Category: Region

New York state continues to see deteriorating manufacturing business conditions through May, according to the latest Empire State Manufacturing Survey

The Mexican federal government backed down on the application of tariffs on raw non-alloyed and alloyed aluminum decreed on April 22.

SMU’s Steel Buyers’ Sentiment Indices both declined this week, with Current Sentiment tumbling over 10 points, according to our most recent survey data.

Stelco reported a positive start to 2024 in its first-quarter earnings report on Thursday. And with steady demand and a stable market, the Canadian flat-rolled steelmaker is optimistic for the remainder of the year.

US hot-rolled (HR) coil prices declined again, tightening their premium over offshore hot band, and moving closer to parity.

Hot rolled, cold rolled, and plate buyers said mills are more willing to talk price on spot orders this week, while the overall negotiation rate for products SMU surveys remained level, according to our most recent survey data.

Most steel products tracked by SMU saw lead times contract this week from two weeks earlier, according to SMU’s most recent survey data.

Brazil-based Gerdau has announced it will carry out a feasibility study into the greenfield development of a 600,000 metric-ton-per-year (mt) special steel plant in Mexico.

Klöckner & Co. logged a wider net loss in the first quarter on-year, but the Duisburg, Germany-based service center group expects higher shipments and sales in the upcoming three months.

Thyssenkrupp Materials Services is continuing its expansion in North America. It announced the opening of a new steel service center in Sinton, Texas, to primarily serve the automotive, HVAC, and construction markets.

When we were asked to provide some additional commentary to SMU about the futures markets for flat rolled, our only reluctance to contribute was rooted merely in the fact that SMU (1) already offers an excellent array of authors on this topic and (2) a concern regarding what new ground could be covered that hasn’t already been discussed to death on this issue. Thankfully, however, Nucor has offered up something we can describe, without hyperbole, as simply revolutionary for spot pricing in flat rolled - a development that we simply could not resist commenting on with respect to its probable impacts on the futures market.

US steel exports eased through March but remain healthy, having reached a six-month high in February

US announces new import duties on aluminum extrusions The US Department of Commerce has placed preliminary antidumping (AD) duties of 2-600% on imports of aluminum extrusions from 14 countries. The rates are: “[The findings] show just how widespread dumping practices are globally and highlight the importance of strongly enforcing the antidumping laws to shield US […]

Foreign cold-rolled (CR) coil remains much less expensive than domestic product even as domestic prices continue to decline, according to SMU’s latest check of the market.

Construction spending in the US in March was basically steady from the previous month but showed notable year-on-year (y/y) growth.

Brazil’s chamber of foreign trade, Camex, has approved quotas on imports of 11 steel products and a 25% levy on shipments 30% above a product’s average import volume between 2020 and 2022.

Everybody has a plan… until they’ve dealt with volatility in the HRC market. While Mike Tyson’s original quote was about getting punched in the mouth, it’s unlikely the ex-champ has gone many pricing rounds with hot-rolled coil.

“One thing we know for certain, however, is that when we write our next column, things will have certainly shaken loose.” – Daniel Doderer, April 4, 2024. Above is a good reminder that whenever someone is “certain” of anything, you should probably look at that line of thinking with a healthy dose of skepticism.

US hot-rolled (HR) coil price premium over offshore hot band has tightened on the back of lower domestic tags, though stateside HR coil remains markedly more expensive than imports.

The Index had briefly showed expansion in March, but has indicated a contracting manufacturing sector for 17 of the last 18 months.

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.

United Auto Workers (UAW) members at a Stellantis plant in Michigan have health and safety grievances so severe they are considering going on strike.

The Chicago Business Barometer slipped further in April, now at the lowest measure recorded since November 2022.

An important economic indicator for the nonresidential construction industry declined in March to its lowest point in more than three years.

The number of active rigs in the US is now at the lowest level seen in over two years, while Canadian rigs have fallen to a four-month low.

Constellium reported its latest quarterly results for Q1'24. Adjusted Ebitda came in at €137 million (USD$147 million), down 8.6% year over year (y/y) amid revenue of €1.7 billion (USD$1.8 billion), down 12% y/y. Shipments totalled 380,000 metric tons (mt) in Q1, representing a drop of 2% y/y.

Foreign cold-rolled (CR) coil remains much less expensive than domestic product, according to SMU’s latest check of the market.

SMU’s Steel Buyers’ Sentiment Indices both rose this week to reach some of the highest levels seen this year.

GrafTech is reporting weak near-term demand for graphite electrodes as economic uncertainty constrains steel production globally.

If successful in its overtures to Anglo American, BHP will create the world’s largest diversified miner by a country mile. The rationale for this merger is scale and in mining, size matters.