Union Partners has expanded its portfolio once again with the acquisition of National Metalwares, L.P., an Aurora, Ill., manufacturer and fabricator of OEM steel tubing, tubular products and welded assemblies. National Metalwares uses robotically automated and flexible manufacturing cells to meet customer demands. As a highly vertically integrated company, NMLP produces its products in-house with […]
The U.S. manufacturing sector lost 6,000 jobs in March primarily due to employment losses in the auto industry. In February, the sector gained 1,000 jobs, but was far below the average of 22,000 jobs gained per month in the prior 12 months. Alliance for American Manufacturing President Scott Paul said of the latest employment figures: […]
I’m going to give you more than advertisements in tonight’s Final Thoughts. I have been struggling with our SMU Price Momentum Indicator. It appears that each product has a life of its own, and I need to do a deeper analysis of each to determine where my Momentum Indicator needs to be. Right now, I […]
Editor’s note: Chris Kuehl of Armada Corporate Intelligence, a highly regarded economist and popular speaker, will once again make an appearance at Steel Market Update’s annual Steel Summit, scheduled for Aug. 26-28 in Atlanta. Click here for more information about the conference or to register. Below are excerpts of his recent comments on the likelihood […]
The Canadian International Trade Tribunal recommended on Wednesday that five of seven provisional steel safeguards, imposed by the government following the imposition of Section 232 tariffs by the U.S., be removed. A CITT inquiry concerning the importation into Canada of heavy plate, concrete reinforcing bar, energy tubular products, hot-rolled sheet, pre-painted steel, stainless steel wire, […]
Durable goods orders fell 1.6 percent in February, according to the latest Department of Commerce report. Core capital goods orders, which exclude defense and aircraft and are considered a measure of business investment, slipped 0.1 percent after a revised increase of 0.9 percent in January. Orders and shipments for primary metals and fabricated metal products […]
Construction spending increased 1.0 percent in February following a 2.5 percent gain in January, reported the Associated General Contractors of America in its latest analysis of government data. Construction spending totaled $1.32 trillion in February, up 1.0 percent from the January rate and a gain of 1.1 percent compared to February 2018. Public construction accounted […]
This morning SMU was speaking with one of the e-commerce companies regarding their business and some of the challenges they see when dealing with companies buying and selling steel through their platform. One of the pitfalls recognized by the head of the e-commerce site was the lack of use of proper nomenclature for the products […]
Earlier this week Steel Market Update was speaking with one of the e-commerce companies regarding their business and some of the challenges they see when dealing with companies buying and selling steel through their platform. One of the pitfalls recognized by the head of the e-commerce site was the lack of use of proper nomenclature […]
Global manufacturing had another weak month in March. The J.P. Morgan Global Manufacturing PMI was unchanged from February at 50.6. with components of the index either flat or seeing only slight changes. Output and new export orders inched downward. Prices were relatively stable in March with no change on the input prices index and output […]
The March ISM manufacturing PMI bounced back from a two-year low recorded in February. The Index rose to 55.3 from 54.2 supported by gains in new orders and employment, said Timothy Fiore, chairman of the Institute of Supply Management business survey committee. Indexes for new orders and production rose 1.9 and 1.0 percentage points to […]
By CRU Principal Economist Lisa Morrison Data released for Q1 2019 have been largely positive. The ISM Manufacturing survey reflects a moderating rate of expansion, but the reading of 54.2 in February shows a solid level of manufacturing activity with new orders, output, employment and backlogs squarely in “expansion” territory. Housing disappointed in 2018, but […]
April saw steel prices lose momentum as hot rolled dipped to an average of $662, cold rolled to $803 and galvanized G90 to less than $900 per ton. Even plate, which has been in tight supply, has now moderated to around $964 per ton from prices near or above $1,000 earlier in the year. Steel […]
Former Nucor Chairman and CEO Dan DiMicco received a Lifetime Achievement Award from the Charlotte Business Journal on Thursday night at the publication’s Most Admired CEO Awards program. The CEO Awards recognize established local leaders who have a strong vision for their companies, have shown commitment to culture in the workplace and have made significant […]
Producer Price Index data from the Bureau of Labor Statistics shows steel losing ground to rival materials. Steel continues to become less competitive against aluminum, although the rate of change is slowing. In the case of plastic pipe compared to carbon steel pipe, steel is becoming dangerously uncompetitive. Prefabricated metal buildings are still challenged by […]
I am going to be in the office for the next couple of weeks. My next trip is not until the 15th of April. We have quite a bit going on with a new flat rolled and plate steel market trends analysis (survey) starting first thing Monday morning. If you receive an invitation, please take […]
On Tuesday of this week, Steel Market Update published a hot rolled price range of $650-$720 per ton, with an average of $685 per ton. The lower end of our range dropped $40 per ton ($2.00/cwt) while the upper end of our range remained the same. Our Price Momentum Indicator on hot rolled remained unchanged […]
On Tuesday of this week, Steel Market Update published a hot rolled price range of $650-$720 per ton, with an average of $685 per ton. The lower end of our range dropped $40 per ton ($2.00/cwt) while the upper end of our range remained the same. Our Price Momentum Indicator on hot rolled remained unchanged […]
Ferrous scrap prices are poised to drop substantially in May, anywhere from $20 to $50 per gross ton, predict Steel Market Update sources, adding to the downward price momentum on finished steel. Scrap prices moved down or sideways in three of the first four months of the year. CRU North America steel analyst Ryan McKinley […]
Ferrous scrap prices for June have settled down another $30/GT, surprising a market that was expecting little or no decline this month and adding further pressure to already weak finished steel prices. Scrap prices have been on a downward trajectory since January. The drop in scrap prices this month was caused by low mill demand […]
Ferrous scrap prices for June have settled down another $30/GT, surprising a market that was expecting little or no decline this month and adding further pressure to already weak finished steel prices. Scrap prices have been on a downward trajectory since January. The drop in scrap prices this month was caused by low mill demand […]
March 23 marked the one-year anniversary of the Section 232 tariffs on steel and aluminum. The Coalition of American Metal Manufacturers and Users had the following comments for the Trump Administration: “The Coalition of American Metal Manufacturers and Users urges the Trump Administration to terminate the Section 232 steel and aluminum tariffs. At their one-year […]
Much attention has been given to opponents of the Section 232 tariffs, but there are those who support keeping the tariffs even after a new North American trade agreement is approved. The American Line Pipe Producers Association, makers of large-diameter welded pipe, urged the administration to continue the tariffs on LDWP imports from Canada and […]
The metals service center industry will see significant ownership turnover and consolidation over the next 10-20 years, but is likely to remain a highly fragmented, family-owned industry, said Dan Sullivan, president of Montrose Advisors, an M&A advisory firm. Speaking at the S&P Global Platts North America Conference March 15 in Chicago, Sullivan said the robust […]
By CRU Chief Economist Jumana Saleheen The 13th National People’s Congress (NPC), China’s Parliament, concluded its annual two-week meeting in March. The NPC is arguably the most important policy meeting in China because it is when key macroeconomic targets are announced together with the policies required to support them. This year’s NPC has drawn attention […]
General Motors will build its new electric Chevy at its Orion Township plant in Michigan. The auto manufacturer announced it will invest $300 million at the facility as part of its $1.8 billion investment strategy for the U.S. The electric vehicle, originally slated for overseas assembly, will add 400 jobs at the plant. CEO Mary […]
The following article on the hot rolled coil (HRC) futures market was written by David Feldstein. As the Flack Global Metals Chief Market Risk Officer, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
In many Chicago-area neighborhoods, teens face intense pressure to join a gang and embrace a lifestyle of crime and violence. But some find their way into an unlikely rival gang, one that has been promoting integrity and achievement for more than a century—the Boy Scouts of America. With support from the metals industry, the Boy […]
Toyota hopes to prevent becoming a victim of auto tariffs by investing in its U.S. operations. The company has increased its 2017 pledge to invest $10 billion by 2021 to a new target of $13 billion. Toyota’s announcement last week includes $750 million for capacity increases and building expansions at Toyota’s plants in Huntsville, Ala., […]
Are steel prices witnessing a dead cat bounce or the beginning of a bullish reversal? The market appears split on the feline vs. bovine analogy. In other words, there is a huge divergence of thought on what is going to happen to steel prices over the next three or four months. The benchmark price of […]