Backlogs at the nation’s ports are improving, but it probably won’t be until mid-2022 before the bottlenecks clear and shipments of steel and other imports begin to return to normal. “I think it will get better by the middle of next year,” predicted Doug Wray, vice president commercial for Ports America, who will be a […]
On Friday, the Labor Department announced the inflation rate for November. At 0.8%, it was a tick lower than the October inflation rate of 0.9%. But most observers paid more attention to the annual rate of inflation. At 6.8% compared to prices one year ago, the inflation rate was the highest it’s been since 1982. […]
By Greg Wittbecker, Advisor, CRU Group The massing of Russian troops on the border with Ukraine has raised tensions to a high level on the political scene. It forces us to take another look at the repercussions of new sanctions on the Russian state should Putin decide to invade. 2018 Repeated? In March 2018, sanctions […]
Imports of less-expensive sheet and plate products continue to make their way into the U.S. market, a steady increase over the past six months as buyers continue to seek relief from record-high steel prices in the U.S. October Commerce Department data show imports’ shares of the U.S. flat products markets at their highest levels in the past […]
Total mill shipments of steel products edged up 1.4% in October to 8.619 million tons, following a 12.2% fall the month prior. Apparent supply slipped for the second straight month in October, down 2.2% on top of a 6.9% decline in September. October’s contraction marks the first month-on-month decrease in steel supply since apparent supply fell […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. Rock provides customers attached to the steel industry with commodity price risk management services and market intelligence. RTA is registered with the National Futures Association as a Commodity Trade Advisor. David has over 20 years of professional trading experience and has been active […]
Final Census data shows that foreign steel imports in October totaled 2.74 million net tons, easing 16% from September’s 28-month high of 3.26 million tons. November import licenses through Dec. 6 were at 2.68 million tons, a 2% decline from October and down 18% compared to September. Total finished imports were 2.37 million tons in October, down 8% […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Sheet Products Monitor, Jan. 5 Sheet prices fell in most markets around the world as supply availability grew. In the USA, market participants report that end users are cancelling or postponing orders, which has led to an even greater build up in inventory levels and caused […]
Companhia Siderúrgica Nacional (CSN) is considering plans to build an electric arc furnace (EAF) long products mill and a galvanizing facility for steel sheet in the United States. That’s according to an investor presentation in which the Brazilian steelmaker said new plants in the U.S. as well as expansions in Europe and in Brazil were […]
Sheet and plate prices fell across the board this week on shorter lead times, import competition and increased spot availability from domestic mills. Declines for hot-rolled coil were generally steeper than those for value-added products. And while certain mills are trying to hold the line around $1,800 per ton, EAF producers were reported to be […]
The American Iron and Steel Institute (AISI) praised a new bipartisan bill designed to crack down on trade cheating and enhance the tools available to combat repeat offenders of U.S. trade remedy laws. The “Eliminating Global Market Distortions to Protect American Jobs Act of 2021” – also referred to as “The Level the Playing Field Act 2.0” – […]
I’m concerned we’ve all gotten a little too complacent with the idea that the price correction underway will continue to be gradual and that the new floor for hot rolled coil, whatever it is, will be four digits instead of the sub-$400-500 per ton floors that have characterized past downcycles. I’m not saying we’re headed […]
By CRU Analyst Tanya Bhaiji, from CRU’s Steel Sheet Products Monitor, Nov. 29 Galvanized sheet is the biggest first use for refined zinc, constituting around 30% of total refined zinc demand in 2020. The majority of galvanized sheet is consumed in end-use sectors such as construction and automotive while a smaller percentage is also consumed in […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Long Products Monitor, Dec. 1 Long product prices again moved higher in the USA m/m following a larger-than-expected scrap price increase and unseasonably strong demand. Mill-announced price increases for wire rod were the largest at $80 /s.ton m/m, while merchant bar and beam prices were also […]
By CRU Research Analyst Aaron Kearney-Keaveny from CRU’s Steelmaking Raw Materials Monitor Dec. 7 Iron ore remained largely stable in the past week, before rising noticeably on Monday and Tuesday, now standing at $108.0 /dmt. Supply is rising and demand seems stable, but speculation around China has resulted in the iron ore price rising yet […]
The following article on the hot rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Hot rolled futures sellers are betting that the price of HR will drop significantly in December based on the latest […]
New orders, production, employment, and imports grew in November. But prices fell, and delivery delays increased on tightening backlogs. That’s the takeaway from the Institute for Supply Management’s latest Manufacturing Report on Business. ISM’s Manufacturing Purchasing Managers Index (PMI) rose to 61.1% in November, up 0.3 percentage points from October and indicating continued expansion in the overall economy for the […]
Preliminary Census data shows that total foreign steel imports declined 17% in October to 2.71 million net tons, easing from September’s 28-month high of 3.26 million tons. November import licenses are currently at 2.55 million tons, a 6% decline from October and down 22% compared to September. Total finished imports are preliminarily at 2.33 million tons in […]
A long-running legal fight over whether former President Donald Trump had legal authority to double Turkey’s Section 232 steel tariff to 50% might be headed to the Supreme Court. Attorneys representing a Turkish mill and consumers of Turkish steel last month filed a request – also known as a “writ of certiorari” – asking the […]
Steel prices declined for the third consecutive month in November, following a 12-month streak of continuous price increases. Hot-rolled coil prices declined $105 per ton throughout the month, with the SMU index averaging $1,770 per ton ($88.50 per cwt) as of Tuesday, Nov. 30. The SMU Price Momentum Indicator for hot-rolled coil was adjusted from Neutral […]
U.S. gross domestic product (GDP) grew at a modest 2.1% annual rate in the third quarter, the slowest pace in more than a year, according to the Bureau of Economic Analysis (BEA). U.S. third-quarter economic growth was slowed by the Delta variant’s disruptions to consumer spending and global supply chains. The second review by the BEA […]
Sometimes it is the little things that provide hints as to the direction steel prices will take. During our Steel 101 workshops, I use the example of when you hear from that steel salesman on what seems like a daily basis – that’s when you know a market is about to turn (or has turned). […]
Sometimes it is the little things that provide hints as to the direction steel prices will take. During our Steel 101 workshops, I use the example of when you hear from that steel salesman on what seems like a daily basis – that’s when you know a market is about to turn (or has turned). […]
Coming off a year of strong growth, Reibus is looking to 2022 with guarded optimism. John Armstrong, president and CEO of the Atlanta-based online marketplace, anticipates more volatility ahead for the metals market. “We have budgeted for a 25% decrease in steel prices next year. That is our forecast, and we have built our business […]
With steel prices trending downward as 2021 comes to a close, there is a different tone to annual contract negotiations, respondents to Steel Market Update’s market trends questionnaire said. Talks are more contentious, reported many buyers, as mills seek to lock in volume near current prices for 2022, while service centers and OEMs are reluctant to […]
Steel Dynamics Inc. (SDI) has filed a duty circumvention case against coated flat-rolled steel from Vietnam made from Japanese substrate. The Fort Wayne, Ind.-based steelmaker thinks that “minor alterations” such as coating represent an attempt to circumvent existing antidumping and countervailing duty orders on hot-rolled and cold-rolled coil from Japan. The U.S. Commerce Department has […]
Steel Buyers Sentiment saw a notable dip this week, as did steel prices. Industry sentiment tends to track with steel price tags – the stronger the prices, the more optimistic service center and OEM executives who respond to SMU’s surveys. While sentiment remains near record levels, the downtrend suggests optimism, like prices, may have peaked. SMU […]
Spot prices might be wobbling. But mill balance sheets are as strong as they’ve ever been – and the cash will continue to pour in as 2022 contracts reset at substantially higher numbers. Here are two opposing trends I’m keeping an eye on: (1) whether mills will use their cash hoards to expand outside of steel […]
At the direction of the U.S. International Trade Commission, the U.S. Commerce Department will continue to investigate oil country tubular goods (OCTG) imports from Argentina, Mexico and Russia that are allegedly being subsidized and dumped in the U.S. at below fair value. In a Nov. 19 vote, the USITC ruled there is reasonable indication that […]