Producer prices continue to rebound from the losses suffered during the early days of the COVID-19 pandemic last year. Since the decreases in March and April of 2020, the composite Producer Price Index (PPI) of all commodities from the Bureau of Labor Statistics (BLS) has seen consistent month-on-month increases. March’s index registered a 3.7% increase versus the prior […]
U.S. raw steel production rose for the second consecutive week following a slight dip in mid-March. Weekly steel production by U.S. mills totaled 1,766,000 tons in the week ending April 3, an increase of 0.3% compared with the week prior when production was 1,760,000 tons. The mill utilization rate last week averaged 77.9%, up from […]
U.S. Secretary of Commerce Gina Raimondo announced two new initiatives the Biden administration is taking to advance its clean energy goals. They consist of offshore wind power generation and a data-sharing agreement between the National Oceanic and Atmospheric Administration (NOAA) and Ørsted Wind Power North America LLC, an offshore wind developer. The administration’s renewable resource […]
Total construction expenditures edged down in February to $1.52 trillion, down 0.8% from January’s revised estimate of $1.53 trillion, reported the U.S. Census Bureau. Despite the slight dip month on month, total construction was up 5.3% compared to a year ago when spending totaled $1.44 trillion. Year-to-date construction spending amounted to $2.13 trillion, 4.9% above the $2.03 […]
U.S. gross domestic product (GDP) finished 2020 with annualized growth of 4.3% in the fourth quarter, a slight upward adjustment based on the third estimate from the Bureau of Economic Analysis (BEA). The third estimate included upward revisions to private inventory investment that was partly offset by a downward revision to nonresidential fixed investment. An annualized […]
U.S. consumer confidence took a major leap forward in March, according to the latest data from The Conference Board. “Consumer confidence increased to its highest level since the onset of the pandemic in March 2020,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current conditions and their short-term […]
U.S. consumer confidence saw major gains in April, according to the latest data from The Conference Board. April’s index rose by about 13.0 points month on month, following a nearly 18.6-point increase in March. “Consumer confidence has rebounded sharply over the last two months and is now at its highest level since February 2020,” said Lynn […]
U.S. raw steel production rebounded last week after slipping a bit the week prior. Weekly steel production by U.S. mills totaled 1,760,000 tons in the week ending March 27, an increase of 0.4% compared with the week before when production was 1,753,000 tons. The mill utilization rate last week averaged 77.6%, up from 77.3% week […]
Global crude steel production totaled 150.2 million metric tons in February, up 4.1% from the same month last year, reported the World Steel Association. Despite the positive year-over-year result, February’s total was down 7.8% from January and was the lowest output since July 2020 when monthly production was 155.5 million metric tons. February’s data is […]
As the world continues to work itself back from the doldrums of the COVID health pandemic, global crude steel production seems to be hitting its stride as it strives to catch up with rising demand. Except for Brazil, which saw no change in crude steel production month on month, all the top 10 global producers and regions […]
World crude steel production, at 150.2 million metric tons, was 4.1% higher in February than in the same month last year, reported the World Steel Association. February’s data is significant in that it’s the last month that year-over-year figures can be compared pre-pandemic without being skewed by COVID, which hit in March last year. February’s […]
U.S. raw steel production took a slight step back this week following repeated gains over the past five weeks. Weekly steel production by U.S. mills totaled 1,753,000 tons in the week ending March 20, bringing production down 0.5% compared with the week prior when production was 1,761,000 tons. The mill utilization rate last week averaged […]
Zekelman Industries has lauded the Biden administration for continuing to support the Section 232 tariffs. In fact, the company celebrated the anniversary and continuation of Section 232 by giving employees a $1,000 bonus. Barry Zekelman, CEO and Executive Chairman of the Chicago-based pipe and tube manufacturer, praised the Trump-era tariff, but called on the president […]
Steel product shipments continued to improve through January this year, maintaining a month-on-month growth trend since bottoming in April 2020 when COVID shook the economy. Steel shipments have recovered to pre-pandemic volumes and posted an increase of 2.7% compared to January 2020 levels, according to Census Bureau data on inventories, shipments and new orders for total […]
The Coalition of American Metal Manufacturers and Users (CAMMU) is appealing to the Department of Commerce (DOC) to terminate Section 232 tariffs and quotas on imported steel and aluminum, in a followup to similar demands directed at the Biden administration on Feb. 10. In a March 15 letter to Commerce Secretary Gina Raimondo, CAMMU–which claims to represent […]
U.S. raw steel production rose again, a trend that has continued for five weeks and counting. Weekly steel production by U.S. mills totaled 1,761,000 tons in the week ending March 16, pushing production up 0.3% compared with the week prior when production was 1,755,000 tons. The small increase may reflect some seasonality as construction and […]
Steel Market Update’s monthly analysis of Key Market Indicators–a host of data on the economy, raw materials, manufacturing, construction, and steel sheet and long products–shows that the marketplace continues to improve, albeit cautiously. At the onset of COVID-19 a year ago, the impact of the pandemic on the economy was delayed, with only 3 of […]
Editor’s note: Steel Market Update is pleased to share this Premium content–an edited version of our Key Market Indicators analysis–with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Steel Market Update’s monthly analysis of Key Market Indicators–a host of data on the economy, raw materials, manufacturing, construction, and steel […]
This report examines the import share of sheet, plate, long and tubular products. As of January, imports’ share of total sheet products was 12.8%, up marginally from 12.3% in December. Although minimal, imports of sheet products have posted increases for two consecutive months after declining for seven consecutive months following the most recent peak of 16.6% […]
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. Mill shipments of steel products rose 6.9% month on month in January, while apparent supply was up by nearly 13.5% during the same period. Despite the continued growth month over month since […]
The U.S. economy added 379,000 jobs in February, making the first positive move in three months, reported the Bureau of Labor Statistics (BLS). The unexpected increases were driven by large job gains in the nation’s service and entertainment industries as the economy continues to recover. The jobs data was the strongest since October, resulting from a […]
After dismal reports for the U.S. labor market in December and January, February saw positive gains in employment. The U.S. Bureau of Labor Statistics (BLS) reported that employers added 379,000 to their payrolls in February, as vaccinations and business reopenings gave the economy a boost. Despite the added jobs this past month, the unemployment rate […]
U.S. gross domestic product (GDP) closed out 2020 on an encouraging note with annualized growth of 4.1%, based on the second estimate from the Bureau of Economic Analysis (BEA). The second estimate included upward revisions to residential fixed investment, private inventory investment, and state and local government spending, partly offset by a downward revision to personal […]
U.S. Steel plans to take a 25-day outage in May on the No. 1 blast furnace at its Mon Valley Works in western Pennsylvania, a company spokeswoman confirmed. The outage is part of the steelmaker’s normal maintenance program, she said. The maintenance is to apply shotcrete–a sprayed concrete–and other standard upkeep, sources said. Smaller outages are planned […]
U.S. Steel plans to take a 25-day outage in May on the No. 1 blast furnace at its Mon Valley Works in western Pennsylvania, a company spokeswoman confirmed. The outage is part of the steelmaker’s normal maintenance program, she said. The maintenance is to apply shotcrete–a sprayed concrete–and other standard upkeep, sources said. Smaller outages are planned […]
Global crude steel production totaled 162.9 million tons in January, up 1.3% from the month prior and up 4.8% year over year when total production was 155.5 million metric tons. The U.S. was the fourth largest producer, accounting for 5.6% of total global crude steel produced in January at 9.6 million metric tons, while China […]
Weekly raw steel production by U.S. mills totaled 1,749,000 tons in the week ending Feb. 27, up 0.2% from the week prior when production was 1,745,000 tons. Although marginal, raw steel production was up for a third consecutive week. The mill utilization rate was 77.2%, up from 77.0% one week ago, yet down 7.0% from the […]
U.S. raw steel production saw a small increase for the fourth consecutive week as domestic mills strive to meet robust demand. Weekly steel production by U.S. mills totaled 1,755,000 tons in the week ending March 6, up 0.3% from the week prior when production was 1,749,000 tons. The mill utilization rate last week averaged 77.4%, […]
Executives at Ryerson, the nation’s second largest service center company, remain optimistic about their prospects for 2021, even after reporting a net loss of $65.8 million on revenues of $3.47 billion in 2020. The company saw a 23% drop in sales last year due to the pandemic. Revenues improved by 2.6% in the fourth quarter […]
The latest consumer confidence data from The Conference Board indicates that consumers remain cautiously optimistic about the economy. February consumer confidence data showed gains across most inputs; however, the survey results were gathered prior to the Texas power crisis resulting from the recent winter storm and could paint a partial picture of current sentiment. Nevertheless, there […]