Preliminary Census data indicates that steel imports will have totaled 2.41 million net tons for the month of October. While up 7% from the prior month, October levels are on the low side compared to the previous 18 months. Recall that monthly import levels declined 11% month-on-month (MoM) in September, having also fallen 6% both […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from Princeton […]
Domestic hot-rolled coil (HRC) continues to hold a sizeable price advantage over imports, according to Steel Market Update’s latest analysis on foreign and domestic prices. US HRC is approximately 5–12% cheaper than foreign prices this week, after consideration of freight costs, trader margins and any applicable tariffs. This is the fifth consecutive week that US […]
The US economy’s growth was stronger than expected in the third quarter, the US Commerce Department’s Bureau of Economic Analysis (BEA) said in its latest report. Gross Domestic Production (GDP) accelerated to a 2.9% annualized pace in Q3. That’s an improvement from the initial government reading in October which showed 2.6% growth in economic activity. […]
Welded pipe imports from four nations will continue to face antidumping (AD) duties after determinations from US trade agencies. Circular Welded Carbon-Quality Steel Pipe from Oman, Pakistan, and UAE — Sunset Review Results Circular welded carbon-quality steel pipe from Oman, Pakistan, and the United Arab Emirates will continue to be subject to AD duties for at […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our SMU Community Chat webinar on Wednesday, Nov. 30, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. It’s not too late to register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our SMU Community Chat webinar on Wednesday, Nov. 30, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. It’s not too late to register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, […]
Hot-rolled coil lead times have been bouncing around four weeks on average since July. HRC prices over that time have fallen from $955 per ton ($47.75 per cwt) to $630 per ton as of last week, a 34% decline. The question now is whether we bottom out around $600 per ton. Will sheet prices and lead […]
The Biden administration has, from its early days, presented a “worker-centered” trade policy. Katherine Tai, the US Trade Representative (USTR), has used that term consistently. What does that mean exactly? The “worker-centered” narrative includes, as is common in most policy debates, addressing the disparate impact on minorities and the disadvantaged. When a factory closes, those […]
As this year winds down, many have 2023 business on their minds. Reports of waning demand have contributed to pessimism among buyers. But the domestic steel industry has reason for optimism heading into the New Year, according to the top executives at steel’s two leading trade associations. Steel Market Update spoke with Phil Bell, president of […]
By CRU Research Analyst Aaron Kearney-Keaveny, from CRU’s Steelmaking Raw Materials Monitor The CRU metallics price indicator (CRUmpi) for November fell by 3.5% month-on-month (MoM), to 298.3, which is the lowest level since December 2020. Global scrap demand continues to be undermined by weak steel market fundamentals in key markets. Over the past few months, […]
Prices between imported hot-rolled coil (HRC) and domestic steel have further diverged, according to Steel Market Update’s latest foreign versus domestic price analysis. US HRC is approximately 9–14% cheaper than foreign prices this week, after consideration of freight costs, trader margins and any applicable tariffs. This spread has been growing for the last four to […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our SMU Community Chat webinar on Wednesday, Nov. 30, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, as well […]
Most flat-rolled steel imports rose from September to October but were lower compared to year-ago levels. This is according to October import license application data released by the US Department of Commerce’s International Trade Administration. All steel imports into the US require an import license in order to enter through Customs. The license count provides […]
I wish I could offer you some hope about steel prices getting better. But at the moment, the thing that strikes me most is that $600 per ton ($30 per cwt) for hot-rolled coil (HRC) sure looks like the “new” $600 per ton. That’s a joke of course. I make it in remembrance of all that […]
By CRU Senior Analyst, Puneet Paliwal, from CRU’s Scrap, DRI/HBI & Pig Iron Monitor The CRU metallics price indicator (CRUmpi) for November fell by 3.5% month-on-month (MoM), to 298.3, which is the lowest level since December 2020. Global scrap demand continues to be undermined by weak steel market fundamentals in key markets, causing prices to stay […]
The Department of Commerce on Thursday published its decision that Russia was again a non-market economy (NME) in antidumping cases. The move will change fundamentally the way antidumping duties will be calculated for imports from that country. All antidumping investigations, reviews, and sunset reviews will incorporate this change in all cases over the next several […]
Imported sheet and plate products arrived at US ports at a slower clip in September, accounting for a lower share of the domestic market for the third straight month. That’s according to a Steel Market Update analysis of import data from the US Commerce Department and domestic shipment figures from the American Iron and Steel […]
Total US mill shipments of steel products were down in September, falling to their lowest total year-to-date (YTD). Mill shipments have been fluctuating up and down all year with little consistency. September’s shipments totaled 7.58 million tons, a 7.2% decline from August’s 8.18 million tons, and the lowest total since February 2021. Apparent supply also saw a […]
The US Department of Commerce said on Thursday that it would no longer consider Russia a market economy in antidumping cases. The move could allow for higher duties on Russian imports in trade cases going forward. An analysis done by third parties for Commerce found that Russia’s government has had considerable involvement in its economy, […]
Domestic hot-rolled coil (HRC) continues to hold the upper hand over imported steel when it comes to price, according to Steel Market Update’s latest foreign versus domestic price analysis. US HRC is approximately 4–7% cheaper than foreign prices this week, after consideration of freight costs, trader margins and any applicable tariffs. Prior to this week, […]
US apparent steel supply eased further in September, down 8% from August to 8.29 million net tons, according to data from the US Department of Commerce and the American Iron and Steel Institute (AISI). As the lowest monthly figure since February 2021, this was a 19-month low. September supply was 10% below the average monthly rate […]
After posting reduced profits in the second quarter (ended Sept. 30) of its fiscal 2023 year, Sault Ste. Marie, Ontario-based Algoma Steel expects to continue to be impacted in the current quarter by operational challenges and overall softness in the steel market. Company executives commented on these challenges and provided an update on operations during […]
The US Department of Commerce’s International Trade Administration (ITA) is updating import duties on hot-rolled steel flat products from Turkey and South Korea. The agency just released preliminary results in reviews of the countervailing duties on Turkish product and antidumping duties on South Korean product, according to Federal Register filings. In the initial results of […]
Nucor on Thursday confirmed its plate prices would remain unchanged with the opening of its December order book. Though the market was anxiously awaiting the Charlotte, N.C.-based steelmaker’s announcement, few were surprised by it. Why? It’s not clear that a price decrease at this stage in the fourth quarter would generate buying. And it would devalue […]
This past week the Biden administration released a list of questions for the public on the four-year review of the Section 301 tariffs on China. The questions and the procedures in the review reveal quite a bit about where this investigation is going, and what policy choices will be coming out after the 2022 midterm […]
With the recent trade case decision resulting in antidumping duties placed on both seamless and welded oil country tubular goods (OCTG) imports, Tenaris plans to ramp up its OCTG production in the US as demand and pricing remain strong, according to company executives speaking on a third-quarter earnings conference call with analysts on Friday, Nov. 4. […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our SMU Community Chat webinar on Wednesday, Nov. 30, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, as well […]
Wolfe Research managing director Timna Tanners will be the featured speaker on our SMU Community Chat webinar on Wednesday, Nov. 30, at 11 a.m. ET. The live webinar is free. A recording will be available free to SMU members. You can register here. We’ll talk about Tanners’ outlook for steel prices, raw materials costs, as well […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from Princeton […]