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 […]
Steel buyers sentiment has seen little change in the past several weeks as the market pauses to digest the latest price increases and looks ahead to the beginning of the new year. The goal of the index is to measure how buyers and sellers of steel feel about their company’s ability to be successful today […]
In four rounds of price increases since late October, flat rolled steel mills have raised prices by a total of $150 per ton. How much are they collecting? Some, but certainly not all, according to the service center and manufacturing executives who responded to Steel Market Update’s questionnaire this week. SMU data places the average […]
By CRU Analyst Sam Grant, from CRU’s Zinc Monitor The North American market (U.S., Canada and Mexico) accounts for approximately 9.6 percent of global refined zinc demand. This year, we have seen a sharp slowdown in both global trade and industrial production, with the North American region experiencing its slowest rate of IP growth since […]
Members of the Precision Metalforming Association are a bit more positive about business conditions for 2020. The December PMA Business Conditions Report shows an uptick in the percentage of survey participants who predict an improvement in economic activity during the next three months, while also noting a decline in current average daily shipping levels. The […]
Based on Steel Market Update’s analysis of 10 indicators, there is a faint glow in the manufacturing environment. This report summarizes 10 data streams that describe the state of U.S. manufacturing in general and the steel industry in particular. We have reported on most of these separately in our Steel Market Update publications, and therefore […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Last week was one of the most eventful for trade this year: USMCA Agreement Editor’s note: The House voted to pass the USMCA earlier today. The Senate is unlikely to vote on the measure before completion of the […]
Steel Market Update is pleased to share this Premium content with Executive-level subscribers. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Steel production in the U.S. in 2018 was the highest since 1981, according to the World Steel Association, which released its statistical yearbook for 2018 on Dec. 16. Crude steel […]
Chicago-based UPG Enterprises LLC has acquired Metalex LLC and its Morton Rail Products division, formerly known as Morton Manufacturing Co. Metalex is a manufacturer of perforated products, expanded metal, safety grating, perforated tubes and architectural metals. UPG said this acquisition significantly enhances its portfolio, not only with a suite of new products and capabilities, but […]
U.S. Steel tonight announced their intention of focusing their company on three core assets: Gary Works, Mon Valley Works and Big River Steel. This comment was made at the same time they announced their intention to idle a large portion of their Great Lakes Works near Detroit. WARN notices have been sent to the 1,500+ […]
I have been extremely busy working on the keynote speakers for the 2020 SMU Steel Summit Conference. Based on the moves I am making right now, I believe we will have the strongest program ever – especially on the final day of the conference. I don’t want to totally tip my hand quite yet as […]
Steel Market Update conducts two flat rolled and plate steel market trends surveys every month. Our early December analysis indicates the flat rolled distributors are raising spot prices to their end-user customers, and in the process supporting at least a portion of the four recent price increases totaling $150 per ton ($7.50/cwt). Whether the mills […]
Registration for the 2020 SMU Steel Summit Conference is now open. You can register through our website: www.SteelMarketUpdate.com/Events/Steel-Summit or through the CRU website. 2020 Conference Dates: Monday, Aug. 24-Wednesday, Aug. 26 Location: Georgia International Convention Center (www.gicc.com) same location as 2019. Cost: $1,375 per person (same as 2019) with $100 per person discounts for SMU/CRU […]
SSAB Americas plans to be the first supplier of fossil-free steel in North America. The company has targeted 2026 for its operations in Montpelier, Iowa, to be powered completely by renewable energy. The Montpelier facility is powered primarily by wind farms operated by MidAmerican Energy. The steel produced at the Iowa mill is used to […]
The Empire State Manufacturing Survey indicated muted business conditions for manufacturers in New York state in December. The general business index gained only 0.6 points. “As has been the case for the past several months, manufacturing firms in New York State reported that business activity was little changed over the month. The general business conditions […]
After declining for much of 2019, steel prices have moved up substantially in the last two months. Will the trend continue into 2020? Flat rolled steel producers raised prices three times during October and November for a total of $110 per ton. (Editor’s note: ArcelorMittal USA announced an additional $40 flat rolled increase on Friday. […]
In October, demand for sheet products declined by more than the seasonal norm. Demand for long products is softening as construction expenditures decline. This analysis by Steel Market Update is based on steel mill shipment data from the American Iron and Steel Institute (AISI) and import-export data from the U.S. Department of Commerce (DoC). The […]
Nucor’s Board of Directors has elected Leon J. Topalian as a director and John H. Walker to serve as Non-Executive Chairman of the Board of Directors, both effective Jan. 1, 2020. Topalian is the President and Chief Operating Officer of Nucor and will become the Chief Executive Officer of Nucor on Jan. 1, 2020. Walker, […]
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 […]
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 […]
By CRU North America Senior Analyst Ryan McKinley, from CRU’s Steel Metallics Monitor The CRU metallics price indicator (CRUmpi) rose by 7.9 percent m/m to 211.1 (see chart) following price increases in nearly every market. Pervasive market tightness caused by adverse weather and higher domestic demand in major exporting markets forced buyers in import-reliant markets to accept higher […]
What’s ahead for the scrap market in 2020? Ben Abrams, president and CEO of Consolidated Scrap Resources, Inc., in York, Pa., offers the following prognostication: It’s always difficult to predict what will happen to ferrous scrap prices even a few months ahead of time, let alone for the full year, because the ferrous market is […]
What’s ahead for the scrap market in 2020? Ben Abrams, president and CEO of Consolidated Scrap Resources, Inc., in York, Pa., offers the following prognostication: It’s always difficult to predict what will happen to ferrous scrap prices even a few months ahead of time, let alone for the full year, because the ferrous market is […]
Editor’s note: Steel is the largest producer of global industrial CO2 emissions. So, as stemming climate change takes on ever greater urgency, steelmakers are challenged to find production methods that emit fewer greenhouse gases. New technologies in development range from improving process efficiency to carbon capture to using hydrogen instead of coal as fuel. Following […]