H2 Green Steel has signed a memorandum of understanding with Mercedes-Benz for the potential supply of green steel made in North America. In the same news release on Wednesday, the Swedish sustainable steelmaker said it has signed a binding agreement with Germany-based Mercedes-Benz to deliver ~50,000 metric tons of green steel annually for use in the […]
The Iron Ore Company of Canada (IOC) is starting to idle its mine, concentrator and pellet plant near Labrador City because of the impact of wildfires in Quebec province. The actions follow the Rio Tinto-owned company suspending transport on its 418km Quebec North Shore and Labrador Railway (QNS & L) linking the mine to […]
Governments need to speed up permitting of new mines to boost the chances of meeting a surge in demand for raw materials vital to feed the transition to clean energy, according to Teck’s CEO Jonathan Price. “Across government and industry, there is growing awareness that supporting the low-carbon transition and our growing population means meeting […]
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 […]
Overall economic activity saw little change in April and early May, while manufacturing activity was flat to up in most Federal Reserve Districts, and supply chain issues continued to improve, the Federal Reserve said in its latest Beige Book report. The Beige Book is a compilation of information on current economic conditions, gathered by each district […]
Steel prices continued to erode in May, following a trend that began halfway through the previous month. Hot-rolled coil (HRC) prices ended May at $990 per ton ($49.50 per cwt) on average, falling by $130 per ton throughout the month. The SMU Price Momentum Indicator for sheet products remained Lower during May after shifting to […]
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 […]
Australian steelmaker InfraBuild said it could be on the hunt for steel plants in the US after closing on a $350-million asset-backed term loan. The loan, managed by BlackRock and Silver Point Finance, will allow InfraBuild to pursue growth objectives, which include the “potential acquisition of steel assets in the United States currently owned by GFG […]
On May 28, current Turkish President Recep Tayyip Erdogan won the Turkish presidential election in the runoff with 52.1% of the vote. We therefore expect the Turkish economy to maintain its current unorthodox macroeconomic course with a relatively loose monetary policy, although inflation is enormously high. The New Turkish Economic Model The Turkish economy, including […]
The US labor market added 339,000 jobs in May, up from April’s payroll gain of 253,000 and well ahead of consensus estimates of 190,000, according to data from the Bureau of Labor Statistics (BLS). Last month’s result marked the 29th straight month of positive job growth. Despite the surprise jobs gain, the unemployment rate rose to […]
The US economy added 339,000 new jobs in May, according to data from the US Department of Labor. The labor market again outperformed economists’ consensus expectations with another show of resilience, and beating April’s total of 253,000. May’s job growth came despite the Federal Reserve’s aggressive efforts to cool the economy to slow the labor […]
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 […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! […]
Trade organizations along the electrical steel value chain are urging President Biden to increase domestic production of the products. Groups represented in a May 22 letter sent to the president included the Alliance for Automotive Innovation, American Public Power Association, Edison Electric Institute, GridWise Alliance, International Brotherhood of Electrical Workers, Leading Builders of America, National Association of […]
New orders for manufactured durable goods increased for the second consecutive month in April, rising 1.1% from the previous month to $283.0 billion, according to the US Census Bureau. This follows a 3.3% month-over-month (MoM) gain in March, according to Census data. The bureau said transportation equipment, also up for a second straight month, drove the increase, rising 3.7% MoM to $97.6 billion. […]
After hitting a 10-month high in March, global crude steel production fell back in April as output declined in both China and the rest of the world (RoW). Production was down 2.4% from the same month last year, according to the latest data from the World Steel Association (worldsteel) analyzed by SMU. Global steel output […]
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 […]
Steel buyers across all products surveyed by SMU this week are finding mills more willing to negotiate lower spot pricing vs. two weeks ago. Galvanized saw the percentage of buyers saying mills were willing to talk price climb to 100% this week, up from 90% at the previous market check, while cold rolled rose 28 percentage […]
Steel mill lead times have encountered some of the biggest two-week declines we’ve seen for some time, to the lowest levels we’ve seen since mid-March, according to SMU’s latest steel market survey data. Hot rolled in particular saw the steepest two-week decline since late January 2022, when lead times dropped by 0.86 weeks. This week, […]
While architecture firms saw a modest decline in billings from March to April, there were more inquiries for future projects, according to the latest data from the American Institute of Architects (AIA). The monthly AIA Architecture Billings Index (ABI) registered a 48.5 reading in April, a decline from 50.4 the month prior. Excluding the slight […]
Altos Hornos de México (AHMSA) has sold approximately 19,000 tons of scrap to help pay for workers’ salaries, according to a local media report. The Mexican steelmaker is also raising money by selling coke from its coke plants, Mexico’s El Tiempo reported, citing comments from bankruptcy trustee Elmer Rocha. AHMSA and hedge fund Argentem Creek […]
Both SMU’s Current and Future Steel Buyers Sentiment Indices fell this week compared to two weeks ago, with Current tumbling 16 points to drop below Future Sentiment, according to our most recent survey data. The Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s chances of success in the current market, as well as three-to-six […]
The National Transportation Safety Board (NTSB) is urging action for bridges nationwide made of “uncoated weathering steel” (UWS). Based on an ongoing investigation of a 2022 bridge in Pittsburgh, the NTSB recommended on May 18 that federal and state authorities go over inspection reports and identify incomplete follow-up actions for bridges that included the material. “On Jan. […]
Forza Steel is investing $60 million to build a manufacturing facility at the Port of Brownsville in Texas on the Mexican border. The Mexican carbon steel pipe producer is planning to install equipment in early July to begin rolling mill operations, according to a press release from the Port of Brownsville on May 2. The facility […]
Global steel production during the month of April was lower both sequentially and on-year, according to the latest data from the World Steel Association (worldsteel). Worldsteel reports an estimated 161.4 million metric tons of crude steel was produced globally in April. This was a 0.8% drop from the month prior and a 2.4% decline from […]
Bend, Oregon-based Origami Solar has announced its Gen 2 steel module frame, which can be sourced from domestic steelmakers. The solar panel company said the steel solar module frame represents “a game-changing opportunity to disrupt high-risk Asian supply chains.” It can achieve this by leveraging US steel resources to end the solar industry’s reliance on […]
Sweden’s H2 Green Steel and Germany-based thyssenkrupp nucera have partnered on an electrolysis plant at H2’s Boden facility in northern Sweden. The agreement between the two companies secures capacity of more than 700 megawatts for H2’s electrolysis plant in Boden, “making it one of the world’s largest electrolysis plants to date,” H2 said Monday. H2 […]
Mexican President Andrés Manuel López Obrador is open to restructuring the debts of Altos Hornos de Mexico’s (AHMSA’s) if it is governed by more professional leadership, according to Spanish language media reports. In remarks last Tuesday at the national palace, he said the restructuring of up to $280 million in debt depends on a “responsible […]
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 […]
In the race to lower emissions, both steel companies and countries are promoting greater use of domestic scrap, but this approach has two key weaknesses. Firstly, using more steel scrap in one country will have no impact on global carbon emissions – it will simply see scrap use move from one country to another. Secondly, […]