South Korea, Brazil Won’t Max Out HRC Quotas This Year
South Korea and Brazil will not be maxing out their allowable quotas on hot-rolled sheet shipments to the US for 2023, according to government data analyzed by SMU.
Category: Region
Rig Counts Up for Second Week in US and Canada
The active rig count for the week ended Oct. 20 showed increases in both the US and Canada, according to oilfield services provider Baker Hughes.
CRU: Leading US Companies Seek Federal Support for Clean Aluminum Industry
LME Aluminum Continues To Trade Under Pressure; US Midwest Premium Stays Between 19–19.5¢/lb The LME aluminum 3-month price continued to trade under pressure on the morning of 20 October and was last seen trading at $2,177/t. The US Midwest premium showed no surprise as it continued to sit between 19–19.5 ¢/lb. The UAW strikes are […]
Final Thoughts
US sheet mills launched a coordinated push to increase sheet prices for the first time since June.
HRC Futures: A Swing in the Market
Well, what a difference a month makes…
Domestic HRC Prices Surpass Foreign Hot Band
US hot-rolled coil (HRC) prices are now more expensive than imported offshore product.
Housing Starts Surprise, Recover in September
US housing starts increased in September despite high-interest rates, according to the latest estimates from the US Census Bureau.
Worldsteel Elects Nucor’s Topalian as New Chairman
Nucor’s President and CEO Leon Topalian has been named the new chairman of the World Steel Association (worldsteel).
Unifor Members Ratify New Labor Deal with GM Canada
Unifor members in Canada have ratified a new three-year labor agreement with General Motors
CRU: Grupo Simec Shuts Two Republic Steel Mills For Good
Specialty steel producer Grupo Simec has permanently closed down its Republic Steel mills in Canton, Ohio, and Lackawanna, in New York state, it has emerged.
CRU: Ore-Based Metallics Prices Mixed as Demand Weakens
Prices for ore-based metallics were mixed month-on-month (MoM) as lower finished steel production weighs on pig iron demand.
Rig Count Inches Up in US, Rebounds in Canada
The latest data from oilfield services provider Baker Hughes shows the number of active rotary rigs in the US and Canada bounced back during the week ended Friday, Oct. 13.
Final Thoughts
The sheet market appears poised for a rebound if you’re looking at the indicators we typically track.
CMC Reports Strength in North America as Europe Struggles
With solid demand and attractive margins, the North American market has been helping to prop up CMC’s results as its European operations struggle with weaker demand amid challenging market conditions.
Foreign and Domestic HRC Prices Near Parity
US hot-rolled coil (HRC) and offshore product are nearly back even again after domestic prices moved higher for the second straight week.
HRC Futures: Addressing Risk in Uncertain Times
If the last few years have taught us anything, it is that nothing is certain.
Dodge Momentum Index Improved in September
The Dodge Momentum Index (DMI) edged up in September, driven by a slight increase in planning despite tighter lending standards, according to the latest Dodge Construction Network (DCN) data.
Esmark Starts Flat Rolled Supply Business in Mexico
Esmark Steel Group has established Esmark Steel International, a business focused on supplying the Mexican industrial steel market.
CRU Aluminum: Secondary Aluminum to Play A Bigger Role Over The Next 2-3 Years
The LME aluminum three-month price was broadly unchanged on Friday morning, Oct. 6, and was last seen trading at $2,243 per ton. Due to the Mid-Autumn Festival and National Day celebrations, the SHFE is closed for holidays from Sept. 29 to Oct. 6. According to a report from Bloomberg, leaders from the EU and the […]
Worthington Industries Expands Tempel Steel in Mexico
Worthington Industries Inc. announced on Oct. 5 the expansion of its Tempel Steel facility in Apodaca, Mexico.
Rig Counts Down in US and Canada
The total active oil and gas drilling rigs in both the US and Canada dropped this week, according to the weekly report put out by oilfield services company Baker Hughes.
US HRC Prices Move Nearly Even With Imports Again
US hot-rolled coil (HRC) and offshore product are nearing parity again after domestic prices moved higher this week and imports declined again.
Final Thoughts
Did the price increase announced by Cleveland-Cliffs last week stick? Yes, at least partially.
ISM: US Manufacturing Improved in September, But Still Contracting
US manufacturing activity improved in September, nearing a recovery, but remained in contraction territory, according to the Institute for Supply Management (ISM).
Final Thoughts
Will the sheet price hike announced by Cleveland-Cliffs (and quietly followed by at least some mills) stick?
CRU: Brazilian Steelmakers Scale Back Amid Calls for Import Duties; Mexico Imposes Them
ArcelorMittal said it expects to produce less steel than previously forecast in Brazil. Gerdau has hinted at potential layoffs as imports surge. The Brazil Steel Institute is asking the government to raise import levies to 25% from the existing 9.6%. Meanwhile, Mexico has applied levies to some steel imports.
Rig Count Drops in the US, Inches Up in Canada
The number of active oil and gas drilling rigs in the US dropped this week while Canada’s count increased by one, said oilfield services company Baker Hughes in its weekly report.
UAW Strike Hasn't Dampened SMU Buyers Sentiment Indices
SMU's Current and Future Steel Buyers Sentiment Indices both increased this week despite the United Auto Workers (UAW) union strike expansion, based on our most recent survey data.
HRC Futures Rally Hard on UAW Auto Strike
On Sept. 15, the UAW went on strike at three plants, one of each of the Big 3. On Sept. 22, the UAW expanded its strike to 38 more GM and Stellantis plants. Since Sept. 15, the HRC futures curve has rallied $60-75 in the November – February futures months. The reason why there has been this breakneck rally is because, uh, well, um. I have no idea. I am as shocked by it as perhaps you are, frankly.
US HRC Prices Remain Well Below Landed Price for Imports
US hot-rolled coil (HRC) prices were down again vs. offshore hot band this week. Domestic HRC lost more ground relative to imported product with US tags sinking at a faster rate than those overseas.