February’s employment report was not all bad news in spite of the surprisingly low job creation result. Net job creation in February at first glance was terrible, but our analysis of Friday’s reported by the Bureau of Labor Statistics (BLS) was not so bad. Job creation in February, at just 20,000, was far below […]
Construction employment was promoted by good weather in January with a reversal in February, according to the latest Bureau of Labor Statistics data. In February, 25,000 jobs were created in the private sector and government lost 5,000. Table 1 breaks total employment down into service and goods-producing industries and then into private and government employees. […]
U.S. economic activity continued to expand in late January and February, but might have expanded more were it not for the government shutdown and harsh winter weather conditions, reports the Federal Reserve in its March 6 Beige Book. Ten of the Fed Districts reported slight-to-moderate growth, while Philadelphia and St. Louis reported flat economic conditions. […]
Declining steel prices may have turned around following price increase announcements from the mills, but there’s no sign yet of a similar uptick in steel buyers’ sentiment. Steel Market Update’s Steel Buyers Sentiment Index, which has been generally trending downward for the past year, saw another slight dip in early March. The goal of the […]
A much weaker than expected jobs report showed that only 20,000 jobs were added in the U.S. last month. The unemployment rate was 3.8 percent, dipping from 4.0 percent in January, according to the latest report from Commerce. Average earnings rose 0.4 percent in February for a year-over-year gain of 3.4 percent. In the construction […]
Housing starts jumped 18.6 percent in January to a seasonally adjusted annual rate of 1.23 million, says a delayed report from the U.S. Census Bureau and Department of Housing and Urban Development. The increase was higher than the single-digit rise expected by economists. Single-family starts soared 25.1 percent from December to a rate of 926,000. […]
Today, we are rolling out more of our agenda for the 2019 SMU Steel Summit Conference. The theme behind this year’s conference is “Steel in Transition.” It will provide an important forum for discussion of the key issues affecting all companies that supply or consume flat rolled and plate steels, including the steel mills, trading […]
Today, we are rolling out more of our agenda for the 2019 SMU Steel Summit Conference. The theme behind this year’s conference is “Steel in Transition.” It will provide an important forum for discussion of the key issues affecting all companies that supply or consume flat rolled and plate steels, including the steel mills, trading […]
As markets transition from one phase to another, the process can sometimes be “messy” until there is a clear direction as momentum shifts. Many steel buyers reported a higher sense of confidence that the market has “turned the corner” and will move higher from here. However, the feelings are not universally shared as some buyers […]
After an accelerated decline in carbon and steel prices in the fourth quarter, spot prices bottomed in January and are now moving higher in the first quarter, said Ryerson President and CEO Eddie Lehner. Demand conditions appear favorable in the first part of 2019 despite weather interruptions in the early part of the year. Ryerson […]
The Dodge Momentum Index, a measure of the initial report for nonresidential construction projects in planning, fell 4.4 percent to 146.9 in February after rebounding in January. “Since November, the Momentum Index has re-established a sawtooth pattern that’s often been present in recent years,” said Dodge Data & Analytics. “It’s also become clear that the […]
“Moderate and balanced growth” is evident across the residential, nonresidential and public construction sectors, although labor shortages continue to plague the industry, says an analysis of new government data by the Associated General Contractors of America Construction spending dipped 0.6 percent in December to a seasonally adjusted annual rate of $1.29 trillion, but increased 1.6 […]
The Soo Locks are scheduled to reopen on March 25 to begin the new shipping season on the Great Lakes. The last vessel through the locks was the Canadian bulk-carrier Manitoulin headed for Essar Steel on Jan. 15. The locks are currently closed for maintenance prior to the start of the 2019-20 season. During the […]
The Soo Locks are scheduled to reopen on March 25 to begin the new shipping season on the Great Lakes. The last vessel through the locks was the Canadian bulk-carrier Manitoulin headed for Essar Steel on Jan. 15. The locks are currently closed for maintenance prior to the start of the 2019-20 season. During the […]
Key market indicators were strong in February, but trends have been deteriorating for a year. This report summarizes 36 data streams that we believe critically describe the state of and provide forward guidance for the steel market. The government statistics departments are gradually catching up after the shutdown, but their revised schedules indicate that it […]
Steel Market Update is sharing this Premium content with Executive-level subscribers in this issue. For more information on upgrading to a Premium-level membership, email info@SteelMarketUpdate.com Key market indicators were strong in March and the trends have improved since January. This report is designed to provide a big picture summary of data we have covered in […]
Steel Market Update is sharing this Premium content with Executive-level subscribers in this issue. For more information on upgrading to a Premium-level membership, email info@SteelMarketUpdate.com Steel Market Update’s analysis of Key Market Indicators shows that U.S. economic trends deteriorated in April to the worst level in 27 months. This report is designed to be a […]
The Commerce Department announced Tuesday that it has initiated new antidumping duty (AD) and countervailing duty (CVD) investigations to determine whether fabricated structural steel from Canada, China and Mexico is being sold in the United States at less than fair value, and to find if producers in those three countries are receiving unfair subsidies. The […]
Australian steel producer BlueScope has upgraded the expansion plans for its U.S. segment, now planning to add 900,000 to 1.0 million tons of capacity at North Star BlueScope at an investment cost of $600-$700 million. The Ohio steel facility will receive a third electric arc furnace with a melt capacity of about 1.5 million tons […]
By CRU Analyst Jordan Permain Iron ore prices declined for the second consecutive week as the market awaits the announcement of stimulus measures in China. On Tuesday, Feb. 26, CRU has assessed the 62% Fe fines price at $84.70 /t, down $1.90 /t w/w. Steel demand has remained weak in China in the past seven […]
Housing starts plummeted 11.2 percent in December to a more than two-year low, signaling continued slowing in the housing market. Single-family starts fell 6.7 percent from November, while multifamily starts plunged 22 percent. “Looking back, the December drop in housing production correlated with the peak increase in mortgage rates and corresponding decline in builder sentiment,” […]
The secondary steel business is shrinking. Not only are quality-conscious mills producing fewer nonprime coils, there are fewer distributors in the business of buying them and fewer customers interested in using them. Steel Market Update interviewed several veterans of the secondary steel market, who all agreed the business is changing—and not always for the better. […]
We are pleased to unveil the first look at the 2019 SMU Steel Summit Conference program. It has taken six months to get the agenda for this year’s conference to this point. It will be six more months of finetuning before we unleash the speakers, the videos, and the music on those who will be […]
We are pleased to unveil the first look at the 2019 SMU Steel Summit Conference program. It has taken six months to get the agenda for this year’s conference to this point. It will be six more months of finetuning before we unleash the speakers, the videos, and the music on those who will be […]
Reliance Steel & Aluminum reported record results in 2018, delivering the highest net sales in the company’s history at $11.53 billion. “2018 was an incredible year for Reliance, full of significant financial and operational milestones,” said Jim Hoffman, President and CEO of Reliance. “We experienced improved pricing conditions, healthy demand and excellent execution by our […]
Like the prime steel market, secondary steel is suffering from indecisiveness among buyers who feel uncertain about tariffs and trade and their effects on the economy. Secondary steel is nonprime or excess material that did not meet the specifications for its original intended use. Mills offer the material at a discount to service centers, who […]
Existing home sales fell for the third month in January for the lowest seasonally adjusted annual rate since November 2015, according to the National Association of Realtors. Sales dipped 1.2 percent from December to a SAAR of 4.94 million homes last month. Compared to a year ago, sales were down 8.5 percent. “Existing home sales […]
Development officials in Texas report that the Corpus Christi region is on the shortlist of preferred locations for Steel Dynamics’ new $1.8 billion steel mill. SDI announced last November that it planned to construct a new EAF flat rolled steel mill in the southwestern U.S. The facility will have an annual production capacity of 3.0 […]
The government shutdown is over but much of the data that Steel Market Update uses in its regular analyses for Premium members is still not available. This is a brief summary of where we are today in the process of data recovery. The longest government shutdown in U.S. history, lasting 35 days from Dec. 22 […]
Olympic Steel reported record sales for the fourth quarter and full-year 2018. The metals service center saw net sales jump 29 percent in 2018 to $1.7 billion on higher year-over-year volume and higher average prices in all three of its report segments. Operating income more than doubled in 2018 to $57.1 million, up from $24.0 […]