China’s steel exports in May decline by 23.3 percent compared with May 2019 to about 4.4 million tons. Global demand for Chinese steel products remains weak as economic activity around the world is hampered by the coronavirus. “Customers in each country are losing their willingness to buy,” said a Steel Market Update source in the […]
Imports of rolled products through May, year over year, were not affected by the pandemic, but the longer-term decline continued, according to the latest Commerce Department data. Year over year, total rolled product imports in May were down by 24.8 percent on a three-month moving average (3MMA) basis. This was the seventh consecutive month where […]
Section 232 tariffs will likely remain in place no matter who is the White House in January, said trade attorney Lewis Leibowitz during the SMU Community Chat on June 3. Legal challenges to the tariff measures, however, could cause a change. Firms are challenging the Section 232 exclusion process that appears skewed toward U.S. steel […]
By CRU Prices Analyst George Pearson, from CRU’s Steel Monitor Sheet prices in the U.S. Midwest market have continued to rise with HR coil assessed at $510 /s.ton, a w/w gain of $23 /s.ton. While prices are higher, overall volume of transactions has been limited. This is due not only to low demand and plentiful […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Editor’s note: Lewis Leibowitz will be the featured speaker during the next SMU Community Chat at 11 a.m. on Wednesday. Register for the free webinar by clicking on this link. It is hard to believe that three months […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: As an international trade attorney, I work hard to explain why we as a nation engage in international trade; this week, two senior administration officials weighed in on that subject. Everyone should take note. I think Ambassador Robert […]
Ferrous scrap remains in limited supply, prompting predictions that scrap prices will settle still higher in June, on top of the big increase in May. Steel Market Update sources forecast an increase of $10-20 per ton for obsolete grades and $20-30 per ton for prime grades in June from May levels. Higher scrap prices may […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor Iron ore prices contracted in the past week as China’s “Two Sessions” concluded with a disappointing outlook while Brazilian exports registered their strongest week of the year. On Tuesday, May 26, CRU assessed the 62% Fe fines price at $97.0, a $1.3 /t […]
United States steel exports totaled 664,129 net tons of steel in March, up 4 percent from February and up 13 percent from one year prior, according to recent U.S. Department of Commerce data. March export levels are the hightest seen since October 2019 when 709,496 tons were exported to other countries. Prior to October, the […]
U.S apparent steel supply rose to 8.66 million net tons in March, according to recent U.S. Department of Commerce and American Iron and Steel Institute data. Although up over the previous month, March supply remains on the low-side historically and is the fourth lowest supply level seen in the past three years. Apparent steel supply, […]
Bank of America is forecasting a slow recovery from the coronavirus crisis, one that will take years not just months, said Metals and Mining Analyst Timna Tanners, who was the featured guest speaker during Steel Market Update’s Community Chat on Wednesday. Bank of America economists anticipate a global recession in the second and third quarters. […]
By CRU Research Manager Paul Butterworth and Analyst Alexander Ordosch, from CRU’s Global Steel Trade Service The global Covid-19 outbreak has resulted in sharply falling steel demand all over the world. For the steel industry, it is a challenging task to reduce production levels as ~75 percent of global output is produced through the BF/BOF, […]
The Department of Commerce will self-initiate a Section 232 investigation into whether laminations for stacked transformer cores, stacked and wound transformer cores, electrical transformers and transformer regulators are being imported into the United States in such quantities or under such circumstances as to threaten or impair national security. The laminates for transformers are made of […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: First, to all you moms out there, this is your day. You deserve a lot more just like it. Happy Mother’s Day! Like most of you, I am trying to make sense of the world during the pandemic; […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: It’s hard to blame Roberto Azevedo for quitting. The Director General (Chief Executive) of the World Trade Organization is leaving in September, one year before his term runs out. The WTO is in turmoil because of U.S. hostility […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor In the past week, iron ore prices have declined as we are seeing mixed sentiment in the Chinese market leading up to the country’s Labor Day holiday (May 1-5). Seaborne supply remained strong as Brazilian exports improved, particularly from the southern part of […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The World Trade Organization (WTO) is in the news a lot lately. I’ve followed the WTO for a long time, and I’ve had several cases there (dispute settlement). Recently, I have been asked about the future of the […]
Phil Raimondo, President & CEO of Behlen Manufacturing in Columbus, Neb., counts his state lucky for having less than a 1,000 people test positive for COVID-19. “Sometimes, with our businesses, we are frustrated with being a fly-over state, but with this virus, we are happy to be a fly-over state,” said Raimondo. Nebraska is one […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Steelmaking Raw Materials Monitor The iron ore price rose by $3.0 /dmt in the past week, driven primarily by optimism in the Chinese market, where both rebar and HRC jumped sharply from the bottom. On Tuesday, April 14, the 62% Fe fines price has been assessed at […]
In a new trade outlook by the World Trade Organization, WTO Director Roberto Azevêdo called the global economic situation “ugly.” “The unavoidable declines in trade and output will have painful consequences for households and businesses, on top of the human suffering caused by the disease itself,” said Azevêdo. “The immediate goal is to bring the […]
Steel Market Update is please to share this Premium content with Executive members. For information on how to upgrade to a Premium subscription, email Info@SteelMarketUpdate.com. Total rolled product imports in March were down by 25.6 percent on a three-month moving average (3MMA) basis year over year. This was the fifth consecutive month where imports were […]
Total rolled product imports in April were down by 26.3 percent year over year on a three-month moving average (3MMA) basis. This was the sixth consecutive month where imports declined by more than 20 percent compared to the same month last year. This early look at April’s import volume is based on Commerce Department license […]
New Commerce Department data shows the United States exported 641,214 tons of steel in February, down 1 percent from January but up 7 percent from the same month one year prior. While steady compared to the previous month, recall that December 2019 was the second lowest export level in the past decade (just ahead of […]
February apparent U.S. steel supply slipped to 8.5 million net tons, according to data from the American Iron and Steel Institute and U.S. Department of Commerce. Recall that January apparent supply saw a drastic jump over December and was quite high compared to the last few years. The latest data shows suppy has fallen back […]
By CRU Senior Cost Analyst Ross Cunningham, from CRU’s Steel Monitor Covid-19 has spread across the world at alarming rates. As of March 28, the pandemic has reached 177 countries and shows little sign of letting up. When fighting a global health and economic crisis unlike anything ever seen before, there will be no winners—only […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: It’s unusual for a business to die from only one cause, just like it’s unusual for a person to die from only one cause. There is usually an underlying condition that made the business, or the person, vulnerable […]
By CRU Prices Analyst George Pearson, from the CRU Steel Monitor As expected, sheet prices in the U.S. Midwest market have fallen. Prices today, reflective of transactions booked last week, fell by $13-26 /s.ton w/w. For all sheet prices, we continue to hear of lower priced offers and expect that transaction prices will continue to […]
Global manufacturing continued its downturn in March exacerbated by the COVID-19 pandemic. The J.P. Morgan Manufacturing PMI rose to 47.6 from 47.1 in February due to a stabilization of business conditions in China. China’s PMI jumped from 40.3 in February to 50.1 in March as manufacturing activity returned to more normal conditions after new coronavirus […]
By CRU Credit Research Analyst Eduardo Tinti, from CRU’s Steelmaking Raw Materials Monitor Last week iron ore prices increased, supported by news of mining bans in Canada and South Africa before being pulled down due to the worsening global demand outlook after the spread of the COVID-19 pandemic led governments around the world to adopt […]
By CRU Research Manager Paul Butterworth, from CRU’s Steel Monitor CRU has massively downgraded forecast GDP growth in China to 1-2 percent for 2020 and we now expect the USA and Eurozone to fall into recession. Global GDP growth is now expected to be 1 percent for the year, an effective global recession. While economic […]