Manufacturing in New York State expanded modestly in January. The Empire State Manufacturing Survey’s general business conditions index gained 1.5 points to post 4.8 for the month. Shipments posted 8.6, down one point from December, but new orders gained 4.9 points to post 8.6. Unfilled orders continued to decline, delivery times were shorter, and inventories […]
The other day I mentioned I am open to suggestions regarding subjects to be discussed or possible speakers at this year’s SMU Steel Summit Conference. One of the suggestions I got was that we consider having a steel buyer’s panel. I like the idea and it has already been incorporated into the agenda. I have […]
The Alliance for American Manufacturing is more than a little skeptical that the China Phase One trade agreement will have value for American workers, calling it “completely inadequate” in a letter to President Trump. “The agreement does not level the playing field for American workers in the U.S. or global market,” wrote AAM President Scott […]
I spent today working on two projects. First was contacting and communicating with flat rolled and plate steel buyers in order to get a sense of the current spot price offers/transactions and where the markets are heading over the near term. The second project was working on the 2020 SMU Steel Summit Conference. As with […]
An update on the 2020 SMU Steel Summit Conference. My team has been very active in soliciting and confirming agenda slots and speakers to go with those spots. Today we confirmed CNN’s Michael Smerconish as a special keynote speaker on Wednesday, Aug. 26. He will be covering the Republican National Convention (which is happening at […]
The number of jobs created in December declined from the excellent November result on a seasonally adjusted basis. Net job creation in December declined to 145,000 from November’s exceptional result of 256,000. October and November were both revised down by 10,000. Rising employment and wages are the main contributors to GDP growth because personal consumption […]
Job creation decline by 21.3 percent in 2019, compared with 2018, according to Bureau of Labor Statistics data. The December employment reports were delayed by a week due to the holidays. In December, 20,000 jobs were created in construction and 12,000 jobs were lost in manufacturing. The private sector gained 139,000 jobs in December as […]
By CRU Analyst James Campbell, from the Steel Sheet Products Market Outlook 2019 was a bad year for the steel industry. Prices and margins collapsed and, outside of China, demand contracted. However, the combination of a new restocking cycle and reduced output in many markets allowed producers to raise prices and margins at the end […]
Following the recent attacks in Iran, President Trump has imposed new sanctions on Iran including targeting 13 Iranian steel and mining companies. Additionally, sanctions will be imposed on three Seychelles-based entities, aluminum and copper companies and the Liberian-flagged and Chinese-owned vessel Hong Xun, known to transport metal products. “We are also designating Iran’s largest metals […]
As widely expected, Nucor was the first to announce another $40 increase in flat rolled steel prices Wednesday, followed closely by ArcelorMittal USA, NLMK USA, California Steel Industries, USS-POSCO Industries and Algoma Steel. This represents the fifth round of price hikes by the major mills since late October totaling around $190 per ton. In a […]
By CRU Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 5.9 percent m/m to 223.5 (see chart) following price increases in nearly every market, the highest level since August 2019. Solid scrap demand has offset better than seasonally typical supply due to mild winter weather in the Northern Hemisphere. […]
The following article discussing the global ferrous derivatives markets was written by David Feldstein. As an independent steel market analyst, advisor and trader, we believe he provides insightful commentary and trading ideas to our readers. Note that Steel Market Update does not take any positions on HRC or scrap trading, and any recommendations or comments […]
I was taking a deeper dive into some of the data compiled from last week’s flat rolled and plate steel market trends analysis. Having added about 50+ new companies to our survey, we now send invitations to 500+ individuals who actively participate in the flat rolled or plate steel markets. On purpose, we concentrate on […]
I was taking a deeper dive into some of the data compiled from last week’s flat rolled and plate steel market trends analysis. Having added about 50+ new companies to our survey, we now send invitations to 500+ individuals who actively participate in the flat rolled or plate steel markets. On purpose, we concentrate on […]
Worthington Industries has acquired majority ownership of Samuel Steel Pickling Co., which it has held in a joint venture with Samuel, Son & Co. since 2010. Worthington will hold a 63 percent share of the venture and Samuel 37 percent. Worthington’s recently acquired Heidtman Cleveland facility and Samuel Steel Pickling will be combined, forming Worthington […]
Commercial Metals Company is looking forward to a steady construction market in 2020 for its merchant bar and rebar products. “We are positioned to continue benefiting from the positive trends in our core markets and remain optimistic about the construction market, as many of the macro indicators we monitor point to resilience ahead,” said President […]
A recent study by the Federal Reserve concludes that the Trump administration tariffs are doing more harm than good to the U.S. economy and manufacturing. Federal economists Aaron Flaaen and Justin Pierce examined the impact the “unprecedented” number of tariffs imposed under the Trump administration have had on the U.S. manufacturing sector. Escalation of tariff […]
At the end of August, Steel Market Update will host our 10th SMU Steel Summit Conference. Our conference will be the largest flat rolled and plate steel event in North America during this calendar year. The 2020 SMU Steel Summit Conference is going to be our best attended and most informative conference yet as 1,200 […]
At the end of August, Steel Market Update will host our 10th SMU Steel Summit Conference. Our conference will be the largest flat rolled and plate steel event in North America during this calendar year. The 2020 SMU Steel Summit Conference is going to be our best attended and most informative conference yet as 1,200 […]
The Congressional Budget Office expects the U.S.-Mexico-Canada Agreement to result in higher than expected tariff revenue for the United States on motor vehicles and parts due to stricter rules of origin and labor value content requirements. Included in the revenue calculation is an estimated $3 billion in tariffs to be paid by automakers over the […]
Steel Market Update is pleased to share this Premium content with Executive level members. For more information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Key Market Indicators showed a substantial improvement in market trends in the December data. This report is designed to be a big picture summary of data SMU has […]
The industry finished 2019 with steel prices on the rebound. Steel Market Update’s Steel Pricing Momentum Indicator pointed upward in December as the mills worked to collect higher prices announced in four waves beginning in late October. The benchmark price for hot rolled steel rose to more than $570 per ton by the end of […]
The December Manufacturing ISM Report on Business showed economic activity contracting in the U.S. last month. The PMI fell 0.9 points to 47.2 percent and its lowest reading since July 2009. A PMI below 50 indicates business is contracting and a reading above 50 indicates expansion. The December PMI marks the fifth consecutive month of contraction. […]
Tenaris S.A. has completed its acquisition of IPSCO Tubulars from Russian steel manufacturer PAO TMK. The $1.1 billion transaction includes a six-year distribution agreement that, as of Jan. 2, makes Tenaris the exclusive distributor of TMK’s OCTG and line pipe products in the U.S. and Canada. Tenaris’ facilities are primarily located in the South and […]
The Chicago Business Barometer remained in contraction with a reading below 50 in December, but rose 2.6 points to 48.9. An increase in production and supplier deliveries helped boost the PMI for the month, said MNI Indicators. The production PMI rose 4.9 points to 47.2 The index for supplier deliveries gained 5.1 points to register […]
About half of the nations surveyed by J.P Morgan and IHS Markit ended the year with manufacturing PMIs in contraction, with conditions especially poor in the Eurozone. The J.P. Morgan Global Manufacturing PMI fell to 50.1 last month from 50.3 in November indicating business conditions remained weak at the end of 2019. The intermediate and […]
Key Market Indicators showed a substantial improvement in market trends in the December data. This report is designed to be a big picture summary of data SMU has reported in detail during the month. It summarizes 36 data streams that describe the state of the steel market and provide forward guidance for steel buyers and […]
By CRU Chief Economist Jumana Saleheen, from the CRU Steel Sheet Products Market Outlook Global Economic Outlook: 2019 has been an eventful year. Many decisions were taken, including tariffs and monetary policy easing. Other decisions were put-off, such as Brexit and auto tariffs. Looking back to our expectations at the start of 2019, four things […]
Orders of durable goods in November declined at their sharpest rate since May, falling 2.0 percent after a downward revision to October’s data. Economists were expecting orders to rebound by more than 1.0 percent in November. A boost in transportation orders was anticipated due to the ending of the GM strike. Orders for autos and […]
Welcome back from the Christmas Holidays. This is the 149th Executive level issue of Steel Market Update produced during calendar year 2019. It is also anticipated to be the last Executive issue prior to the New Year. On Monday we will publish our last Premium issue of the year, our 49th for 2019. Christmas and […]