A Canadian union put forward its top-of-mind issues at the Unifor Special Auto Council May 17-18 in London, Ontario, as it prepares for labor talks with the Detroit Three automakers this summer. Unifor—which represents Canadian auto workers, among others—said the main areas of focus will be pensions, wages, transition plans for the shift to electric […]
Mexican President Andrés Manuel López Obrador is open to restructuring the debts of Altos Hornos de Mexico’s (AHMSA’s) if it is governed by more professional leadership, according to Spanish language media reports. In remarks last Tuesday at the national palace, he said the restructuring of up to $280 million in debt depends on a “responsible […]
Rig counts fell in both the US and Canada for the week ended May 19 vs. the week prior, according to the latest data from oilfield services company Baker Hughes. The total US rig count stood at 720 as of May 19, down 11 from the previous week. The number of active oil rigs in the US fell by 11 to 575 […]
A weary market worn down by the absence of any positive demand reports ran below the critical $2,300-per-tonne trading line. Falling all the way to $2,200 before settling in the $2,270 – 2,290 range, the LME is in a new lower range as of the week ending May 19 as bearish sentiment pervades the market. […]
Solar tracker maker Nextracker and MSS Steel Tubes USA announced the commissioning of a new factory in Tennessee on Wednesday to make low-carbon steel components for Nextracker’s solar tracking systems. Nextracker said the Memphis facility will manufacture Nextracker steel torque tubes, create 129 jobs, and generate millions of dollars in local economic investment. In February, […]
Hot-rolled coil (HRC) imports are lingering at a notable price discount to domestic hot band tags despite repeated price decreases in the US market, according to SMU’s latest foreign vs. domestic price analysis. Domestic tags are still markedly more expensive than imported product, as both offshore and US steel prices continue to ease. The price advantage domestic […]
Lethbridge, Alberta-based Varsteel Ltd. has acquired Canadian tube manufacturer Atlantic Tube & Steel. “The Varsteel team is excited to join forces with Atlantic Tube & Steel Inc., broadening our company platform and delivering more value to our customers through additional products and steel services,” Gerald Varzari, Varsteel president and CEO, said in a statement on […]
There is debate brewing about whether sheet prices will see a long, slow slide or whether they’ll fall off the proverbial cliff. Some of you have told me you’re still trying to pass along costs for steel bought following the last round of mill price hikes. That’s not been an easy thing to do, especially […]
Lourenco Goncalves, Cleveland-Cliffs’ chairman, president, and CEO—as well as the newly elected AISI chairman—and Kevin Dempsey, AISI president and CEO, discussed issues ranging from Section 232 tariffs and hydrogen in steelmaking, to steel imports from Mexico, along with a host of other topics on Tuesday at the American Iron and Steel Institute (AISI) General Meeting press […]
The latest Empire State Manufacturing Survey shows a steep decline in business activity in the state of New York. The headline manufacturing general business conditions index from the Federal Reserve Bank of New York fell into the negative, dropping by nearly 43 points to -31.8 in the survey taken between May 2-9. The April index […]
By CRU senior analyst, Ryan McKinley Supply has become increasingly available to sheet markets around the world. In many cases, this in coinciding with weak demand, creating a supply glut over the near term and increasing competition among exporters in major sheet-producing regions. The key for markets to retighten lies with China, with exporters there […]
Tampa, Fla. is now home to the North American headquarters of refractory provider RHI Magnesita. With operations in 37 countries, the Vienna, Austria-based company is a global provider of high-grade refractory products used in the steel, cement, non-ferrous metal, and glass industries. The new corporate hub in Tampa will serve customers in the US, Canada, […]
New York-based steel producer 72 Steel Group LLC has announced plans to build a $218-million steel manufacturing plant in Aliquippa, Pa., near Pittsburgh, according to media reports. The plant on a nearly 44-acre site will produce rebar and products widely used in construction, according to an article in the Pittsburgh Post-Gazette. The current owner of the […]
The drop in sheet prices we’ve seen at the mill level is now spreading downstream – an abrupt shift from just a few weeks ago, according to our latest survey data. More and more service centers are cutting prices. I had expected to see an increase in the number of service centers reporting that they […]
Rig counts dropped in the US for the second straight week and inched up by one rig in Canada vs. the previous week, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 731 for the week ended May 12, down 17 from last week. The number of active oil rigs in the US fell by two […]
The Congressional Steel Caucus (CSC) has urged the US Department of Commerce and the US Trade Representative to take action to address what it calls a “surge of Mexican steel imports” into the US. The CSC claims the imports are in violation of the US and Mexican 2019 Joint Statement on Section 232 Duties on Steel and Aluminum, […]
After surprising the market watchers of HR futures in the first week of May, the index finally gave back $40 per short ton (ST) in the second week, coming in just shy of $1,130/ST. Interestingly, the May futures settlement was almost unchanged from April 10 . While the market may be in a hurry for price […]
I wrote on Tuesday that we’ve been seeing hot-rolled coil prices fall approximately $20-25 per ton per week since last month. I’ve heard anecdotally from some of you that those declines are accelerating, and that they’ll only pick up speed as more mills open July books. Others say that HRC prices could prove stickier than […]
Hot-rolled coil (HRC) imports remain a feasible alternative despite repeated price decreases in the US market, according to SMU’s latest foreign vs. domestic price analysis. Domestic tags are still notably more expensive than imported product, as offshore steel prices and US prices decline in tandem. The price advantage domestic HRC had enjoyed over imported material as recently […]
Canadian flat-rolled steelmaker Stelco swung to a loss in the first quarter on lower selling prices and increased costs. The Hamilton, Ontario-based steelmaker said that increased shipments weren’t enough to offset those headwinds. It predicted better times in the second quarter. “Prices in the second quarter have improved to more favorable levels, lead-times have normalized, […]
US steel shipments fell 5.9% in March vs. the same month last year, according to the most recent figures released by the American Iron and Steel Institute (AISI) on Tuesday. Domestic steel mills shipped 7,372,430 net tons in March, off from 7,835,600 net tons shipped a year earlier, but up 6.6% from the 6,917,842 net […]
A much-anticipated bleeding in US flat-rolled steel prices has begun. On the hot-rolled coil side, we’ve been losing approximately $20-25 per ton per week since mid-April. That’s a boo-boo. Steel might need a Band-Aid. Does it become a wound that needs a tourniquet? I ask that question because the high end of our HRC price […]
Steel prices peaked at the start of the month, with hot-rolled coil reaching $1,160 per ton ($58 pet cwt) on average on April 10. Tags began to decline near the month’s halfway mark and closed out the month $40 per ton lower at $1,120 per ton. The SMU Price Momentum Indicator for sheet products was […]
Import duties on welded pipe and tube from a handful of countries are likely to remain in place for another five years, pending final injury determinations in two sunset reviews. The US Department of Commerce recently completed two expedited sunset review cases: one of antidumping duties on welded carbon steel pipe and tube from India, […]
When gas is restored to Altos Hornos de México’s (AHMSA’s) plants, operations could restart at the Mexican steelmaker as early as next week, and within six weeks steel production could be at a good level, according to comments by AHMSA’s CEO in a Mexican media report. However, although Daniel Chapman, founder and CEO of investment fund […]
Rig counts fell in the US and remained flat in Canada vs. the previous week, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 748 for the week ended May 5, off seven rigs from the previous week. The number of active oil rigs in the US fell by three to 588 in the same comparison. Gas rigs were […]
First, the important stuff: May the fourth be with you! Second, steel market participants tell us that several domestic mills have become significantly more aggressive on prices of late. I’m not sure of a Star Wars analogy for that. Prices being slashed with light sabers? I’m open to suggestions. Let’s say it takes tens of […]
The most recent cycle of destocking has ended, ArcelorMittal said, with first-quarter sales and shipments rising notably from the prior quarter, boosted by strength in the North American region. Those figures remain lower, however, compared to highs seen in the year-ago quarter. The Luxembourg-based global steelmaking giant posted Q1 net income of $1.096 billion, a […]
Hot-rolled coil (HRC) imports remain attractive to US buyers despite the current price correction in the domestic market, according to SMU’s latest foreign vs. domestic price analysis. Domestic tags are still significantly more expensive than imported product, namely because offshore steel prices are declining concurrently with US tags. The price advantage domestic HRC had enjoyed over imported […]
New calculations suggest that the lifespan of steel might be shorter than originally believed, according to a report released by the Steel Manufacturers Association (SMA). The report provides new calculations suggesting that the lifespan of steel is in the range of 25 to 35 years, rather than 40 years. The shorter lifespan increases the availability of […]