Algoma Steel Group Inc. has picked Danieli & C. Officine Meccaniche S.p.A (Danieli) as the technology provider for their new electric arc (EAF) steelmaking facility set for operation in early 2024. The Sault Ste. Marie, Ontario-based steelmaker said that Danieli’s systems were the best choice for their new mill as they transition away from basic […]
Canadian metals distributor and industrial products manufacturer Samuel, Son & Co., Ltd., appointed Brian Cooke as incoming president of its Manufacturing Division. In the planned transition, Cooke succeeds Rod Crawford, who previously announced his plan to retire in June 2022. The two will work closely together, the company said, to ensure a successful transition until […]
Worthington Industries Inc. completed its acquisition of Tempel Steel Company, a manufacturer of precision motor and transformer laminations for the electrical steel market. The deal, originally valued around $255 million, expands the Columbus, Ohio-based manufacturer’s steel processing segment in the growing electric vehicle (EV) market. Tempel Steel, headquartered in Chicago and founded 1945, specializes in […]
By CRU Analyst Tanya Bhaiji, from CRU’s Steel Sheet Products Monitor, Nov. 29 Galvanized sheet is the biggest first use for refined zinc, constituting around 30% of total refined zinc demand in 2020. The majority of galvanized sheet is consumed in end-use sectors such as construction and automotive while a smaller percentage is also consumed in […]
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 Hot rolled futures sellers are betting that the price of HR will drop significantly in December based on the latest […]
The U.S. economy expanded at a modest rate from late October to early November, the Federal Reserve said in its latest Beige Book report. Overall growth was again constrained by supply-chain disruptions and labor shortages. Consumer spending increased modestly. But low inventories held back sales of some items, notably light vehicles. Leisure and hospitality activity picked […]
Stellantis – the Dutch parent company of Chrysler – will idle production for two weeks at one of its U.S. plants because of the ongoing global microchip shortage, a company spokeswoman said. The Auburn Hills, Mich.-based automaker’s assembly plant in Belvidere, Ill., will be down starting the week of Dec. 6 and will remain down through the week […]
New orders, production, employment, and imports grew in November. But prices fell, and delivery delays increased on tightening backlogs. That’s the takeaway from the Institute for Supply Management’s latest Manufacturing Report on Business. ISM’s Manufacturing Purchasing Managers Index (PMI) rose to 61.1% in November, up 0.3 percentage points from October and indicating continued expansion in the overall economy for the […]
U.S. manufacturing activity fell to its lowest point of the year in November. Producers reported near-record supply delays, the slowest new order inflows year-to-date, and waning job growth, according to the latest U.S. Manufacturing PMI data from IHS Markit. The report noted that extended lead times, supplier shortages and higher energy prices pushed the rate of […]
Steel prices declined for the third consecutive month in November, following a 12-month streak of continuous price increases. Hot-rolled coil prices declined $105 per ton throughout the month, with the SMU index averaging $1,770 per ton ($88.50 per cwt) as of Tuesday, Nov. 30. The SMU Price Momentum Indicator for hot-rolled coil was adjusted from Neutral […]
By CRU Principal Analyst Matthew Watkins and Analyst Iris Speelmanns, part of CRU’s steel and the energy transition series When we think about hydrogen and steel, we generally focus on steel supply. Hydrogen is a possible alternate reductant, replacing coke and offering a pathway to low-CO2 steel production. But a hydrogen economy could also be a huge […]
First, please note that due to the Thanksgiving holiday, the Steel Market Update newsletter will not be published on Thursday (which is Thanksgiving Day) and Sunday, Nov. 28. We will return to our normal publication schedule on Tuesday, Nov. 30. We want to wish everyone in the United States a happy, healthy Thanksgiving with family and […]
The North American auto industry may have turned a corner when it comes to the widespread production outages and assembly delays caused by the shortage of semiconductor chips. As recently as mid-October, GM, Toyota, Ford, and Honda were still reporting extended widespread outages. The turn has been noticeable in one month’s time. Automakers have managed […]
By Philip Bell, President, Steel Manufacturers Association Earlier this year, the European Commission began reviewing its Waste Shipment Regulation (WSR) and considering proposals for its revision. On Nov. 17, the EU commission announced that it may restrict waste exports including metal scrap to non-OECD countries. In yesterday’s formal announcement, the commission proposed revised legislation on […]
Manufacturing growth in the state of New York saw a strong expansion rate in November compared to October, according to the Empire State Manufacturing Survey. The headline general business conditions index rose 11 points to 30.9 during the month. After falling by 15 points in October, the rebound in the headline index was a welcome […]
Distributors who sell galvanized steel products to the construction and HVAC sectors still feel very positive about their prospects heading into next year despite weakening prices and rising inventories. Declines in galvanized prices out of the domestic mills have been fairly minor so far and demand remains strong, reported members of the Heating, Air-Conditioning & […]
Monthly Key Market Indicators, as analyzed by Steel Market Update, edged down over the past month as positive indicators have decreased successively since June. A typical summer slowdown started the momentum shift, however, a surge in COVID variant cases, compounded by a slow-moving job market and supply-chain bottlenecks have continued to push the market indicators […]
By Trade Attorney Lewis Leibowitz Last Wednesday, it was my pleasure to join many readers on the latest Steel Market Update Community Chat. After a brief rundown of current issues affecting the steel sector and its customers, we had a lively round of questions, refereed by SMU Senior Editor Michael Cowden. We didn’t get to […]
By CRU Principal Analyst Josh Spoores, from CRU’s Steel Sheet Products Monitor, Nov. 10 Global sheet prices have continued to fall, though declines have not been consistent across all regions. Overall, CRU’s Global Flat Products Steel Price Indicator (CRUspi flats) fell for the second consecutive month, declining by 2.9% and is now at its lowest […]
Producer prices rose at a slightly higher rate in October, according to data released by the Labor Department. Supply-chain bottlenecks and shortages continue to drive manufacturing and shipping costs, keeping the historic climb for the index and subcategories for final demand moving up. Since falling in early 2020, the composite Producer Price Index (PPI) of […]
October saw a major improvement for the U.S. labor market and a sign of optimism as the latest coronavirus surge eases. The latest data from the U.S. Bureau of Labor Statistics showed that the economy created a noteworthy 531,000 new jobs in October following disappointing monthly results in August and September. October’s results included nearly 100,000 […]
U.S. job creation roared back in October as payrolls rose by 531,000, a welcome contrast to the weak outcome the month prior. The mark was unexpected, as total jobs exceeded most estimates by nearly 100,000 and the unemployment rate fell to 4.6%, the Labor Department reported. Private payrolls were even stronger, rising 604,000 as a loss […]
The management team at Ryerson reported solid third-quarter results on Thursday and expressed optimism about underlying demand in the fourth quarter and into next year. “The pricing environment is still healthy and strong underpinned by good demand – demand deferred, not denied – and we see that continuing into 2022,” Ryerson President and CEO Eddie […]
Steel tube producer Tenaris saw global sales jump 15% sequentially to $1.75 billion in the third quarter of 2021, with sales 73% above the same year-ago quarter. The successive increase in Q3 was driven by an 8% increase in volumes, aided by a 6% increase in selling prices. Sales surged by 28% in North America to […]
Japan wants a waiver from the current Section 232 regime following the U.S. negotiating a tariff-rate quota (TRQ) with the European Union. The issue came up during a virtual meeting between U.S. Trade Representative Katherine Tai and Koichi Hagiuda, head of Japan’s Ministry of Economy, Trade and Industry, on Thursday, Nov. 4. Minister Hagiuda “strongly […]
By CRU Principal Analyst Josh Spoores Trade representatives from the USA and Europe came to an agreement at the end of October in regard to the Section 232 tariffs on steel and aluminum. The Department of Commerce further announced on Oct. 31 that consultations regarding the trade of steel remain ongoing between the USA and […]
The U.S. manufacturing sector continued to expand in October, though output growth was hampered by ongoing material shortages, according to the latest U.S. Manufacturing PMI data from IHS Markit. The report noted that overall output growth eased yet again, slowing to its weakest reading since July 2020 amid capacity constraints including material shortages. A lack […]
Ternium reported net earnings of $1.37 billion in the third quarter of 2021, up from $1.16 billion in the the prior quarter and following a loss of $21 million in the third quarter of 2020. The gains resulted from higher steel prices and strong global demand. Shipments were 3.1 million tons in the third quarter, largely unchanged […]
October saw a gradual decline in steel prices for the second consecutive month, following one full year of continuous price increases. Hot rolled steel prices decreased $45 per ton throughout the month, with the SMU index averaging $1,885 per ton ($94.25 per cwt) as of Tuesday, Oct. 26. The SMU Price Momentum Indicator for hot […]
By CRU Senior Analyst Ryan McKinley from CRU’s Steel Sheet Products Monitor Falling demand in most markets around the world has continued to weigh on steel sheet prices. Meanwhile, the announcement that the USA will remove Section 232 tariffs on steel and aluminum producers in the EU and replace them with a quota system means […]