Metals distributor and processor Ryerson Holdings is expecting stronger revenue in the second quarter due to an increase in tons sold and higher average selling prices. Year-over-year volume growth was evident in nearly all end markets, notably in commercial ground transportation, consumer durable equipment and industrial equipment, the company said. Pricing is continuing to improve […]
U.S. treasury yields are surging and this is contributing to the recent advance in the value of the dollar on foreign exchange markets. The dollar has strengthened by 4.5 percent in the last three months and also by 4.5 percent since Jan. 2. Please see the end of this report for an explanation of data […]
The growth of U.S. gross domestic product slowed in first-quarter 2018, but on a trailing 12-month basis has improved for the last seven quarters. The third estimate of U.S. GDP growth in the first quarter was 2.00 percent, down from 2.87 percent in Q4 2017, according to the June 28 report by the Bureau of […]
The growth of U.S. gross domestic product has improved for the last eight quarters on a trailing 12-month basis and in second-quarter 2018 was the best since third-quarter 2014. The first estimate of the growth of U.S. GDP in this year’s second quarter was 4.1 percent, up from an upwardly revised 2.20 percent in the […]
U.S. scrap exports expanded by 31 percent in the first four months of 2018, while total global scrap trade has been trending up since Q1 2016. Steel Market Update performs this analysis quarterly to help readers understand the gyrations of the domestic scrap market and where the U.S. stands as a global player. This data […]
On Tuesday, the U.S. Department of Commerce reported preliminary steel import license data for May at 2,886,606 net tons, a decrease of 23 percent from the April high and a decrease of 17 percent compared to the same month last year. Updated June license data was also released; taking the daily license rate and spreading […]
Steel imports fell by nearly a quarter from April to May as the Trump administration’s steel tariffs began to take effect, reported the American Institute for International Steel (AIIS). Imports fell 23.2 percent month-to-month to 2.89 million net tons, which was almost 16 percent lower than in May 2017. South Korea—which has agreed to a […]
ArcelorMittal Dofasco CEO Sean Donnelly told Ottawa lawmakers that U.S. tariffs may force the company to lay off 1,000 workers and reconsider investments totaling $564 million. During testimony at a special meeting of the House International Trade Committee, Donnelly and other steel manufacturers asked the government to hold firm on retaliatory tariffs against the United […]
The American Institute for International Steel and two companies have challenged the constitutionality of Section 232 of the Trade Expansion Act of 1962. AIIS, along with Sim-Tex, LP, and Kurt Orban Partners, LLC, have filed a lawsuit in the U.S. Court of International Trade in New York City alleging that the statute violates the constitutional […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest developments in Washington: Commerce Secretary Wilbur Ross reported to the Senate Finance Committee last week that companies had submitted 20,003 product exclusion requests for steel and 2,503 for aluminum, seeking relief from tariffs on products they maintain are […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest developments in Washington: The year is now half over. The second half of the year will be even more interesting than the first. Here are the latest developments: Canada’s tariffs went into effect today, July 1. Tariffs of […]
What are the issues affecting price negotiations? What is the direction of spot pricing? Steel Market Update canvassed the market this week to gather executives’ perspectives. Following are some insightful comments: Q: What are you seeing as the biggest issue affecting price negotiations with your suppliers? A: “Supply is constrained. That is the biggest issue.” A: […]
Behlen Mfg. Co. is among many manufacturers who report strong demand for their products despite all the trade conflict making headlines in Washington. Based in Columbus, Neb., Behlen makes grain storage equipment, building systems and other fabricated metal parts. Behlen President and CEO Phil Raimondo is pleased with his company’s performance, but his pleasure is […]
Section 232 steel and aluminum tariffs are causing collateral damage in the case of one high profile White House-favored manufacturer. Harley-Davidson announced Monday that because of EU tariffs in response to U.S.-imposed steel and aluminum tariffs, the company will shift production of motorcycles for EU destinations from the United States to international facilities. EU tariffs […]
Argentina-based Tenaris announced last week it will begin producing pipe again at its mill in Conroe, Texas. The Conroe mill has been shuttered for the past three years after operations were suspended due to the plummeting oil prices and competition from imported pipe. Select areas of the mill will be restarted beginning with the heat […]
John Packard is on an airplane somewhere over the Atlantic, on his way to meet with our new colleagues at the CRU Group, which is headquartered in London. I’m sure John would agree, as he travels far away, that this comment from a Steel Market Update subscriber hits very close to home. Responding to our […]
Metalforming companies are expecting a decline in business conditions due to high steel prices and tariffs, according the latest survey by the Precision Metalforming Association. In a sample of 109 metalforming companies in the U.S. and Canada in June, 23 percent of members said they expect a decline in economic activity during the next three […]
There are big differences in the year-to-date increase of coiled plate imports on a regional basis. Last week, we published new regional import reports for HRC, CRC and HDG. This week we are publishing new reports for coiled and cut-to-length plate based on the new format. SMU produces import reports by product at the national […]
There are big differences in the year-to-date increase of cut-to-length plate imports on a regional basis. Last week, we published new regional import reports for HRC, CRC and HDG. This week, we are publishing reports for coiled and cut-to-length plate based on the new format. SMU produces import reports by product at the national level […]
On Tuesday evening, the U.S. Department of Commerce releases the import licenses collected by product and by country through that date. This week, the licenses were reported for the first 19 days of June 2018. After looking at the data (see story about June import trend in tonight’s issue of SMU), the head of commercial […]
In testimony before a skeptical and sometimes combative group of senators Wednesday, Commerce Secretary Wilbur Ross did his best to defend the Section 232 tariffs on steel and aluminum and the controversial trade policies of the Trump administration. Despite his assurances that the process of reviewing product exclusion requests is on track, members of the […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest developments in Washington: On Wednesday, during a Senate hearing on the Section 232 tariffs, Commerce Secretary Wilbur Ross offered some additional information on the volume of product exclusion requests he has received. As of June 20, there were […]
The following article on the hot rolled coil (HRC) steel and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Steel While the HR indexes continue to grind higher in a somewhat non-linear fashion, the HR futures curve is reflecting an even […]
The Commerce Department’s procedure for filing requests to have products excluded from the Section 232 steel tariffs has been called confusing and burdensome by many companies, some of which have been thwarted in their attempts to file. Applications can be rejected for something as simple as an inaccurate Harmonized Tariff Schedule (HTS) code. In testimony […]
Major pipeline producers are seeking tariff exclusions for imported pipe used in pipeline projects currently in progress. Of the estimated 21,000 exclusion requests submitted to Commerce, more than 500 requests are for pipe and other energy-related materials. A report released June 18 by the Interstate Natural Gas Association of America (INGAA) estimates 41,000 miles of […]
The European Commission announced that $3.2 billion in tariffs (€2.8 billion) on imports from the United States will go into effect on Friday, June 22. The “rebalancing measures” include steel and aluminum, agricultural goods and various other products and will remain in effect for as long as the U.S. tariffs on steel aluminum are in […]
India is fighting back against U.S. tariffs on aluminum and steel by imposing higher tariffs on $235 million of American goods. The tariffs increase duties on 29 items including chickpeas, walnuts, almonds, lentil and artemia (brine shrimp). India, the largest buyer of U.S. almonds, has increased the tariff by 20 percent on almonds and walnuts […]
On Tuesday, the U.S. Department of Commerce reported foreign steel import license data for the first 19 days of June. The data is indicating to Steel Market Update a significant drop in imported foreign steel. Taking the daily license rate and spreading it across the 30 days of June, we see the month trending toward […]
Commercial Metals Company net sales jumped 15 percent to $1.2 billion for earnings of $42.3 million for the third quarter of fiscal year 2018, ending May 31. Earnings and sales increased from the second quarter due to strong demand across all of CMC segments. “The CMC team delivered outstanding results in our third fiscal quarter,” […]
The Port of New Orleans is one of the top three U.S. ports for steel imports, taking in 2.48 million tons of steel in 2017. Steel imports represented 80 percent of the port’s breakbulk tonnage and 30 percent of its total cargo tonnage. Turkey was the largest importer of steel at the Port NOLA last […]