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, […]
Solar tracker maker Nextracker and MSS Steel Tubes USA announced the commissioning of a new factory in Tennessee on Wednesday to make low-carbon steel components for Nextracker’s solar tracking systems. Nextracker said the Memphis facility will manufacture Nextracker steel torque tubes, create 129 jobs, and generate millions of dollars in local economic investment. In February, […]
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! […]
Scrap price falls have continued, now affecting all major markets. Previously, the market weakness was due to macroeconomic concerns but is now due to weak steel demand. Turkish scrap buying has been underwhelming, while Chinese scrap consumption has been reeling back as the steel outlook turns sour. Poor Steel Demand and Production Weigh on Scrap […]
Lethbridge, Alberta-based Varsteel Ltd. has acquired Canadian tube manufacturer Atlantic Tube & Steel. “The Varsteel team is excited to join forces with Atlantic Tube & Steel Inc., broadening our company platform and delivering more value to our customers through additional products and steel services,” Gerald Varzari, Varsteel president and CEO, said in a statement on […]
Lourenco Goncalves, Cleveland-Cliffs’ chairman, president, and CEO—as well as the newly elected AISI chairman—and Kevin Dempsey, AISI president and CEO, discussed issues ranging from Section 232 tariffs and hydrogen in steelmaking, to steel imports from Mexico, along with a host of other topics on Tuesday at the American Iron and Steel Institute (AISI) General Meeting press […]
The latest Empire State Manufacturing Survey shows a steep decline in business activity in the state of New York. The headline manufacturing general business conditions index from the Federal Reserve Bank of New York fell into the negative, dropping by nearly 43 points to -31.8 in the survey taken between May 2-9. The April index […]
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. […]
Tampa, Fla. is now home to the North American headquarters of refractory provider RHI Magnesita. With operations in 37 countries, the Vienna, Austria-based company is a global provider of high-grade refractory products used in the steel, cement, non-ferrous metal, and glass industries. The new corporate hub in Tampa will serve customers in the US, Canada, […]
Flat Rolled = 51.1 Shipping Days of Supply Plate = 46.1 Shipping Days of Supply Flat Rolled US service center flat-rolled steel inventories in April increased in terms of months of supply, according to SMU data. At the end of April, service centers had 2.69 months of flat-rolled steel on hand on an adjusted basis, […]
New York-based steel producer 72 Steel Group LLC has announced plans to build a $218-million steel manufacturing plant in Aliquippa, Pa., near Pittsburgh, according to media reports. The plant on a nearly 44-acre site will produce rebar and products widely used in construction, according to an article in the Pittsburgh Post-Gazette. The current owner of the […]
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 […]
SMU’s Current Steel Buyers Sentiment Index dropped four points this week compared with two weeks ago, while the Future Buyers Sentiment Index remained unchanged, according to our most recent survey data. The Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s chances to succeed in the current market, as well as three to six months down […]
Steel mill lead times continue to decline for hot rolled, galvanized, and Galvalume products, while cold rolled and plate ticked up slightly, according to SMU’s latest steel market survey data. Lead times took a downard turn in mid-April after climbing for nearly five months. SMU’s hot-rolled lead time is 4 to 8 weeks with an average of […]
The CRU metallics price indicator (CRUmpi) for May fell by 6.6% month over month (m/m) to 331.0, registering its sharpest m/m decline since July 2022. While Turkish demand for metallics has stayed underwhelming due to lower-than-expected reconstruction works, steelmakers elsewhere have adopted a wait-and-see approach until steel prices stabilize. Sharp reductions in steel prices were […]
Steel sheet buyers find mills more willing to negotiate lower spot pricing now than at any time since late November, according to SMU data. All the sheet products SMU tracks saw mills more willing to talk price this week. Plate bucked that trend. Every two weeks, SMU asks steel buyers whether domestic mills are willing to negotiate […]
US steel shipments fell 5.9% in March vs. the same month last year, according to the most recent figures released by the American Iron and Steel Institute (AISI) on Tuesday. Domestic steel mills shipped 7,372,430 net tons in March, off from 7,835,600 net tons shipped a year earlier, but up 6.6% from the 6,917,842 net […]
Steel prices peaked at the start of the month, with hot-rolled coil reaching $1,160 per ton ($58 pet cwt) on average on April 10. Tags began to decline near the month’s halfway mark and closed out the month $40 per ton lower at $1,120 per ton. The SMU Price Momentum Indicator for sheet products was […]
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 […]