I want to end by sharing a story of a ‘C’ high school student. The son of a factory worker and his Welcome Wagon hostess mom. Their home was modest at best. From the time he could remember, his parents encouraged him and his brothers to be the first in their family to go to […]
The temptation to purchase foreign hot-rolled coil (HRC) at a discount over domestic steel remains minimal. Adjusted foreign prices now offer little advantage over domestic steel, according to Steel Market Update’s (SMU) latest analysis. After taking freight costs, trader margins, and tariffs into consideration, foreign HRC prices for the three regions covered in this analysis […]
I thought it was important that I provide my take on the 2022 SMU Steel Summit Conference. It was an enlightening and emotional experience for me. The 1,291 attendees who managed to make their way to Atlanta last week got to enjoy the best steel conference SMU and our CRU parent company have ever put […]
The steel and commodity price forecast panel – always a popular program at SMU’s Steel Summit – once again didn’t disappoint. Speakers included three of the steel industry’s most respected analysts: Josh Spoores, CRU’s principal steel analyst, Timna Tanners, Wolfe Research’s managing director, and John Anton, S&P Global Market Intelligence’s director. The sheet market today […]
There have been a couple of attempts to move steel prices higher over the past couple of weeks. At the same time, there have been some very large orders taken well below current levels as published by SMU and our CRU parent. The question is are they repeatable? During a conversation on the sidelines of […]
Economic conditions are still iffy at best. Housing data continues to suffer with new home sales plunging and inventory reaching the highest it has been since 2009. The Richmond and Kansas City Fed manufacturing indexes both plunged in July as well. The Richmond Fed’s manufacturing skill availability index, which indicates the demand for skilled labor […]
We hosted the greatest conference we have ever held over the past few days. This year’s SMU Steel Summit Conference smashed attendance records with 1,291 registered attendees. This does not include the dozens who networked in the lobbies of the four hotels surrounding the Georgia International Convention Center. It was a wonderful and emotional experience […]
The temptation to purchase foreign hot-rolled coil (HRC) at a bargain has all but faded, with adjusted foreign prices now offering little or no advantage over domestic steel, according to Steel Market Update’s latest analysis. After taking freight costs, trader margins and tariffs into consideration, foreign HRC prices for two of the three regions covered […]
The final program of last week’s Steel Summit Conference was a panel of three experts discussing the evolving automotive market and its shift towards electric vehicles (EV). Panelists discussed how the automotive industry is transitioning to electric-vehicle offerings, covering an array of topics such as steel and aluminum needs for EVs, investments by automakers, light-weighting […]
We’ve concluded the second day of our Steel Summit conference in Atlanta, and I thought I’d leave you with five things I learned today. So here they are in no particular order: Say Hello to ADI, Say Goodbye to Section 232 (as we know it) It’s not official yet. But Steel Dynamics Inc. (SDI) president […]
For the fourth consecutive year, the NexGen Metals Community granted the SMU NexGen Leadership Award to a deserving nominee. This year’s nominees were Ben Bullock of Flack Global Metals, Robert Donovan from Jemison Metals, and the winner, Austin Reynolds of Ace Steel Supply. The award was presented by Phil Bell of the Steel Manufacturer’s Association, […]
Here’s the Steel Summit program for Wednesday, Aug. 24, at the Georgia International Convention Center in Atlanta: 7:30 a.m. – Doors open at GICC. All-day beverages sponsored by Felux and pastries sponsored by Ratner Steel 8:30-8:45 a.m. – Opening Remarks by SMU President and CEO John Packard and Senior Editor Michael Cowden 8:30-9:30 a.m. – […]
The transformation the steel industry has undergone has been accelerated over the past 18-24 months, with even greater dynamics underway, said a panel of steel executives and analysts during the first day of Steel Market Update’s 2022 Steel Summit conference in Atlanta, Ga. Demand trajectories across regions are diverging, finished steel consumption in China is […]
This is bittersweet. With the 2022 SMU Steel Summit Conference to begin on Monday morning at 9 a.m. and our “official” opening slated for 1 p.m. Monday afternoon, it is time for me to reflect on the conference, and for that matter, my history within the steel industry. For those who are unaware, this will be […]
End use market demand is mixed as mid-year shipment data is reported The recession, inflation, and interest rates remain hot topics for aluminum producers and consumers. As new economic data is announced, both bright spots and points of concern emerge. First, this month’s report on inflation showed a drop month-on-month (MoM) and may signal that […]
Foreign steel imports from the three regions tracked by Steel Market Update have all but lost their price advantage over domestic steel, according to our latest foreign versus domestic hot rolled steel price analysis. After taking freight costs, trader margins and tariffs into consideration, foreign HRC prices for one region are more expensive than domestic […]
This will be my last article prior to the SMU Steel Summit Conference which begins on Monday morning of this coming week. We are now six days away from the start of the conference. As you can imagine, this is a hectic time for the SMU and CRU events teams. Some of the event’s staff […]
This will be my last article prior to the SMU Steel Summit Conference which begins on Monday morning of this coming week. We are now six days away from the start of the conference. As you can imagine, this is a hectic time for the SMU and CRU events teams. Some of the event’s staff […]
Steelmakers stand firm in the face of Russian aggression The invasion of Ukraine led to a sharp and sudden decline in steel production as steelmakers hurried to idle their assets in the face of military aggression. In the weeks that followed, some of these producers restarted their facilities – albeit at reduced capacity utilization. As […]
Underlying price function stops sliding and may have found basis for strengthening The London Metal Exchange (LME) may have found a floor to stop the slide it has experienced since April. Topping out near $3,400 metric tons earlier this year, the price of aluminum drifted lower steadily in the second quarter and into the third […]
The temptation to purchase foreign hot-rolled coil (HRC) at a bargain remains low, with adjusted foreign prices now within $40 per ton of domestic steel, according to Steel Market Update’s latest analysis. For the past three months, the potential discount on imported products has been shrinking. After taking freight costs, trader margins and tariffs into […]
Ball Corp. earnings alert market to slowing can demand Ball issued its second quarter earnings results on Aug. 4, and they have unsettled the market. The company reported a loss of $174 million while taking a non-cash asset impairment for its Russian operations, which it had previously stated it would suspend future investment in and […]
The appeal to purchase foreign hot-rolled coil (HRC) further faded this week, with foreign prices now in close quarters to domestic steel, according to Steel Market Update’s latest analysis. Since mid-May, US steel prices have generally declined at a faster rate than foreign prices, meaning the potential discount on imported products has been shrinking for […]
Our events team has informed me that registrations for the 2022 SMU Steel Summit Conference have already eclipsed last year, and we are well on our way to having record attendance. We are passing through 1,100 registered executives, and we still have slightly more than two weeks to go. A couple of quick notes before […]
How do we attract young professionals to the steel industry? A group of seven highly accomplished steel professionals under 40 have come together to provide insights and real solutions. With the help of SMU and CRU, solving that dilemma has become the focus of the NexGen Metals Community, a dedicated professional group founded in early […]
Today we are celebrating our 14th year of being in business. What began as an attempt to keep my steel-buying customers aware of the dynamics effecting steel prices and their mill orders morphed over the years into the Steel Market Update newsletter. I stopped selling steel during the first half 2008, and by early August Steel […]
By Greg Wittbecker, Advisor, CRU Group US International Trade Commission hearings provide little direction Last week in DC, the US International Trade Commission (ITC) held a series of public meetings and hearings to take comments on current Section 232 tariffs. Representatives from throughout the value chain were in attendance. The Aluminum Association participated in a […]
Foreign hot-rolled steel imports have all but lost their appeal this week and are now at levels comparable to domestic steel prices, according to Steel Market Update’s latest analysis. Since mid May, US steel prices have generally declined at a faster rate than foreign prices, meaning the potential discount on imported products has been shrinking […]
Inflation and slowing demand are hampering ArcelorMittal’s short-term outlook, but the global steelmaker remains bullish on steel’s long-term prospects. As it released its second quarter results, the Luxembourg-based company said the period was “overshadowed by the outbreak of war in Ukraine,” where it maintains steel and mining operations. “Globally the conflict is impacting growth and […]
By CRU Economists Filippos Papasavvas and Veronika Akhmadieva, from CRU’s Global Economic Outlook. Contribution from CRU Sr. China Economist Henry Hao. We have further upgraded our US Trade-Weighted Index (TWI) forecast, which we now forecast to average 122.7 in 2022 Q4 from 120.5 previously. The change reflects our more pessimistic outlook for all other major […]