Earlier last week, the U.S. Department of Commerce released the latest foreign steel import license data for the months of August, and the new data for September. The August number suggests the month will come in around 3 million net tons, which is higher than July as well as the 3-month and 12-month moving averages. […]
Steel Market Update was speaking with one of the plate mills regarding their maintenance schedules and order books, which we reported on in Thursday evening’s issue of our SMU newsletter. During the conversation, there was a discussion about what was causing the tightness in the marketplace, and the mill mentioned the drastically lower plate imports […]
This analysis breaks down the imported tonnage of six flat rolled products into the district of entry and the source country. We believe that misinformation (or lack of) about local import volumes is often used to influence purchase decisions. Our intent with this analysis is to describe in detail what is going on in a […]
Steel Market Update is sharing the following Premium-level content on flat rolled imports with Executive-level members. For more information about upgrading to a Premium-level subscription, contact info@steelmarketupdate.com. This analysis breaks down the imported tonnage of six flat rolled products into the district of entry and the source country. We believe that misinformation (or lack of) […]
Each month, Steel Market Update produces an import analysis by region for two of the six flat rolled product groups (HRC, CRC, HGD, OMC, CTL plate and coiled plate). This month, we are focusing on plate products. The intent of these regional updates is to bridge the gap between our monthly licensed data summaries and […]
Each month, Steel Market Update produces an import analysis by region for two of the six flat rolled product groups (HRC, CRC, HGD, OMC, CTL plate and coiled plate). This month, we are focusing on plate products. The intent of these regional updates is to bridge the gap between our monthly licensed data summaries and […]
Premium subscribers to Steel Market Update have access to reports on our website that break out the import tonnage into district of entry and source nation for six sheet and plate categories. SMU has now developed reports that drill down the HRC and CRC into product detail both nationally and for each district. We report […]
Both the plate mills and their customers are advising Steel Market Update that, unlike the hot rolled markets, the plate markets are hot and are expected to continue to be hot for some time to come. The plate mills continue to be on “controlled order entry” (allocation) and all of the mills are struggling to […]
U.S. steel exports in July totaled 655,937 net tons (595,057 metric tons), down 28.2 percent over June and down 18.7 percent from July 2017. This is the lowest total export figure seen since May 2009 when 627,968 tons were shipped out of the country. Prior to July, total exports had averaged around 875,000 tons the […]
Section 232 tariffs on steel and aluminum products from Canada and Mexico are back in the spotlight now that NAFTA talks are, hopefully, nearing an end. Steel associations from Canada and Mexico are calling for the tariffs to be terminated while the negotiations are under way. Mexican association Canacero has stated that a NAFTA deal […]
Future Sentiment, measured as both a single data point and as a three-month moving average (3MMA), is near its low point of the year as conflict on the trade front keeps buyers guessing. Future Sentiment registered +55 in Steel Market Update’s latest Steel Buyers Sentiment Index, down from +67 in mid-August. Current Sentiment registered +63, […]
Gaurav Chhibbar is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this new role, he and his firm design and execute risk management strategy for clients along with providing process and analytical support. In Gaurav’s previous role, he was a Trader at Cargill spending time in Metal […]
The U.S. Department of Commerce released Final Census Data today for July steel imports. The final number for July was 2,987,565 net tons. This is approximately 500,000 net tons more than June of this year. It was close to the 12-month moving average and slightly higher than the 3-month moving average (see table below). At […]
Are the Section 232 tariffs affecting the volume of steel imports? We will look at this several different ways, as the answer depends on what time frame is chosen for comparison. Commerce Secretary Wilbur Ross said on Aug. 10 that since the imposition of Section 232 tariffs in March, imports to the U.S. have declined […]
The Trump administration tariffs have had the expected effect on steel imports and steel pricing this year, but prices for hot rolled coil and plate could moderate a bit next year as economic growth slows and the cost of steelmaking raw materials begins to decline, forecasts Josh Spoores, principal steel analyst for the CRU Group. […]
What is in the nation’s best interest when it comes to international trade? Are the Trump administration trade policies the best approach? Speaking at the Steel Market Update Steel Summit Conference in Atlanta on Aug. 27, a spokesperson for the domestic steel industry and a Washington trade attorney offered sharply contrasting views. The Steel Manufacturers […]
The ISM Manufacturing Index reached a 14 year high as new orders, production and employment made strong gains in August. The Index issued by the Institute for Supply Management, jumped 3.2 points to a reading of 61.3, far exceeding the consensus for a posting of 57.6. New orders increased 4.9 points to 65.1, production 4.8 […]
Austrian steelmaker Voestalpine will move part of U.S. automotive parts production to Mexico to avoid steel import tariffs. Voestalpine has 48 U.S. sites that primarily use domestic steel but about one third of company revenue relies on plate and specialty imported steels that are not produced in the United States. U.S. production accounts for one […]
Lewis Leibowitz, trade attorney and contributor to Steel Market Update, offers the following commentary on the latest developments in Washington: After months of complaints, hearings, letters, denials, approvals and delay, the Commerce Department’s Bureau of Industry and Security published new rules on processes, criteria and time limits for specific product exclusions under the President’s Proclamations […]
Those hoping for the inside scoop on Nucor’s plans to purchase Big River Steel were left to speculate following comments by Nucor Chairman and CEO John Ferriola during Steel Market Update’s steel summit this week in Atlanta. Ferriola neither confirmed nor denied Nucor’s rumored interest in BRS, but his posture suggested it’s a possibility. Nucor […]
Earlier this week, the U.S. Department of Commerce released preliminary license data for July foreign steel data and license data for August. The latest data suggests July imports will rebound from June’s dip to almost reach 3.0 million net tons, and August levels will be in the 2.85 million ton ballpark. Semi-finished imports (slabs/billets) continue […]
Results from live polling during Steel Market Update’s Steel Summit Conference this week in Atlanta produced a few surprising results. Using the SMU App, Steel Market Update was able to capture the views of more than 450, or about half, of the steel industry executives in attendance at the event. For the most part, the […]
U.S. gross domestic product grew in every region of the country in the last quarter of 2017 and the first 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. This week, the data […]
The steel market is watching and waiting to see if President Trump will hit other countries with higher tariffs as he did with Turkey. If he does, the majority of observers will not be surprised. Indeed, more than 60 percent of the steel executives responding to Steel Market Update’s latest market trends questionnaire expect further […]
Mexican steel association Canacero said it has been called to Washington to discuss replacing the 25 percent tariff on steel imports to the U.S. with quotas. A spokesperson for Canacero President Maximo Vedoya verified the request by Washington in a statement to Reuters. “Talks are taking place now and the most important thing for the […]
The United States and Mexico have agreed on changes to the rule of origin for NAFTA automobiles during bilateral discussions. The percentage of North American content for NAFTA autos will be increased from 62.5 percent to 75 percent. In addition, 70 percent of steel, aluminum and glass used in production of autos must be sourced […]
Earlier this week, the U.S. Department of Commerce released the latest license data on foreign steel for the months of July and August. As SMU reported last week, the August trend has been for imports to be at, or above, 3 million net tons. This week the trend suggests August will be closer to 2.9 […]
Chinese steel trade data was recently released for the month of July 2018, providing updated data on iron ore imports, scrap imports and flat rolled imports and exports. Chinese imports of iron ore in July totaled 89,960,000 metric tons, an increase of 8.1 percent from the previous month, and an increase of 4.3 percent from […]
Editor’s note: The following was contributed by Analyst Ryan Cochrane of the CRU Group. Global concentrate inventories first reached critical levels in 2017 Q1, leading to Chinese smelter utilization rates falling below 90 percent and remaining at depressed levels since. Without much buffer concentrate stock remaining, the relationship between mine supply and Chinese smelter output […]
Distributors of secondary steel report generally positive market conditions, though the nonprime sector has experienced a bit of a lull in recent weeks. Secondary steel is nonprime or excess material that did not meet the specifications for its original intended use, but is acceptable to other buyers for other applications. The spot market on nonprime […]