Business activity in the state of New York was little changed in June, following a surprising fall in May, according to the Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index – a gauge of manufacturing activity in the state – rose 10.4 points in June but remained at […]
The temptation to purchase foreign hot rolled coil (HRC) over domestic steel remains high, but imports are not as competitive as they had been, according to SMU’s latest foreign versus domestic HRC price comparison. Between mid-April and late May, foreign steel prices generally declined at a faster rate than domestic prices, resulting in greater potential discounts on imported […]
Total mill shipments of steel products slipped in April following a slight uptick the month prior. April’s mill shipments totaled 8.12 million tons, 2.6% decline from March’s 8.34 million tons. Apparent supply also fell in April, down 4.7% versus the prior month. This analysis is based on steel mill shipment data from the American Iron and Steel […]
The European Union is adjusting its steel safeguard measures, according to a document filed at the World Trade Organization. The EU’s safeguard instrument is entering its fifth year of application. The liberalization rate, which is meant to progressively allow more import competition into the market while the domestic industry adjusts to it, had previously been […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook Energy costs for consumers – in the form of utility bills and the cost of filling a car – have risen sharply, but not as sharply as the cost of crude oil and natural gas. But this doesn’t necessarily mean a lot more pain […]
Editor’s note: SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Prior to Metal Edge Partners, Bryan held a variety of commercial […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, June 8 The CRUspi plummeted again month-on-month in June by over 12.3%, which is a larger drop than in May. This makes it the third-largest percentage point drop on record and the second largest in terms of total points. The supply shock caused by […]
The temptation to purchase foreign hot rolled over domestic steel remains high, according to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison. Since mid-April, foreign steel prices have declined at a faster rate compared to domestic prices, resulting in greater potential discounts on imported products. Select foreign prices now range between $119-238 per […]
The US labor market added 390,000 jobs in May, a robust figure but a slower pace of hiring versus the upwardly revised 436,000 additional payrolls in April. The result kept the unemployment rate unchanged month on month (MoM) at the pandemic-era low of 3.6%, the Bureau of Labor Statistics reported. Payroll gains were better than […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. The US economy surprises in May by adding 390,000 new jobs, higher than earlier estimates and despite growing concerns about economic slowdown and surging inflation. The result kept the […]
The S&P Global US manufacturing PMI – another measure of manufacturing – fell to 57 in May, its lowest level in four months, and a noticeable turn from the market improvement the month prior. Last month’s results are down from 59.2 in April and a “flash” May reading of 57.5. (Recall that a reading above […]
The outlook among purchasing managers surveyed by the Institute for Supply Management was positive in May. US manufacturing activity grew at a slightly faster rate than anticipated as the six biggest manufacturing industries registered moderate to strong growth last month. May’s Manufacturing PMI rose to 56.1%, a 0.7 percentage point gain compared to a reading […]
The US economy contracted in the first quarter of 2022 at a worse rate than expected with gross domestic production declining at a -1.5% annualized pace, according to the second estimate from the US Commerce Department’s Bureau of Economic Analysis (BEA). The second review for Q1 was a slight downward revision from its first estimate […]
The number of total active drilling rigs in the US remained steady this week, while Canadian rigs increased, according to data from oilfield services company Baker Hughes. The number of active oil and gas drilling rigs in operation is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) […]
US consumer confidence edged lower in May as Americans’ view of their present and future prospects dimmed in the midst of persistent inflation, The Conference Board reported. Confidence could stumble further as stubborn inflation may be around for a bit. Inflation soared over the past year at its fastest pace in more than 40 years. […]
World crude steel production rose in April, gaining ground for a second consecutive month and reaching a 10-month high. Global output was estimated at 162.7 million metric tons in April. Steelmakers around the world increased production by just 1.6 million metric tons, or 1% from March, according to World Steel Association (worldsteel) data. Although April’s crude […]
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 […]
Integrated Canadian flat-rolled steelmaker Stelco Inc. has concluded a sale-leaseback transaction of the land on which it runs its operations in Hamilton, Ontario. Stelco, which is also based in Hamilton, is receiving Canadian $518 million ($409 million USD) from Slate Asset Management for the 800-acre parcel of land. Additionally, the steelmaker will lease back certain […]
Steel prices eased each week in May, following increases in March and most of April. Hot rolled prices were $1,440 per ton ($72 per cwt) the first week of May, just $40 lower than the mid-April peak. Prices then slipped between $15 and $75 each of the following weeks, with the SMU index averaging $1,255 […]
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Physical HR prices continue to decline at a steady pace. Spot indexes have declined almost $140/ST since the end of […]
By CRU Senior Analyst Puneet Paliwal, from CRU’s Global Steel Trade Service, May 23 The Indian government’s sudden move to levy a 15% tax on most exported steel products has surprised the steel industry. While an attempt has been made to soften the impact by exempting import tariff on coking coal/coke and raising export tax […]
The number of total active drilling rigs in the US rose again this week, while Canadian rigs remained flat, according to data from oilfield services company Baker Hughes. The number of active oil and gas drilling rigs in operation is important to the steel industry because it is a leading indicator of oil country tubular […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management. Prior […]
The temptation to purchase foreign hot rolled over domestic steel remains high, according to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison. Select foreign HRC prices range from $164-364 per ton cheaper than domestic prices, after taking freight costs, trader margins and tariffs into consideration. The price differentials between domestic HRC and foreign import […]
Business activity in the state of New York sank in May, a startling result following a strong turnaround in the headline index the month prior, according to the Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index – a gauge of manufacturing activity in the state – is now […]
Canada’s government has decided to continue antidumping duty orders on hot rolled sheet and strip from Brazil and China and a countervailing duty order on HR from India, while allowing the AD duty order on HR imports from Ukraine to expire. The Canadian International Trade Tribunal (CITT) issued its final ruling in the expiry review […]
By Greg Wittbecker, Advisor, CRU Group The LME cash price for high grade aluminum continues to give ground, with prices at $2,715 per metric ton versus $2,861 per ton last week. There is still a lot of gloom and doom out there. Fear factor over demand is dominating price discovery Here are a few of […]
Canada is seeking public comment as it considers collecting and publishing country-specific information about where steel imports are melted and poured under the nation’s Steel Import Monitoring Program. Mary Ng, Minister of International Trade, Export Promotion, Small Business and Economic Development announced the public consultations. Monitoring the country where a steel import was originally melted and […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, May 11 The CRUspi plunged month-on-month (MoM) in May by over 8.6%, which is the largest percentage point decline since late 2008 and the second-largest ever in terms of total fallen points. Supply chain readjustments for both sheet and steelmaking raw materials in the […]
Foreign steel imports continue to hold a competitive price advantage over domestic steel, albeit at a slightly lesser potential discount this week compared to last. According to SMU’s latest foreign versus domestic hot-rolled coil (HRC) price comparison, select foreign HRC prices range from $92-345 per ton ($4.6-$17.25 per cwt) cheaper than domestic prices, after taking […]