Nucor has ordered two galvanizing lines from equipment supplier Fives SAS for its $2.7 billion electric arc furnace (EAF) sheet mill in West Virginia. One is a vertical galvanizing line, the other is a horizontal line – each will have annual capacity of 500,000 tons, France-based Fives said in a press release on Tuesday, April 26. […]
Steel Market Update sources expect ferrous scrap prices to decline in May, following record high prices in March and April due to the Ukraine-Russia war. Some expect obsolete grades to decline significantly from April, with busheling prices potentially down as well. “Just looking at the export market makes me think US domestic will see significant drops for all […]
Matthew Abrams, Analyst, CRU Group As costs, premiums, and prices all remain high, market participants across all sectors are all looking for the edge of the cliff. The war, Covid 19, and inflation are all part of the daily conversation. Supply disruptions and demand destruction are very real worries for all those involved. In what could […]
Cleveland-Cliffs Inc. expects record free cash flow this year thanks to fixed-price contracts resetting higher and a more bullish outlook on average selling prices in general. The Cleveland-based steelmaker predicts that average selling prices for the year will be $1,445 per ton ($72.25 per cwt), up $220 per ton from prior guidance of $1,225 per […]
Today we are sharing the full proposed agenda for the 2022 SMU Steel Summit Conference. As you will note there are a few programs where we are in negotiations with speakers or working on making sure the program is fresh for those who have attended our conference in the past. There are several themes we […]
Nucor expects to complete the $650 million expansion and upgrade of its Gallatin sheet mill in Ghent, Ky., in June, company executives said. And the Charlotte, N.C.-based steelmaker’s new $1.35 billion plate mill in Brandenburg, Ky. – slated to have annual capacity of 1.2 million tons – remains on track to start up late in […]
Nucor Corp. “immediately” halted sourcing pig iron and other raw materials from Russia following the invasion of Ukraine in late February, the company’s top executive said. “The day after the invasion happened, we stopped buying materials immediately from Russia and have taken nothing from them,” Nucor president and CEO Leon Topalian said. “We pivoted very quickly […]
The SMU Steel Summit Conference was, at its inception, about two things: networking and forecasting. Our conference aims to expand our attendees’ knowledge of the economy, the flat rolled and plate industries, and key market segments. It’s also about getting to know one another better as companies look to improve or expand their relationships with […]
Today we are sharing the full proposed agenda for the 2022 SMU Steel Summit Conference. As you will note there are a few programs where we are in negotiations with speakers or working on making sure the program is fresh for those who have attended our conference in the past. There are several themes we […]
North American auto assemblies grew by 18.1% in March, expanding for the third straight month despite ongoing supply hurdles. Though North American production has improved since last December, March’s recovery was just 1% higher year on year. And it’s still 13.5% below the pre-pandemic period of March 2019. At the onset of 2022, the global auto […]
US light vehicle sales fell to 1.26 million units in March, down 22% year on year. The annualized selling rate declined to 13.332 million units from 14.071 million units the month prior, the US Bureau of Economic Analysis (BEA) reported. Interest rates are rising. But that’s probably not what’s holding sales back. It is supply rather […]
I shouldn’t say put a fork in this market and call it done. It’s probably too early for that. But some of the anecdotal indicators I mentioned last week are increasingly showing up in the data we and others collect. Take a look at today’s issue: Lead times are still rising, for the most part. […]
Steel Market Update has been working on the agenda for the 2022 SMU Steel Summit Conference, which will be held in Atlanta on August 22-24. This year’s conference will address many of the issues affecting the flat-rolled and plate steel markets. Over the next few issues, we will roll out our conference program, the confirmed […]
Steel Market Update has been working on the agenda for the 2022 SMU Steel Summit Conference, which will be held in Atlanta on August 22-24. This year’s conference will address many of the issues affecting the flat-rolled and plate steel markets. Over the next few issues, we will roll out our conference program, the confirmed […]
If you’re feeling whiplash from the current market, I’d take some comfort in the fact that you’re not alone. I remember attending Great Designs in Steel, one of my favorite events, in Livonia, Mich., back in May 2018. My absolute favorite part of GDIS is seeing the latest vehicle models dissected – and all the […]
Steel Market Update has added Stelco CEO Alan Kestenbaum to our list of keynote speakers. He will join Cleveland-Cliffs chairman, president and CEO Lourenco Goncalves; Steel Dynamics Inc. president and CEO Mark Millett; and ITR Economics president and principal Dr. Alan Beaulieu as featured speakers at the 2022 SMU Steel Summit Conference. Steel Summit will […]
Steel Market Update has added Stelco CEO Alan Kestenbaum to our list of keynote speakers. He will join Cleveland-Cliffs chairman, president and CEO Lourenco Goncalves; Steel Dynamics Inc. president and CEO Mark Millett; and ITR Economics president and principal Dr. Alan Beaulieu as featured speakers at the 2022 SMU Steel Summit Conference. Steel Summit will […]
Matthew Abrams, Analyst, CRU Group The US Midwest premium on aluminum P1020 has seen consistent upward movement since the recovery from the pandemic started. Last week, it touched $0.40 per pound, a level once heavily fought. The fundamentals of the market indicated room for further upward moves, yet it is pausing here. Markets are getting […]
By CRU Principal Economist Alex Tuckett, from CRU’s Global Economic Outlook The invasion of Ukraine by Russian forces has continued to rock commodity and financial markets. We expect the fallout from the invasion to reduce world growth this year and next, through three main channels: Energy prices. Russia is a major producer and exporter of […]
Steel prices rose again this week on continued strong demand (outside of automotive). But hot-rolled coil price gains moderated for the second week in a row. SMU’s benchmark hot-rolled coil price rose to $1,460 per ton this week, up $25 per ton from $1,435 per ton last week and marking the smallest week-over-week gain since […]
I gave the keynote address at The FABRICATOR’s Manufacturers & Suppliers Event in Schaumburg – just outside of Chicago – earlier today. And I want to thank the organizers who invited me, everyone who attended and especially those who asked questions. My presentation focused on the factors we’ve all been following closely over the last […]
Steel prices rose each week in March, and the increases were the first in six months. Hot rolled prices were down to $1,000 per ton ($50 per cwt) the first week of March, the lowest level seen since December 2020. Prices then surged $435 per ton throughout the month, with the SMU index averaging $1,435 per ton […]
Steel Market Update sources expect ferrous scrap prices to rise yet again in April, with obsolete grades potentially up $50-$100 per gross ton over March and busheling up $120-$200 per gross ton. The big anticipated gains in April follow record price increases in March due to the Ukraine-Russia war. “I have to say, this is one […]
US consumer confidence bounced back slightly from a one-year low in March on labor market optimism. But confidence could slip as the Federal Reserve raises interest rates to tamp down inflation, The Conference Board reported. Sentiment about current business and labor market conditions recovered in March after falling in the prior two months. Americans’ outlook for the […]
Worthington Industries today reported fiscal third-quarter results that included an 82% jump in sales versus the same quarter last year, driven by higher average selling prices and contributions from the acquisitions of Tempel Steel Co. and Shiloh Industries’ U.S. BlankLight business. Net sales for the quarter ended Feb. 28 totaled $1.4 billion, producing net earnings of $56.3 […]
Distributors who sell galvanized steel products have some recent experience at managing purchasing and inventory in a rapidly rising price environment. In their monthly conference call earlier today, members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) drew some comparisons between the spike in steel prices prompted by the pandemic last year and the […]
North American auto assemblies grew by 8.0% in February, expanding for the second straight month despite ongoing supply hurdles. Though last month’s production was 2.2% higher year on year, it was 21.1% below the same pre-pandemic period in 2020. Despite February’s production gains, the industry was met with strong supply-related headwinds. The ongoing supply-chain and […]
The semiconductor shortage that has hamstrung North American automakers for the better part of two years is still causing production headaches. Stellantis is the latest carmaker to report delays due to the lack of microchips. The Auburn Hills, Mich.-based automaker has extended the downtime at its Belvidere Assembly Plant for a second straight week, a company […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, March 9 The CRUspi moved higher m/m as war in Ukraine broke steel supply chains. While prices in the USA were down m/m, this downward trajectory has now halted. Elsewhere, buyers are scrambling to secure enough steel and steelmaking raw materials before prices […]
U.S. job growth accelerated in February, as falling Omicron cases brought customers back to business and workers back off the sidelines. Employers added 678,000 jobs last month, topping economists’ forecasts for a second straight month and bringing the unemployment rate down to 3.8%, according to the Labor Department. Job openings are near a record high, […]