New orders for manufactured durable goods increased for the second consecutive month in April, rising 1.1% from the previous month to $283.0 billion, according to the US Census Bureau. This follows a 3.3% month-over-month (MoM) gain in March, according to Census data. The bureau said transportation equipment, also up for a second straight month, drove the increase, rising 3.7% MoM to $97.6 billion. […]
After hitting a 10-month high in March, global crude steel production fell back in April as output declined in both China and the rest of the world (RoW). Production was down 2.4% from the same month last year, according to the latest data from the World Steel Association (worldsteel) analyzed by SMU. Global steel output […]
CME Midwest HRC futures continue to be under pressure. Every month from June through March has declined since the start of May. The July and August futures were hardest hit, dropping $50 and $53, respectively, through today’s close. These two months outpacing the others lower has flattened the curve. Editor’s note: SMU Contributor David Feldstein […]
While architecture firms saw a modest decline in billings from March to April, there were more inquiries for future projects, according to the latest data from the American Institute of Architects (AIA). The monthly AIA Architecture Billings Index (ABI) registered a 48.5 reading in April, a decline from 50.4 the month prior. Excluding the slight […]
Altos Hornos de México (AHMSA) has sold approximately 19,000 tons of scrap to help pay for workers’ salaries, according to a local media report. The Mexican steelmaker is also raising money by selling coke from its coke plants, Mexico’s El Tiempo reported, citing comments from bankruptcy trustee Elmer Rocha. AHMSA and hedge fund Argentem Creek […]
The National Transportation Safety Board (NTSB) is urging action for bridges nationwide made of “uncoated weathering steel” (UWS). Based on an ongoing investigation of a 2022 bridge in Pittsburgh, the NTSB recommended on May 18 that federal and state authorities go over inspection reports and identify incomplete follow-up actions for bridges that included the material. “On Jan. […]
Forza Steel is investing $60 million to build a manufacturing facility at the Port of Brownsville in Texas on the Mexican border. The Mexican carbon steel pipe producer is planning to install equipment in early July to begin rolling mill operations, according to a press release from the Port of Brownsville on May 2. The facility […]
Global steel production during the month of April was lower both sequentially and on-year, according to the latest data from the World Steel Association (worldsteel). Worldsteel reports an estimated 161.4 million metric tons of crude steel was produced globally in April. This was a 0.8% drop from the month prior and a 2.4% decline from […]
Bend, Oregon-based Origami Solar has announced its Gen 2 steel module frame, which can be sourced from domestic steelmakers. The solar panel company said the steel solar module frame represents “a game-changing opportunity to disrupt high-risk Asian supply chains.” It can achieve this by leveraging US steel resources to end the solar industry’s reliance on […]
Sweden’s H2 Green Steel and Germany-based thyssenkrupp nucera have partnered on an electrolysis plant at H2’s Boden facility in northern Sweden. The agreement between the two companies secures capacity of more than 700 megawatts for H2’s electrolysis plant in Boden, “making it one of the world’s largest electrolysis plants to date,” H2 said Monday. H2 […]
Mexican President Andrés Manuel López Obrador is open to restructuring the debts of Altos Hornos de Mexico’s (AHMSA’s) if it is governed by more professional leadership, according to Spanish language media reports. In remarks last Tuesday at the national palace, he said the restructuring of up to $280 million in debt depends on a “responsible […]
Solar tracker maker Nextracker and MSS Steel Tubes USA announced the commissioning of a new factory in Tennessee on Wednesday to make low-carbon steel components for Nextracker’s solar tracking systems. Nextracker said the Memphis facility will manufacture Nextracker steel torque tubes, create 129 jobs, and generate millions of dollars in local economic investment. In February, […]
Lethbridge, Alberta-based Varsteel Ltd. has acquired Canadian tube manufacturer Atlantic Tube & Steel. “The Varsteel team is excited to join forces with Atlantic Tube & Steel Inc., broadening our company platform and delivering more value to our customers through additional products and steel services,” Gerald Varzari, Varsteel president and CEO, said in a statement on […]
Lourenco Goncalves, Cleveland-Cliffs’ chairman, president, and CEO—as well as the newly elected AISI chairman—and Kevin Dempsey, AISI president and CEO, discussed issues ranging from Section 232 tariffs and hydrogen in steelmaking, to steel imports from Mexico, along with a host of other topics on Tuesday at the American Iron and Steel Institute (AISI) General Meeting press […]
The latest Empire State Manufacturing Survey shows a steep decline in business activity in the state of New York. The headline manufacturing general business conditions index from the Federal Reserve Bank of New York fell into the negative, dropping by nearly 43 points to -31.8 in the survey taken between May 2-9. The April index […]
Tampa, Fla. is now home to the North American headquarters of refractory provider RHI Magnesita. With operations in 37 countries, the Vienna, Austria-based company is a global provider of high-grade refractory products used in the steel, cement, non-ferrous metal, and glass industries. The new corporate hub in Tampa will serve customers in the US, Canada, […]
New York-based steel producer 72 Steel Group LLC has announced plans to build a $218-million steel manufacturing plant in Aliquippa, Pa., near Pittsburgh, according to media reports. The plant on a nearly 44-acre site will produce rebar and products widely used in construction, according to an article in the Pittsburgh Post-Gazette. The current owner of the […]
After surprising the market watchers of HR futures in the first week of May, the index finally gave back $40 per short ton (ST) in the second week, coming in just shy of $1,130/ST. Interestingly, the May futures settlement was almost unchanged from April 10 . While the market may be in a hurry for price […]
US steel shipments fell 5.9% in March vs. the same month last year, according to the most recent figures released by the American Iron and Steel Institute (AISI) on Tuesday. Domestic steel mills shipped 7,372,430 net tons in March, off from 7,835,600 net tons shipped a year earlier, but up 6.6% from the 6,917,842 net […]
Steel prices peaked at the start of the month, with hot-rolled coil reaching $1,160 per ton ($58 pet cwt) on average on April 10. Tags began to decline near the month’s halfway mark and closed out the month $40 per ton lower at $1,120 per ton. The SMU Price Momentum Indicator for sheet products was […]
The US manufacturing sector looks to have contracted for another month, albeit at a slightly slower pace than in March, according to the latest monthly report on business from the Institute for Supply Management (ISM). The ISM’s manufacturing PMI came in at 47.1% in April. Although 0.8 percentage points higher than the previous month, the […]
Raw steel production by US mills rose slightly last week, up 0.7% from the week prior and moving higher for the second straight week, according to data released by the American Iron and Steel Institute (AISI) on Monday, April 17. Domestic production stood at 1,687,000 net tons in the week ended April 15 vs. 1,675,000 tons […]
Turkish pipe and tube maker Borusan Mannesmann has finalized its buy of Panama City, Fla.-based Berg Pipe for $162 million. Borusan said it has acquired 100% of the US pipe maker, which manufactures large-diameter line pipe. “By acquiring Berg Pipe, a company with a total manufacturing capacity of 550,000 tons, we have secured a strategic […]
Processor BICO Steel has acquired REI Metal Finishing of Kent, Ohio. Mogadore, Ohio-based BICO said the buy will further develop its steel processing and finishing capabilities. Terms of the transaction were not disclosed. REI Metal Finishing, renamed BICO Metal Finishing, supplies steel peening and metal-finishing services to industrial customers, BICO Steel said in a statement. […]
Canadian flat rolled producer Algoma Steel Inc. said its performance in the quarter ended March 31 would be much improved over the prior quarter thanks to attractive market conditions and steel prices that were at a nine-month high. In earnings guidance for its fiscal fourth quarter, Algoma said it anticipates quarterly steel shipments to be in […]
SMU’s hot-rolled coil price posted its smallest week-over-week (WoW) price gain since mid-January. Some sources said the market might be at or near a peak. But others said it might be taking a break ahead of domestic mills rolling out another round of price hikes. Our average hot-rolled coil price stands at $1,145 per ton ($57.25 […]
US architecture firms reported a slip in demand for services for the fifth consecutive month in February, according to the latest report from the American Institute of Architects (AIA). The monthly AIA Architecture Billings Index (ABI) score stood at 48.0 in February, down from January’s 49.3. The ABI is an advanced economic indicator for nonresidential construction activity […]
CRU has rolled-over its Turkish scrap price due to low market activity. Trading has slowed over the past two weeks as buyers are unwilling to accept current price levels in anticipation of a downward correction. Thus, the CRU-assessed Turkish scrap price for HMS1/2 80:20 remains unchanged week-on-week (WoW) at $460 per metric ton CFR. Similar […]
We haven’t had a price increase since March 13, the Monday after Silicon Valley Bank collapsed. It’s entirely possible we’ll get another round of price hikes should mills decide the market will support it or should they want to reverse any bearish sentiment before it gains traction. It’s also possible that we won’t see another […]
The outlook for the construction industry is relatively optimistic, despite the uncertain state of the overall economy, according to Ken Simonson, chief economist of the Associated General Contractors of America (AGC). Simonson, who chatted with SMU chief editor Michael Cowden on the March 22 SMU Community Chat, provided the most recent data covering many aspects […]