Auto assemblies in North America gained ground in March for the first time since October, according to LMC Automotive (LMCA). North American production rose to 1.217 million units in March, up from 1.092 million in February, but production continues to suffer from the ongoing shortage of semiconductor chips. North American production was up 20.1% in […]
U.S. gross domestic product (GDP) rose by 6.4% in the first quarter of 2021 on an annualized basis, according to the advanced estimate from the Bureau of Economic Analysis (BEA). The gain marks the second-fastest pace of growth since Q2 2003 and was exceeded only by the pandemic-reopening-fueled burst of Q3 in 2020. This growth […]
By CRU Chief Economist Jumana Saleheen and CRU Head of Fertilizers Chris Lawson, from CRU’s Steel Monitor Commodity prices have continued an upwards tear in 2021. Steel and its raw materials have seen the sharpest gains, but less well-known commodities such as fertilizers are also attracting attention. With such steep price rises, calls for a […]
The World Steel Association was cautiously optimistic in its April 2021 Short-Range Outlook published last week. The association expects steel demand to grow 5.8% this year, reaching 1.874 billion metric tons, after declining 0.2% during the pandemic in 2020. “Despite the disastrous impact of the pandemic on lives and livelihoods, the global steel industry was […]
February apparent steel supply slipped 500,000 tons or 6.3% from the 10-month high seen in January, now at 7.51 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. Although down from the month prior, February supply is at the third highest level seen in the last […]
After recovering 9% in January, U.S. steel exports rose 1% in February to 677,000 tons, according to recent U.S. Department of Commerce data. Of our six monitored product groups, the greatest month-over-month increase in exports went to cold rolled products, followed by hot rolled steel, while plate and other metallic coated exports declined. Total February […]
Iron Ore Company of Canada (IOC) has declared force majeure on its contracts after a fire at its port facilities in Sept-Îles, Quebec. The blaze broke out on the No. 2 reclaimer on March 31, and the cause of the fire “remains unknown at this time,” the Canadian iron ore miner and pellet producer said. […]
U.S. gross domestic product (GDP) finished 2020 with annualized growth of 4.3% in the fourth quarter, a slight upward adjustment based on the third estimate from the Bureau of Economic Analysis (BEA). The third estimate included upward revisions to private inventory investment that was partly offset by a downward revision to nonresidential fixed investment. An annualized […]
By CRU Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service The strength and longevity of the current uptrend in steel prices has surprised many market participants, and mill maintenance outages are expected to keep lead times extended. The latest lead time survey on March 15-17 from Steel Market Update, which is part of […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have been steady in the past week as stricter pollution controls in China have been lifted and seaborne supply has been strong. On Tuesday, March 16, CRU has assessed the 62% Fe fines price at $166.0 /dmt, up $1.0 /dmt […]
By CRU Analyst George Pearson, from CRU’s Steel Sheet Products Monitor Details of China’s Tangshan emission control policy that circulated in the last week have provided a further boost to Chinese steel prices but have weighed on prices for iron ore. The high cost of freight is still reducing the competitiveness of sheet imports in […]
By CRU Economist Ippolito Tarabini and Principal Economist Alex Tuckett, from CRU’s Exchange Rate Outlook Q1 2021 The latest foreign exchange market developments have shown the resilience of the dollar. Since the start of the year, the single most important driver of dollar strength has been U.S. fiscal policy, which has boosted expectations of U.S. […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have risen by $10 /dmt in the past week as Tangshan cuts have raised steel margins and steelmakers in other regions are seeing an uplift in production. On Tuesday, March 30, the 62% Fe fines price was assessed at $168 […]
By CRU Analyst Atul Kulkarni, from CRU’s Steel Sheet Products Monitor The U.S. manufacturing PMI rose to a 38-year high during March as the Biden government’s $1.9 trillion stimulus package improved sentiment. U.S. vehicle production and durable goods new orders stayed strong during February. Although U.S. crude steel capacity utilization increased during March, sheet supply […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor The current global sheet market cycle is one which continues to reflect a strong demand rebound from the lows associated with various lockdowns in 2020 H1. It seems that in one market after the other, sheet production has failed to catch up with […]
By CRU Analysts Kevin Bai and Zhenzhen Jiang, from CRU’s Steel Sheet Products Monitor Policy aimed at reducing pollution in Tangshan, Hebei province, has started to restrict hot metal supply and lift steel prices in China. This Insight summarizes the policy, assesses the immediate impact of the measures and explores potential implications on China’s crude […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have jumped by over $30 /dmt in the past week as Chinese markets reopened with exceptionally bullish sentiment among futures traders. Both iron ore and steel prices witnessed unprecedented price increases in the past week and on May 11, CRU […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have risen in the past week and are currently trading at close to $220 /dmt. We see little change on the demand side and sources have mentioned that supply uncertainty is the main driver of the recent rally. On Tuesday, June […]
By CRU Analyst George Pearson from CRU’s Steel Sheet Products Monitor Sheet prices fell significantly in China and the Vietnamese import market in the last week and there were also smaller decreases in India. U.S. and European sheet prices continued to rise overall, although European trading activity was slower, and increases were smaller than we […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have continued to rise in the past week as a result of a combination of weaker seaborne supply and rising steel prices following the recent celebrations in China. On Tuesday, July 6, CRU assessed the 62% Fe fines price at $222.0 […]
By CRU Principal Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices have fallen back to $200 /dmt as Chinese demand continues to weaken and the country’s ports have registered the highest level of iron ore inflow since Q1. On Tuesday, July 27, CRU assessed the 62% Fe fines price at $200.0 /dmt, […]
U.S. apparent steel supply rebounded to a 10-month high in January, up 2.9% to 8.01 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. This is the highest level seen since March 2020 when apparent supply was 8.63 million tons. Recall that April and May of […]
By CRU Senior Analyst Ryan McKinley from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 14.4% m/m in March to 354.4, bouncing back above levels seen in January. China’s return to the steel market following New Year holiday celebrations there helped lift steel and scrap prices in Asia, while seasonally constrained […]
After declining 8% in December, U.S. steel exports recovered by 9% in January to 671,000 tons, according to recent U.S. Department of Commerce data. Of our six monitored product groups, the largest month-to-month increase went to cut-length plate products, up 17%. Galvanized exports increased 15% over December, and exports of coiled plates increased 13%. On […]
U.S. gross domestic product (GDP) closed out 2020 on an encouraging note with annualized growth of 4.1%, based on the second estimate from the Bureau of Economic Analysis (BEA). The second estimate included upward revisions to residential fixed investment, private inventory investment, and state and local government spending, partly offset by a downward revision to personal […]
Steel prices continued their upwards climb in the month of February, fueled by strong demand and tight supply. Hot rolled steel prices surpassed $1,200 per ton in the third week of the month, reaching levels never before seen. Steel Market Update’s hot rolled price index reached $1,210 per ton by the end of February, up […]
SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and […]
The extreme cold snap that hit the southern U.S. disrupted production at Ternium Mexico, causing the loss of approximately 80,000 tons of production and an estimated $40 million. The facilities are now back to normal operations, but because the mill is operating at full capacity, lost production cannot be made up, said CEO Maximo Vedoya […]
Auto assemblies in North America took a step back in January after seeing a strong end to 2020. Although the U.S. market continues to rebound from the effects of the pandemic, domestic light vehicle sales fell by 3.1% in January compared to year-ago levels, according to LMC Automotive (LMCA). Canada’s light vehicle sales were down […]
U.S. apparent steel supply rebounded significantly in December, up 6.4% to 7.79 million net tons, according to the latest U.S. Department of Commerce and American Iron and Steel Institute data. While supply levels have improved each month since May, recall that April and May were the two lowest levels seen in the last 10 years […]