Global manufacturing ended 2020 with growth rates for production and new orders among the strongest of the past decade. The J.P. Morgan Global Manufacturing PMI posted 53.8, unchanged from November’s 33-month high. Output continued to expand in December, although at a slightly slower pace, and was led by growth in Germany, Brazil and India. New […]
Can we measure the relative importance of steel-producing versus steel-consuming industries? Last week, I looked at some ways to measure the steel industry’s importance to the economy and national defense today and in the past. Today, I explore another major point of comparison—the economic and strategic importance of steel production and steel-consuming industries economically and […]
Lately there has been a great deal of news on the legal front. Readers of this column have asked a lot of questions. Today I will try to get to at least some of them. Most of the recent court decisions relate to the Section 232 tariffs, so that is a good place to start. To […]
Steel price levels are in uncharted territory these days. The current prices, especially in an economy where interest rates are near zero and inflation remains low, are truly remarkable. How did this happen and when will it end? The short answer is that nobody really knows—but we can analyze the events surrounding the spike and […]
Last Thursday, policy wonks observed the confirmation hearing of Katherine Tai to be the new United States Trade Representative, replacing Robert Lighthizer. When a new administration takes over, the previous leadership departs at noon on Jan. 20 and “acting” leadership assumes authority, but generally not much power. The new team is nominated, typically on Jan. […]
Last Thursday, policy wonks observed the confirmation hearing of Katherine Tai to be the new United States Trade Representative, replacing Robert Lighthizer. When a new administration takes over, the previous leadership departs at noon on Jan. 20 and “acting” leadership assumes authority, but generally not much power. The new team is nominated, typically on Jan. […]
International trade problems and their resolutions inherently deal with the most parochial and global interests. Opponents of trade liberalization decry “bad deals” that rob the United States of good-paying American jobs. Proponents support trade deals because they make consumers in America and the world over better off (“save money, live better”). In the 1990s, the […]
“Life’s full of tough choices, innit?” Ursula, The Little Mermaid (1989) That memorable cinematic line brings to mind the dilemmas of trade, diplomacy and national security. Economic interests sometime interfere with military and human rights considerations. Add the COVID pandemic into the mix, which has profoundly affected international commerce. First, the changes in international trade […]
“Life’s full of tough choices, innit?” Ursula, The Little Mermaid (1989) That memorable cinematic line brings to mind the dilemmas of trade, diplomacy and national security. Economic interests sometime interfere with military and human rights considerations. Add the COVID pandemic into the mix, which has profoundly affected international commerce. First, the changes in international trade […]
When nations go to war, trade between them, at least in modern times, is supposed to stop. There was little complaint after Pearl Harbor, for example, about legislative and executive actions to stop all commerce between the United States on the one hand, and Germany, Italy and Japan on the other. We used to assume […]
Every so often there are ideas (but rarely new ones) to “reform” international trade laws. Mostly, the interests that have the ear of Congress (domestic producers of steel, for example, and organized labor) put forward their ideas. Less often, interests that employ more Americans in manufacturing put theirs forward. The two sides of the divide […]
Every so often there are ideas (but rarely new ones) to “reform” international trade laws. Mostly, the interests that have the ear of Congress (domestic producers of steel, for example, and organized labor) put forward their ideas. Less often, interests that employ more Americans in manufacturing put theirs forward. The two sides of the divide […]
As many countries and trading blocs like the EU focus on keeping production “at home” to prevent shortages in emergencies, America is joining in. “Buy America” as a slogan and a policy has been around for many years in many forms. But the allure of Buy America runs into practical problems; and that dilemma has […]
Two phenomena that we have not seen in a long time have recently appeared. Whether they are short-term events or long-term realities is provoking debate. I am speaking of the distinct but related issues of inflation and shortages of, it seems, nearly everything. Inflation was a major factor in the U.S. economy throughout the 1970s. […]
Strong demand and tight supply pushed steel prices upwards throughout December, with hot rolled prices nearing quadruple digits as 2020 came to a close. Steel Market Update’s hot rolled price index reached $985 per ton by the end of December, up $180 per ton or 22 percent from the beginning of the month. The SMU […]
The U.S. manufacturing sector expanded again in December, gaining 3.2 points to register a PMI of 60.7 percent in the December 2020 Manufacturing ISM Report on Business. “The manufacturing economy continued its recovery in December,” said Timothy Fiore, chairman of the Institute for Supply Management Manufacturing Business Survey Committee. “Survey Committee members reported that their […]
As we enter the New Year registrations are starting to accelerate for the 32nd annual Tampa Steel Conference which will be held virtually on February 2nd of this year. We currently have 150 registrations, and we expect 300-500 attendees once the conference opens. Here are the companies registered. Those with an asterisk (*) next to […]
Construction spending was heavily weighted toward single-family homebuilding in November, according to an analysis of government data by the Associated General Contractors of America. Residential construction soared 2.6 percent last month and 16.2 percent year-over-year, contrasting a 0.6 percent decline in private and public nonresidential spending in November and a 4.7 percent tumble from a […]
As we enter the New Year, registrations are starting to accelerate for the 32nd annual Tampa Steel Conference to be held virtually on Feb. 2. We currently have close to 200 registrations, and we expect 400-500 attendees once the conference opens. Here are the companies registered. Those with an asterisk (*) next to their name means they […]
As we enter the New Year (goodbye 2020, welcome 2021), you will notice changes to Steel Market Update. One of the very first things you will notice is that our newsletters will have more relevant content in them. This is due to the addition of Michael Cowden who joins us after spending 13 years with […]
John Packard, President & CEO of Steel Market Update discusses changes being made at the company, events on the books for 2021, and the status of the flat rolled and plate steel markets – including steel price commentary: As we enter the New Year (goodbye 2020, welcome 2021), you will notice changes to Steel Market […]
The Tampa Steel Conference will be conducted virtually for the first time in its 32-year history. The 2021 conference will be held on Feb. 2 and will be an all-day event. We encourage everyone to register for what promises to be both an entertaining and timely event. Steel Market Update and Port Tampa Bay are pleased […]
The Tampa Steel Conference will be conducted virtually for the first time in its 32-year history. The 2021 conference will be held on Feb. 2 and will be an all-day event. We encourage everyone to register for what promises to be both an entertaining and timely event. Steel Market Update and Port Tampa Bay are pleased […]
Orders for durable goods rose for the seventh month in November, edging up 0.9 percent after a 1.8 percent gain in October. Transportation equipment orders gained 1.9 percent and included a 2.4 percent rebound in orders for motor vehicles and parts, according to the latest Census data. Core capital goods, orders excluding defense and aircraft, […]
Steel Market Update wants to make you aware of some of the events we have planned for early 2021 as well as the 2021 SMU Steel Summit Conference, which will be (fingers crossed) a live event at the end of August. Steel Hedging 101: Introduction to Managing Price Risk Dates: Jan. 26-27 (half day workshop […]
By CRU Senior Cost Economist Ross Cunningham, from CRU’s Steelmaking Raw Materials Monitor Global CO2 emissions have been rising since the start of the industrial revolution. This has caused rising global temperatures and severe weather events such as wildfires, flooding and drought. In 2015 the United Nations framework convention on climate change put together the Paris […]
This report is an analysis of Bureau of Labor Statistics data and is intended to provide subscribers with a view of the competitive position of sheet steel, aluminum, plastic and wood. The analysis includes some downstream products and a comparison of truck and rail transportation. On Dec. 10, the BLS released its series of Producer […]
Metalforming firms are expecting business conditions and order activity to remain unchanged during the next three months, said the Precision Metalforming Association in its December 2020 Business Conditions Report. “Metalforming manufacturers are showing resiliency during the COVID-19 pandemic, but finding workers continues to be a challenge despite the high unemployment rate,” said PMA President David […]
I received a call earlier today from one of our readers who is also a consultant to companies who purchase flat rolled steel. He mentioned to me that there is some confusion with companies who think our index is the same as CRU, since we are owned by CRU. That belief is ill-advised and flat […]
President-elect Joe Biden will hit the ground running due to his past experience in Washington and the depth of experience of his Cabinet choices, said Omar Nashashibi, founding partner of the Franklin Partnership, during a FABTECH webinar last week. Expect to see a flurry of executive orders and memorandums from the new executive office regarding […]