Apparent U.S. steel supply increased to 8.8 million net tons in December, according to data from the American Iron and Steel Institute and U.S. Department of Commerce. While up over the previous three months, December supply remains low compared to the last two years. Last month we reported that November supply was at a three-year low, […]
NLMK USA saw sales decrease 14 percent to 470,000 metric tons during the fourth quarter of 2019. Revenue from the segment dropped 18 percent quarter-over-quarter to $322 million. Declines were attributed to softer demand and lower steel prices. NLMK Group noted weaker demand in energy, automotive and machinery segments and a 4 percent drop in […]
Steel buyers weighed in today as Steel Market Update conducted our sweep of the markets to determine where spot prices are this week, and to see what is on the minds of the buyers. Here are some of the comments made to SMU earlier today: A manufacturing company shared their perspective with these thoughts, “Where […]
Have steel prices peaked or do they still have some upside? That’s the question on steel buyers’ minds. Is today the time to buy or will steel be cheaper tomorrow? Information from Steel Market Update’s market trends questionnaire last week and our canvass of the market today is mixed. Steel prices rose in November and […]
In a self-initiated investigation, the Department of Commerce announced an affirmative circumvention ruling regarding corrosion-resistant steel products (CORE) made from substrate from China and Taiwan. Commerce preliminarily determined that Chinese steel substrate shipped to Costa Rica, Malaysia, and the United Arab Emirates for minor processing, and then exported to the United States as CORE, is […]
Steel Market Update is pleased to share this Premium content with Executive members. For more information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. This analysis breaks down the imported tonnage of six flat rolled products into their district of entry and source nation. We believe that misinformation (or lack of) about local import volume […]
Imports of steel rolled products have declined every month since May 2018, year over year, with the greatest decline in January 2020, according to government data. Total rolled product imports in January were down by 35.5 percent on a three-month moving average (3MMA) basis. This follows the 27.8 percent decrease in November on the same […]
The Super Bowl is done, the Grammys are behind us, the Oscars selected a foreign film (Parasite from South Korea) for the first time as Best Movie. The Iowa caucus presented more questions than answers. Today is the New Hampshire primary and the first votes finally are being cast to see who the Democrats will […]
Imports of steel products into the United States appear to have increased in January, based on Commerce Department license data. Precisely how much is difficult to calculate, as quotas on imports of semifinished steel pull licenses forward and skew the data. The 1.7 million tons of semifinished imports licensed in January by companies seeking to […]
The Port of Cleveland saw a significant decline in imports from Europe in 2019 due to tariffs and supply line disruptions. An increase in shipments from Canada, however, drove a 9 percent overall increase in cargo for the year. “Our European, cross-Atlantic imports were down approximately 35 percent, and our primary import from Europe is […]
I spent the second half of last week in Tampa where I was the master of ceremonies for the 31st Tampa Steel Conference hosted by the Port of Tampa. John Anton, IHS Markit Director of Steel Analytics / Pricing and Purchasing Service, provided the key economic and steel forecast for the group. He told the […]
Earlier today, Steel Market Update adjusted our Price Momentum Indicators on hot rolled, cold rolled, galvanized and Galvalume to Neutral. What this means is we see market prices in transition, or in a holding pattern, and we no longer expect prices to rise over the next 30 days. Prior to today we had momentum on […]
ArcelorMittal posted a net loss of $1.9 billion for the fourth quarter of 2019. In comparison, the global steelmaker posted a loss of $539 million in Q3 and a net profit of $1.19 billion in Q4 2018. For the entire year 2019, ArcelorMittal posted a net loss of $2.5 billion compared to net income of […]
By CRU’s China Steel Team, with Senior Analysts Richard Lu and Erik Hedborg. On Monday, Feb. 3, financial markets and commodity trade resumed after the extended Chinese New Year (CNY) holiday caused by the outbreak of the novel coronavirus (2019-nCoV). Equity markets fell sharply as fears of economic slowdown prompted investors to push the sell button. […]
Editor’s note: The following commentary by economist Alan Beaulieu, president of ITR Economics, is excerpted from a recent blog, “A Good Day for Trade.” Beaulieu has been a popular presenter at several Steel Market Update Steel Summits and will speak once again at this year’s conference on Aug. 25 in Atlanta. Click here for more […]
Editor’s note: The following commentary by economist Alan Beaulieu, president of ITR Economics, is excerpted from a recent blog, “A Good Day for Trade.” Beaulieu has been a popular presenter at several Steel Market Update Steel Summits and will speak once again at this year’s conference on Aug. 25 in Atlanta. Click here for more […]
By CRU Principal Economist Lisa Morrison and Economist Anissa Chabib, from CRU’s Economic Outlook CRU Economics ran its fourth annual survey to gauge our clients’ expectations of economic conditions for 2020. We elicited responses across CRU’s full product portfolio and received information from 182 clients, working in 41 different countries. This feature presents the results […]
Key Market Indicators show that the improvement in market trends that occurred in December continued into January. This report is designed to be a big picture summary of data SMU has reported in detail during the month. It summarizes 36 data streams that describe the state of the steel market and provide forward guidance for […]
Demand is looking good for the steel industry this year, especially in the construction sector, said panel members on the Steel Manufacturers Association media call today. Dave Sumoski, Nucor Executive Vice President – Merchant and Rebar Products, noted that construction is a major area for Nucor. The market for steel bar is very strong with […]
Finished steel imports continued to trend downwards into January, slipping over 200,000 tons from our last update and resting at 1.34 million tons. This is in line with the final November and preliminary December data, but down considerably compared to the 3-month and 12-month moving averages. Based on the latest Commerce Department import license data, […]
The following article discussing the global ferrous derivatives markets was written by David Feldstein. As an independent steel market analyst, advisor and trader, we believe he provides insightful commentary and trading ideas to our readers. Note that Steel Market Update does not take any positions on HRC or scrap trading, and any recommendations or comments […]
Steel Market Update is pleased to share this Premium content with Executive-level subscribers. For more information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. The first estimate of U.S. GDP growth in Q4 2019 was 2.1 percent, unchanged from Q3. On a trailing 12-month basis, GDP grew at 2.32 percent in the fourth quarter. On […]
The U.S.-Mexico-Canada-Agreement was signed into law by President Trump on Wednesday. The signing clears the way for Canada to begin the ratification process that is likely to be concluded in March. The president called the agreement the “largest, fairest, most balanced, and modern trade agreement ever achieved.” “Everybody said this was a deal that could […]
The U.S. Bank Freight Payment Index, a quarterly analysis of freight volumes and spending, fell 4.0 percent in the fourth quarter after gaining a total of 10 percent in the second and third quarters. Both volumes and spending dropped during the quarter due to weaker economic activity and impacts from the international trade market. The […]
John Packard is traveling… The World Health Organization declared the coronavirus outbreak in China a global public health emergency earlier today. Six patients in the United States have been confirmed as infected by the potentially deadly virus…so far. Makes those seasonal sniffles you’re feeling even more disconcerting, doesn’t it? And what does it mean for […]
Commerce Secretary Wilbur Ross says that tariffs on imports of autos and parts are still on the table, refuting claims that the deadline has passed to impose such measures under Section 232. After Commerce delivered its report on the national security implications of imports of foreign autos to the administration, the president had 180 days […]
Steel imports into the United States in 2019, totaling 27.9 million tons, showed a decline of 17.3 percent versus 2018, and were at their lowest level since 2010 as the economy was recovering from the recession. Finished steel imports of 21.0 million tons were down 18.1 percent for the year. Finished steel imports held a […]
The Department of Commerce announced the affirmative final determinations in the antidumping duty and countervailing duty investigations of imports of fabricated structural steel from Canada (AD only), China and Mexico, and a negative final determination in the CVD investigation of FSS from Canada. Canada and Mexico have been assigned antidumping rates of 6.7 percent and […]
U.S. gross domestic product had positive growth in every region of the country in each of the first three quarters of 2019, according to Bureau of Economic Analysis data. The BEA reports GDP by state and region on a quarterly basis. This data is released several weeks after the national report. The latest data was […]
The South Central region of the U.S. created the most jobs in the fourth quarter of 2019, with the Pacific in second place, based on government employment data. Fourth-quarter regional employment data by state was released by the Bureau of Labor Statistics (BLS) on Friday. The state data follows and confirms the employment situation that […]