The U.S. has reversed its position on imposing tariffs on Canadian aluminum imports. The U.S Trade Representative said in a statement on Sept. 15, “After consultations with the Canadian government, the United States has determined that trade in non-alloyed, unwrought aluminum is likely to normalize in the last four months of 2020, with imports declining sharply […]
We can all agree steel prices are on an upward trajectory right now. How high they will go, and for how long, is another matter. SMU’s check of the market on Monday and Tuesday puts the benchmark price for hot rolled steel at $580 per ton, up about $40 in the past week. U.S. Steel, […]
The global steel industry is one of the biggest culprits in the climate change debate, responsible for some 7 percent of harmful carbon dioxide emissions each year. Every ton of steel produced in 2018 released 1.85 tons of carbon into the atmosphere. Thus the steel industry is under enormous pressure to reduce its carbon footprint. Fortunately, […]
The Steel Import Monitoring and Analysis (SIMA) system is receiving an upgrade courtesy of the Department of Commerce. A final rule was adopted on Sept. 11 that will modernize the SIMA system and set up a new online platform on the Commerce website. “These significant improvements to SIMA will enable Commerce and the public to […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: New regulations published Sept. 11 in the Federal Register require steel importers to know and reveal the country where steel was “melted and poured” no matter how much the steel was processed thereafter. Steel importers have long been […]
Total rolled product imports in August were down by 28.0 percent on a three-month moving average (3MMA) basis. This was the 10th consecutive month in which imports were down by more than 20 percent compared to the same time last year. This early look at August’s import volume is based on Commerce Department license data […]
Steel Market Update is pleased to share this Premium content with Executive members. The information below is excerpted from the full article, which is available to Premium subscribers on SMU’s website. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Total rolled product imports in September were down by 28.7 percent on a three-month […]
Steel import permit applications for August totaled 1,394,000 net tons—a 30.5 percent decrease from the 2,006,000 permit tons recorded in July and a 48.4 percent decrease from the July final imports total of 2,703,000, reported the American Iron and Steel Institute, based on the Commerce Department’s most recent Steel Import Monitoring and Analysis (SIMA) data. […]
This week’s comparison of foreign and domestic hot rolled prices shows that U.S-produced steel continues to hold a price advantage over foreign imports, but that price advantage is lessening due to the rapid rise in domestic prices, according to SMU and CRU indices. The price differentials between domestic HRC compared to foreign imports had widened over […]
Recently released Census data shows final July steel imports totaled 2.70 million net tons, up 93 percent from June due to the quarterly reset on semifinished import quotas. This final July figure is just 5,995 tons higher than the preliminary import figures SMU reported one week ago. Finished imports in July totaled 1.43 million tons, […]
Will it be “Steelmaggedon” or simply new capacity replacing old? Bank of America analyst Timna Tanners, who trademarked the term, still believes an abundance of new capacity will come online in the next few years, despite the COVID pandemic, oversupplying the market and dooming steel prices. Many of the other executives who spoke during SMU’s […]
What a difference a single month can make. Most respondents to SMU’s questionnaire this week see the mills collecting their last price increase and expect them to hike prices again sometime this month. As one executive commented: “There’s been a complete flip in the market from just 30 days ago. We went from discussions about […]
Editor’s note: SMU Contributor David Feldstein is president of Rock Trading Advisors. David has over 20 years of financial market trading experience and has been active in the ferrous futures space for eight years. David earned an MBA from the University of Chicago Booth School of Business with concentrations in economics, statistics and analytical finance. […]
Steel prices gained momentum in August as demand improved and the mills announced a new round of price increases. As of last week, Steel Market Update’s hot rolled price average had risen to $485 per ton, up $45 in just two weeks from the mid-month low, and has since topped the $500 mark. Scrap prices were flat […]
The benchmark hot rolled steel price has jumped back over the psychological line of $500 per ton, to $515 by SMU’s current estimate, which is a positive sign for steel demand, but it begs the question: How high will it go and for how long? SMU asked steel buyers how much of the $40-60 per […]
The Trump administration has announced a tightening of Brazil’s steel quota that will sharply reduce the tonnage of steel slabs imported into the U.S. for the rest of the year. “In light of recent deterioration in market conditions brought on by the COVID-19 pandemic affecting domestic steel producers, the United States has deemed it necessary […]
In response to U.S. complaints of recent surges, Mexico has agreed to strictly monitor exports of standard pipe, mechanical tubing and semifinished products through June 1, 2021. In exchange, the U.S. will maintain Mexico’s exemption from the Section 232 national security tariffs, said U.S. Trade Representative Robert Lighthizer in a statement on Monday. Section 232 […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: A number of readers have asked for particulars on the recent actions on steel trade between the United States, Brazil and Mexico. The numbers are available in some detail now. I will try to explain these for the […]
The U.S manufacturing sector expanded faster in August, according the Manufacturing ISM Report on Business. The August PMI rose 1.8 points to 56.0 in August for the highest reading of the year and indicated a fourth month of expansion after a contraction in April. The new orders Index jumped 6.1 points to 67.6 percent, while […]
How much has the market recovered from the depths of the pandemic? If steel prices are an indicator, we’ve made some progress. But is the bump we’ve seen in the past several weeks just a temporary blip or a sign that the upturn in steel demand is real and sustainable? Service center and OEM executives […]
Recently released preliminary steel import data shows July imports totaling 2.69 million net tons, according to the U.S. Department of Commerce. This is up nearly twofold over final June import figures, primarily due to the quarterly reset on semi-finished import quotas. Taking semifinished products out of the picture, imports of finished steels rose 7 percent from […]
This week’s comparison of foreign and domestic hot rolled prices shows that U.S-produced steel continues to hold a heavy price advantage over foreign imports, albeit slightly less than mid-August, according to SMU and CRU indices. After slightly shrinking in May, the differentials between domestic HRC compared to German, Italian and East/Southeast Asian imports widened over the last […]
Claiming national security concerns over a slump in the U.S. steel market, President Trump issued a proclamation late Friday that appears to amend the quota limits on Brazil, further restricting steel imports from South American nation. While it’s unclear at this point which products will be affected and to what degree, one source tells SMU […]
Industry sentiment has improved in the past two weeks, as measured by Steel Market Update. SMU’s Steel Buyers Sentiment Indexes took a dip in July but rebounded in the latest check of the market for reasons that are not entirely clear. Respondents bemoan the persistent uncertainty, but business is good in certain sectors. SMU asks […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Time was we looked with great interest at the deliberations of the party platform committees to see who was the most influential—young vs. old, moderates vs. conservatives vs. progressives, etc. In this year of the pandemic, the entire […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The nation and the world saw a greater than normal number of presidential announcements in the past week. I debated Philip Bell, the president of the Steel Manufacturers Association, on issues related to Section 232 at the SMU […]
Galvalume supplies are shaping up to be tight in the fourth quarter, but fears of a shortage may be overstated, sources tell Steel Market Update. Despite a recent press report to the contrary, Galvalume is one of the strongest steel sectors right now. “There is no shortage at the right price,” said one mill executive. […]
By CRU Prices Analyst Estelle Tran, from CRU’s Global Steel Trade Service U.S. sheet steel prices hit their lowest point of the year on Aug. 12 and are slated to rise as steel consumption has been increasing. Steel mill capacity utilization reached 61.5 percent in the week ended Aug. 15, up from 60.4 percent the […]
The latest CRU Global Economic Outlook indicates that Mexican auto production will not reach 2019 levels until 2023, with expectations that 2020 volumes will be down about 23 percent in 2020 and recover 19 percent in 2021. There is some near-term upside to the Mexican market as production returns to normality after the Covid-19-related shutdowns, […]
China’s July crude steel output jumped 1.9 percent from June and 9.1 percent from a year ago to 93.36 million metric tons, according to the National Bureau of Statistics. Steel demand rallied after declining during the pandemic-induced shutdowns and is now benefiting from Chinese stimulus measures that include infrastructure building and housing construction. Average daily […]