Raw steel production by US mills edged up marginally last week after declining for two straight weeks. Domestic output was 1,742,000 net tons in the week ending Aug. 13, while capacity utilization was 79%. That marks the fifth week below 80%, according to the latest data from the American Iron and Steel Institute (AISI). US […]
Steel Market Update is pleased to share this new Premium content – an index comparing lead time and demand data – with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Apparent demand for flat-rolled steel in the US turned in our early August reading, though it’s too early to note if […]
The prices contractors pay for construction materials and services – chiefly for new nonresidential construction – fell 1.3% month-on-month (MoM) in July, while contractors’ bid prices rose 5.4%, the Associated General Contractors of America (AGC) reported in its latest analysis of government data. AGC noted that despite the MoM decline, materials prices remain high and […]
Imported sheet and plate products arrived at US ports at a higher clip in June, resulting in them accounting for a larger share of the domestic market, according to US Commerce Department data. Imports’ share of US sheet and plate markets peaked in December, with sheet reaching its highest level in the past 4.5 years. The trend […]
Total mill shipments of steel products shrank in June, after gaining ground the month before. June’s mill shipments totaled 8.09 million tons, a 3.5% decline from May’s 8.38 million tons. Apparent supply also declined in June, down 2.8% versus the prior month. This analysis is based on steel mill shipment data from the American Iron and Steel […]
US plate prices edged down again this week after seeing their largest decline in nearly five years the week prior. The latest declines are not exactly a surprise given plate prices had been holding an unsustainable premium over coil and buying has been largely hand-to-mouth. But the straw that broke the camel’s back might just […]
The S&P Global US manufacturing PMI—another measure of manufacturing—fell to 52.2 in July, its lowest level in two years, as output and new orders decreased last month. July’s results are down slightly from 52.7 in June, as US manufacturers report the toughest business conditions since 2009. (Recall that a reading above 50.0 indicates growth.) The […]
The Dodge Momentum Index moved 2.9% higher in July, gaining ground on the upwardly revised reading for the month prior, according to data and analytics from the Dodge Construction Network. The index registered 178.7 last month, up from 173.6 in June. The leading index for commercial real estate measures data about planned nonresidential building projects […]
US construction spending in June totaled $1.762 trillion at a seasonally adjusted annual rate, 1.1% below May’s upwardly revised estimate of $1.782 trillion. Though down for the second straight month, this is only the second drop since September 2021, according to data from the Commerce Department. The decline came as outlays on single-family homebuilding declined […]
The US labor market added 582,000 jobs in July, a surprising boost in hiring and more than doubling what forecasters had projected. The economy has now regained all jobs lost during the pandemic. The result pushed the unemployment rate down to 3.5%, matching the pre-pandemic low, the Bureau of Labor Statistics reported. The July jobless […]
The US economy added 528,000 new jobs in July despite downbeat expectations, nearly doubling earlier estimates, according to data from the US Department of Labor. Hiring last month was far better than expected, defying multiple other signs that the economic recovery is losing steam. The unemployment rate declined to 3.5%, now back to its pre-pandemic […]
Raw steel production by US mills slipped for a second straight week, easing to a 17-month low of 1,723,000 net tons in the week ending Aug. 6. This is the lowest weekly production figure reported since early February 2021. Domestic capacity utilization shrank lower to a 15-month low of 78.2%, marking the fourth week below […]
ArcelorMittal SA has agreed to buy Brazilian steelmaker Companhia Siderúrgica do Pecém (CSP) from Brazilian iron ore miner Vale SA and shareholders. The deal is worth $2.2 billion and is expected to be completed late this year. CSP is a joint venture between Vale, which holds a 50% stake in the company, and South Korean steelmakers […]
US plate prices were largely unchanged this week, but probably not for long now that Nucor has significantly lowered plate prices with the opening of its September plate order book. The move came after Nucor in early July kept prices flat with the opening of its August order book. Discrete plate prices, as well as prices […]
Monthly Key Market Indicators (KMI) fell through June and into July, while steel buyer sentiment tumbled to a two-year low, according to the latest analysis by Steel Market Update. Negative and neutral indicators have increased, while positive indicators have collapsed. Present headwinds are notable. Consumers and businesses have pulled back on spending, and rising inflation […]
New orders for US manufactured durable goods rose unexpectedly in June after a surprising increase the month prior. June’s gain was boosted by a surge in defense aircraft as well as a sustained demand for equipment. Last month’s bookings for durable goods were up 1.9% following a 0.8% gain a month earlier, according to the Commerce Department. […]
The US economy contracted in the second quarter of 2022, declining for the second straight quarter. Some economists consider two consecutive quarters of negative GDP to be the definition of a recession. Gross domestic production in Q2 declined at -0.09% annualized pace, according to advanced estimate from the US Commerce Department’s Bureau of Economic Analysis […]
Reliance Steel & Aluminum Co. “delivered an exceptional second quarter with record-setting financial performance and outstanding operational execution,” CEO Jim Hoffman said in the service center’s second quarter results release. Reliance reported record second quarter net income of $572.8 million on sales of $4.68 billion. The company’s top results were driven by “ongoing healthy demand” […]
Though steel prices might down from the historic highs of 2021, Reliance Steel and Aluminum sees its diverse product portfolio and end markets as a buffer, executives said during an earnings call with analysts on Thursday, July 28. “Our product breadth is so diverse, which is part of the strategy and design,” company president Karla […]
American Honda Motor Co., Honda’s North American subsidiary, has paused some production at three assembly plants this week because of the ongoing parts and microchip shortages, a company spokesperson told Steel Market Update (SMU). Honda’s Greensburg, Ind., assembly plant, Marysville Auto Plant Line 1 in Ohio, and Honda Canada Manufacturing Plant Line 2 in Alliston, […]
US consumer confidence fell again in July, declining for the third consecutive month, The Conference Board reported. Americans grew even more pessimistic about the US economy over the past 30 days, with the latest survey showing declines in consumer attitudes, intentions and expectations in July. The drop came on the heels of an even larger downward […]
Raw steel production by US mills recovered last week after declining for two straight weeks. Despite the increase, mill utilization rates remained below the 80% mark for a third consecutive week. Domestic capacity utilization rose to 79.6% while mill production totaled 1,754,000 net tons in the week ending July 23, reported the American Iron and […]
Steel Market Update is pleased to share this new Premium content – an index comparing lead time and demand data – with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Apparent demand for flat-rolled steel in the US remains on a downward trend – as it has been since late April, […]
Global crude steel production was estimated at 158.1 million metric tons in June as steelmakers around the world cut back on output by 9.8 million metric tons, or 5.8%, from the same period last year, the World Steel Association (worldsteel) reported. Last month’s estimated production was also down sequentially, shrinking by 6.7%, or 11.4 million […]
World crude steel production tumbled in June, down 5.9% versus the same period last year. Last month’s output was also down 6.7% when compared to May, declining for just the second time this year, according to World Steel Association (worldsteel) data. Global output was estimated at 158.1 million metric tons in June. Steelmakers around the […]
Producer prices rose moderately in June, maintaining a sustained 27-month growth run. Last month the headline index grew by just 3.3%, seasonally adjusted, but was up 23.4% compared to the same year-ago period, the US Labor Department reported. The wholesale level was hit hard by inflation as well in June. The producer price index (PPI), […]
Demand for design services from architecture firms in the US continued to grow in June, though at a modest pace. The June AIA Architecture Billings Index (ABI) score was down marginally month-on-month (MoM) but marked the 17th consecutive month of growth following the pandemic-induced downturn in 2020. The June ABI registered 53.2, down fractionally from […]
Cleveland-Cliffs Inc. saw strong profit in the second quarter and double free cash flow versus the prior quarter while predicting that even better days were ahead thanks to fixed-price contracts resetting at higher numbers. That projection comes largely because automakers, which typically buy steel on contract terms, are seeing backlogs grow because of supply chain […]
US plate prices have been holding steady and bucking the downtrend presently seen across sheet and coated products. Plate demand has remained largely steady, while buyers have maintained lean inventories, only taking volumes to fill gaps. The price dynamic has led to historically high premiums over hot-rolled coil (HRC) prices. Presently, plate prices are more […]
Existing-home sales shrank in June, retreating for the fifth straight month, according to the National Association of Realtors. Three out of the four major US regions saw sales decline month-over-month (MoM) in June while sales in the Northeast stagnated. Sales were down across each region year-over-year (YoY). June sales fell 5.4% from May to a […]