In a good sign for the construction markets, architectural firms saw a rebound in business conditions in May after experiencing a softer April. The American Institute of Architects (AIA) and Deltek reported a May reading of 51.0 in the Architecture Billings Index (ABI). This was a rise from the previous month’s reading of 48.5 and […]
Ternium announced this week that its new slab mill will be built in Pesquería, Nuevo León, Mexico. The Luxembourg-based Latin American steelmaker had said earlier this year it would build an electric-arc furnace (EAF) and direct-reduced iron (DRI) facility in North America. Brownsville, Texas, had been rumored to be in the running for the new […]
Overall housing starts hit a 13-month high in May as construction of both single-family and multi-family homes spiked. Total housing starts were at a seasonally adjusted annual rate (SAAR) of 1.631 million units in May. This was a 22% rise from the month prior and a 6% increase year-on-year (YoY). May’s SAAR of single-family housing […]
We are counting down the days until SMU’s Steel Summit Conference on Monday-Wednesday, Aug. 21-23, in Atlanta. It’s only a little over two months away. Approximately 755 people have already registered. Our discounted room blocks are almost gone. Register here. The event will again be held at the Georgia International Convention Center, a massive conference center in close […]
Steel Dynamics (SDI) is expecting stronger earnings for the second quarter of 2023 vs. the previous quarter, but lower than the year-earlier period. The Fort Wayne, Ind.-based steelmaker released Q2 earnings guidance on June 16 in the range of $4.78 to $4.82 per diluted share. This compares with Q1’s $3.70 per diluted share and prior-year Q2 […]
Metallics prices have fallen in most global markets over the last month, driven by weak steel demand and improved metallics supply. Lower finished steel prices and EAF margins have weighed heavily on metallics prices across major markets. Scrap bids from key buyers have reduced further amid ample availability, while recent pig iron price cuts have […]
The Congressional Steel Caucus held a hearing on The State of the Steel Industry in Washington on Wednesday, June 7, where prominent steel executives and the United Steelworkers (USW) union gave testimony on issues such as international trade and sustainability. In his opening remarks, US Rep. Frank Mrvan (D.-Ind.), vice-chairman of the Caucus, stressed his […]
The LME aluminum three-month price is moving higher again as the week ending June 9 closes trading at $2,230/t. Failing to dip below the critical transition price of $2,000/t, The LME steadied itself despite very lackluster demand anywhere in the world. Trading in China also kept the regional exchange there neutral, if not a bit […]
Housing affordability is on the rise in the US, but builders are facing challenges in providing affordable housing, the National Association of Home Builders (NAHB) reports. In the first quarter of the year, 45.6% of new and existing home sales were affordable to American families earning the country’s median income of $96,300, according to the […]
The Dodge Momentum Index (DMI) fell for the third consecutive month in May as weakness in commercial planning persists, according to the latest data from the Dodge Construction Network (DCN). The index reading is at its lowest level in nine months. The DMI dropped 2% to 180.5 in May from the revised April reading of 184.1 but […]
Unemployment is falling in the construction sector, with 25,000 jobs added in May to meet growing demand, according to an analysis of new government data by the Associated General Contractors of America (AGC). “Demand for construction workers remains strong, outside of homebuilding,” Ken Simonson, AGC’s chief economist, said in a statement on June 2. “Contractors […]
I wanted a fresh perspective on the steel market this week, so I turned to a new voice – namely, ChatGPT. I won’t weigh in on whether the AI-driven chatbot is a useful tool, an extinction-level threat, or just another shiny object. That said, ChatGPT has been available publicly since Nov. 30, 2022. And it […]
Overall economic activity saw little change in April and early May, while manufacturing activity was flat to up in most Federal Reserve Districts, and supply chain issues continued to improve, the Federal Reserve said in its latest Beige Book report. The Beige Book is a compilation of information on current economic conditions, gathered by each district […]
Steel prices continued to erode in May, following a trend that began halfway through the previous month. Hot-rolled coil (HRC) prices ended May at $990 per ton ($49.50 per cwt) on average, falling by $130 per ton throughout the month. The SMU Price Momentum Indicator for sheet products remained Lower during May after shifting to […]
On May 28, current Turkish President Recep Tayyip Erdogan won the Turkish presidential election in the runoff with 52.1% of the vote. We therefore expect the Turkish economy to maintain its current unorthodox macroeconomic course with a relatively loose monetary policy, although inflation is enormously high. The New Turkish Economic Model The Turkish economy, including […]
The US labor market added 339,000 jobs in May, up from April’s payroll gain of 253,000 and well ahead of consensus estimates of 190,000, according to data from the Bureau of Labor Statistics (BLS). Last month’s result marked the 29th straight month of positive job growth. Despite the surprise jobs gain, the unemployment rate rose to […]
The US economy added 339,000 new jobs in May, according to data from the US Department of Labor. The labor market again outperformed economists’ consensus expectations with another show of resilience, and beating April’s total of 253,000. May’s job growth came despite the Federal Reserve’s aggressive efforts to cool the economy to slow the labor […]
US construction spending jumped in April on strength in nonresidential and multifamily home building. Total construction spending during the month was estimated by the US Census Bureau to be $1,908.4 billion at a seasonally adjusted annual rate (SAAR). This was a 1.2% increase from March’s revised estimate of $1,885.0 billion and a 7.2% rise from $1,780.9 […]
Hyundai Motor Group and LG Energy Solution are teaming up to build a $4.3-billion battery cell manufacturing plant in Savannah, Ga. A memorandum of understanding was signed by the two companies on May 26 for a 50/50 joint venture with an annual production capacity of 30 GWh, able to support the annual production of 300,000 […]
While architecture firms saw a modest decline in billings from March to April, there were more inquiries for future projects, according to the latest data from the American Institute of Architects (AIA). The monthly AIA Architecture Billings Index (ABI) registered a 48.5 reading in April, a decline from 50.4 the month prior. Excluding the slight […]
The National Transportation Safety Board (NTSB) is urging action for bridges nationwide made of “uncoated weathering steel” (UWS). Based on an ongoing investigation of a 2022 bridge in Pittsburgh, the NTSB recommended on May 18 that federal and state authorities go over inspection reports and identify incomplete follow-up actions for bridges that included the material. “On Jan. […]
Forza Steel is investing $60 million to build a manufacturing facility at the Port of Brownsville in Texas on the Mexican border. The Mexican carbon steel pipe producer is planning to install equipment in early July to begin rolling mill operations, according to a press release from the Port of Brownsville on May 2. The facility […]
As pricing and lead times continue to drop, buyers are keeping a close eye on the market, according to members of the Heating, Air-Conditioning & Refrigeration Distributors International (HARDI) speaking on the Tuesday, May 23, meeting of its Sheet Metal/Air Handling Council. Cautious optimism carried over from April’s meeting. Currently, 90% of galvanized buyers say […]
Less than half of US states added construction jobs in April, according to Associated General Contractors of America (AGC) figures. Despite the poor employment showing vs. month-ago totals, more than three-quarters of states added construction jobs year-on-year (YoY), the report said. The poor month-on-month (MoM) performance is likely a result of low unemployment rates and […]
A weary market worn down by the absence of any positive demand reports ran below the critical $2,300-per-tonne trading line. Falling all the way to $2,200 before settling in the $2,270 – 2,290 range, the LME is in a new lower range as of the week ending May 19 as bearish sentiment pervades the market. […]
Single-family housing starts are showing gradual improvement so far this year, according to the National Association of Home Builders (NAHB), which looked at data from the US Department of Housing and Urban Development and the US Census Bureau. Overall housing starts, at a seasonally adjusted annual rate (SAAR) of 1.4 million units in April, were […]
New York-based steel producer 72 Steel Group LLC has announced plans to build a $218-million steel manufacturing plant in Aliquippa, Pa., near Pittsburgh, according to media reports. The plant on a nearly 44-acre site will produce rebar and products widely used in construction, according to an article in the Pittsburgh Post-Gazette. The current owner of the […]
Since 1997, the US Department of Commerce has had a regulation permitting an “expedited review” of subsidy determinations in countervailing duty investigations. The importers of subject merchandise in these cases are often denied individual subsidy rates because Commerce lacks the resources to investigate every company. To compensate for the department’s insufficient resources, any company not […]
US non-farm payrolls data showed stronger than expected job growth in April and a further drop in the unemployment rate. The US Bureau of Labor Statistics (BLS) reported that 253,000 jobs were created in April against an expectation of 180,000, while the unemployment rate fell slightly from 3.5% to 3.4%. US non-farm payrolls data showed […]
Private equity firm Apollo has been looking to add Arconic to its portfolio for some time. Almost since its spin-off from its upstream parent, Alcoa, in 2016, Arconic’s assets and key position in the aluminum semis value chain have been on Apollo’s radar. The deal is expected to close before the end of 2023, at […]