This afternoon, the U.S. Department of Commerce released the latest license data for foreign steel imports arriving during the month of December. The trend is for imports to drop from 2.6 million net tons in November (after dropping from 3.2 million tons in October) to just shy of 2.4 million tons in December. This is […]
Demand and pricing for nonprime or secondary steel products is a mixed bag, report Steel Market Update sources. Some segments of the secondary market are faring better than others. Lisa Goldenberg, president of Delaware Steel Co. of Pennsylvania, Fort Washington, Pa., reports recent weakness in secondary sales. With domestic mills running at 80 percent of […]
Trump administration tariffs will increase the tax burden on Americans, especially lower and middle-income households, and will cost the economy thousands of jobs, according to a new report from The Tax Foundation, a conservative-leaning tax policy research organization. Trump has placed tariffs on steel, aluminum, washing machines, and thousands of other products that American businesses […]
Through October 2018, of the total cold rolled sheet and strip imports into the U.S., only 2.8 percent was strip, while 44.3 percent of the CR sheet imports were >1 to 3mm thick and 49.8 percent was full hard. Premium subscribers to Steel Market Update receive reports on imports broken down into district of entry […]
Demand for long products is booming, plate products are doing OK, sheet products are flat and tubulars are cratering. This analysis by SMU staff is based on data from the American Iron and Steel Institute (AISI) and the U.S. Department of Commerce (DoC). The analysis summarizes total steel supply by product from 2003 through October […]
This report examines the import share of sheet, plate, long and tubular products and 16 subcategories through October. Table 1 shows total supply to the market in three months through October and in 12 months through October for the four product groups and the 16 subcategories. Supply to the market is the total of domestic […]
Editor’s note: Steel Market Update is interested in your views of the Trump administration tariffs. Following are comments shared by two SMU readers. To submit your opinions (anonymously if preferred), email John@SteelMarketUpdate.com. Q: Do you think the Section 232 and Section 301 tariffs have accomplished what the president set out to do – improve national […]
The following article on the hot rolled coil (HRC) futures market was written by David Feldstein. As the Flack Global Metals Chief Market Risk Officer, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
A new American Steel Index report by Business Forward shows U.S. steel prices have risen 7.4 percent since February, while foreign steel prices have fallen 9.8 percent. As a result, American manufacturers are paying 17.2 percent more for hot- and cold-rolled steel than their foreign competitors. “President Trump’s tariffs on steel and aluminum are increasing […]
By CRU Senior Analyst Helen O’Cleary Zinc’s price shed more than $1,000/t from its 2018 high in the mid-$3,500s in February to its year-to-date low of $2,311 in September, driven down by a combination of factors both in its own market fundamentals and in the broader political and economic landscape. The warranting of 78,950t in […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor The steel sheet market in North America is starting the second half of the year off with the same primary trends seen in the past few quarters: rising prices due to strong demand and supply that continues to be affected by unplanned disruptions. […]
The U.S. Chamber of Commerce announced its support of the new North American trade agreement, but urges the administration to drop the Section 232 steel and aluminum tariffs on Canada and Mexico. Chamber of Commerce President and CEO Thomas Donahue cites the onerous financial impact the tariffs have had on Chamber members and urged their […]
Tenaris, a global manufacturer and distributor of energy tubular products, has begun the second phase of its service center expansion in Midland, Texas. The project will add pipe and tube storage and service capabilities for customers in the Permian basin and other key shale plays across the U.S. Phase 2 consists of several stages of […]
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 […]