Steel Market Update is pleased to share this Premium content with Executive-level subscribers. For more information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. The U.S. economy continued to grow in 2019, but at a slower rate as the year progressed. The third estimate of U.S. GDP growth in Q3 2019 was 2.1 […]
Fitch Ratings, a global leader in credit ratings and research, is forecasting a negative outlook for the global steel industry in 2020 and challenging conditions in North America. The Fitch Ratings 2020 Outlook: Global Steel notes weaker economic growth impacted by ongoing trade and geopolitical tensions. “Over the past two years companies have talked at […]
The U.S. dollar has weakened against 12 of the 16 steel trading nation currencies in the last three months. In this report we examine the change in currency values of the 16 pre-eminent global steel and iron ore trading nations. The currencies of these 16 don’t necessarily follow the Broad Index value of the U.S. […]
Crude oil prices broke out to the upside in December, but the rig count continues to decline. U.S. exports of crude oil and petroleum products, including gasoline, diesel, jet fuel, naphtha, and many others, exceeded imports in September by 89,000 barrels a day, the Energy Information Administration (EIA) reported on Nov. 28. Thus, the U.S. […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Last week was one of the most eventful for trade this year: USMCA Agreement Editor’s note: The House voted to pass the USMCA earlier today. The Senate is unlikely to vote on the measure before completion of the […]
Affirming that steel imports from Vietnam have been circumventing U.S. antidumping and countervailing duties, the Department of Commerce on Monday upheld its preliminary AD/CVD rates on imports of galvanized and cold rolled sheet from Vietnam manufactured with hot- or cold-rolled substrate from Korea and Taiwan. Steel products produced in Korea and Taiwan, shipped to Vietnam […]
After declining for much of 2019, steel prices have moved up substantially in the last two months. Will the trend continue into 2020? Flat rolled steel producers raised prices three times during October and November for a total of $110 per ton. (Editor’s note: ArcelorMittal USA announced an additional $40 flat rolled increase on Friday. […]
By CRU Principal Economist Lisa Morrison On Dec. 13, U.S. Trade Representative, Robert Lighthizer, released a statement indicating that the U.S. and China had come to terms on a “phase 1” trade deal. The opening sentence of the USTR press release states, “The United States and China have reached an historic and enforceable agreement on […]
A new report by the World Trade Organization shows trade restrictions by WTO members are at historically high levels. Between mid-October 2018 and mid-October 2019, the trade coverage of import-restrictive measures implemented by members was estimated at $747 billion, an increase of 27 percent from the prior year and the highest level since October 2012. […]
The World Trade Organization is down to one appellate judge due to the efforts of the U.S. to undermine the organization. The effectiveness, and continued viability, of the WTO is now under question, say trade experts. The Trump administration has blocked all appointments to the seven member Appellate Body that rules on trade disputes among […]
Steel Market Update offers a comprehensive series of import reports ranging from the first look at licensed data to the very detailed look at volume by district of entry and source nation. The report you are reading now is designed to plug the gap between those two. National level import reports do a good job […]
Steel Market Update offers a comprehensive series of import reports ranging from the first look at licensed data to the very detailed look at volume by district of entry and source nation. The report you are reading now is designed to plug the gap between those two. National level import reports do a good job […]
Steel Market Update offers a comprehensive series of import reports ranging from the first look at licensed data to the very detailed look at volume by district of entry and source nation. The report you are reading now is designed to plug the gap between those two. National level import reports do a good job […]
Steel Market Update offers a comprehensive series of import reports ranging from the first look at licensed data to the very detailed look at volume by district of entry and source nation. The report you are reading now is designed to plug the gap between those two. National level import reports do a good job […]
In October, demand for sheet products declined by more than the seasonal norm. Demand for long products is softening as construction expenditures decline. This analysis by Steel Market Update is based on steel mill shipment data from the American Iron and Steel Institute (AISI) and import-export data from the U.S. Department of Commerce (DoC). The […]
Steel Market Update offers a comprehensive series of import reports ranging from the first look at licensed data to the very detailed look at volume by district of entry and source nation. The report you are reading now is designed to plug the gap between those two. National level import reports do a good job […]
Steel Market Update offers a comprehensive series of import reports ranging from the first look at licensed data to the very detailed look at volume by district of entry and source nation. The report you are reading now is designed to plug the gap between those two. National level import reports do a good job […]
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 […]
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 […]
By CRU North America Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 7.9 percent m/m to 211.1 (see chart) following price increases in nearly every market. Pervasive market tightness caused by adverse weather and higher domestic demand in major exporting markets forced buyers in import-reliant markets to accept higher […]
What’s ahead for the scrap market in 2020? Ben Abrams, president and CEO of Consolidated Scrap Resources, Inc., in York, Pa., offers the following prognostication: It’s always difficult to predict what will happen to ferrous scrap prices even a few months ahead of time, let alone for the full year, because the ferrous market is […]
What’s ahead for the scrap market in 2020? Ben Abrams, president and CEO of Consolidated Scrap Resources, Inc., in York, Pa., offers the following prognostication: It’s always difficult to predict what will happen to ferrous scrap prices even a few months ahead of time, let alone for the full year, because the ferrous market is […]
Changes may be coming for two joint ventures held by Brazilian mining giant Vale, including California Steel Industries. Vale is looking to trim costs as it continues to make reparations stemming from the Brumadinho tailings dam collapse that took 270 lives and caused major environmental damage to the region. At Vale Day on Dec. 2 […]
This Steel Market Update report examines the import share of sheet, plate, long and tubular products and 16 subcategories. Since January, there has only been one month when the import market share of total sheet products exceeded 15 percent. The import share of HRC has been below 10 percent since January. The most striking result […]
October apparent steel supply remained steady at 8.7 million net tons, according to data from the American Iron and Steel Institute and U.S. Department of Commerce. October supply is the second lowest level seen in the last 23 months, with the lowest occuring the month prior. Apparent steel supply, a proxy for demand, is determined […]
CNBC reported comments made by White House Economic Advisor Larry Kudlow on Tuesday saying, “The reality is those tariffs are still on the table.” This is in reference to the tweet from President Trump regarding steel from Brazil and Argentina. Steel buyers should be aware that there has not been a presidential proclamation, or anything […]
Total steel imports into the United States are trending toward 2.5 million tons in December, which would be up dramatically over November and higher than the 12-month average. However, imports of semifinished steels, some of which are subject to quota restrictions, are likely to come in well under the current trend of 1.1 million tons. […]
The mills have succeeded in collecting a portion of their recent price increases, but how much and for how long? Steel Market Update canvassed buyers this week and opinions varied widely. Flat rolled producers raised prices by a total of $110 per ton in three rounds of announcements during October and November. Steel Market Update […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: I have received questions from several people about the ins and outs of product exclusions. I thought I’d give a brief summary of the subject and the opportunities and the problems that may arise. Section 301 (China) Product […]
By CRU Principal Analyst James Campbell, from CRU’s Long Products Monitor Steel longs prices have changed direction this month with rises now observed in many markets. Although underlying demand has improved in some regions it is still weak elsewhere. Buyers in many regions have restocked in the last month while producers exposed to scrap and […]