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, […]
A lot has happened in the world since my last article. Please bear with me as there is much to talk about. First, my thoughts and prayers go out to the people of Ukraine, and for that matter the innocent people in Russia who want nothing to do with Putin’s war. The world order is […]
The Association of Steel Distributors honored Cleveland-Cliffs Chairman, President and CEO Lourenco Goncalves as its Steel Executive of the Year. The honor was bestowed on Goncalves at a dinner earlier this week in conjunction with the Fabricators & Manufacturers Association conference in Miami. The award is designed to recognize individuals who have demonstrated the ability […]
Ryerson has acquired Apogee Steel Fabrication, expanding the service center’s value-added offerings in a move likened to its purchase of Specialty Metals Processing (SMP) last September. Terms of the deal were not disclosed. “We see Apogee strengthening Ryerson’s network of value-added service centers in Canada, adding to our processing capabilities and growing our full-service fabrication business,” […]
In a letter to customers this week, Cleveland-Cliffs said it does not expect the geopolitical fallout from Russia’s invasion of Ukraine to directly impact the company’s operations. “While we continue to monitor the situation closely, we have not identified any specific elevated risk to our operations at this time,” the company stated. Cliffs said it will continue […]
Toyota Motor Corp. will suspend Japanese automotive production on Tuesday, Mar. 1, because of a system failure at a supplier of plastic parts and electronic components, a company spokeswoman confirmed to Steel Market Update (SMU). Kojima Industries Corp, the supplier in question, said the complete system failure might be the result of a cyber-attack. An investigation […]
If you look at Steel Market Update’s headlines from the past week, it’s not difficult to see a common thread. There’s change in the wind. Cleveland-Cliffs and Nucor both announced $50-per-ton increases in sheet prices. Scrap experts forecast substantial jumps in both prime and obsolete scrap prices in March. Prices for other steelmaking raw materials […]
By Matthew Abrams, Analyst, CRU Group Now that we have seen the first steps of an invasion into Ukraine by Russian forces, the business concerns shift to the possibility of sanctions and how severe they might be. While initially the aluminum market itself is not expected to be directly targeted, there are various potential and […]
U.S. consumer confidence slipped again in February following a downward revision in January, reported The Conference Board. The slight erosion in the headline index was the second straight decline following a small recovery in late 2021 that saw gains from September through December. Though results are mixed, the shift in momentum is worth noting. Sentiment towards […]
Editor’s note: SMU contributor Bryan Tice is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and the firm design and execute risk management strategies for clients along with providing process and analytical support. Before joining Metal Edge Partners, Bryan held a variety of commercial […]
You don’t need SMU pontificating about how the Russia-Ukraine conflict marks the end of the post-WWII order. Suffice it to say the world we woke up to today is vastly different from the one we reported on in our last edition. We’re also getting used to thinking about things we haven’t had to think about […]
For those of you who don’t pay attention to such things, today’s date is 2/22/22…. On Monday, Cleveland-Cliffs announced on their website their intention of indefinitely idling the #4 blast furnace at Indiana Harbor, and a $50 per ton ($2.50/cwt) price increase on orders slated for production in April 2022. Cliffs CEO Lourenco Goncalves spoke […]