Category: Region

Active rotary rigs in the US and Canada are up for the second consecutive week, according to Baker Hughes.

The US presidential elections will take place on Nov. 5, 2024.

The LME Aluminum 3-month price is moving up again on the morning of Dec. 8 and was last seen trading at $2,157 per metric ton. The way the price increased first thing in the morning suggests a support may have finally been found, but resistance could hit quickly at $2,200 /metric ton. SHFE cash was […]

We have seen a wave of service center transactions announced since the beginning of the month.

The Dodge Momentum Index (DMI) slipped in November due to a general decrease in slightly weaker commercial and institutional activity, according to the latest Dodge Construction Network (DCN) data.

US Hot-rolled coil (HRC) prices keep rising on the heels of continued mill hikes, outpacing increases for offshore product. Domestic tags are now 26% more expensive than imports, the widest pricing gap since January 2022.

I want to thank the Heating, Air-conditioning & Refrigeration Distributors International (HARDI) for the opportunity to speak at their annual conference in Phoenix. I enjoyed the proceedings and participating in a panel for HARDI’s sheet metal/air handling council. I can’t recap all that we discussed in a few hundred words. But I’d like to share […]

Mining-metal group Rio Tinto has completed a transaction to purchase half of US aluminum recycling company Matalco from owner, the Giampaolo Group, for $700 million (€638 million), subject to final closing adjustments. The companies will turn Matalco into a 50:50 joint venture. The investment will expand Rio Tinto’s aluminum business in the US, where demand […]

Activity in the US manufacturing sector contracted once again in November.

CRU analysts share an update on the aluminm markets.

The active rotary rig count for the week ended Dec. 1 inched up in the US but slid in Canada, according to Baker Hughes.

The export market for ferrous scrap has been strengthening over the last month by a sizable margin.

Oct. 26 was my previous Steel Market Update contribution. The night before, Ford and the United Auto Workers (UAW) announced they had reached a tentative agreement for a new labor contract.

In its Beige Book report released on Nov. 29, the Federal Reserve noted slower economic activity since October's report.

On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand, inventories, imports, and what people were talking about in the market.

Sector fundamentals for US steel companies remain solid overall, according to ratings agency Fitch’s 2024 outlook report.

Canada and the EU have established a Green Alliance, pledging to align their domestic and international climate policies in the pursuit of climate neutrality.

The active rig count for the US and Canada both inched up for the week ended Nov. 22, according to Baker Hughes. The rig count was released early this week due to the Thanksgiving holiday.

New orders for manufactured durable goods fell in the US in October.

US housing starts crept higher for a second consecutive month in October. Starts were lower, however than the same month last year, according to the most recent data from the US Census Bureau.

Turkish scrap import prices increased for a third consecutive week.

There has been almost an assumption that US mills would get the $950-1,000 per ton ($47.50-50 per cwt) they were seeking on HR base and $1,150-2,000 per ton ($57.50-60 per cwt) for cold-rolled and coated base. Recall that Cliffs initially announced an increase and said it was seeking $1,000 per minimum for hot-rolled coil. Nucor […]

Increasing mortgage rates have caused builders to lose confidence in the market, according to the National Association of Home Builders (NAHB).

European Aluminium, an association representing the entire European aluminum value chain, announced in a press release that it supports the European Commission's proposed 12th package of sanctions against Russia.

The active rig counts for week ended Nov. 17 were up in the US, while the Canadian counts declined, according to Baker Hughes.

The iron ore price has been rising from the $118 /dry metric ton (DMT) level seen in the last edition, initially due to greater optimism in China after the government’s RMB 1 trillion fiscal stimulus announcement. The price has gotten some extra support from concerns over supply, though the current price level is not backed by […]

In the dynamic landscape of the steel futures market, a confluence of factors is shaping the current narrative.

US Hot-rolled coil (HRC) prices continue to surge on the heels of mill increases. They have become significantly more expensive than prices for hot band imported from offshore. Domestic hot band tags moved higher for a seventh consecutive week. Imports have seen only marginal gains over the same period, according to SMU’s latest foreign vs. domestic price analysis.

On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand, inventories, imports, and what people were talking about in the market.

Cleveland-Cliffs announced it would seek a minimum base price of $1,000 per ton ($50 per cwt) for hot-rolled coil (HRC) on Nov. 7. Nucor said a day later that it was aiming for $950 per ton. Why didn’t Nucor follow Cliffs up to $1,000 ton? I think there might be some possible answers in our […]