The US economy added 372,000 new jobs in June, while the unemployment rate held unchanged at 3.6%, and the labor force shrank by 353,000 people, according to the Labor Department. Hiring last month slowed only slightly, and the US job market remains resilient despite high inflation and waning economic growth. Job gains have slowed since […]
Steel prices continued to ease each week throughout June, following declines in May as well. Hot rolled prices were $1,190 per ton ($59.50 per cwt) the first week of June. Prices then slipped between $45 and $90 each of the following weeks, with the SMU index averaging $995 per ton as of last Tuesday. (This […]
Earlier this week SMU canvassed steel buyers on a variety of subjects, ranging from steel prices to supply and demand to new mill capacity. We are sharing the comments we received in each buyers’ own words, rather than summarizing them in ours. Want to have your voice heard and share your comments with SMU? Contact Brett@SteelMarketUpdate.com […]
We are now eight weeks away from the start of the 2022 SMU Steel Summit Conference. Behind the scenes, there are dozens of SMU and CRU team members working diligently to ensure this year’s conference is exceptional for all our attendees. By exceptional, we mean entertaining content that is valuable and timely. And we also provide […]
We are now eight weeks away from the start of the 2022 SMU Steel Summit Conference. Behind the scenes, there are dozens of SMU and CRU team members working diligently to ensure this year’s conference is exceptional for all our attendees. By exceptional, we mean entertaining content that is valuable and timely. And we also provide […]
I mentioned in my last Final Thoughts that you should keep your eyes open for potential catalysts for higher prices even amid all the signs that tags probably have nowhere to go but lower. It turned out we found one hiding in plain sight. It’s contract talk season in the US, with labor pacts between […]
Chrisopher Kristock has been named vice president of the automotive program for the American Iron and Steel Institute (AISI). His focus will be on keeping steel’s position as the material of choice for the automotive industry. Kristock will also lead AISI’s Automotive Applications Council, which focuses on innovation, education, and technology transfer within the automotive […]
There are now two short months to go before we kick off the 2022 SMU Steel Summit Conference at the Georgia International Convention Center. As you prepare to join us in Atlanta on August 22-24 we want to give you more details regarding the program for Wednesday, August 24th. You can find more information about […]
SSAB and Shape Corp., have partnered to deliver fossil-free steel crash management and body structure systems to the US market, the steelmaker said. The Grand Haven, Mich.-based tier-one automotive supplier of lightweight body structures, will be testing SSAB’s HYBRIT steel – made from hydrogen-reduced sponge iron – for use in automotive applications. “We are excited […]
The 2022 SMU Steel Summit Conference, which will be held at the Georgia International Convention Center in Atlanta, is just 63 days away. The dates for this year’s conference are Aug. 22-24. We begin with a pre-Summit program at 9 a.m on Aug. 22. The official start of the conference will be at 1 p.m. The […]
The 2022 SMU Steel Summit Conference, which will be held at the Georgia International Convention Center in Atlanta, is just 63 days away. The dates for this year’s conference are Aug. 22-24. We begin with a pre-Summit program at 9 a.m on Aug. 22. The official start of the conference will be at 1 p.m. The […]
By CRU Economist Veronika Akhmadieva, from CRU’s Global Economic Outlook With a higher-than-expected headline CPI inflation reading of 8.6% in May, the Fed opted for an even more aggressive monetary tightening. After a 50 bps increase in the federal funds rate in May – which is the highest increase since 2000 – the Fed raised […]
By CRU Senior China Economist Henry Hao, from CRU’s Global Economic Outlook and China Macro Monthly In May, overall economic activity in China has improved marginally as the relaxation of Covid-19 restrictions led to the resumption of production in late May. Export and infrastructure investment have regained momentum. However, prospects for construction remain weak. While the contraction […]
Editor’s note: Steel Market Update is please to share this abbreviated Premium content with our Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. If you are part of a service center company and interested in becoming a data provider, please contact Estelle.Tran@CRUGroup.com. Flat Rolled = 54.7 Shipping Days of Supply […]
US light vehicle sales fell to 1.11 million units in May, down 11.2% from 1.25 million units in April. LV sales in the US shrank by 29.2% year-on-year (YoY). The annualized selling rate fell to 12.68 million units last month from 14.50 million units in April, the US Bureau of Economic Analysis (BEA) reported. The […]
North American auto assemblies improved by 5.9% in May, after shrinking by 15.8% the month prior – the first decline all year. And though ongoing supply hurdles continue, North American production has improved since bottoming out last December. May’s results are 14.4% higher year-on-year (YoY), but still 17.5% below the pre-pandemic period of May 2019. […]
The following article on the hot-rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled HR futures are coming back to life after a quiet spell in May. Month to date in June more than 225,000 […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]
There are 66 days to go before the start of the 2022 SMU Steel Summit Conference. The final agenda tweaks are being announced as we look to provide the most timely and relevant program for those attending this year’s conference. The conference starts on Monday, Aug. 22, at 9 a.m. It runs through Wednesday, Aug. […]
Despite inflation, rising interest rates, and faltering equities markets, the outlook is not all doom and gloom when it comes to the metals markets, says Rick Marabito, CEO of service center group Olympic Steel. In fact, the outlook for demand and consolidation is actually quite good, he told attendees of this week’s Steel Market Update […]
Flat Rolled = 54.7 Shipping Days of Supply Plate = 55.2 Shipping Days of Supply Flat Rolled US service center flat rolled inventories rose in May as many service centers reported signs of slowing demand. At the end of May, service centers carried 54.7 shipping days of supply on an adjusted basis, according to SMU […]
SMU on Monday and Tuesday canvassed steel buyers on a variety of subjects ranging from future steel prices and new capacity to demand and supply chain issues. As we did earlier this month, we are sharing the comments we received in each buyers’ own words rather than summarizing them in ours. Want to have your voice […]
US automotive sales in May are expected to drop below previous forecasts and to fall to their slowest pace in 2022, Cox Automotive reported. Declines of roughly 28% in sales year-on-year (YoY) were expected last month, though preliminary results indicate a drop of more than 29%, the automotive agency said. “Auto sales in May are […]
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. The US economy surprises in May by adding 390,000 new jobs, higher than earlier estimates and despite growing concerns about economic slowdown and surging inflation. The result kept the […]
By Greg Wittbecker, Advisor, CRU Group The First Movers Coalition (FMC) was launched in November 2021 at COP26 as a public-private partnership to decarbonize hard to abate sectors. At that time, the 25 founding members of FMC targeted eight sectors where innovative technology would need to be applied to effect change. The sectors of initial […]
US light vehicle sales fell to 1.25 million units in April, down 18.2% year on year (YoY). The annualized selling rate rose to 14.29 million units from 13.41 million units, the US Bureau of Economic Analysis (BEA) reported. Interest rates are rising. But what’s holding sales back is supply rather than demand, disrupting normal seasonality. The […]
Cleveland-Cliffs Inc. has changed how it supplies the automotive industry in response to chip and parts shortages that have thrown a wrench into automaker production forecasts, the company’s top executive said. “We no longer adopt their forecast as the final truth, like it was historically,” Cliffs chairman, president and CEO Lourenco Goncalves said. How did […]
Earlier this week SMU canvassed buyers on a variety of subjects, ranging from steel prices and demand to supply chain issues and new domestic capacity. Rather than summarizing the comments we received, we thought it would be fitting to share them in each buyers’ own words. Where do you think steel prices will bottom, and […]
Earlier this week SMU canvassed buyers on a variety of subjects, ranging from steel prices and demand to supply chain issues and new domestic capacity. Rather than summarizing the comments we received, we thought it would be fitting to share them in each buyers’ own words. Where do you think steel prices will bottom, and […]
Steel prices eased each week in May, following increases in March and most of April. Hot rolled prices were $1,440 per ton ($72 per cwt) the first week of May, just $40 lower than the mid-April peak. Prices then slipped between $15 and $75 each of the following weeks, with the SMU index averaging $1,255 […]