U.S. heating and cooling equipment shipments slowed in August to 2.05 million units, down 2.4% from July and down 11.4% from June’s record-high of 2.32 million units, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). August levels are down 1.8% from levels seen one year prior. Recall that 2020 monthly shipment […]
The number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number of active […]
U.S. steel exports increased 1% from July to August at 764,000 tons, according to the latest U.S. Department of Commerce data. August levels remain in line with exports over the last few months. Recall that July saw the second highest monthly export level in the last three years (778,000 tons), just behind the April 2021 […]
Now is a good time to think about protecting your business. Steel Market Update’s Introduction to Steel Hedging: Managing Price Risk course will introduce you to hedging principles and give you a solid foundation, so you can learn how to protect your business and minimize the risk associated with unfavorable price changes. In just two […]
Flat rolled steel prices are in transition, which tends to lead toward more volatility and wider price ranges in Steel Market Update data. One of the issues we face when we reach an inflection point in the spot market is the lack of daily transactions. With service center inventories nearing a state of balance, combined […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Data on U.S. industrial production, capacity utilization, new orders and inventories continued to improve through August, indicating a strengthening manufacturing sector. The health of the manufacturing economy has a direct bearing on the […]
Final Census data shows that August foreign steel imports declined 10% from July’s 18-month high to 2.78 million tons. September import licenses are currently at 2.86 million tons as of Oct. 4, up 3% from August but down 7% compared to July. Total finished imports for August were finalized at 2.18 million tons, the highest […]
New orders, employment, and production grew through September, while supplier deliveries slowed and backlogs lengthened, said the Institute for Supply Management in its latest Manufacturing ISM Report on Business. The Manufacturing PMI rose 1.2 percentage points to 61.1% in September, the second consecutive monthly increase, indicating continued expansion for the overall economy. As a three-month […]
Steel prices gradually declined through the month of September, following one full year of increasing prices. Hot rolled steel prices decreased $35 per ton ($1.75 per cwt) throughout the month, with the SMU index averaging $1,920 per ton ($96.00 per cwt) as of last Tuesday. The SMU Price Momentum Indicator was adjusted to neutral the […]
The latest SMU Market Survey results are now available on our website to all Premium members. After logging in at SteelMarketUpdate.com, visit the Analysis tab and look under the “Survey Results” section for “Latest Survey Results.” The historical survey results presentations also are available in the Survey Results section for “Survey Results History.” If you […]
As domestic hot rolled steel prices remain above $1,900 per ton, cheaper foreign steel imports continue to tempt U.S. buyers with potential discounts of 21-44%, according to Steel Market Update’s latest foreign versus domestic hot rolled steel price comparison. Foreign hot rolled steel prices are now theoretically $408-843 per ton cheaper than domestic steel, after taking freight costs, […]
Preliminary Census data shows that total foreign steel imports declined 10% in August, easing from July’s 18-month high down to 2.77 million tons. September import licenses are currently at 2.50 million tons as of Sept. 27, a 10% decline from August and down 19% compared to July. Total finished imports are preliminarily at 2.18 million […]
It’s beginning to look like hot rolled steel prices will fall short of the $2,000 per ton ($100 per cwt) mark that many believed would be the peak. Steel Market Update’s check of the market on Monday and Tuesday shows the average hot rolled price decreasing for the third time in as many weeks to $1,920 […]
Join Steel Market Update next week for the final Steel 101 Workshop of 2021, running virtually on Tuesday and Wednesday, Oct. 5-6. Unsure what to expect from the virtual training experience? SMU and CRU have been successfully running virtual events on our customized virtual platform since 2020, including the previous SMU Steel Summit and Tampa Steel Virtual Conference. […]
The number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released on Friday afternoon by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods demand. The number […]
Demand for design services from architecture firms in the U.S. improved for the seventh consecutive month, said the American Institute of Architects. AIA’s Architecture Billings Index rose from 54.6 in July to 55.6 in August. The ABI has expanded each month since January. The index for new project inquiries fell by 0.3 points to 64.7, […]
The average hot rolled steel price saw another small dip, based on Steel Market Update’s check of the market this week, but cold rolled and galvanized continued to rise, as the market reacts unevenly to changing conditions. On the supply side, sources report better availability of spot tons from the domestic mills at the same […]
There’s still time to sign up for the few spots remaining in the next Steel 101: Introduction to Steel Making & Market Fundamentals workshop, a virtual event to be held Oct. 5-6. This workshop was conducted in person for many years and has trained more than 1,000 individuals within the steel industry. We took the workshop […]
Prices for four of the seven steelmaking raw materials tracked in this SMU analysis decreased over the last 30 days. Through Sept. 17, iron ore prices stumbled 21% in one month’s time, busheling scrap prices declined 12%, pig iron prices fell 11%, and shredded scrap prices declined 3%. Coking coal prices jumped 49% in that […]
Foreign steel imports continue to entice U.S. buyers with potential discounts of 17% to 42%, according to Steel Market Update’s latest foreign versus domestic hot rolled steel price comparison. With domestic hot rolled averaging $1,950 per ton last week, foreign prices are theoretically $330 to $830 per ton cheaper than domestic prices after taking freight costs, trader […]
The latest SMU Market Survey results are now available on our website to all Premium members. After logging in at SteelMarketUpdate.com, visit the Analysis tab and look under the “Survey Results” section for “Latest Survey Results.” The historical survey results presentations also are available in the Survey Results section for “Survey Results History.” If you […]
Steel Dynamics Inc. (SDI) forecasts a new quarterly record in the third quarter of 2021 when it comes to steel operations’ profitability, according to guidance issued Wednesday. The gains versus second-quarter results come thanks to strong steel demand and significant metal spread expansion, the electric-arc furnace (EAF) steelmaker said. “Third-quarter 2021 steel shipments are expected to be […]
Sheet prices continue to wobble with hot-rolled coiled prices actually declining, albeit modestly, for the first time in more than a year. The concern: that the market is at a peak – and perhaps heading down the other side. Hot rolled coil prices have been flat in prior weeks, but they have not declined since […]
July apparent steel supply increased 312,000 tons over June to 9.70 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. This is now the highest supply level seen since January 2019, a 30-month record. July supply is up 2.73 million tons compared to the same month […]
Join Steel Market Update for the final Steel 101 Workshop to be held this year, running virtually on Tuesday and Wednesday, Oct. 5-6, 2021. Unsure what to expect from the virtual training experience? SMU and CRU have been successfully running virtual events on our customized virtual platform since 2020, including the last SMU Steel Summit […]
U.S. heating and cooling equipment shipments slowed in July to 2.10 million units, down 9.3% from the June record-high of 2.32 million units, according to recent data from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). July levels are down 0.5% from levels one year prior, breaking the 13-month streak of shipments increasing on a year-over-year […]
Editor’s note: Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. The Energy Information Administration’s August Short-Term Energy Outlook remains subject to heightened levels of uncertainty related to the ongoing economic recovery from the COVID-19 pandemic. That big caveat […]
U.S. steel exports declined 3% in July to 756,000 tons, according to the latest U.S. Department of Commerce data. Although down from the month prior, July levels remain relatively strong compared to recent months. Recall that June saw the second highest monthly export level in the last three years (778,000 tons), just behind the April 2021 high of 790,000 […]
Now is a good time to think about protecting your business. Steel Market Update’s Introduction to Steel Hedging: Managing Price Risk course will introduce you to hedging principles and give you a solid foundation, so you can learn how to protect your business and minimize the risk associated with unfavorable price changes. In just two […]
Market momentum suggests that flat rolled steel prices are likely to continue moving up, at least in the short term, as hot rolled hit a new record high once again this week at an average of $1,955 per ton, up $20 over last week, according to SMU’s check of the market on Monday and Tuesday. […]