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To ease trade tensions with the United States, the economy ministry in Mexico is preparing measures to strengthen definitions on steel being shipped into the country. Mexico has faced accusations it is being used as a route for steel and aluminum produced in Asia to be sent on to the US, so-called triangulation.
The market appears to be taking a pause after the heavy buying that occurred in March.
Steel buyers said mills are more willing to talk price on spot orders on all the products SMU covers, according to our most recent survey data.
Steel prices continued to ease lower in early March – a trend seen since mid-January – before showing signs of bottoming and inflecting up. The SMU Price Momentum Indicator for sheet products shifted from lower to neutral mid-way through the month after Nucor, Cleveland-Cliffs, and ArcelorMittal all targeted new base minimums between $825-840 per short […]
The spread between hot-rolled coil (HRC) and prime scrap prices has widened this month after narrowing for three months, according to SMU’s most recent pricing data.
The apparent supply of steel in the US fell 6% from January to February, according to data compiled from the Department of Commerce and the American Iron and Steel Institute (AISI).
Global steel demand will reach roughly 1.793 million metric tons (1.976 million short tons) this year, an increase of 1.7% over 2023, the World Steel Association (worldsteel) said in its updated Short Range Outlook report. The gain will come after a 0.5% contraction in steel demand in 2023. Demand is forecasted to increase another 1.2% […]
The Dodge Momentum Index (DMI) fell again in March, marking one of the lowest index readings of the past two years according to Dodge Construction Network data released Friday.
Directors of Swedish steelmaker SSAB have decided to replace blast furnace-based steelmaking at Lulea with a ‘green steel’ mini-mill process.
The US Department of Energy has finalized Congressionally mandated energy-efficiency standards for transformers.
On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.
Sheet prices moved higher this week for the second consecutive week, while plate prices ticked lower, according to our latest canvas of the steel market.
US construction spending in February was mostly steady from January but showed significant gains from last year.
Following 16 months of contraction, US manufacturing activity expanded in March according to the latest report from the Institute for Supply Management (ISM).
The Chicago Business Barometer slipped to a 10-month low in March, according to Market News International (MNI) and the Institute for Supply Management (ISM). The March Purchasing Managers Index (PMI) reading eased 2.6 points to 41.4, marking the fourth consecutive month it has been in contracting territory.
After stabilizing in our last check of the market, production times for flat-rolled steel have begun to push out further, according to steel buyers responding to SMU's market survey this week.
Steel buyers report that mills are less willing to talk price on new sheet orders than they were in weeks past, according to our most recent survey data. In contrast, mills’ willingness to negotiate on plate products remains relatively high, now at the second-highest rate of the year.
SMU’s Current Steel Buyers’ Sentiment Index fell further week, now at the lowest reading recorded since October 2022
Steel companies in Mexico have lined up capex plans totaling $5.7 billion in the next three years. The focus is on replacing imports with domestic production, said David Gutierrez, outgoing president of sector association Canacero. “The investments are aimed at reducing imports, strengthening national production, and ensuring that the benefits stay in the country,” he was quoted as saying at Canacero’s annual congress by regional news service Business News Americas.
After reaching a seven-month high in January, steel imports fell back 3% in February, according to preliminary Census data released earlier this week.
The dollar premium cold-rolled coil (CRC) carries over hot-rolled coil (HRC) continues to expand according to our latest scope of the market.
A container ship collided with the Francis Scott Key Bridge in Baltimore on March 26, causing it to collapse. This has blocked sea lanes into and out of Baltimore port, which is the largest source of US seaborne thermal coal exports. The port usually exports 1–1.5 million metric tons (mt) of thermal coal per month. It is uncertain when sea shipping will be restored. But it could be several weeks or more. There are coal export terminals in Virginia, though diversion to these ports would raise costs.
The LME 3-month aluminum price resumed moving lower on the morning of March 22 and was last seen trading at $2,290 per metric ton. The price was unable to break through an important resistance level at $2,300/mt on March 21. EGA to acquire European recycler Emirates Global Aluminium of the UAE has signed a binding […]
The Architecture Billings Index (ABI) indicated architecture firm billings continue to decline through February, according to the American Institute of Architects (AIA) and Deltek. While the latest reading does not indicate improving business conditions, it is one of the higher measures seen in recent months, suggesting the recent slowdown may be diminishing.
Earlier this week SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.
Data on US industrial production, capacity utilization, new orders, and inventories remained overall steady and strong through January and February figures, indicating a healthy manufacturing sector. The strength of the manufacturing economy has a direct bearing on the health of the steel industry.
The CRUspi fell by 8.3% month over month (m/m) in March to 206.6 as weaker-than-expected demand weighed on markets around the world. Price falls were notable across all regions, with elevated inventory levels pushing prices in the US and Europe, and disappointing stimulus measures from the Chinese government weighing on those in Asia.
In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels.
Steel Market Update’s Steel Demand Index recovered out of contraction territory on the heels of the pricing blitz from mills last week, according to our latest survey data.