US light-vehicle (LV) sales rose to an unadjusted 1.25 million units in February, up 9.6% vs. year-ago levels, the US Bureau of Economic Analysis (BEA) reported. The year-on-year (y/y) growth in domestic LV sales was boosted by a 6% month on month (m/m) gain.
SMU’s price for hot-rolled (HR) inched lower this week. I wouldn’t be surprised, however, if we start to see prices and lead times move higher in the weeks ahead. The modest declines in HR this week are probably the result of lingering deals cut at “old” prices, as sometimes happens after mill price increases. But those deals will probably be out of the market soon if they aren’t already. So why do I float the idea of higher prices? Some big buys have been placed. It reminds me a little of what we saw last fall, when people restocked in anticipation of higher prices once the UAW strike was resolved.
Sheet and plate prices mostly moved lower this week after little change was noted the week prior. Despite edging down, sentiment is mixed, and many suggest a bottom may be near.
In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels.
US senators have introduced the "Stop Mexico’s Steel Surge Act," which seeks to reimpose 25% Section 232 tariffs on Mexican steel imports.
US steel exports jumped to 770,649 short tons (st) in January, rising 25% from the 12-month low recorded one month prior.
In 2023, Mexico emerged as the largest trading partner with the United States—larger than Canada, and even China. The growth in trade with Mexico has been truly historic—Mexico has never captured the title of the largest exporter to the US. At $475 billion for the year, the value of US imports from Mexico exceeded that […]
The LME three-month price continued to strengthen through Friday, March 8, defending its position close to its five-week high and rising further to $2,262 per metric ton (mt), up 0.3%, on the day. Gains were also noted over the last week in other industrial metals, including copper, zinc, and lead. The price gains appeared to be due to weakness in the US dollar, which fell sharply against a basket of currencies after Fed Chairman Jerome Powell said on Wednesday that rate cuts were still expected this year.
The news in the West was that a mill in the Rocky Mountain region made a significant reduction in their usual purchase program, while still another small mill in the region also apparently reduced their buying program for February.
Mexico has said it will place retaliatory steel tariffs on the United States if the US acts to reimpose Section 232 on its neighbor, according to an article in Reuters.
What are some “Black Swans” to watch out for? With the war in Ukraine entering its third year, your mind might understandably move to conflicts overseas. Here is one closer to home to consider: US trade relations with Mexico taking a turn for the worse. I mention that because the Office of the United States Trade Representative (USTR) dropped a (virtual) bombshell earlier this month.
January’s import level was even higher than an earlier license count had suggested, making it the highest month for imports since June 2023.
The United Auto Workers (UAW) executive board has voted to start a new “solidarity project” to support auto workers in Mexico.
Domestic prices have been sliding since the beginning of the year, and I don’t see any obvious reasons why the slide might stop this week. But let’s put the timing of a bottom aside for a minute. The question among some of you seems to be whether we’ll see another price spike, or at least a “dead-cat bounce,” before the typical summer doldrums kick in.
US Trade Representative Katherine Tai has voiced the United States’ unease at a marked increase in steel and aluminum imports from Mexico, and what she termed a lack of transparency about Mexican imports of the metals from third countries.
North American auto assemblies recovered in January after a usual seasonal slowdown at year-end, according to LMC Automotive data. The result was driven by improved production across the region vs. December’s output.
US light-vehicle (LV) sales rose to an unadjusted 1.08 million units in January, up 2.8% vs. year-ago levels, the US Bureau of Economic Analysis (BEA) reported. Despite the year-on-year (y/y) boost, domestic LV sales were down 5.6% month on month (m/m). On an annualized basis, LV sales were 15 million units in January, down from […]
Falling steel prices at present are not a symptom of demand but of imports arriving into the US and to some parts of Mexico, Ternium’s CEO Maximo Vedoya said this week.
Latin American steelmaker Ternium posted a strong uptick in earnings in its fourth quarter, and sees increasing steel demand growth in Mexico.
Weak demand and pricing for graphite electrodes combined with higher costs are forcing GrafTech to implement cost-cutting procedures and reduce production across its facilities.
Reliance has entered into an agreement to purchase Houston-based American Alloy Steel Inc. for an undisclosed sum.
Based on initial license data for January, steel imports appear to have risen to a six-month high, and flat-rolled steel imports to a seven-month high.
More supply coming online and an unchanging demand environment – two key themes for 2024 – could soon bring the steel sheet storm to a market near you.
The recession many predicted did not materialize in 2023, leading industry experts in several key end-user markets for steel cautiously optimistic for 2024.
Former President Donald Trump discussed, if re-elected, placing a 60%-or-more tariff on all Chinese imports in an interview with Fox News on Sunday.
I thought Nippon Steel’s $14.1-billion deal for U.S. Steel might become a political football in this year’s presidential election. Now there is little doubt that it will after Trump told reporters in Washington, D.C., earlier this week that he would “absolutely” block the transaction – and that he would do so “instantaneously.”
The pig iron market has risen in recent months from the high $390s per metric ton (mt) last fall to $490/mt for Brazilian material and a bit more for Ukrainian product - for an overall average of $495/mt CFR.
Thyssenkrupp Materials de México is opening a new service center in San Luis Potosí.
Steel Dynamics Inc. faces rising costs for its Columbus, Miss., aluminum rolling mill, but the project timeline remains on track.
December’s import level was slightly lower than an earlier license count had suggested, resulting in December marking the second-slowest month for imports in 2023.