanced indicator of demand for oil country tubular goods (OCTG), line pipe, and other steel products.
US hot-rolled (HR) coil prices are nearly even with prices for offshore material on a landed basis as domestic tags continue to inch up.
The Trade Remedies Authority (TRA) in the UK has proposed raising the tariff rate quota (TRQ) for imports of hot rolled sheet steel because of blast furnace closures at the Port Talbot works in south Wales. Tata Steel shut down one BF in July with the second to follow in September ahead of a switch […]
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 info@steelmarketupdate.com. Flat rolled = 64.2 shipping days of supply Plate = 60.9 shipping days of supply Flat rolled Flat-rolled steel supply at US service centers grew in July with restocking as […]
The countdown is on! In less than two weeks, we’ll kick off the 2024 SMU Steel Summit. This year is poised to be the best attended yet. More than 1,350 delegates have already registered – so we’re within sight of last year’s record number of nearly 1,450. I’m looking forward to learning from executives across […]
The Department of Commerce issued the p antidumping and countervailing duties (AD/CVDs) on corrosion-resistant steel products (CORE) from South Korea.
The European Commission has initiated a trade case investigating allegedly dumped hot-rolled coil imports from Egypt, India, Japan, and Vietnam. The European Steel Association (EUROFER) filed the complaint in June, according to an Aug. 8 notice in the Official Journal of the European Union.
The Department of Commerce is updating the antidumping duties on imports of circular welded carbon-quality steel pipe from the Sultanate of Oman’s Al Jazeera Steel Products Co.
Canada’s steel and aluminum industries joined forces to call on the government for the imposition of tariffs on steel, aluminum, and electric vehicles.
I asked in a prior Final Thoughts where some of you thought Nucor’s weekly spot HR price would land. One opinion: $720 per short ton (st). That would allow the Charlotte, N.C.-based steelmaker to one up competitor Cleveland-Cliffs and to re-establish its position as a market leader.
A long-awaited reconsideration of the status of Vietnam as a “non-market economy” was completed by the Commerce Department earlier this month. Hundreds of companies, associations, and politicians weighed in on the question. On Aug. 2, Commerce released its conclusions in a 248-page memorandum, deciding that Vietnam remains a non-market economy (NME) under the US antidumping law. But what are the implications for Vietnam and for other countries with the same status?
The Court of International Trade (CIT) has ruled against BlueScope Steel and its affiliates' challenge of a sunset review of the antidumping duties on hot-rolled (HR) steel flat imports.
Total US steel exports declined again in June, down 2% month-on-month (m/m) to 773,000 short tons (st) according to the latest US Department of Commerce data.
June steel import data was finalized at 2.15 million short tons (st) this week, down 24% from May according to the latest US Commerce Department release. June represents the lowest monthly import rate seen this year. July import licenses now tally up to 2.29 million st as of Aug. 4, potentially recovering 6% from June. […]
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.
SMU has adjusted its sheet momentum indicator from neutral to higher for the first time since early April. The shift comes on the back of price hikes for leading sheet mills Nucor and Cleveland-Cliffs.
The United Steelworkers (USW) union has praised Vice President Kamala Harris’ choice of Minnesota Gov. Tim Walz (D) as her running mate.
Domestic steel mill output eased last week for the second consecutive week, according to the latest release by the American Iron and Steel Institute (AISI). Although production has declined, it remains relatively on the high side compared to rates seen across this year.
It might be the dog days of summer. But it’s been a newsy week for steel. Let’s start on the trade front, where we had a big decision in a case before the Commerce Department about Vietnam’s market status. Ethan Bernard covered the news. Commerce determined that Vietnam remained a “non-market economy,” or NME, based on factors such as government control over private property, labor conditions, and one-party rule. What’s also notable, and which Wiley trade attorney Alan Price points out in a good column on the matter, is that Commerce’s decision cannot be appealed.
The US Commerce Department on Friday released its determination confirming that the Socialist Republic of Vietnam continues to function as a non-market economy (NME). The department’s decision represents a significant victory for domestic manufacturing. It is also critical to leveling the playing field for US industries and will support greater opportunities for growth and fair trade in the United States. The government of Vietnam had requested that Commerce reconsider its NME designation. It argued that Commerce Secretary Gina Raimondo had pledged to support the changing of its status to a market economy.
SMU’s Monthly Review articles summarize important steel market metrics for the prior month. Our July report contains figures updated through July 31.
The US Department of Commerce has announced its determination that Vietnam will keep its classification as a non-market economy (NME) country.
The construction sector added 25,000 jobs in July, driven by improved wage gains according to the Associated General Contractors of America (AGC).
Following an uptick in mid-July, SMU’s Steel Buyers’ Sentiment Indices both eased this week. Current Buyers Sentiment has been see-sawing for the past few months, now back down to one of the lowest readings recorded since August 2020.
US drill rig activity resumed its downward trend last week according to the latest data from Baker Hughes. Meanwhile Canadian counts ticked higher for the fifth consecutive week. They now stand near a five-month high.
The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Historical survey results are also available under that selection. If you need help accessing the survey results, or if your […]
Long seen as being dominated by iron ore operations in Western Australia, diversified miner Rio Tinto is at an inflection point in its growth, according to CEO Jakob Stausholm, who referred to a step change from its aluminium business and consistent iron ore production at Pilbara. “We have considerable growth in cash flow from the […]
A look back at the evolution of the SMU Steel Summit conference through the eyes of long-time SMU employee Brett Linton.
Buyers continue to report very short mill lead times on sheet and plate products, according to our latest market canvass of steel service center and manufacturer executives