I don’t want to lead prices down, but I don’t think it’s any secret at this point that sheet prices are falling fast. “The prophecies have been borne out,” is how one mill executive put it. What does that look like in practical terms? Some mills are offering hot-rolled coil at about $1,200 per ton […]
Global pipe producer Tenaris is boosting production of oil country tubular goods at its welded mill in Hickman, Ark., to support growing customer demand in the U.S. “Hot rolled coil prices have begun to drop following massive gains last year, and customer demand continues to grow for domestically made pipe. These conditions make it the […]
The ongoing correction in steel prices is not a reflection of demand, which is strong now and is expected to remain so for the balance of 2022, Steel Dynamics Inc. (SDI) executives said. Hot-rolled coil prices are roughly in line with published price ranges of $1,300-1,400 per ton ($65-70 per cwt), although a limited number […]
Reflecting higher energy prices, the number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) […]
The Energy Information Administration’s January Short-Term Energy Outlook (STEO) continues to reflect high levels of uncertainty for future global energy consumption due to the ongoing pandemic recovery, impact of the Omicron variant, and unpredictable winter weather. EIA forecasts oil prices to remain near current levels throughout 2022, while natural gas prices could experience volatility as winter temperatures drive demand and prices. […]
By Trade Attorney Lewis Leibowitz Tomorrow in Geneva, the U.S., Russia and Ukraine will start talks that could defuse, or not, the threat of war in Europe. Of course, a war has been going on between Russia and Ukraine for a while. In 2013, Viktor Yanukovich, then Ukraine’s president, rejected an agreement that would have […]
Ferrous scrap prices in the Midwest saw a big $60 drop in early trading for January – a surprise in a month that historically sees scrap prices rise. While trading continues in other regions, sources tell Steel Market Update they expect the market to settle in the next few days at down $40-50/GT for obsolete […]
The number of active oil and gas drill rigs increased in both the U.S. and Canada this past week, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand. The number of […]
U.S. construction spending increased in November amid strong gains in single-family homebuilding, but outlays on public projects were weak. Construction spending rose 0.4% after a similar advance in October, the Commerce Department reported. The Census Bureau’s report on construction spending shows spending on private construction projects rose 0.6% in November. Outlays on residential construction were […]
Total steel imports into the United States jumped by nearly 45% in the first 11 months of 2021, reported the American Iron and Steel Institute, based on preliminary Census data through November. Imports for the year to date totaled 29.7 million net tons of steel, up 44.6% versus the same period in 2020, including 21.6 […]
Welcome back to those who took an extra day or two off after the New Year. This is my first article of the year as Michael and Tim continue to absorb more of my workload. For those of you who did not view or listen in on the SMU Community Chat we hosted yesterday with […]
First the takeaway: Don’t overthink it on the way down. Prices are falling, like it or not. The good thing, demand is still good – so don’t let falling prices ruin your holidays. Now, let’s overthink it a little. We’ve seen some chunky declines in recent weeks: SMU’s hot-rolled coil price fell $70 per ton […]
Steel Market Update is pleased to share this Premium content with Executive members. For information on upgrading to a Premium-level subscription, email Info@SteelMarketUpdate.com. The Energy Information Administration’s December Short-Term Energy Outlook (STEO) remains subject to high levels of uncertainty because of the unique nature of a pandemic-era economic recovery and the uncertain impact of the Omicron […]
On Friday, the Labor Department announced the inflation rate for November. At 0.8%, it was a tick lower than the October inflation rate of 0.9%. But most observers paid more attention to the annual rate of inflation. At 6.8% compared to prices one year ago, the inflation rate was the highest it’s been since 1982. […]
Total construction spending edged higher in October, as gains in public and private project types outmatched decreases in single- and multifamily residential outlays, reported the Associated General Contractors of America (AGC). Public sector investments would likely rise in the near future as a result of the recently-passed infrastructure bill, according to the AGC, but they […]
U.S. construction spending rose fractionally in October after contracting the two months prior, but actual construction outlays year-to-date are 7.5% greater than the first 10 months of 2020, the Commerce Department reported. The Census Bureau’s report on construction spending shows residential slipped 0.5% during October, the once meteoric market now in its fourth month of easing. […]
The number of active oil and gas drill rigs was unchanged in the U.S. this past week, while the Canadian rig count increased, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) demand. The […]
By CRU Research Analyst Aaron Kearney-Keaveny from CRU’s Steelmaking Raw Materials Monitor Dec. 7 Iron ore remained largely stable in the past week, before rising noticeably on Monday and Tuesday, now standing at $108.0 /dmt. Supply is rising and demand seems stable, but speculation around China has resulted in the iron ore price rising yet […]
Evraz is a major supplier of plate and tubular goods for the traditional oil and gas markets. At the same time, it is a leader in the use of renewable energy, with an electric arc furnace mill in Pueblo, Colo., powered primarily by solar. Jefferson Shaw, vice president of strategy for Evraz North America, sees […]
New orders, production, employment, and imports grew in November. But prices fell, and delivery delays increased on tightening backlogs. That’s the takeaway from the Institute for Supply Management’s latest Manufacturing Report on Business. ISM’s Manufacturing Purchasing Managers Index (PMI) rose to 61.1% in November, up 0.3 percentage points from October and indicating continued expansion in the overall economy for the […]
Don’t forget to tune into our next Community Chat with Jefferson Shaw, vice president of strategy for Evraz North America. The free webinar will be on Wednesday, Dec. 1, at 11 a.m. ET (10 a.m. CT). Click here to register. We’ll talk about Evraz NA’s plans to run its steel mill in Pueblo, Colo., on […]
By CRU Principal Analyst Matthew Watkins and Analyst Iris Speelmanns, part of CRU’s steel and the energy transition series When we think about hydrogen and steel, we generally focus on steel supply. Hydrogen is a possible alternate reductant, replacing coke and offering a pathway to low-CO2 steel production. But a hydrogen economy could also be a huge […]
Don’t forget to tune into our next Community Chat with Jefferson Shaw, vice president of strategy for Evraz North America. The free webinar will be on Wednesday, Dec. 1, at 11 a.m. ET (10 a.m. CT). Click here to register. We’ll talk about Evraz NA’s plans to run its steel mill in Pueblo, Colo., on […]
Don’t forget to tune into our next Community Chat with Jefferson Shaw, vice president of strategy for Evraz North America. The free webinar will be on Wednesday, Dec. 1, at 11 a.m. ET (10 a.m. CT). Click here to register. We’ll talk about Evraz NA’s plans to run its steel mill in Pueblo, Colo., on […]
By CRU Economist Frank Eich and Sustainability Analyst Huan Chang, Nov. 22 The COP26 was heralded as a “moment of truth” in the race against climate change. In addition to the expected announcements, such as those on finance, there were also some unexpected ones, such as the pledges from the Indian government to address climate […]
SMU is pleased to announce that our next Community Chat will feature Jefferson Shaw, vice president of strategy for Evraz North America. Mark your calendar for Wednesday, Dec. 1, at 11 a.m. ET (10 a.m. CT). And click here to register. It’s free. We’ll talk about Evraz NA’s plans to run its steel mill in […]
The number of active oil and gas drill rigs increased in the U.S. this past week, while Canadian rig counts declined by 1, according to data released Friday by oilfield services company Baker Hughes. The rig count is important to the steel industry because it is a leading indicator of oil country tubular goods (OCTG) […]
At the direction of the U.S. International Trade Commission, the U.S. Commerce Department will continue to investigate oil country tubular goods (OCTG) imports from Argentina, Mexico and Russia that are allegedly being subsidized and dumped in the U.S. at below fair value. In a Nov. 19 vote, the USITC ruled there is reasonable indication that […]
NLMK USA has resumed production at its electric arc furnace (EAF) sheet mill in Portage, Ind., after a planned maintenance outage, according to sources familiar with the matter. The outage at the mill – also known as NLMK Indiana – began earlier this month and had been expected to conclude in about a week. NLMK […]
The Energy Information Administration’s November Short-Term Energy Outlook (STEO) forecasts oil prices to remain near current levels throughout the year, while natural gas prices could experience volatility as winter temperatures drive demand and prices. The EIA notes that evolving effects of consumer behavior on energy demand present a wide range of potential outcomes for energy consumption. Spot Prices The spot […]