US light-vehicle (LV) sales slowed to an unadjusted 1.11 million units in January, a sharp cut of over 25% from December but still 3.8% above year-ago totals, according to US Bureau of Economic Analysis data. On an annualized basis, LV sales were 15.6 million units in January, down from 16.9 million units the month prior […]
President Trump has directed Commerce Secretary Howard Lutnick to investigate copper imports into the US under Section 232 of the Trade Expansion Act of 1962 on national security grounds.
President Donald Trump indicated in a cabinet meeting Wednesday that a 25% blanket tariff on all imports is coming for the EU next.
As February comes to a close this week, the scrap markets are poised for another – and perhaps more extreme – move upward in March. March is usually a month when scrap prices relent as winter’s impediments subside. That’s not the case this year. And this time, the driver of prices will be increased demand from mills along with restricted flows over the last two months.
Market participants might disagree over how high flat-rolled steel price might go and for how long they might remain elevated. But there is near total agreement on one thing: Prices are up sharply again this week. The gains come on the heels of waves of mill price increases (for sheet and for plate), expectations that scrap prices will rise again in March, and the threat of tariffs looming over the market.
Tuesday, March 4, marks the end of a 30-day delay in the levies.
"The second half of last year was especially bad with the steel demand from the automotive sector slowing down, construction activity lagging and industrial production taking a hit," the CEO said.
MPG Canada is laying off 140 workers across its facilities in Ontario and Quebec.
Nucor aims to increase prices for steel plate by $160 per short ton (st) with the opening of its April order book. The Charlotte, N.C.-based steelmaker said the increase was effective with orders received on Feb. 24 in a letter to customers dated the same day.
Brazilian long products producer Gerdau is now considering siting a 600,000 ton per year specialty steel plant in the United States, rather than Mexico as initially planned, in the wake of President Donald Trump’s imposition of 25% tariffs on steel imports into the US.
The US steel market has whipsawed upward on the prospect of expanded Section 232 tariffs of 25% being applied to imported steel - including downstream goods - on March 12. It seems pretty clear that domestic steel mills have the ear of the Trump administration when it comes to Section 232. The result? The much-anticipated Trump bump has finally arrived - and then some.
Do we want the benefits of the Section 232 tariffs to flow to the bottom lines of foreign steel and aluminum producers or to the US government and, ultimately, domestic manufacturers and their workers? In our view, the answer is simple. Section 232 exceptions do nothing more than lead to underserved profits for foreign manufacturers who are harming the US industrial base. That revenue could be used to pursue the Trump administration’s other policy priorities - such as deficit reduction or expanded tax cuts.
Ryerson swung to a loss in the fourth quarter, but has seen a turnaround in the last 30 days.
The latest oil and gas rig count in the US increased slightly from last week, while Canadian activity edged lower, according to Baker Hughes.
SMU’s Current Buyers’ Sentiment Index rocketed up this week, while the Future Buyers’ Sentiment Index edged down. The two indices are almost at parity.
Another eventful week in the physical and financial steel markets is coming to a close. Most importantly, this week provided complete clarity that, after months of waiting for a catalyst, we are now definitively in the early stages of a meaningful rally. The 3rd month future (currently the April contract) rose more than 8% for […]
SMU Community Chat with CRU's Josh Spoores.
SMU's Stephen Miller provides an update on the raw materials sector.
"Recent activity in the marketplace strongly indicates that these imports are being rushed into the United States in an effort to avoid the imposition of antidumping duties," petitioners said.
Architecture firms continued to report a sharp reduction in billings in January, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
Reliance noted that it is about 95% domestically sourced.
Buyers responding to our latest market survey reported that steel mill lead times were stretching out this week for sheet and plate products tracked by SMU. The results weren’t much of a surprise. Production times have begun moving out following a wave of frenzied buying in response to stricter Section 232 announced by the Trump […]
Ternium S.A. Fourth quarter ended Dec.31 2024 2023 Change Net sales $3,876 $4,931 -21.4% Net income (loss) $333 $554 -39.9% Per diluted share $1.43 $2.11 -32.2% Full year ended Dec.31 Net sales $17,649 $17,610 0.2% Net income (loss) $174 $986 -82.4% Per diluted share $(0.27) $3.44 -108% (in millions of dollars except per share) While […]
Mills’ flexibility on price for spot orders has taken a nosedive to levels not seen since the end of March 2023.
It’s been an eventful (and chaotic) start to the year for steel and aluminum as industry tries to navigate new Trump administration.
Ancora Holdings is moving forward with its proxy fight to oust U.S. Steel’s leadership and install a new board of directors and Alan Kestenbaum as CEO.
The European Commission is looking into making current quotas on steel imports stricter as a countermeasure to President Trump’s recently announced tariffs on steel and aluminum imports to the US, according to an article in Reuters.
To say we’ve entered a “Brave New World” since Jan. 20 might be an exaggeration, but we’ve definitely entered a different one.
Sheet and plate prices surged higher this week on a wave of what some called “panic buying” following the Trump administration’s announcement of stricter Section 232 measures last week.
Business activity in New York state’s manufacturing sector recovered nicely in February after a sharp decline the previous month, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York. The general business conditions index rose 18 points to 5.7. This is a diffusion index, where a positive reading signifies […]