Schnitzer Steel Industries has been named the most sustainable company in the world, according to a media and research organization. The scrap recycler and long steel producer topped the 19th annual Global 100 List by Corporate Knights, which focuses on corporate sustainability performance. The list is based on an assessment of 6,720 companies, each with […]
US Steel is increasing the warranty policy on Galvalume-coated coils. The Pittsburgh-based steelmaker said it is doubling the standard limited warranty policy for Galvalume-coated coils used in nonresidential and residential building construction. The new warranties will range from 40-60 years vs. 20-25 years for existing warranties, the company said in a statement. “At US […]
By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor The CRU metallics price indicator (CRUmpi) for January rose by 5.5% month-on-month (MoM), to 319.2, registering the fastest MoM growth since last April. The optimism brought in by China’s unexpected reopening has reverberated across major economies and was further boosted by the […]
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 them in each buyer’s own words. We want to hear your thoughts, too! Contact Becca@SteelMarketUpdate.com […]
Sheet prices are up again. I haven’t heard much quibbling with that. Upstream, scrap prices are moving up as they typically do in January. And downstream, we’re seeing service centers raising prices roughly in tandem with domestic mills – or at least holding them steady. No, 2023 is not starting off with a big bang […]
Commercial Metals Co. said high demand in North America and increased market share in Europe helped to lift net earnings 12% in its fiscal first quarter of 2023 vs. the same period a year earlier. The Irving, Texas-based long products steelmaker and recycler posted net earnings of $261.8 million in its fiscal first quarter ended Nov. […]
Steel Market Update’s (SMU) Current Steel Buyers Sentiment Index and Future Steel Buyers Sentiment Index both edged down this week. SMU’s Steel Buyers Sentiment Indices measure how steel buyers feel about their company’s ability to be successful in the current market, as well as three to six months down the road. Every other week we […]
Steel Manufacturers Association president Philip K. Bell will be the featured speaker on the next SMU Community Chat on Wednesday, Jan. 11, at 11 a.m. ET. You can register here. SMA is the leading voice of the electric-arc furnace (EAF) steelmaking industry in Washington, D.C., which means Bell is ideally suited to discuss important policy […]
The new year is off to a great start, and there’s still time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again, so mark your calendar for Sunday-Tuesday, Feb. 5-7. Nearly 300 of you have registered already. We’re on track […]
Steel Market Update’s (SMU) Current Steel Buyers Sentiment Index rose six points through Dec. 22 compared with two weeks earlier. Our Future Buyers Sentiment Index also jumped, edging up four points from the previous market check. Current Sentiment remains slightly above a month ago. SMU’s Buyers Sentiment Index measures how steel buyers feel about their company’s ability to […]
Nucor Corp. will keep plate prices unchanged with the opening of its February order book. The move comes after the steelmaker announced a sharp decrease in late November. The Charlotte, N.C.-based steelmaker said the move was effective on Dec. 28, in a letter to customers. Published adders and extras will continue to be applied, and the […]
New orders for US-manufactured durable goods fell in November to a seasonally adjusted $270.6 billion, according to the US Census Bureau. Last month’s downward move was the first decline in four months, and well below consensus estimates. Shipments were again slightly higher month over month (MoM), moving higher for 18 of the last 19 months despite […]
This is the final Final Thoughts of 2022. We made it! This time last year I was talking to customers about processing orders. This year I’m writing about market tends. So things are a bit different. But I still notice the steel industry’s typical holiday lull. This week we saw that consumer confidence increased, the USW […]
The US economy’s growth was even better than expected in the third quarter, the US Commerce Department’s Bureau of Economic Analysis (BEA) said in its third and final review. Gross Domestic Production (GDP) accelerated to a 3.2% annualized pace in Q3. That’s an improvement from the previously estimated government reading in November, which showed 2.9% […]
US Steel Corp. and the United Steelworkers (USW) union announced on Tuesday they have agreed to a new labor pact after USW members ratified the terms of a new, four-year collective agreement. The USW-represented employees — roughly 11,0000 across 13 US Steel flat-rolled, iron ore mining, and tubular operations — voted “overwhelmingly” in favor of […]
Steel Dynamics Inc. (SDI) is joining the S&P 500® index. The addition goes into effect prior to market opening on Thursday, Dec. 22. SDI was founded in 1993 and began producing steel in 1996 at its first mill in Butler, Ind. The steelmaker’s most recent facility in Sinton, Texas, was constructed in 2021. The Texas […]
Schnitzer Steel expects to swing to a loss in its fiscal first quarter ended Nov. 30 due to weak demand. In preliminary results released Dec. 19, the Portland, Ore.-based scrap recycler and long steel producer said it expects a net loss in the range of $18–20 million in its 2023 first quarter, on ferrous sales […]
Nucor plans to build a new, $370-million continuous galvanizing line at California Steel Industries (CSI) to serve construction markets in the western US. The Charlotte, N.C.-based steelmaker said the galv line would have annual capacity of 400,000 tons per year (tpy), and would increase CSI’s total hot-dip galvanizing capacity to 1.2 million tpy. The project […]
Donald Trump has been out of office for nearly two years. But some of his most unsustainable policies live on. Hostility to the World Trade Organization (WTO) is one. Tariffs that violate the rules of global trade is another. Immigration policy is a third. Trade is one of the most remarkable. Smart and experienced people are saying things […]
Sheet markets in most areas of the world have established a price floor within the last week. Still, in all markets we cover, demand weakness persists and threatens to either cap potential price increases or even reverse them. The CRUspi was little changed month-on-month (MoM) in December at 190.8 after nearly all markets reached a […]
The LME aluminum three-month price has found a higher trading range and has settled in near the $2,450/metric-ton mark this week. The price rallied by over $60/metric ton after lower-than-expected US inflation data was seen in the market as a positive sign that inflation is cooling. Yet as the week closed out on Dec. 16, […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]
Monthly Key Market Indicators (KMI) deteriorated over the past month after steadily improving since July, while steel buyer sentiment inched up after it had tumbled to a 26-month low, according to the latest analysis by Steel Market Update. Positive and neutral indicators have eased, while negative indicators rose. Despite recent improvements, headwinds remain. The economy […]
Nucor is planning to build two new tower production plants, evaluating locations in the Midwest and Southeast. The Charlotte, N.C.–based steelmaker announced the plans to build two new state-of-the-art tower production plants as part of its Nucor Towers and Structures division. The towers and structures business unit was formed after the company’s acquisition of Summit Utility […]
Total US mill shipments of steel products edged up in October, recovering slightly month on month (MoM), after falling in September to their lowest total year to date (YTD). Mill shipments have been fluctuating up and down all year with little consistency, and October was no different. October’s shipments totaled 7.65 million tons, a 0.9% increase […]
North American auto assemblies declined by 6.2% in November, reversing the nearly 3% increase in October. Last month’s assembly output was among the lowest totals year-to-date (YTD) and just 3.7% higher year-on-year (YoY), according to LMC Automotive data. Though the market remains supply-constrained due to ongoing parts and supply shortages, November’s downgraded production continued to […]
There had been some debate around whether mills would announce another price hike before the holidays. That debate is settled. Cleveland-Cliffs, one of four major sheet producers in the US, aims to increase spot prices by $50/ton, and has set a target minimum base price for HRC at $750/ton. In the style of the former […]
Cleveland-Cliffs Inc. said it is introducing a new line of electrical steels to the North American market. The new line will be used to manufacture high-frequency motors and generators. Named Motor-Max, the brand consists of high-frequency, non-oriented electrical steel (HF NOES) designed for use in high-speed motors, electric vehicle (EV) traction motors, aircraft generators, and additional rotating […]
Stellantis said it will idle its Belvidere, Ill., auto plant effective Feb. 28, 2023. The automaker, Chrysler’s European parent company, said 1,350 workers will be affected at the plant, which manufactures the Jeep Cherokee. A Stellantis spokesperson cited a range of factors for the idling, such as fallout from the Covid-19 pandemic and the global […]