Klöckner Records Narrower Loss in Q3, Lauds N. American Buys
Klöckner & Co. posted a narrower net loss in the third quarter as the Duisburg, Germany-based service center group touted the expansion of its North American footprint.
Category: Region
Construction Spending Edges Higher, But Sector Still Lacks Workers: AGC
Construction spending edged higher in September, but a shortage of workers continues to constrain project completion rates, according to the Associated General Contractors of America (AGC).
Gap Widens Between US and Foreign Hot Band Prices
US hot-rolled coil (HRC) tags moved higher again this week, widening the gap in pricing between imported offshore product.
Market Chatter This Week
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand, inventories, imports, the UAW strike, and what people were talking about in the market.
US Manufacturing Sector Contracts Further in October: ISM
Manufacturing activity in the US contracted once again during the month of October.
Ternium Bullish on Mexico and Increased Stake in Usiminas
Latin American flat-rolled steelmaker Ternium is seeing strong demand in Mexico, its main market. With its new mill in Pesquería, Mexico, up and running, more lines there set to come online, and the company now holding an increased stake in Brazilian mining and steel company Usiminas, Luxembourg-based Ternium is optimistic about the future direction of the company.
Ryerson Expects Slowing Sales, Shipments To Continue Into Q4
Ryerson saw lower sales and shipments in the third quarter and is anticipating further declines in the last quarter of the year.
Unifor Reaches Tentative Labor Deal With Stellantis, Ending Auto Strike in Canada
Canadian union Unifor has reached a tentative agreement with automaker Stellantis, ending the strike at all member-represented facilities.
SSAB Q3 Profits Fall on Slowdown in Europe, Despite Strength in US Plate
SSAB reported lower earnings in the third quarter on weaker demand in Europe that was only partially offset by solid demand for plate in North America.
Ferrous Scrap: Export Market Report
The ferrous export market in the US has experienced several geopolitical events and natural disasters during 2023.
US Rig Count Increases, Canada's Slips
The active rig count for the week ended Oct. 27 inched up in the US but edged down in Canada, according to oilfield services provider Baker Hughes.
HRC Futures Go Vertical
These were the headlines hot off the press Wednesday night:
SMU Survey: Mill Lead Times Push Out Further
Mill lead times for flat-rolled products pushed out this week once again across the board.
AM/NS Calvert, Stelco Follow Major Sheet Mills Higher
ArcelorMittal and Stelco joined last week’s move by domestic mills to push sheet prices higher.
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.
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.