The U.S. dollar weakened against 15 of the 16 steel and raw materials trading nation currencies in the last 30 days and against 12 in the last 90 days, which is similar to the declines we reported in our last two updates. The biggest changes in the last 90 days were in the value of […]
This analysis breaks down the imported tonnage of six flat rolled products into the district of entry and the source nation. Our intent is to describe in detail what is going on in a company’s immediate neighborhood and thus provide a negotiating advantage for our Premium subscribers. Premium members will find reports on our website […]
U.S. apparent steel supply continued it’s recovery in August, up 2.6 percent from July to 7.17 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 […]
Prices of aluminum, steel’s rival material, may get a boost from a new Commerce Department ruling that accuses 18 countries of dumping common alloy aluminum sheet imports on the U.S. market. In a preliminary determination announced on Friday, Commerce ruled that aluminum sheet from the following countries has been sold at less than fair value […]
Nucor Tubular Products led the pipe and tube manufacturers announcing a $50 per ton price increase this morning on HSS, pipe, mechanical and piling products. EXLTUBE advised they were following the Nucor lead and announced their fourth price increase on HSS and A53B products matching the Nucor $50 per ton. New orders for foreign steel […]
This week’s foreign vs domestic hot rolled steel price comparison shows that U.S-producers are moving closer to losing their price advantage over foreign imports, according to SMU and CRU indices released this week. The price differentials between domestic HRC compared to foreign imports had widened through mid-August to reach record highs, but have since declined […]
Nearly three out of four (72 percent) of the service center and OEM executives responding to Steel Market Update’s questionnaire last week said they feel upbeat about their company’s prospects in the fourth quarter. Yet SMU received twice as many negative comments as positive ones. Clearly, even the optimists are concerned about COVID and the […]
Steel buyers have mixed views on the sustainability of steel demand and the likelihood the mills will continue to collect higher prices. In our latest check of the market, SMU asked: Do you think the mills will be able to collect the price increases they announced last week on flat rolled and plate products? Do […]
The Cleveland-Cliffs/ArcelorMittal merger may throw a curve at the Steelmageddon theory, said Bank of America steel analyst Timna Tanners during Wednesday’s Steel Market Update Community Chat Webinar. The Cliffs/AM combination includes two mills that are more than 100 years old and another that is 50 years old. A move by Cliffs to permanently close some older blast […]
Steel imports declined by more than 20 percent in the first nine months of 2020, including a nearly 27 percent drop in finished steel imports, reports the American Iron and Steel Institute. The estimated finished steel import market share for the year to date is 18 percent, down from 19 percent in full-year 2019. Including […]
The World Trade Organization has adjusted its outlook on world trade volume to a more optimistic view. In its latest report, the WTO forecast global trade volume to fall 9.2 percent in 2020 instead of 12.9 percent as predicted in the April trade forecast. Trade volume will rebound in 2021 to 7.2 percent, but remain […]
Final Census data shows August steel imports were almost identical to the preliminary data reported last week; imports totaled 1.30 million net tons, down 52 percent over the month prior due to the quarterly reset on semifinished import quotas. August imports are at the lowest levels seen in 11 years, with the previous low occuring […]
The tightness of the flat rolled steel market, and when that tightness might dissipate, are topics being actively discussed within the industry. Lead times are already into January at some mills, slabs are limited to the converters who were buying from Brazil, maintenance schedules are pushing lead times, and demand is up whether from rising […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The turmoil in this country continues. The election is now 30 days away. The president has COVID-19; the debates may not continue. And, our economy continues to suffer from the pandemic and the economic impact of disease and […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Each week seems to bring new surprises, economically and politically. I was struck by the monthly trade report and question from readers—I thought I’d pull them together and try to respond. The August trade report was released last […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Tariffs are coming at us from every direction, it seems like. Tariffs are taxes, as we hear a lot. Some taxes are predictable, but those on China, steel, aluminum, washing machines and solar panels tend to be vastly […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: The election may already have been decided, but we can’t know that until election night and perhaps not even then. While we wait for those results, I want to take the time to explore a reader’s question I’ve […]
On Thursday, Steel Market Update produced an article on lead times with the headline, “Steel Mill Lead Times: Mixed Messages.” The lead times being discussed in the article come from our proprietary survey, which is produced every other week. The lead times are based on the average from the manufacturing companies and steel service centers […]
On Thursday, Steel Market Update produced an article on lead times with the headline, “Steel Mill Lead Times: Mixed Messages.” The lead times being discussed in the article come from our proprietary survey, which is produced every other week. The lead times are based on the average from the manufacturing companies and steel service centers […]
With a presidential election on the horizon, the AIST Town Hall Forum asked steel executives how a new administration may affect the steel industry and trade. “I continue to expect bipartisan support in Washington for American workers, American steelmaking, regardless of who is in the White House,” said U.S. Steel CEO Dave Burritt. “But I […]
By CRU Principal Analyst Chris Asgill, from CRU’s Global Steel Trade Service China has banned steel scrap imports for the past year as part of its solid waste management policies that affect imports on a wide range of metal scrap and plastic waste. Recently, policymakers announced that a review on these policies will be sped […]
The manufacturing sector grew again in September, indicating a fifth month of expansion for the economy, according to the latest Manufacturing ISM Report on Business. The September PMI registered 55.4 percent, down 0.6 percent from August. “Manufacturing performed well in the month with demand, consumption and inputs registering growth indicative of a normal expansion cycle,” […]
Looking at the month-on-month changes in steelmaking raw materials costs, the prices of iron ore, pig iron and zinc have continued to experience noticeable gains, a pattern seen since the beginning of Q3 2020. As expected, scrap prices have bounced back after the downturn seen in the summer months, providing support to higher finished steel […]
Recently released Census data has preliminary August steel imports totaling 1.30 million net tons, less than half of the volume imported in July due to the quarterly reset on semifinished import quotas. This is the lowest total monthly import level seen since September 2009. Finished imports in August total 1.20 million tons, down 16 percent […]
The Trump administration has received more than 3,300 lawsuits from manufacturers alleging that the most recent rounds of tariffs against China under Section 301 of the Trade Act of 1974 were unlawful and arbitrary. The first two rounds of tariffs covered $50 billion worth of Chinese goods. The third was implemented on $200 billion of […]
The following comments were made by an importer of European steel as SMU was updated on their view of the industries they service in the United States. SMU thought the comments provide an interesting perspective for our readers: “Auto has been coming back strong. I don’t see the impact on the domestic mills, but I […]
From one of our SMU readers to John Packard, President & CEO of Steel Market Update, “Welcome back… Regarding steel, wow. What a difference a month (or, a month and half) makes!” A second reader told us, “Market pricing and lead-times have moved aggressively…and rapidly. Many are finding themselves too late to the party.” It […]
This week’s comparison of foreign and domestic hot rolled prices shows that the large price advantage held by U.S-producers over foreign imports is rapidly loosing steam, according to the latest SMU and CRU indices. The price differentials between domestic HRC compared to foreign imports had widened over the last few months to reach record highs […]
Steel Market Update is pleased to share this Premium content with Executive subscribers. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. Steel Market Update performs this quarterly analysis using data from the Iron and Steel Statistics Bureau (ISSB) in the UK. We believe that to improve our understanding of the gyrations of the […]
By CRU Senior Analyst Helen O’Cleary and found in CRU’s Zinc Monitor US steel mills have reportedly been taking more refined zinc over the past few weeks and the outlook for Q4 is looking slightly more positive according to market contacts. There have been suggestions that the uptick in spot demand from mills could be […]