Canadian ports in the Pacific Northwest have benefited from the U.S. trade war with China. Vancouver and Prince Rupert have seen combined market share for regional imports and exports increase from 59 percent in 2014 to 62.3 percent in the first half of 2019, according to JOC.com. The port at Seattle-Tacoma saw exports from the […]
The European Union has prepared a list of nearly $40 billion (€35 billion) in U.S. goods it will hit with retaliatory duties should President Trump decide to impose tariffs of 25 percent on imported cars and auto parts. EU Trade Commissioner Cecelia Malstrom said the list of targeted goods has been raised from €20 billion […]
If you haven’t registered for the Premier Steel Conference in North America, then this is the time to do so. The Steel Market Update Events App, which all 900+ attendees have access to, was launched last week, meaning registered attendees are now busy organizing meetings with each other in advance to make the most of their time […]
If you haven’t registered for the Premier Steel Conference in North America, then this is the time to do so. The Steel Market Update Events App, which all 900+ attendees have access to, was launched last week, meaning registered attendees are now busy organizing meetings with each other in advance to make the most of their time […]
There have been $120 per ton ($6.00/cwt) of flat rolled price increases going back to late June. Nucor announced the first plate price increase late on Friday afternoon. That increase is $40 per ton. I heard from a couple of plate service centers who basically said, “It’s about time.” I guess those distributors will support […]
Durable goods orders rose 2 percent in June after two months of declines, surprising economists who expected a much softer increase. Orders increased to $246 billion from $241 billion in May. The rise was due primarily to commercial aircraft orders, which jumped 75.5 percent after two months of dismal results related to issues with Boeing’s […]
Steel Market Update and the Steel Manufacturers Association are committed to promoting youth and encouraging more young people to consider careers in the steel and manufacturing industries. The 2019 SMU NexGen Leadership Award is just one of the ways we are recognizing the existing talent within the industry. There is still time to get in […]
This week we solicited input from steel buyers (and steel mills) regarding their reaction to the third round of price increases, which was kicked off by ArcelorMittal USA yesterday. On June 24, Nucor announced the first of the latest round of mill price increases on spot flat rolled steel. Nucor advised that hot rolled, cold […]
This week we solicited input from steel buyers (and steel mills) regarding their reaction to the third round of price increases, which was kicked off by ArcelorMittal USA yesterday. On June 24, Nucor announced the first of the latest round of mill price increases on spot flat rolled steel. Nucor advised that hot rolled, cold […]
The wait is over—Steel Dynamics has announced it will build its new $1.9 billion flat rolled steel mill in Sinton, Texas, 30 miles northwest of Corpus Christi. The new steel mill will serve the four-state Texas area, the western U.S. and Mexico market regions, representing approximately 27 million tons of relevant flat rolled steel consumption—7 […]
Steel Dynamics is expecting modest growth for steel consumption in the second half of 2019 supported by the end of steel inventory destocking and further reduction of steel imports. “The team delivered a solid second-quarter performance in a challenging steel pricing environment,” said SDI President and CEO Mark Millett. “A weakening scrap price environment coupled […]
It has been an interesting last four weeks with now three price increase announcements having been made by most of the steel mills. With this latest announcement, I am hearing from buyers the mills are pushing to get orders in “before the increases take effect.” A way of pushing the increases off for a few […]
United Auto Workers and the Big Three automakers opened 2019 contract talks last week with ceremonial handshakes. Negotiations, however, have the potential to become contentious as auto workers seek a bigger share of company profits. “We invested in you, now it’s your turn to invest in us,” said United Auto Workers President Gary Jones at […]
Steel Market Update, in partnership with the Steel Manufacturers Association, is now accepting nominations for the new SMU NexGen Leadership Award. The award is designed to recognize and celebrate the excellence of emerging leaders within the greater steel community. As an industry publication and supplier of market intelligence, and host of the premier steel conference in North […]
By CRU Principal Analyst Josh Spoores and CRU North America Analyst Ryan McKinley U.S. domestic scrap prices fell by $10 /l.ton m/m in the Great Lakes and Ohio Valley for most grades prior to the Independence Day holiday, but dealers the following week pushed back on the price decline, with some successfully securing little to […]
Most indicators of manufacturing activity are still positive, but if trends continue, growth will become negative by late summer. This report summarizes 11 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 […]
The Producer Price Index, inclusive of all commodities, has been relatively stable in 2019. In the last 12 months the prices of cold-rolled steel sheet and aluminum have declined in unison, according to an analysis of Bureau of Labor Statistics data performed by Steel market Update. This report is intended to provide subscribers with a […]
Economic activity continued to expand at a modest pace from mid-May through early July, although manufacturing production was generally flat, reported the Federal Reserve in its July 17 Beige Book. The Fed’s periodic survey of the market found businesses have a generally positive outlook for the coming months, with expectations of continued modest growth despite […]
In Sunday’s issue of Steel Market Update, we adjusted our Price Momentum Indicator on flat rolled from Neutral to Higher. One of the justifications for that move was the Service Center Spot data we were collecting last week. In our analysis, we found a change in pricing mentality, not a 180 degree change, but a […]
To stiffen his Buy American policies, President Trump signed an executive order on Monday raising the threshold for American-made steel used in federal projects from 50 percent to 95 percent. The executive order states that the Federal Acquisition Regulatory Council is to “consider proposing” within 180 days amendments to the Federal Acquisition Regulation (FAR) that […]
Manufacturing conditions improved in New York State in July, says the Federal Reserve Bank of New York. The latest Empire State Manufacturing Survey general business index rebounded from contraction to gain 13 points and register 4.3. Shipments increased during the month while new orders were essentially flat. Indices for unfilled orders and inventories moved lower […]
The rate of job creation in the U.S. in 2019 is slowing, according to Steel Market Update’s analysis of the latest Bureau of Labor Statistics data. The recent employment reports provide mixed signals. Job openings are high, unemployment is low, but the rate of job creation is slowing. This is probably due to […]
In the last 12 months the rate of job creation in the primary metals industries has been slower than in manufacturing as a whole, according to Steel Market Update’s analysis of Bureau of Labor Statistics (BLS) data. In June, 191,000 jobs were created in the private sector and government gained 33,000 positions. Table 1 breaks […]
Demand for long products is very strong, driven by the construction industry. Demand for sheet products is declining. This analysis by Steel Market Update is based on steel mill shipment data from the American Iron and Steel Institute (AISI) and imports/export data from the U.S. Department of Commerce (DoC). The analysis summarizes total steel supply […]
Commerce Department data confirms a slowdown in steel product shipments and new orders in 2019. Steel industry trade association data from the AISI and MSCI is most widely used to assess the state of the industry. In addition, the Census Bureau provides monthly data on manufacturing inventories, shipments and new orders for total U.S. manufacturing […]
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 made by […]
Canada’s Samuel, Son & Co., Limited, has named Colin Osborne to replace the retiring Bill Chisholm as the company’s president and chief executive officer, effective Aug. 1. Osborne has been transitioning to the leadership role since late 2018 as Samuel’s president and chief operating officer. Chisholm has served as CEO since 2013. “On behalf of […]
Manufacturing technology orders in May rose 7.3 percent from April to $378.4 million. The Association for Manufacturing Technology reported orders for metal cutting technologies increased 4.5 percent from the previous month while orders for forming and fabricating jumped 64.8 percent. Total orders fell almost 22 percent from May 2018. Orders for the first five months […]
SMU NexGen Leadership Award – Nomination Deadline Aug. 1, 2019 – Award to be Given at SMU Steel Summit Conference The first SMU NexGen Leadership Award – sponsored by the Steel Manufacturers Association – will be awarded at the 2019 SMU Steel Summit Conference We are looking for qualified people in the industry (manufacturing, service […]
SMU Steel 101: Introduction to Steel Making & Market Fundamentals Workshop – Oct. 8-9, 2019 – Cincinnati, Ohio You can learn more about the program, costs and how to register on our website: www.SteelMarketUpdate.com/Events/Steel101 Hotel is The Westin Cincinnati, 21 East 5th St., Cincinnati, OH 45202 Hotel reservation phone number is 513-621-7700 (note, you may […]