HRC futures: The most wonderful time of the year
Oct. 26 was my previous Steel Market Update contribution. The night before, Ford and the United Auto Workers (UAW) announced they had reached a tentative agreement for a new labor contract.
Category: US
Fed Beige Book: Economic activity slows in many districts
In its Beige Book report released on Nov. 29, the Federal Reserve noted slower economic activity since October's report.
American steel firms' fundamentals sound for 2024: Fitch
Sector fundamentals for US steel companies remain solid overall, according to ratings agency Fitch’s 2024 outlook report.
Durable goods orders slip in October
New orders for manufactured durable goods fell in the US in October.
October US housing starts inch higher but remain down on-year
US housing starts crept higher for a second consecutive month in October. Starts were lower, however than the same month last year, according to the most recent data from the US Census Bureau.
NAHB: Builder Confidence Down for Multifamily and Single-Family Starts
Increasing mortgage rates have caused builders to lose confidence in the market, according to the National Association of Home Builders (NAHB).
CRU Aluminum: Geopolitics, Sustainability Goals Could Alter 2024 Trade Flows
European Aluminium, an association representing the entire European aluminum value chain, announced in a press release that it supports the European Commission's proposed 12th package of sanctions against Russia.
HRC Futures: Intricate Dynamics Shape Market
In the dynamic landscape of the steel futures market, a confluence of factors is shaping the current narrative.
HRC Futures: Utilizing Futures Spreads
Several past columns in SMU have included comments about the futures forward curve, using terms like contango and backwardation
Dodge Momentum Index Ticks Up in October
The Dodge Momentum Index (DMI) increased in October thanks to stronger commercial activity, according to the latest Dodge Construction Network (DCN) data.
CRU Aluminum: Scrap Flows Remain Global Issue as Market Prepares for 2024
The LME aluminum three-month price was unchanged on the morning of Nov. 3 and was seen trading at $2,235 per tonne.
AISI: The Environment Is a Trade Issue - Why Carbon Tariffs Are Needed
The American steel industry is the backbone of the US economy and produces the cleanest steel in the world.
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).
US Manufacturing Sector Contracts Further in October: ISM
Manufacturing activity in the US contracted once again during the month of October.
HRC Futures Go Vertical
These were the headlines hot off the press Wednesday night:
HRC Futures: A Swing in the Market
Well, what a difference a month makes…
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.
HRC Futures: Addressing Risk in Uncertain Times
If the last few years have taught us anything, it is that nothing is certain.
Dodge Momentum Index Improved in September
The Dodge Momentum Index (DMI) edged up in September, driven by a slight increase in planning despite tighter lending standards, according to the latest Dodge Construction Network (DCN) data.
CRU Aluminum: Secondary Aluminum to Play A Bigger Role Over The Next 2-3 Years
The LME aluminum three-month price was broadly unchanged on Friday morning, Oct. 6, and was last seen trading at $2,243 per ton. Due to the Mid-Autumn Festival and National Day celebrations, the SHFE is closed for holidays from Sept. 29 to Oct. 6. According to a report from Bloomberg, leaders from the EU and the […]
ISM: US Manufacturing Improved in September, But Still Contracting
US manufacturing activity improved in September, nearing a recovery, but remained in contraction territory, according to the Institute for Supply Management (ISM).
HRC Futures Rally Hard on UAW Auto Strike
On Sept. 15, the UAW went on strike at three plants, one of each of the Big 3. On Sept. 22, the UAW expanded its strike to 38 more GM and Stellantis plants. Since Sept. 15, the HRC futures curve has rallied $60-75 in the November – February futures months. The reason why there has been this breakneck rally is because, uh, well, um. I have no idea. I am as shocked by it as perhaps you are, frankly.
Ford of Canada Union Workers Ratify Three-Year Labor Pact
Ford of Canada union workers represented by Unifor ratified a new, three-year labor agreement on Sunday.
HRC Futures Market Takes Off
After a quiet couple of weeks, the futures market has recently come to life over the last three days, and is starting to show some bullish signals.
ABI Index Drops in August
August’s Architecture Billings Index (ABI) reading from the American Institute of Architects (AIA) and Deltek showed a moderate decrease.
Beige Book: Economic Activity Appears Stable
The US Federal Reserve said that although overall economic activity was modest in July and August, per its latest Beige Book Report released on Sept. 6, the report was still slightly more optimistic than the previous one.
Dodge Momentum Declines in August on Tighter Lending
The Dodge Momentum Index (DMI) moved lower in August, driven by a slowdown in planning from tighter lending standards, according to the latest data from the Dodge Construction Network (DCN).
ISM PMI Shows 10 Months of Decline in Manufacturing Activity
Activity in the US manufacturing sector continues to slow, according to the latest monthly report on business from the Institute for Supply Management (ISM).
Chicago Business Barometer Rises for Third Consecutive Month
The Chicago Business Barometer edged up in August. This is the third consecutive monthly increase according to the latest indicators from Market News International (MNI) and the Institute for Supply Management (ISM).
Steel Buyers Sentiment Indices Fall
SMU's Current and Future Steel Buyers Sentiment Indices both edged down this week, based on our most recent survey data.