The Broad Index value of the US Dollar has been gradually increasing for 18 months (Figure 1) which tends of raise imports to the US and depress exports. The broad index is a weighted average of the foreign exchange values of the U.S. Dollar against the currencies of a large group of major U.S. trading […]
The following article is written by Andre Marshall, CEO of Crunchrisk, LLC and our instructor for our Managing Price Risk and Managing Price Risk 2: Strategies & Execution workshops. Financial Markets: Well we are a fairly precarious point in the S+P 500 and DOW. You might recall that we were headed to 1900 to test […]
Bank of America Merrill Lynch gave their quarterly global steel outlook on April 8. BofAML predicts demand for finished steel in China will grow 4.4 percent in 2014. Chinese crude steel production is expected to increase 4.6 to 815 million tons. The outlook is for a trend of slowing but positive growth. Despite mill closings […]
To our Premium Level members – just a quick note to let you know that we publish Premium articles to the front of the website prior to sending them out in a supplemental newsletter. We have been waiting for imports by product, port and country to become available before we send out a supplemental issue. […]
“Mills are stubborn this week. We’ll see what happens when US gets caught back up,” is how one steel executive pegged the market for Steel Market Update earlier today. Many of the steel service centers we spoke to over the past few days are indicating there is strengthening demand in portions of their business. What […]
Apparent steel supply for February was 9,002,702 net tons, an 8.5 percent increase compared to the same month one year ago. This is due to an increase in finished imports and domestic shipments but a decrease in total US exports. The net trade balance between imports and exports was a surplus of 2,381,742 net tons […]
The following is a report which is normally provided to only our Premium Level members. It is a detailed analysis of flat rolled, long products and semi-finished imports through the month of March 2014. Written by Peter Wright, we analyze how accurate license data is and provide a table using three month moving averages to […]
We are receiving many emails from readers and others associated with the flat rolled steel industry regarding the current state of the market, responses to the past two articles written by David Phelps (former president of the AIIS and one of our contributing writers) and on a number of other topics. We appreciate and encourage […]
As Steel Market Update has mentioned in the past we encourage and welcome all viewpoints on topics. A recent letter written by David Phelps, the retired president of the American Institute for International Steel (AIIS), entitled “Anti-Dumping Cases Threatened, Now What?” elicited the following response: “I appreciate the opportunity to comment on your April 1, […]
The US Department of Commerce released Final Census numbers for the month of February 2014. The 3,285,874 net tons was the highest level for imports since July 2007 when they were 3,288,054 NT. In the table below we have provided updated twelve month and three month moving averages through the month of February. The March […]
We have been hearing of a very strong booking week at many of the domestic steel mills this past week. With the hot end of USS Great Lakes down and other flat rolled steel production issues within the domestic steel mill ranks, we have seen a tightening of flat rolled steel pricing. We have heard […]
Steel Market Update has been well aware, and has reported on, the prospect of new trade cases being levied by the U.S. steel industry against imports of cold rolled and coated (galvanized & Galvalume) steels. There have been suggestions that the dumping suits could be filed within the month. So, we wanted to get the […]
The following article was written by contributing writer David Phelps. Mr. Phelps is recently retired from his duties as the Director of the American Institute for International Steel. In that capacity he had occasion to interact with the domestic steel mills. The following article contains the viewpoint of Mr. Phelps regarding Big River Steel and […]
Imports of foreign steel increased during the month of February compared to the prior month. Steel Market Update carefully monitors total steel imports, slab imports, hot rolled, cold rolled, galvanized and Galvalume imports as well as plate (coiled and sheet) and oil country tubular goods (OCTG). The U.S. Government recently released preliminary census data for […]
An explanation of the Key Indicators concept is given at the end of this piece for those readers who are unfamiliar with it. The total number of indicators considered at present is thirty five, a decrease of one as the Chicago Fed Mid-West Manufacturing Index has been put on hold until late April to enable […]
Last week Steel Market Update published an article from one of our contributing writers, David Phelps who was the former president of the American Institute for International Steel (AIIS). The article was about Big River Steel and Nucor. You can link to the original article by clicking here. One of our readers had strong opinions […]
Even as other companies were issuing lower guidance due to weather and its impact on negatively impacting their earnings during the first three months 2014, Worthington Industries reported their fiscal year 2014 3rd Quarter results which ended on February 28, 2014 as being the best in the company’s history. The company reported earnings of $40.6 […]
Imports of foreign steel increased during the month of February compared to the prior month. Steel Market Update carefully monitors total steel imports, slab imports, hot rolled, cold rolled, galvanized and Galvalume imports as well as plate (coiled and sheet) and oil country tubular goods (OCTG). The U.S. Government recently released preliminary census data for […]
We are beginning to see a new push away from a fragmented steel mill supply base as closures of capacity coupled with the recent acquisition of ThyssenKrupp Steel USA by ArcelorMittal/Nippon Steel Sumitomo Metals Corporation (AM/NS Calvert) are reducing the number of players and the tons in the game. Over the past two years we […]
The following article was written by contributing writer David Phelps. Mr. Phelps is recently retired from his duties as the Director of the American Institute for International Steel. In that capacity he had occasion to interact with the domestic steel mills. The following article contains the viewpoint of Mr. Phelps regarding Big River Steel and […]
The Bureau of Economic Analysis (BEA) released their third estimate of real GDP today, (March 27th) for Q4 2013. The third is normally the final estimate though there sometimes are revisions further back in time. GDP rose in the fourth quarter by 2.6 percent at a seasonally adjusted annual rate, this was an upward revision […]
When I last wrote my final thoughts, I had just discovered that my passport had expired ten days earlier and I was scheduled to speak to the Toronto Steel Buyers & Associates dinner in Canada the following day. My efforts to have the passport renewed in Atlanta were rebuffed and I was down to my […]
The U.S. Department of Commerce reported Preliminary Census Data for February 2014 steel imports into the United States. Total steel imports (all products) were reported to be 3,250,176 net tons which is an increase of 30 percent year over year and well above both the 12 month and 3 month moving average. As you can […]
Regular Steel Market Update readers know we project steel imports into the United States for the current month based on the revised weekly license data released by the U.S. Department of Commerce. Based on data released earlier today, imports are now forecast to exceed 3.5 million tons (3,629,548 tons) which, if correct, would be the […]
Details on steel trade data out of China were released earlier this week on iron ore imports, steel scrap imports, and flat rolled steel imports and exports. Chinese imports of iron ore in February were 61,240,000 metric tons (MT), a decrease of 29.6 percent from the previous month but an increase of 8.5 percent from […]
Steel industry leaders met with members of the Congressional Steel Caucus this morning (March 25, 2014) to discuss the need for policy reform on trade, energy, environment and infrastructure in order to keep US industries competitive. SMU has reprinted the short version of the American Iron and Steel Institute press release below. The full testimonies […]
I have been asked about the rumor mill surrounding coated products and especially the Asian 4 exporting countries. The Asian 4 are: China, India, Taiwan and South Korea. Steel Market Update is aware that at least one mill has been pushing for dumping suits on coated products. We understand that not all mills favor the […]
As our regular readers know, Steel Market Update projects imports of foreign flat rolled sheet, plate and oil country tubular goods (OCTG) as well as semi-finished (mostly slabs) steels for the month in progress. The projection is based on U.S. Department of Commerce license data which can be misleading and our projection should also be […]
Based on the most recent MSCI flat rolled steel data Steel Market Update has calculated that U.S. service centers dwindled their “Excess” inventories from +150,000 tons at the end of January to +28,000 tons at the end of February. Our forecast from last month was for service center excess to drop to +80,900 tons. So, […]
HARDI steel conference call members were of the opinion it is too early to tell if the just announced price increases will stick. Steel Market Update (SMU) participated in the monthly HARDI galvanized steel conference call this morning. The wholesalers, service centers and manufacturing companies on the call felt the price announcements were “good” for […]