JSW Ohio tried to run their EAF and caster today, but found they needed a couple of small fixes. The goal is now to melt their first heat and cast their first slab tomorrow (Friday). We continue to watch this closely as there will be an impact on the market once the mill has been […]
U.S. steel imports continue to trend down in December, according to import license data from the Department of Commerce. Imports are on track to total around 2.3 million tons this month, well below the preliminary total of 2.6 million tons in November and far below the nearly 3.3 million tons in October. Domestic steelmakers have […]
U.S. steel exports in October totaled 631,087 net tons (572,513 metric tons), up 7.9 percent from September, but down 28.5 percent from October 2017. Although up over the previous month, October export levels remain low in comparison to previous years. The September figure of 584,858 was the lowest monthly export figure seen in nearly 16 […]
October apparent steel supply increased to 9,557,437 net tons, according to government data released late last week. Apparent steel supply is calculated by adding domestic steel shipments and finished U.S. steel imports, then subtracting total U.S. steel exports. October apparent steel supply saw a 201,816 ton or 2.2 percent increase compared to the same month […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: A question came up this week about whether the end of steel tariffs would be disruptive to the market in the same way as the onset of the tariffs. Please don’t get the wrong idea. I am not predicting […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: There are several currents surrounding the steel tariffs this holiday season. As we enjoy the end of this year, I am looking at the first few months of 2019 and how the steel trade situation could evolve. • […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Yesterday in New York, an important argument took place in the Court of International Trade. I observed that argument and will give you my impressions. The case was brought by the American Institute for International Steel (AIIS) and […]
Ferrous scrap prices declined by $30-40 per ton in January—a month that typically sees prices rebound. Some scrap experts predict the downtrend may continue. How low prices could go is a source of some disagreement. January scrap settled at the following numbers in various regions, report SMU sources: Midwest/Ohio Valley: Shred – $330-335/GT; HMS – […]
Editor’s note: The following analysis of the U.S. rod and bar market was contributed by CRU Steel Analyst Ryan McKinley. Steel Market Update will periodically expand its coverage of the steel market with long products content from CRU as an added benefit to our members. U.S. mills announced wire rod price increases of $1.50/cwt across […]
About 60 percent of respondents to Steel Market Update’s market trends questionnaire feel their chances for success are good, if not excellent, given the current business conditions and their views of the next three to six months. Nearly all the rest consider their prospects only fair. Uncertainty on the trade and economic fronts, and perhaps […]
Steel Market Update is sharing this Premium content with Executive members in this issue. For more information about upgrading to a Premium-level subscription, email info@SteelMarketUpdate.com. This early look at November import license data shows that total rolled product imports declined by 17.3 percent year over year, calculated as a three-month moving average (3MMA). Imports of […]
U.S. gross domestic product grew in every region of the country in the second quarter of 2018, according to Bureau of Economic Analysis data. The BEA introduced a new data set for GDP by state and region in 2014 and backdated it to Q1 2005. Last week, the data was updated through Q2 2018. Even […]
Steel Market Update spent a portion of the day today speaking with trading companies about their view of the markets, demand and the amount of foreign steel projected to come into the United States over the next few months. The traders are worried about what will happen to their customers if the amount of foreign […]
By the CRU Group Economics Team The meeting between Chinese President Xi Jinping and President Trump on Dec. 1 turned out to be better than expected. According to the White House press release and Chinese official reports, tariffs will not rise from their current levels over the next 90 days. Both sides agreed to enter immediate […]
Demand remains strong in the manufacturing sector, according to the latest Manufacturing ISM Report on Business. The PMI, from the Institute for Supply Management, increased 1.6 percentage points to 59.3 in November. A PMI reading above 50 indicates expansion. New orders rose 4.7 points to 61.1, well above the 52.4 percent value that indicates growth. […]
I took our coated numbers down pretty hard this week. I had been collecting lower numbers over the past few weeks. However, they would pop up sporadically. Come and go for no reason other than a mill decided that the order was too good to pass up, that it fit a hole or that at […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: On a very busy weekend, two major developments (potentially): USMCA Signed in Buenos Aires The new U.S.-Mexico-Canada Agreement (USMCA) was signed by the leaders of all three countries on Friday. The agreement modernizes NAFTA in some areas and […]
Some government and industry leaders praised the new U.S.-Mexico-Canada Agreement that was signed by the three nations on Friday, while others remained critical of the trade pact, suggesting it was a missed opportunity to remove the Section 232 tariffs on Canada and Mexico. Incoming Speaker of the House Nancy Pelosi called the agreement a “work […]
This is the first time we have done this analysis since our April publication and we were surprised that the results for sheet and strip products weren’t as good as we expected. Our analysis is based on data from the American Iron and Steel Institute (AISI) and the U.S. Department of Commerce (DoC). The analysis […]
U.S. steel imports are trending down in November to around 2.5 million tons from the preliminary total of 3.3 million tons in October, according to import license data from the Department of Commerce. The November decline is largely a result of fewer imports of semi-finished products. Imports of slabs jumped in October to nearly 1.3 […]
Both Steel Market Update and the CRU Group forecast lower steel prices next year. With a new North America free trade agreement soon to be signed, the U.S. is likely to lift or modify the Section 232 tariffs on Canada and Mexico, opening the borders to more imports and adding to the downward pressure on […]
Tariffs on U.S. steel and aluminum exports to Mexico may be coming if the Trump administration does not drop its Section 232 tariffs on Mexican imports, says Mexican steel association Canacero. “They already agreed, this government and the incoming one, that we will apply resounding mirror measures,” Canacero Vice President Raul Gutierrez said at a […]
Editor’s note: The following global perspective was contributed by the CRU Group’s international team of steel analysts. Steel sheet prices are trending downward in most parts of the world. North America Sheet prices in the U.S. Midwest market continued to decline with HR and CR coil prices falling the most. Declines have come alongside weak […]
United Steelworkers have ratified a new four-year contract with ArcelorMittal three months after their last contract expired. The new labor agreement raises wages by about 14 percent over the next four years while improving benefits, retirement provisions and contract language. The agreement covers roughly 15,000 hourly workers at 14 facilities in Illinois, Indiana, Ohio, Pennsylvania […]
Few of the steel buyers canvassed by Steel Market Update this week expect flat roll prices to rise significantly in the first quarter. Most anticipate prices stabilizing or continuing to trend downward, especially if the Trump administration lifts the Section 232 tariffs on imports from Canada and Mexico. The promise of increased supplies from the […]
In response to widespread concerns about the pace, transparency and fairness of the Section 232 steel and aluminum tariff exclusion process, a bipartisan group of senators has requested that the Government Accountability Office conduct an independent review of the Commerce Department’s performance. In a Nov. 26 letter to the GAO, U.S. Senators Doug Jones (D-Ala.), […]
Two out of three respondents to Steel Market Update’s market trends questionnaire this week said they remain concerned about the possible negative impacts of trade tariffs on their business and that of their customers. The Section 232 tariffs on imports of steel and aluminum remain a serious obstacle to the new North American free trade […]
The U.S. Department of Commerce released updated license data on October and November foreign steel imports on Tuesday. The latest data shows October imports at just over 3 million net tons, well above the 2.3 million ton dip reported for the month of September. The majority of this change is due to an increase in […]
September apparent steel supply declined to 9,101,986 net tons, according to government data released late last week. This is the third lowest level of the year, above only February (8.8 million tons) and June (8.9 million tons). Apparent steel supply is calculated by adding domestic steel shipments and finished U.S. steel imports, then subtracting total […]
The North American auto industry is urging the White House to drop the Section 232 tariffs before the official signing of the U.S.-Mexico-Canada Agreement (USMCA). During testimony last week before the International Trade Commission, the Motor and Equipment Manufacturers Association, Alliance of Automobile Manufacturers and the American Automotive Policy Council asked the administration to exempt […]