US consumer confidence slipped for the second straight month in February, according to the The Conference Board. The Consumer Confidence Index fell to 102.9 in February vs. a downwardly revised figure of 106.0 in January. “Consumer confidence declined again in February,” Ataman Ozyildirim, senior director of economics at The Conference Board, said in a statement. “The decrease […]
Demand for services from US architecture firms declined for the fourth consecutive month in January, according to the latest report from the American Institute of Architects (AIA). The January monthly AIA Architecture Billings Index (ABI) score of 49.3 reflects a small increase over December’s 47.5 but remains below 50. Recall that the ABI is […]
Sometimes it’s hard to know who your friends are. What starts offs as a simple disagreement escalates. Things can soon spin out of control. And that’s just for people. When dealing with nation states like the US and Mexico, things get a bit more complex, and the stakes a whole lot higher. At the beginning […]
The US and Canadian rig counts decreased again last week, but they remain elevated compared to a year ago, according to data from oilfield services company Baker Hughes. The total US rig count was 753 last week, down seven rigs from the week prior. The number of active oil rigs in the US fell to 600 […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email info@steelmarketupdate.com. World crude steel production rebounded month on month (MoM) in January, driven by widespread increases worldwide. Global production was down, though, more than 6% vs. the same period last year, according to World […]
On the morning of Feb. 24, the White House issued a proclamation to adjust aluminum imports and taking further action under Section 232 of the Trade Expansion Act of 1962. Following the guidance of the Secretary of Commerce, the president issued an order adding a 200% duty to Russian metal coming into the US. Imported […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Domestic hot-rolled coil (HRC) lost its competitive price advantage over imported steel, ending a 16-week run. The turn came as domestic mills continue to drive prices up at a faster clip than mills overseas, according to Steel Market Update’s latest foreign vs. domestic price analysis. US HRC is approximately 3% more expensive than foreign prices […]
Canadian flat-rolled steelmaker Stelco Holdings Inc. recorded sharply lower fourth-quarter profits. The culprit: the “triple whammy” of declining steel prices, shorter lead times, and higher costs, company chairman and CEO Alan Kestenbaum said. “Now, however, we are seeing a reversal of all of these factors with rising steel prices … lengthening lead times, and input […]
Imported sheet and plate products’ arrival at US ports declined in December, leading their share of the US markets to edge lower, while domestic shipments gained ground during the month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and […]
North American auto assemblies rose 16.1% in January, recovering for the first time in three months. Last month’s assembly output was among one of the highest in nearly two years and 13.8% higher year on year (YoY), according to LMC Automotive data. On the supply side, inventory levels are expected to gradually improve this year as […]
US light-vehicle (LV) sales slowed to an unadjusted sales figure of 1.03 million units in January, the US Bureau of Economic Analysis (BEA) reported. Despite the month-on-month (MoM) decline, January’s total was still 4.2% higher year-on-year (YoY), and the sixth consecutive month to see YoY increases in sales. LV sales were up 17.73% MoM in December on […]
Sheet prices are up again. By a lot. For the third time this month. And it’s not over yet! Nucor alone is up more since Thanksgiving ($310/per ton) than they were after the invasion of Ukraine ($275/ton), according to our price increase calendar. We had obvious drivers for the last two big rallies. The snapback […]
Thirteen US senators from both major political parties wrote to top trade officials last week requesting that Section 232 tariffs be reinstated on some Mexican steel products, notably steel conduit. “In recent months, it has become clear that Mexican steel imports ‘now exceed historic volumes of trade’ and are ‘surg[ing] meaningfully” into our market,” the […]
Sheet prices continue to push higher even as buyers contacted by Steel Market Update remain divided about the state of demand. Hot-rolled coil lead times now stand at 5.41 weeks, up from 4.94 weeks in our prior survey and marking the first time this year that HRC lead times have broken out significantly above five […]
Helping out with chores as a kid is something many of us do. But how often do your chores lead to a life-long career? Eric Daniel, general manager of Metalwest locations in Colorado, New Mexico, and Arizona, took doing chores to new heights. Steel Market Update interviewed Eric and learned how he’s made his career […]
The US and Canadian rig counts decreased slightly last week, but they remain sharply up compared to a year ago, according to data from oilfield services company Baker Hughes. The total US rig count was 760 last week, down one from the week prior. The number of active oil rigs in the US slipped to 607 […]
Tenaris SA will redirect funds initially slated for the acquisition of Benteler Steel & Tube Manufacturing Corp. in Shreveport, La., to its existing operations in the US. “We will reorient our investment plan in the United States to achieve, through organic growth, the objective of strengthening our local industrial and logistics system,” Tenaris chairman and CEO Paolo […]
There is still a debate on whether the US will enter into a recession during 2023. The beginning of the year has been slower, but overall end-use demand has been holding up relatively well. The mid-part of the year, Q2-Q3, is where most forecasts peg a downturn. Therefore, perhaps the largest challenges are still looming. […]
It seems like price increases are all the rage these days. But as the week comes to an end, so have the announcements. The new hot topic is lead times. Many will say that lead times and pricing move together. Typically, they do. But word on the street is we are not living in typical […]
Ternium plans to spend $2.2 billion to build an electric-arc furnace (EAF) and direct-reduced iron (DRI) module in North America. The Latin American steelmaker said the EAF would have capacity of 2.86 million short tons (2.6 million metric tons) per year and that the DRI unit would have capacity of 2.31 million short tons (2.1 […]
Ternium recorded narrower profits in the fourth quarter on lower steel prices and higher costs. The Luxembourg-based steelmaker, which operates primarily in Latin America, said it expected results to improve in 2023, echoing the comments of its competitors in their recent earnings releases. Ternium’s earnings financial results are in the table to the left. The […]
The “new normal,” we have heard that a whole lot since the pandemic took hold. Are we really seeing a paradigm shift? Or is it just a trendy phrase? But, first, let’s talk about price hikes. If three’s a crowd, then what’s five – a herd? The week got off to a quick start early […]
ArcelorMittal expects that its $2.2-billion acquisition of Brazilian steelmaker Companhia Siderúrgica do Pecém (CSP) will close in late February. “The transaction closes end of this month,” chief financial officer Genuino Christino said during an earnings call with analysts last week. The Luxembourg-based steelmaker had said that the deal had received final antitrust clearance in commentary […]
The Covid-19-related shutdowns and subsequent supply chain disruptions emphasized the importance of onshoring. Geopolitical uncertainty, the war in Ukraine, and recent sovereign security issues, have added to global supply chain concerns. In the US, new legislation, the IRA, USMCA, and Build Back Better have focused on securing and bolstering North American manufacturing conditions. The task […]
Felman Production said it has signed a five-year agreement to sell ferro-silicomanganese to a multi-billion-dollar publicly traded steel and metal manufacturer based in the US. The deal is for is for 42,000 metric tons per year, a company spokesperson told SMU. They declined to name the company. “We’re thrilled about this deal because it will greatly benefit […]
Ternium Mexico president César A. Jiménez sees the company’s investment in Pesquería, outside of Monterrey, as an opportunity to replace imports with steel produced in Mexico. Jiménez sat down with SMU managing editor Michael Cowden at SMU’s Tampa Steel Conference for a Fireside Chat. Beyond Pesquería, he gave his thoughts on a range of topics, […]
Whether it’s restarting blast furnaces in the US and abroad, or pushing full-steam ahead at its Big River Steel 2 project, US Steel Corp. is keeping abreast of current demand, with an eye toward a sustainable future. Ken Jaycox, US Steel’s chief commercial officer, sat down with SMU managing editor Michael Cowden on Feb. 7 […]
I am writing these Final Thoughts from an exhibition hall at Tampa Marriot Water Street hotel, where we just wrapped up the Tampa Steel Conference. The table I’m writing from is about to be taken down and packed up, and I have to get to the airport soon – so forgive me for what tonight […]
SMU polled steel buyers on a variety of subjects on Monday and Tuesday of this week, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! […]