This weekend I was at my daughters’ swim meet. It’s a recreational summer league, so not all the kids are very competitive, but they all seem to have a great time cheering each other on. The sportsmanship was unrivaled. All the kids shook each other’s hands after each heat, and nobody exited the water until […]
US heating and cooling equipment shipments saw a drop in April from the previous month and year over year, according to the most recent data released from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in April were 1.74 million units, compared to 2.03 million units in March. Shipments were down 14% month over month […]
The Dodge Momentum Index (DMI) fell for the third consecutive month in May as weakness in commercial planning persists, according to the latest data from the Dodge Construction Network (DCN). The index reading is at its lowest level in nine months. The DMI dropped 2% to 180.5 in May from the revised April reading of 184.1 but […]
Unemployment is falling in the construction sector, with 25,000 jobs added in May to meet growing demand, according to an analysis of new government data by the Associated General Contractors of America (AGC). “Demand for construction workers remains strong, outside of homebuilding,” Ken Simonson, AGC’s chief economist, said in a statement on June 2. “Contractors […]
Overall economic activity saw little change in April and early May, while manufacturing activity was flat to up in most Federal Reserve Districts, and supply chain issues continued to improve, the Federal Reserve said in its latest Beige Book report. The Beige Book is a compilation of information on current economic conditions, gathered by each district […]
Rig counts fell in the US for the fifth consecutive week, but increased in Canada for the week ended June 2 compared with a week earlier, according to the latest data from oilfield services company Baker Hughes. The total US rig count stands at 696 active rigs as of June 2, down 15 from the previous week. The number of active oil rigs in the US dropped […]
Nucor Corp. is joining the carbon capture movement. The Charlotte, N.C.–based steelmaker announced on June 1 that it has signed an agreement with ExxonMobil to utilize carbon from its direct-reduced iron (DRI) facility in Louisiana. ExxonMobil will capture, transport, and store carbon – up to 800,000 metric tons of CO2 per year – from Nucor’s […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! […]
The Illinois Waterway will close for repairs starting Thursday at eight different lock and dam sites, according to the US Army Corps of Engineers. The waterway connects Lake Michigan to the Mississippi River, and is vital for moving goods through the country. Repairs have been scheduled by the US Army Corps of Engineers, Rock Island […]
Rig counts fell in the US while they inched up in Canada for the week ended May 26 vs. the week prior, according to the latest data from oilfield services company Baker Hughes. The total US rig count stands at 711 active rigs as of May 26, down nine from the previous week. The number of active oil rigs in the US fell […]
Cleveland-Cliffs has been granted state mineral leases for over 2,600 acres of iron ore in Itasca County, Minn., the company announced on May 25. The leases are at the Nashwauk mine site located in the Iron Range region, just north of Grand Rapids, Minn. Cliffs said this approval is a final action and the company has now […]
Steel mill lead times have encountered some of the biggest two-week declines we’ve seen for some time, to the lowest levels we’ve seen since mid-March, according to SMU’s latest steel market survey data. Hot rolled in particular saw the steepest two-week decline since late January 2022, when lead times dropped by 0.86 weeks. This week, […]
There are many great, supportive organizations in the steel and metals industry. One that continues to grow as the industry evolves is the Association of Women in the Metal Industries (AWMI). Founded in 1981, AWMI is an international organization that was established to promote and develop the growth of women in the metal industries. AWMI […]
As pricing and lead times continue to drop, buyers are keeping a close eye on the market, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the Tuesday, May 23, meeting of its Sheet Metal/Air Handling Council. Cautious optimism carried over from April’s meeting. Currently, 90% of galvanized buyers say […]
Rig counts fell in both the US and Canada for the week ended May 19 vs. the week prior, according to the latest data from oilfield services company Baker Hughes. The total US rig count stood at 720 as of May 19, down 11 from the previous week. The number of active oil rigs in the US fell by 11 to 575 […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including current and future steel prices, inventory strategies, supply, demand, and new mill capacity. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! […]
Jeremy Flack, founder and CEO of Flack Global Metals, joined Steel Market Update for a Community Chat on May 17 where he spoke about his involvement in futures trading, risk management, and the new arm of the organization, Flack Manufacturing Investments. Flack discussed the state of the market for the past three years with SMU’s […]
The Global Steel Climate Council (GSCC) addressed the Group of Seven (G7) on May 16, encouraging leaders to move towards sustainable steelmaking. The G7 Summit is currently being held in Hiroshima, Japan. G7 leaders were asked to support the transition to cleaner steel products by incentivizing steelmakers to utilize lower-emitting steel production processes and technologies. […]
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 […]
US apparent steel supply rose 6% in March to 8.03 million net tons compared to the previous month, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Apparent steel supply is determined by combining domestic steel mill shipments and finished US steel imports, then deducting total US […]
Rig counts dropped in the US for the second straight week and inched up by one rig in Canada vs. the previous week, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 731 for the week ended May 12, down 17 from last week. The number of active oil rigs in the US fell by two […]
US heating and cooling equipment shipments were up for the second straight month in March, according to the most recent data released from the Air Conditioning, Heating, and Refrigeration Institute (AHRI). Total shipments in March were 2.03 million units, compared to 1.69 million units in February. While shipments were up month over month (MoM), they were down […]
Steel mill lead times continue to decline for hot rolled, galvanized, and Galvalume products, while cold rolled and plate ticked up slightly, according to SMU’s latest steel market survey data. Lead times took a downard turn in mid-April after climbing for nearly five months. SMU’s hot-rolled lead time is 4 to 8 weeks with an average of […]
Raw steel production by US mills dropped slightly last week vs. the previous week, according to data released by the American Iron and Steel Institute (AISI) on Monday, May 8. Domestic steel production was 1,712,000 net tons during the week ended May 6, off 0.2% from 1,716,000 tons the prior week. Production was 3.4% lower than 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 some of them in each buyer’s own words. We want to hear your thoughts, too! […]
New calculations suggest that the lifespan of steel might be shorter than originally believed, according to a report released by the Steel Manufacturers Association (SMA). The report provides new calculations suggesting that the lifespan of steel is in the range of 25 to 35 years, rather than 40 years. The shorter lifespan increases the availability of […]
Metallurgical coke producer SunCoke Energy Q1 net earnings were hit by a “lower export coke contribution margin.” Beyond the earnings results, SunCoke reported an extension of its coke agreement with Cleveland-Cliffs. “Last week we announced the extension of our Indiana Harbor coke agreement with Cleveland Cliffs through September 2035,” Katherine Gates, president of SunCoke Energy, said […]
ArcelorMittal is expecting to soon bring two of its European blast furnaces (BFs) back online after two-month, unplanned outages. A spokesperson for the Luxembourg-based company told SMU that they anticipate the BFs, one in Spain and one in France, to be back up and running between the end of this month and the beginning of […]
Raw steel production by US mills inched up again last week, rising 0.9% from the week before and moving higher for a fourth consecutive week, according to data released by the American Iron and Steel Institute (AISI) on Monday, May 1. Domestic steel production stood at 1,716,000 net tons during the week ended April 29 vs. 1,700,000 tons […]
For the second consecutive week, rig counts were up in the US and down in Canada, according to the latest data from oilfield services company Baker Hughes. The total US rig count was 755 for the week ended April 28, up two rigs from last week. The number of active oil rigs in the US remaind flat at […]