Durable goods orders took a surprising tumble in April, dipping 1.3% instead of rising 7-9% as predicted by economists. The volatile transportation category was responsible for most of the decline, falling 6.7%. Automotive orders fell 2.6%, sliding for a second time in the past three months as production slowed due to supply issues with semiconductor […]
Steel Market Update spot prices on flat rolled moved higher today and our Price Momentum Indicator continues to point toward higher prices on hot rolled, cold rolled, galvanized, Galvalume and plate steel over the next 30 days. However, having said that, we spent a good portion of today in conversation with steel buyers around the […]
Steel Market Update is pleased to announce that one of the top woman steel mill executives in North America will mentor the 2021 SMU NexGen Leadership Award recipient. Barbara Smith is Chairman, President and Chief Executive Officer of Commercial Metals Company. Barbara joined CMC in June 2011 as Senior Vice President and Chief Financial Officer. […]
Steel Market Update is pleased to announce that one of the top woman steel mill executives in North America will mentor the 2021 SMU NexGen Leadership Award recipient. Barbara Smith is Chairman, President and Chief Executive Officer of Commercial Metals Company. Barbara joined CMC in June 2011 as Senior Vice President and Chief Financial Officer. […]
Ah, remember the good old days… In this month’s galvanized steel conference call with HARDI wholesalers, one of the manufacturing companies discussed the frustrations of buying foreign steel, issues with late deliveries and then difficulties moving the steel from the port to his manufacturing facilities. Traders expressed frustrations related to freight issues (ship and truck). […]
Ah, remember the good old days… In this month’s galvanized steel conference call with HARDI wholesalers, one of the manufacturing companies discussed the frustrations of buying foreign steel, issues with late deliveries and then difficulties moving the steel from the port to his manufacturing facilities. Traders expressed frustrations related to freight issues (ship and truck). […]
Ford has joined General Motors in extending North American assembly plant outages into the third quarter because of a persistent shortage of microchips. “Our teams continue making the most of our available semiconductor allocation and will continue finding unique solutions to provide as many high-quality vehicles as possible to our dealers and customers,” a Ford […]
The manufacturing sector can expect continued growth for the remainder of this year, says the Institute for Supply Management in their Spring 2021 Semiannual Economic Forecast. ISM raised its projections for several components of the survey that covers 18 manufacturing industries. “Expectations for the remainder for 2021 have strengthened somewhat compared to December 2020, as […]
A coalition of U.S. steel industry lobbying groups and the United Steelworkers (USW) union want the Biden administration to keep Trump-era Section 232 tariffs and quotas on imported steel in place. The groups say the tariffs – rolled out in March 2018 on national security grounds – are necessary for the survival of the domestic […]
“We are focused on availability more than price.” This morning Steel Market Update participated in a very subdued galvanized steel conference call with members of the Heating, Air-conditioning, Refrigeration, Distributors International trade group. HARDI members are wholesalers who supply the mechanical contractors doing work on residential and commercial construction jobs. The key takeaway I got […]
“We are focused on availability more than price.” This morning Steel Market Update participated in a very subdued galvanized steel conference call with members of the Heating, Air-conditioning, Refrigeration, Distributors International trade group. HARDI members are wholesalers who supply the mechanical contractors doing work on residential and commercial construction jobs. The key takeaway I got […]
New York manufacturing activity continued at a solid pace in May, according to the May 2021 Empire State Manufacturing Survey. The index headline dipped two points to 24.3, but indexes for new orders and shipments gained two and five points, respectively. Thirty-seven percent of survey respondents said conditions had improved over the month with only […]
Steel Market Update’s latest analysis of monthly Key Market Indicators shows that the Present Situation markers have improved when compared to the month prior, while the Trend change saw a marginal contraction during the same period. Overall, the marketplace continues to recover from the pandemic as key metrics show further improvement. SMU’s Key Market Indicators […]
Japanese automaker Toyota continues to grapple with shortages of microchips and other parts at its North American manufacturing facilities. But some market participants are looking beyond automotive plant idlings to a potential rebound in auto builds in the second half of the year. “Toyota is currently experiencing a supply shortage that is affecting production at […]
Honest answer: I don’t know… One of the questions asked in last week’s flat rolled and plate steel market trends analysis has been repeated many times over the past five months. The phrasing of the question changes as steel prices continue to rise and surprise those taking our steel market survey. We asked last week, […]
“It’s a miserable boat, but at least we are all in this together.” Large manufacturing company A new hole in the boat today…NLMK USA lost their Farrell, Pa., hot strip mill for one to two weeks. Price becomes irrelevant when your customers need product and there is nowhere else to go. That is what one […]
“It’s a miserable boat, but at least we are all in this together.” Large manufacturing company A new hole in the boat today…NLMK USA lost their Farrell, Pa., hot strip mill for one to two weeks. Price becomes irrelevant when your customers need product and there is nowhere else to go. That is what one […]
U.S. Steel’s surprise decision to pull the plug on the $1.5-billion upgrade at its Mon Valley Works pleased environmental advocates but came as a serious blow to the economic environment in the Pittsburgh area. Government officials, unions and citizen groups cried foul over what they see as the loss of thousands of jobs from a […]
Pressure is building on the Biden administration to provide relief for numerous manufacturing companies in the U.S. that say Section 232 tariffs are making supply chain problems worse. The Coalition of American Metal Manufacturers and Users, the National Foreign Trade Council and other steel and aluminum users collaborated on a May 6 letter to President […]
Reibus, an online industrial marketplace, has expanded its footprint outside the United States with the hiring of Doug Thompson as its country leader for Canada. Thompson brings more than 30 years of steel manufacturing and supply chain experience to his new role. Most recently, he served as president of Coilplus Canada. “After having spent a […]
Record-high steel prices result not from Section 232 tariffs or industry consolidation but instead from uniquely strong supply-demand fundamentals, Cleveland-Cliffs’ top executive said. And an ambitious infrastructure package would go a long way toward keeping those fundamentals, and the resulting investment in the domestic steel industry, stronger for longer, he suggested. “We in this country […]
Record-high steel prices result not from Section 232 tariffs or industry consolidation but instead from uniquely strong supply-demand fundamentals, Cleveland-Cliffs’ top executive said. And an ambitious infrastructure package would go a long way toward keeping those fundamentals, and the resulting investment in the domestic steel industry, stronger for longer, he suggested. “We in this country […]
The U.S. economy added just 266,000 jobs in April, a disappointment following stronger-than-expected growth in February and March and well below earlier estimates, reported the Bureau of Labor Statistics (BLS). Although far fewer workers were added to the payroll than the 1.0 million forecast by economists, there were some notable job gains in leisure and hospitality, pointing […]
The U.S. labor market had a disappointing showing in April as employment’s recovery hit a snag. The U.S. Bureau of Labor Statistics (BLS) reported that employers added just 266,000 workers to their payrolls in April, a far cry from the 770,000 new jobs added in March and 536,000 in February. Following the fastest gain in […]
U.S. steel product shipments rose by 1.9% in March after slipping by 1.7% the month prior. The rebound follows February’s decline—the first decrease since bottoming out in April 2020—which was attributed to seasonal factors. Shipments of manufactured durable goods saw a similar blip. March steel shipments posted a 9.9% increase when compared to March 2020, surpassing pre-pandemic levels, according […]
2021 SMU Steel Summit Conference Revised Agenda as of May 9, 2021 The 2021 SMU Steel Summit Conference will be held at the Georgia International Convention Center on Aug. 23-25. The convention center is conveniently located next to the Atlanta International Airport (ATL). The center and the hotels surrounding it are at the first stop […]
2021 SMU Steel Summit Conference Revised Agenda as of May 9, 2021 The 2021 SMU Steel Summit Conference will be held at the Georgia International Convention Center on Aug. 23-25. The convention center is conveniently located next to the Atlanta International Airport (ATL). The center and the hotels surrounding it are at the first stop […]
The U.S. appliance industry has a chip on its shoulder when it comes to competing with automakers for the scarce supply of semiconductors. The Association of Home Appliance Manufacturing (AHAM) has joined two of its sister industry associations—the Air-Conditioning, Heating and Refrigeration Institute (AHRI) and the National Electrical Manufacturers Association (NEMA)—in appealing to the Department […]
Price, Price, Price… I might as well begin where I left off in our last issue of Steel Market Update on Thursday. Everyone wants to know when this market will peak, then tip over, and how far it will then fall. There are a wide range of opinions within the steel community, from prices will […]
I have been “out” for the past few days as my daughter has received her shots and has been visiting us for the first time in well over a year. A special thank you to the SMU team for picking up the slack in my absence. Jumping right back into the fray, as Michael mentioned […]