Business activity declined in New York state in December, according to firms responding to the December Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index—a gauge of manufacturing activity in the state—fell sixteen points to -11.2, down 15.7 points from 4.5 in November. In December, 23.1% of respondents reported […]
Trying to neatly summarize the North American steel market right now can give you a case of cognitive dissonance. Domestic mills think they have some momentum, and they’re trying as hard as they can to get prices higher for Q1. Case in point: ArcelorMittal has put the heft of one of the world’s largest steelmakers […]
Donald Trump has been out of office for nearly two years. But some of his most unsustainable policies live on. Hostility to the World Trade Organization (WTO) is one. Tariffs that violate the rules of global trade is another. Immigration policy is a third. Trade is one of the most remarkable. Smart and experienced people are saying things […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
We’re nearing the end of 2022, which means it’s time to register for the Tampa Steel Conference as you make your travel plans for 2023. The event will be at the Tampa Marriott Water Street hotel again this year. Mark your calendar for Sunday-Tuesday Feb. 5-7. Nearly 200 of you have registered already. We’re on track […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from […]
Monthly Key Market Indicators (KMI) deteriorated over the past month after steadily improving since July, while steel buyer sentiment inched up after it had tumbled to a 26-month low, according to the latest analysis by Steel Market Update. Positive and neutral indicators have eased, while negative indicators rose. Despite recent improvements, headwinds remain. The economy […]
Producer prices grew more than expected in November, thwarting hopes that inflation could be easing, the US Labor Department reported. Last month’s Producer Price Index (PPI), a measure of the prices received for final-demand products, advanced 0.3% month-on-month (MoM) and 7.4% from a year ago, the smallest annual gain since May 2021, according to data […]
US Steel said hot commissioning is underway, and the first small batch of pig iron was cast at its Gary Works in northwest Indiana. The Pittsburgh-based steelmaker said it has cast several full ladles of hot iron and produced over 1,000 tons of pig iron. This occurred months ahead of schedule, while maintaining a perfect […]
The following article on the hot-rolled coil (HRC), scrap and financial futures markets was written by Jack Marshall of Crunch Risk LLC. Here is how Jack saw trading over the past week: Hot Rolled Over the last month, HR index prices have continued to decline, but at a much slower pace. The most recent index […]
The US labor market added 263,000 jobs in November, down from an upwardly revised total of 284,000 payroll gains the month prior. Last month’s total, although better than expected, still marked the slowest pace of job gains since April 2021, according to data from the Bureau of Labor Statistics (BLS). The unemployment rate held steady […]
Total construction spending declined in October driven by widespread decreases in most major categories, reported the Associated General Contractors of America (AGC) on recent government data. While residential, commercial, highway, and manufacturing outlays fell during the month, contractors’ struggles to complete projects remain impacted by the lack of laborers. Open positions at the end of […]
This past week was a rather notable one in recent memory when it comes to steel prices. We saw a wave of $60-per-ton sheet price hikes announced by domestic mills. It’s somewhat of an unfamiliar sight in the industry over the past couple of years or so, but just about everyone got in on the […]
2022: A Year of Unprecedented Change and Volatility We entered 2022 expecting plenty of change in aluminum and the market delivered more than its fair share of twists and turns. There were 3 macroeconomic effects that rippled through the entire global economy: Russia’s invasion of Ukraine sent global energy prices soaring, as they “weaponized” their […]
Editor’s note: SMU Contributor Michael D’Angelo is a researcher and trader at Marex. In his role, Mike performs fundamental and quantitative analysis, which directly leads to actionable trading/risk management strategies across the base, precious, and ferrous metals derivative spaces. Prior to joining Marex, Mike received a BA in economics with a minor in finance from Princeton […]
US manufacturing activity contracted in November for the first time since May 2020, according to the Institute for Supply Management (ISM). The ISM’s November manufacturing PMI dipped below the neutral 50.0 mark — the level that typically divides expansion from contraction. It was slowed as new orders remained in contraction territory, while prices fell further […]
New orders for US-manufactured durable goods rose in October to a seasonally adjusted $277.4 billion. That figure has risen for seven out of the last eight months. Shipments picked up as well last month despite persistent inflation and global economic instability. Last month’s bookings for durable goods were up roughly 1%, or $2.8 billion more month-on-month […]
The Biden administration has, from its early days, presented a “worker-centered” trade policy. Katherine Tai, the US Trade Representative (USTR), has used that term consistently. What does that mean exactly? The “worker-centered” narrative includes, as is common in most policy debates, addressing the disparate impact on minorities and the disadvantaged. When a factory closes, those […]
Producer prices came in below expectations in October, adding to hopes that inflationary pressures are beginning to ease, the US Labor Department reported. Last month’s Producer Price Index (PPI), a measure of the prices received for final-demand products, advanced just 0.2% month-on-month (MoM) and 8% from a year ago, the smallest annual gain in more […]
The Tampa Steel Conference – which SMU does every February together with the Port of Tampa Bay – offers the tantalizing prospect for those of us in the Midwest of getting out of the cold to network outdoors in Florida. We’ll again hold the conference at the Tampa Marriot Water Street hotel. We’ve got a solid agenda […]
Demand for low-carbon steel is picking up, with two US steel producers bagging significant contracts to provide green steel for a global HVAC producer. Sustainable HVAC provider Trane Technologies announced it will be purchasing low-carbon steel from Nucor Corp., its primary supplier, as well as from US Steel. Nucor’s Econiq™ steel and US Steel’s verdeX® […]
Monthly Key Market Indicators (KMI) have steadily improved since reaching their most recent low in July, though steel buyer sentiment recently tumbled to a 26-month low, according to the latest analysis by Steel Market Update. Positive and neutral indicators have increased, while negatives have eased. Despite some recent improvements, present headwinds are still notable. The […]
Exceeding expectations, business activity in the state of New York improved in November, moving into positive territory for the first time in four months, according to the Empire State Manufacturing Survey. The New York Fed’s Empire State headline general business conditions index — a gauge of manufacturing activity in the state — recovered by 13.6 […]
Volvo has become the world’s first truck manufacturer to deliver electric trucks made with fossil-free steel. The Swedish auto manufacturer announced on Nov. 10 that the trucks are now being delivered to customers. According to a press release, Volvo began manufacturing the heavy-duty electric trucks in September. “Our journey to net zero emissions includes both […]
Kansas City, Mo.-based EXLTUBE is set to become a part of the Zekelman Industries group of companies. Zekelman has agreed to acquire the assets of the pipe and tube maker from its 20-year owner SPS Companies Inc. Terms of the agreement were not disclosed. The acquisition includes three EXLTUBE mills and 530,000 square feet of […]
The construction industry added just 1,000 employees in October as firms competed to hire from a small labor pool, the Associated General Contractors of America (AGC) reported after analysis of new government data. The dynamic has continued to drive hourly wages higher, illustrating the struggle construction firms face in their search for qualified workers, the […]
Steel prices continue to slide, and apparently so does sentiment. Based on SMU’s latest check of the market, sheet prices once again fell across the board, grinding lower and nearing levels some never expected to see again. Speculation that hot-rolled coil (HRC) prices will be at or near the $600-per-ton mark takes center stage with […]
Engineered pipe and tube producer Northwest Pipe Co. posted sharply higher profits for the third quarter ended Sept. 30. The Vancouver, Wash.-based company said the boost was driven by strong demand and increasing backlogs from its engineered pipeline systems and precast products, according to earnings data released on Tuesday, Nov. 8 All told, Northwest Pipe posted net […]
US construction spending in September totaled $1.811 trillion at a seasonally adjusted annual rate (SAAR), just 0.2% above August after August’s 0.6% decline. The unexpected rebound in September came amid a surge in nonresidential investment that offset declining outlays on single-family homebuilding, according to data from the US Commerce Department. The month-on-month (MoM) increase was […]
The US labor market added 261,000 jobs in October, down from an upwardly revised total of 315,000 payroll gains the month prior. Last month’s total, though better than expected, still marked the slowest pace of job gains since December 2020, according to data from the Bureau of Labor Statistics (BLS). The decline in payroll gains […]