Category: Region

Nippon Steel and a Japanese trading company have entered an agreement to buy a 49% interest in a Champion Iron ore project in Canada.

Both of our Sentiment Indices remain in positive territory and indicate that steel buyers are optimistic about the success of their businesses.

In the last article written for SMU, we looked at the rallies that followed both the 2016 and 2022 presidential elections, as well as the moves in the NFIB Small Business Optimism Index.

Steel mill production times have seen very little change since September, according to buyers participating in our latest market survey.

“Manufacturers are optimistic,” said Timothy R. Fiore, chair of ISM’s Manufacturing Business Survey Committee.

Steel buyers of sheet and plate products say mills are still willing to bend on spot pricing this week, though not quite as much as they were two weeks prior, according to our most recent survey data.

Depressed demand and weak prices drove Worthington Steel’s second fiscal quarter results to a sequential decline.

“New commodity-specific tariffs, mainly on steel and aluminum products, could widen price differentials and divert trade flows,” the credit agency forewarned.

The price premium between stateside hot band and landed imports widened slightly this week.

We have seen very little change in sheet and plate prices across the past month.

Following a substantial recovery in November, business activity in New York state’s manufacturing sector held steady in December, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.

In 2024, volatility with a capital “V” has been the rule. That will remain high heading into 2025.

The world has had a few shocks recently. The CEO of a major health insurance company was gunned down in Manhattan. The 50-year Assad dynasty in Syria was pushed out less than two weeks after rebels started an offensive. And President-elect Trump is promising tariffs on everything a month before he takes office. But one shock has been taking place for a lot longer than the last few weeks. The 70-year consensus on trade hasn’t just been challenged. It’s been repudiated.

The volume of steel exported from the country declined in October for the second-consecutive month, following a one-year high in August.

It’s been another week of torrid speculation when it comes Trump and tariffs. And another week of mostly flat price movement when it comes to steel sheet and plate. As far as Trump and tariffs go, I think I might have lost track. We've potentially got 10% blanket tariffs on imports from China, 25% tariffs on imports from Canada and Mexico, 100% tariffs on the BRICs, and 200% on Caterpillar. Canada might be the 51st state. Mexico could be the 52nd state. But all can be resolved if you stop by Mar-a-Lago and kiss the ring?

Steel prices have remained relatively stable in recent weeks, though they have generally trended downward since October.

With just over a month to go until Inauguration Day on Jan. 20, President-elect Donald Trump has already signaled some of his policy choices that will affect the steel industry.

Monthly imports have remained within a relatively narrow range since June, significantly lower than volumes seen earlier this year, but stronger than late-2023 levels.

Import arbitrations expressed via futures may become enticing as coil price spreads expand. The spread market in CME US hot-rolled coil (HRC) is currently navigating a period of volatility, with prices fluctuating post-election, leaving traders uncertain about the market's direction.

Vedoya said the proposed tariffs are "an irrational measure that would harm both their own industry and ours."

The Dodge Momentum Index (DMI) slid further in November as planning for data centers and warehouses continued to decline.

Transition to a new administration is always uncertain. This one is more uncertain than most.

A newly adjusted anti-dumping duty on imports of oil country tubular goods (OCTG) from Argentina is too low, according to U.S. Steel. This past week, the Department of Commerce released the preliminary results of annual AD duty order reviews on OCTG from both Argentina and Mexico. It is reviewing imports during the one-year period that […]

The US drill rig count increased by seven this week, while the Canadian count dropped by 11, according to the latest data from Baker Hughes.

The Canadian government estimates steel and aluminum imports from China will decrease by nearly 50% due to newly implemented tariffs.

SMU’s Current Steel Buyers’ Sentiment Index slipped this week, while Future Sentiment remained flat, according to our most recent survey data.

Highlights from the aluminum industry this week

The president-elect has wasted no time in using the threat of tariffs to reopen negotiations and, ideally, score other political wins along the way.

Canada has launched its own investigation into the dumping of corrosion-resistant steel sheet. Unlike the sprawling coated case underway in the US, this one will look at coated imports from just one country and company.

Production times are marginally higher than those seen in recent weeks, now closer to levels witnessed throughout October.