Canada has determined that plate imported from Germany and Taiwan has injured its domestic plate industry and will impose anti-dumping duties as a result. Plate from Turkey was exempted from the trade action because the volumes exported to Canada were found to be “negligible,” the Canadian International Trade Tribunal (CITT) said. The decision–released late last […]
The Congressional Steel Caucus–in a bi-partisan show of unity–has asked President Joe Biden to keep Section 232 tariffs and quotas in place. The request comes as the Biden administration has acknowledged that a review of trade policies enacted by former President Donald Trump is ongoing. “The review is underway of the previous administration’s trade policy […]
Nucor is investing to grow in capability not capacity, said Nucor President and CEO Leon Topalian in remarks Tuesday during the virtual Tampa Steel Conference, co-hosted by Steel Market Update. “It’s not about tons and volume, but about servicing customers’ long-term needs,” he said. One growing customer segment for Nucor is the auto industry. Nucor […]
Nucor is investing to grow in capability not capacity, said Nucor President and CEO Leon Topalian in remarks Tuesday during the virtual Tampa Steel Conference, co-hosted by Steel Market Update. “It’s not about tons and volume, but about servicing customers’ long-term needs,” he said. One growing customer segment for Nucor is the auto industry. Nucor […]
The U.S. Court of International Trade (CIT) has upheld the legality of Section 232 tariffs following a legal challenge lodged by consumers of foreign steel. The ruling deals a blow to the plaintiffs–Universal Steel Products, PSK Steel Corp., The Jordan International Company, Dayton Parts LLC and Borusan Mannesmann Pipe U.S. Inc.–which claimed that they had […]
Foreign steel continues to grow cheaper compared to steel made in the U.S., according to Steel Market Update’s latest foreign vs. domestic hot rolled steel price comparison, tempting buyers to consider purchasing imported steel. With U.S. HRC prices now at $1,150 per ton or higher, foreign HRC prices are theoretically $83-$323 per ton cheaper than […]
It might be T-shirt weather before steel buyers in Canada have access to spot tons of sheet and plate, according to market participants. The three main Canadian sheet suppliers–Algoma, Stelco and ArcelorMittal Dofasco–are largely sold out through May and are in some cases out as far as June. And when it comes to plate, Canada’s […]
It might be T-shirt weather before steel buyers in Canada have access to spot tons of sheet and plate, according to market participants. The three main Canadian sheet suppliers–Algoma, Stelco and ArcelorMittal Dofasco–are largely sold out through May and are in some cases out as far as June. And when it comes to plate, Canada’s […]
U.S. flat-rolled steel prices remain on the rise thanks to strong demand, thin spot supplies and limited short-term competition from imports. While some sources think imports could send domestic prices lower, others note that foreign steel suffers from the late deliveries that have plagued customers of domestic mills. “Too much risk ordering foreign steel with lead times into […]
President Joe Biden has revoked a decision–made in the waning days of the Trump administration–to remove Section 232 tariffs from aluminum imported from the UAE. “In my view, the available evidence indicates that imports from the UAE may still displace domestic production, and thereby threaten to impair our national security,” Biden wrote in a presidential […]
Dr. Walter Kemmsies, managing partner at the Kemmsies Group, is bullish on the steel market for 2021. In comments during Tuesday’s virtual Tampa Steel Conference 2021, Kemmsies estimated a minimum metals demand of 218 million tons from 2021 to 2025, most of which will be steel. That is an additional 20 million tons in each of […]
Steel and scrap prices continued to climb throughout January, fueled by strong demand and tight supply. Hot rolled steel prices surpassed $1,000 per ton in the first week of the year, levels not seen in over a decade. Steel Market Update’s hot rolled price index reached $1,140 per ton by the end of January, up […]
The manufacturing sector continued to expand in January posting a PMI of 58.7 in the latest Manufacturing ISM Report on Business. The PMI slipped slightly from December’s reading of 60.5, but indicated an eighth month of expansion for the overall economy, said the Institute for Supply Management. “The manufacturing economy continued its recovery in January. […]
“What a difference a quarter can make,” exclaimed U.S. Steel President and CEO David Burritt during the opening of the fourth-quarter 2020 earnings call. The company posted positive net earnings of $49 million following a net loss of $234 million in the third quarter and a net loss of $688 million in Q4 2019. Net […]
JSW Steel USA has opened the March order book at its flat-rolled steel mill in Mingo Junction, Ohio. “We will restart in March…. The March order book is open,” JSW Steel USA CEO Mark Bush said in emails to Steel Market Update. The Ohio mill will sell both hot-rolled coil and slab, he said. Bush confirmed […]
Steel Market Update’s check of the market this week puts the current price for hot rolled at a new record high of $1,150 per ton ($57.50/cwt). But with increases of just $10 per ton in the last couple weeks, the upward momentum in pricing appears to be slowing. SMU keeps a close eye on the […]
Cracks might be forming in the groundwork that has to date led U.S. flat-rolled steel prices to their highest point on record. Whether they are big enough to send towering prices tumbling down or merely a distraction remains to be seen, markets sources generally agreed. Prices have nowhere to go but up in the short […]
Updated preliminary data now shows December steel imports nearing 1.5 million net tons, up 9 percent from November levels, but down 1 percent from October. Recall that back in September, total steel imports reached an 11-year low of 1.26 million tons. January import licenses are currently at 1.90 million tons, up dramatically due to the […]
Evraz North America has followed Nucor and SSAB Americas in increasing plate prices by at least $80 per ton ($4/cwt). The steelmaker said that the increase was effective immediately and that it applied equally to all carbon, high-strength low-alloy, hot-rolled coil, normalized, and quenched-and-tempered products, according to a letter to customers Jan. 26. “We reserve the […]
NLMK USA has sued U.S. Steel for at least $100 million to recoup Section 232 tariffs it claims were unjustly levied against it because of a “deception” perpetrated by the integrated steelmaker against the Commerce Department. In addition, the U.S. subsidiary of NLMK Group–Russia’s largest steelmaker–seeks a jury trial, additional damages to be determined at […]
Steel Dynamics Inc. turned in a remarkable fourth quarter and 2020 results despite a year fraught with challenges from the COVID-19 pandemic. SDI posted its second highest record for yearly steel shipments at 10.7 million tons. The company’s fabrication platform shipped a record 666,000 tons. Metals recycling posted operating income of $45 million in 2020 […]
California Steel Industries (CSI) has closed its April flat-rolled order book just a week after opening it. “The orders you submitted during the last few days allowed us to achieve our planned capacity utilization. … We will contact you when we open the flat-rolled order book for May,” the West Coast slab converter said in […]
Olympic Steel’s chief executive officer is bullish on steel demand in the months ahead despite the risks posed by higher prices. That optimism stems from the Biden administration indicating that it plans to spend big on infrastructure and from the prospect of the U.S. getting a better handle on the Covid-19 crisis, Olympic Steel CEO […]
Foreign steel from almost anywhere else in the world is now cheaper than steel made in the U.S., according to Steel Market Update’s latest foreign vs. domestic hot rolled steel price comparison, tempting more and more buyers to consider ordering imports. With U.S. HRC prices now over $1,100 per ton, foreign HRC prices are theoretically […]
With one month of the new year in the record books, steel demand continues to outpace supplies, leaving the mills in a dominant negotiating position. Roughly nine out of 10 buyers responding to Steel Market Update’s questionnaire this week reported that their mill reps are unwilling to talk price on virtually all flat rolled and […]
It might be comforting to have 2020 in the rear-view mirror, but 2021 could have a few tricks up its sleeves, an ArcelorMittal USA analyst said. The good news: The U.S. should see apparent steel consumption increase 6% in 2021 after it fell 16% in 2020, according to Ping Liang, senior analyst-strategic marketing, at ArcelorMittal […]
Manufacturing firms in 2021 will see a continuation of the growth trend that began last June, says a new forecast by the Institute for Supply Management. The December 2020 Semiannual Economic Forecast offers an optimistic outlook for revenues, operating capacity, capital expenditures and employment levels in 2021. “Manufacturing’s purchasing and supply executives expect to see strong […]
U.S. apparent steel supply continued its upwards crawl in November, up 0.4 percent to 7.32 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 […]
When will steel prices plateau? There seem to be two schools of thought on the subject. Many predict prices will peak in March/April, according to Steel Market Update’s surveys of the market. Most members of the Heating, Air Conditioning & Refrigeration Distributors International say they don’t see market prices changing direction before mid-summer. HARDI is […]
The good news still outweighs the bad news in the construction/HVAC market, report wholesalers of galvanized steel products. During their monthly conference call this morning, members of the Heating, Air Conditioning & Refrigeration Distributors International (HARDI) said demand is strong across the country and has not been diminished by the record high steel prices, at […]