Only one out of four respondents to Steel Market Update’s market trends questionnaire this week feel President Trump’s 25 percent tariff on steel imports will have a beneficial effect on their businesses. Most (62 percent) expect it to hurt business in the long term, while the remaining 13 percent predict it will have little effect […]
A survey by the Precision Metalforming Association prior to the Section 232 announcement showed metalforming manufacturing companies expecting little change in business conditions and steady orders for the next three months. PMA President Roy Hardy, however, said the ensuing decision to impose tariffs will raise steel prices, impacting customers’ sourcing and harming the domestic metalforming […]
Steel supply and pricing were the main topics discussed during the March 20 Heating, Air-conditioning, and Refrigeration Distributors International (HARDI) conference call. The Section 232 tariff on steel will go into effect on Friday, March 23, but HARDI members are already seeing an impact in the market. Steel prices are up $6/cwt since the last […]
Details on how to request an exclusion from the Trump administration tariffs on steel and aluminum will be published in the Federal Register tomorrow. We received a copy of the exclusion procedure and some comments from trade attorney Lewis E. Leibowitz. President Trump, using his authority under Section 232 of the Trade Expansion Act of […]
Steel Market Update’s 8th Steel Summit Conference will be held at the Georgia International Convention Center on Monday, Aug. 27, through Wednesday, Aug. 29, 2018. We’ve been watching the markets very carefully as we put together our final agenda and have worked hard to select the best speakers possible. On Friday, we added AK Steel […]
Steel Market Update’s 8th Steel Summit Conference will be held at the Georgia International Convention Center on Monday, Aug. 27, through Wednesday, Aug. 29, 2018. We’ve been watching the markets very carefully as we put together our final agenda and have worked hard to select the best speakers possible. On Friday, we added AK Steel […]
The competitive position of steel and steel products has improved in the last few months, according to Bureau of Labor Statistics (BLS) data. In the past, we have reported the producer price indexes of steel and some competing products on a quarterly basis. This month, we have revamped and expanded our report to provide subscribers […]
The Bureau of Labor Statistics released another excellent employment report for February and revised the two previous months upward. February’s net creation of 313,000 jobs as reported by the BLS on March 9 was the best monthly result since July last year. To make the recent results even better, December was revised up by 15,000 […]
Net job creation in March, as reported by the Bureau of Labor Statistics (BLS) on Friday, dropped by 64 percent from February, but this was not as bad as it first looks. Figure 1 shows the 3MMA of the number of jobs created monthly since 2000 as the brown bars and the total number employed […]
Last week, Steel Market Update conducted an analysis of the flat rolled steel market trends. We reached out to 640 individuals representing more than 600 manufacturers, steel service centers and wholesalers, steel mills and toll processors and asked dozens of questions related to flat rolled and plate steel usage. One of the key areas of […]
Business activity grew robustly in New York State, according to firms responding to the March Empire State Manufacturing Survey. The general business conditions index climbed more than nine points to 22.5 from 13.1 in February. A level above 0.0 indicates improving conditions, below indicates worsening conditions. Orders and shipments in the region saw strong growth […]
It is still early, but Steel Market Update is already collecting comments and opinions on how the Section 232 tariffs are going to affect existing business in the United States. We heard everything from allocation stories to a few companies that reported higher prices but no customers for that higher priced steel. “This is a […]
It is still early, but Steel Market Update is already collecting comments and opinions on how the Section 232 steel tariffs are going to affect existing business in the United States. We heard everything from allocation stories to a few companies that reported higher prices but no customers for that higher priced steel. “This is […]
President Trump’s 25 percent tariff on steel from countries around the world comes at what cost? The trade action by the Trump administration is unpopular among the majority of the executives who responded to Steel Market Update’s market trends questionnaire last week just before the president announced the tariffs, as expected. Nearly seven out of […]
President Trump’s 25 percent tariff on steel from countries around the world comes at what cost? The trade action by the Trump administration is unpopular among the majority of the executives who responded to Steel Market Update’s market trends questionnaire last week just before the president announced the tariffs, as expected. Nearly seven out of […]
Is steel demand showing signs of weakening? The year got off to a strong start, but changes in the last three Steel Market Update queries hint at a subtle change in steel buyers’ attitudes. A bit over half of the respondents to the last three SMU market trends questionnaires reported demand staying about the same […]
Eight out of 10 respondents to Steel Market Update’s market trends questionnaire last week (just prior to President Trump’s announcement confirming the 25 percent tariff on steel imports) believe tariffs on foreign steel will weaken the steel and manufacturing base in the United States. Following are some reader comments, nearly all opposed to the Trump […]
OK, the Section 232 announcement has been made. Canada and Mexico are in the clear (for the moment) and the president’s attention is now on North Korea and other issues not related to the economy. My advice, don’t panic (unless you haven’t bought any steel over the past few months, in which case you are […]
Steel inventories are increasing as the inventory-to-shipment ratio is decreasing—a very healthy trend for the supply chain. To efficiently manage inventory, companies generally want to keep the ratio low. A rise in the inventory-to-shipment ratio indicates that shipments are falling or the operation is keeping too much inventory on hand. Each month, the Census Bureau […]
President Trump’s controversial decision to impose a steep tariff on steel imports has clearly unsettled the market and taken a toll on the attitude of many steel buyers. Both current and future sentiment among flat rolled steel buyers declined significantly in the last two weeks, according to the latest Steel Market Update Steel Buyers Sentiment […]
U.S. Steel announced it will restart one of its two blast furnaces at Granite City Works later this year. The “B” Furnace will be placed back online to support anticipated increased demand for steel in the U.S. as a result of the pending Section 232 tariffs. “Our Granite City Works facility and employees, as well […]
Reaction to the official announcement and signing of the Section 232 proclamation brought swift reaction from the industry and Congress. Opinions ranged from unwavering support, “the era of American trade surrender is coming to an end,” to total dismay, “the sweeping tariffs announced today are like dropping a bomb on a flea.” Supporting the 25 […]
Australia’s Prime Minister Malcolm Turnbull warned that the steel and aluminum tariffs planned by President Trump will have consequences for construction in California. Australian producer BlueScope sends about 300,000 metric tons of steel slabs per year to its Steelscape facilities in California and Washington where it is transformed into metallic-coated and pre-painted steel used in […]
Trucking companies are stepping up their orders for big rigs to keep up with what they hope will continue to be strong demand for shipping in the U.S. market. Fleet owners in February ordered 40,200 Class 8 heavy-duty long-haul trucks, 65 percent more than ordered in February 2017. Truck orders neared a 12-month high in […]
U.S. Steel announced it will restart one of its two blast furnaces at Granite City Works later this year. The “B” Furnace will be placed back online to support anticipated increased demand for steel in the U.S. as a result of the pending Section 232 tariffs. “Our Granite City Works facility and employees, as well […]
I am in Scottsdale, Ariz., attending the Fabricators and Manufacturers Association (FMA) annual meeting. I was asked to speak on a panel with Nucor Executive Vice President for Flat Rolled Ladd Hall and Don McNeeley, President of Chicago Tube and Iron. The timing of the conference couldn’t have been better for the fabricators, toll processors […]
Economic indicators of manufacturing activity remain strong and continue pointing to good demand for steel at least through mid-year. This report summarizes seven data sources that describe the state of manufacturing in the United States. We have reported on most of these separately in our Steel Market Update publications, and therefore will be brief […]
Ryerson, a processor and distributor of metals, posted sales of $3.4 billion for 2017, a 17.7 percent increase year over year due to an 11.9 percent increase in the average selling price and a 5.1 percent gain in volume. Net income was $17.1 million for the year. Gross margins decreased to 17.3 percent in 2017 […]
Steel trading companies are advising Steel Market Update of their intention to pass along the 25 percent tariffs announced by President Trump last week, as well as any negative currency adjustments due to a falling dollar. One trader told us late Sunday, “Duties will be charged to customers. Directly or indirectly by being rolled into […]
Steel Market Update received the following letter from a manufacturing company located in New England. This company is one of hundreds across the country who are concerned that President Trump’s tariff will increase their costs to manufacture products in the United States and they will then lose business to those who are providing the same […]