On Wednesday, April 15 Steel Market Update hosted our weekly SMU Community Chat Webinar with Phil Raimondo of Behlen Manufacturing and John Packard, President & CEO of Steel Market Update. We had a minor technical glitch which got us out of the gates around 11:10 (our mistake as we learn how to use the Zoom […]
This week’s SMU Community Chat will feature Philip Raimondo, President & CEO of Behlen Manufacturing in Columbus, Neb. He has held a variety of positions in his 28 years with the company, including COO, President of Behlen Engineered Plastics, President of International and Diversified Products, Director of Quality and Human Resources, Manufacturing Manager and Regional […]
U.S. Steel will idle furnace #8 at Gary Works due to low market demand. The furnace was restarted in late 2019 to supplement production during a scheduled maintenance outage for the #4 furnace in 2020. The #8 furnace has been banked in order to quickly restore production should market conditions improve. “We are not in […]
AGC, April 10, 2020: With the covid-19 pandemic worsening by the week, an ever-increasing share of contractors are reporting cancellations of upcoming projects and shortages of equipment or materials, forcing nearly 40 percent of firms to lay off employees, according to an online survey released today by the Associated General Contractors of America. Association officials […]
John Packard of Steel Market Update and Josh Spoores, Principal Analyst and Editor of the Steel Sheet Monitor for CRU, are hosting a webinar tomorrow. Spoores will discuss the CRU steel forecast for 2020-2021, if mill reductions are enough to adjust to forecast demand and, if time permits, maybe a few comments on the HRC […]
So, this is where we will put responses to questions, human interest items and various other “bits and pieces” that we feel will be of value to our readers. The constant news reports on the coronavirus with their rolling tallies of the number of Americans infected, and the number who have perished, are profoundly troubling. […]
Beginning next week, SMU will launch a new online webinar. We are calling it the “SMU Community Chat.” Our idea is to have a live discussion with SMU and other experts on one subject of importance at that point in time. Our idea is to allot from 30 to a maximum of 45 minutes so […]
Beginning the week of April 6, 2020 SMU will launch a new online webinar. We are calling it the “SMU Community Chat.” Our idea is to have a live discussion with SMU and other experts on one subject of importance to the greater steel community we serve in real time. Our idea is to allot […]
By John Packard, President & CEO, Steel Market Update Even though I have worked from my home office for more than 20 years, the last month “feels” different. More accurately, I do not feel as connected with the normal world as I have been in the past. The reality of being confined to a limited […]
By John Packard, President & CEO, Steel Market Update Even though I have worked from my home office for more than 20 years, the last month “feels” different. More accurately, I do not feel as connected with the normal world as I have been in the past. The reality of being confined to a limited […]
SMU Contributor David Feldstein is president of Rock Trading Advisors (davidfeldstein@rocktradingadvisors.com). In addition to market analysis, RTA provides price risk management not only for ferrous products, but also base metals, energy and interest rates. RTA also trains sales staff and creates the infrastructure necessary for firms to offer their customers fixed pricing on physical sales. […]
Today we took our Price Momentum Indicator on flat rolled steel to Lower from Neutral. We are clearly seeing an erosion in pricing, which is expected to continue over the near term. The economy is heading into recession. Key indicators are pointing toward a slowdown in construction as states and local municipalities mandate construction projects […]
AK Steel will idle the C blast furnace at Dearborn Works beginning this week for an undetermined period of time. Dearborn has been impacted by recent shutdowns in the automotive industry and has been criticized for its handling of safety measures during the coronavirus crisis. At least one employee at the Dearborn steel mill has […]
Ferrous scrap prices are expected to drop sharply in April as a result of all the market disruptions from the coronavirus. How sharply is unclear. Almost certainly lower scrap prices will add to the downward pressure already being felt on finished steel prices. Some reports claim scrap could plummet by as much as $100/GT, but […]
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel This month HR physical prices as reflected by the index basically started at $560/ST and rose $20-plus to hold, then fell […]
Steel prices continue to weaken due to the coronavirus’ effect on demand, but have not collapsed as many fear. Galvanized steel saw the biggest decline in the past week, with smaller adjustments for hot rolled and cold rolled products. Here is how we see prices this week: Hot Rolled Coil: SMU price range is $540-$580 […]
By CRU/SMU Staffer Jill Waldman It’s true what they say—your kids will be grown in a blink of an eye. That’s why I am not totally unraveled by having my two teenagers at home full time while schools are closed for a global pandemic. I realize it’s just more time I get to spend with […]
By CRU/SMU Staffer Jill Waldman It’s true what they say—your kids will be grown in a blink of an eye. That’s why I am not totally unraveled by having my two teenagers at home full time while schools are closed for a global pandemic. I realize it’s just more time I get to spend with […]
There is no way to plan for this… The stock market was up 2,100+ points today. I don’t know anyone personally who has contracted the COVID-19 virus. My kids are safe, albeit without incomes for the time being. Gas prices are below $2.00 and headed lower. The weather in Florida is perfect, and technically I […]
Pennsylvania Gov. Tom Wolf ordered all non-life-sustaining businesses in Pennsylvania to close their physical locations as of 8 p.m. Friday, March 19, to slow the spread of COVID-19. Life sustaining businesses include grocery stores, gas stations, farms and transit systems. Due to the high volume of waiver requests, enforcement actions against businesses that do not […]
Coronavirus fears have taken a major toll on how steel executives view their prospects for success. Steel Buyers Sentiment, as measured by Steel Market Update, suffered the sharpest one-week decline in the index’s 11-year history. Sentiment plunged by 45 points, from a Current Sentiment reading of +58 down to +13, and a Future Sentiment reading […]
Today, Steel Market Update had conversations with manufacturing companies across the United States. We found businesses reporting strong demand, plants are still open, office workers tend to be working from home and factory workers are being trained on social distancing as well as personal/equipment hygiene. Most of those we contacted either on the phone or […]
Since our inception, Steel Market Update employees have not worked in a formal office environment. Right now, our entire staff produces research, articles, edits and publishes our newsletters from home. We plan our workshops and conferences, interact with one another and the CRU offices in Pittsburgh, London and elsewhere around the world all from the […]
Since our inception, Steel Market Update employees have not worked in a formal office environment. Right now, our entire staff produces research, articles, edits and publishes our newsletters from home. We plan our workshops and conferences, interact with one another and the CRU offices in Pittsburgh, London and elsewhere around the world all from the […]
The new normal for me is talking to an industry executive on the phone and listening to the kids playing in the background…. We had a 45-point drop in both the Current and Future SMU Steel Buyers Sentiment Index this week (article is at top of tonight’s issue). This is the largest one-week change in […]
By Executive Editor Tim Triplett and Staff Writer Sandy Williams Drastic measures to promote “social distancing” and stem the spread of COVID-19 will no doubt have unintended consequences. Often cited is the predicted baby boom in nine months or so as a result of so many professional couples “working from home.” Less obvious is the […]
By Executive Editor Tim Triplett and Staff Writer Sandy Williams Drastic measures to promote “social distancing” and stem the spread of COVID-19 will no doubt have unintended consequences. Often cited is the predicted baby boom in nine months or so as a result of so many professional couples “working from home.” Less obvious is the […]
When the media began reporting on the COVID-19 (coronavirus) a few weeks back, Majestic Steel sprang into action. This morning Steel Market Update spoke with Todd Leebow, CEO of Majestic Steel in Cleveland, Ohio, about how his company is dealing with the risks associated with the virus. As soon as the risk of the virus […]
The following article discussing the global ferrous derivatives markets was written by David Feldstein. As an independent steel market analyst, advisor and trader, we believe he provides insightful commentary and trading ideas to our readers. Note that Steel Market Update does not take any positions on HRC or scrap trading, and any recommendations or comments […]
Stuart Sherrick, an employee at Curtis Steel Co. in Houston, died unexpectedly on Monday, March 9. Following is a tribute from his colleagues: Stuart Sherrick served 32 remarkable years as an inside/outside sales representative for Curtis Steel Co., with time at New Process Steel prior to that. He quickly nestled himself deep into the core of […]