Keith Gunter, Vice President of Purchasing at McElroy Metal (and a part-time poet) shares his annual special holiday retrospective on the past year and his wishes for a prosperous 2018 for all. T’was soon to be Christmas, when all through the land, Pricing ought to be stable, wouldn’t that be so grand. During the fourth […]
The Keystone XL pipeline was approved by the Nebraska Public Service Commission on Monday giving TransCanada the access it needs to complete the $8 billion 1,897-mile pipeline. The commission rejected TransCanada’s preferred route, however, and in a 3-2 decision approved an alternate route that moves the pipeline further east and away from Nebraska’s ecologically fragile […]
Mexico continues to take a larger share of light vehicle assemblies from the U.S. and Canada, according to Steel Market Update’s analysis of October industry data. U.S. Vehicle Sales In September, sales of autos and light trucks surged to an annual rate of 18.6 million units. October fell back to 18.1 million units. Economy.com had […]
The weekly U.S. rig count increased this week, according to Nov. 17 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs increased by 8 to 915 rigs, with oil rigs unchanged at 738 rigs, gas rigs up 8 to 177 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to […]
Domestic steelmakers got a taste of good news this week when the U.S. Department of Commerce released foreign steel import license data for the first 14 days of November. Steel Market Update sees the trend for November imports to be 2.6 million net tons or lower. If correct, this would be the first month during […]
Below is the latest data released by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through September 2017. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for September 2017 increased 14.6 percent […]
Oil prices have topped $63 in recent weeks, up from $43 in June, but don’t expect a big uptrend in the price per barrel in 2018. Experts expect oil to continue trading in a tight range, keeping demand for oil country tubular goods in check at least through the first half next year. High energy […]
There was a surge in foreign steel imports during calendar year 2014. That high rate continued into the first half of 2015 at which time the domestic steel mills filed antidumping (AD) and countervailing duty (CVD) cases on CORE (coated steels), cold rolled and hot rolled steels. The U.S. Department of Commerce investigation found most […]
Ryerson Holding Corp. posted net income of $1.7 million in the third quarter, up from $600,000 in the second quarter, but down from $8.2 million in third-quarter 2016, as commodity challenges pressured margins. “The third quarter of 2017 can best be described by margin compression, driven primarily by nickel and chrome deflation in the second […]
Foreign steel imports for the month of October 2017 were just over three million net tons, based on the license data released by the U.S. Department of Commerce (DOC) earlier this week. The 3,110,002 net tons were essentially unchanged from the Final Census Data released for the month of September when the U.S. imported 3,086,196 […]
Speaking at the FABTECH Expo on Monday, Chris Kuehl of Armada Corporate Intelligence offered his unique perspective on the U.S. and global economies, including the following excerpts of his comments on jobs, trade issues and tax reform. Kuehl serves as the chief economist for the Fabricators and Manufacturers Association, International (FMA), a sponsor of the […]
U.S. job creation rebounded in October from the blow it suffered in September due to the hurricanes, reports the Bureau of Labor Statistics (BLS) in its employment report released on Friday. September hiring was severely affected by the Texas and Florida hurricanes, particularly in the hospitality industries in Florida. The October rebound was weaker than […]
With the notable exception of AkzoNobel, leading suppliers of paint and coatings to the prepaint market have announced price hikes of 5-7 percent, effective in January. And some coil coaters and their customers are not happy about it. One prepaint buyer who closely tracks raw material costs questions whether the current hike is justified. “While […]
Construction spending in the private sector in September outpaced public sector investment in infrastructure and other projects, according to an analysis of new government data by the Associated General Contractors of America. Association officials urged members of Congress and the Trump administration to include new funding for roads, bridges, clean water and other important infrastructure as […]
Allegheny Technologies, Inc., has agreed to form a 50-50 joint venture with an affiliate of China’s Tsingshan Group to manufacture and sell 60-inch-wide stainless sheet in North America. Tsingshan is the world’s largest stainless steel producer. The joint venture, which still needs regulatory approval, expects to begin shipping products in early 2018. Tsingshan’s operation in […]
Home prices rose 6.1 percent in August for an all-time year-over-year gain in the latest S&P CoreLogic Case-Shiller Home Price Index. The 20-city composite posted a 5.9 percent jump from August 2016. “Home price increases appear to be unstoppable,” said David M. Blitzer, managing director and chairman of the Index Committee at S&P Dow Jones […]
Steel imports into the U.S. increased by nearly 20 percent in the first nine months of the year, giving imports an estimated 28 percent share of the U.S. steel market—much to the ire of domestic steelmakers. Citing preliminary Census Bureau data, the American Iron and Steel Institute on Wednesday reported that steel imports year to […]
NLMK USA posted revenue of $424 million in the third quarter, a 3.0 percent decrease from the second quarter due to a 5.0 percent slide in the average sales price. Shipments increased 2 percent to 558,000 metric tons. EBITDA for the segment was $38 million, down 9.0 percent from the second quarter due to higher […]
Since Sept. 20, there have only been two days when the spot price of West Texas Intermediate (WTI) closed below $50, which is a positive sign for steel. The prices of oil and natural gas drive the consumption energy-related steel products including oil country tubular goods, pipe fittings and well head equipment, among others. A […]
ArcelorMittal kicked has off its second annual “Steel Spirit Sweepstakes” contest, giving its USA employees, customers, neighbors, steel enthusiasts and Big Ten sports fans the chance to watch the Big Ten Football Championship Game from Lucas Oil Stadium in Indianapolis on Dec. 2, 2017. The contest is open to all U.S. residents, ages 18 and […]
Third-quarter job creation was severely affected by Hurricanes Harvey and Irma in the South Central and South East regions, according to third-quarter employment data by state released by the Bureau of Labor Statistics (BLS) on Friday. Economy.com summarized it as follows: “Job growth is slowing but wage growth is heating up across much of the […]
The U.S. Department of Commerce (DOC) provided license data through Oct. 17 (today) regarding the amount of foreign steel slated to come into the United States during the month of October. Based on the license data, the trend is for yet another 3 million net ton (or higher) month. There are some significant changes to […]
Below is the latest data released by the the Air-Conditioning, Heating, and Refrigeration Institute (AHRI) regarding residential and commercial heating and cooling equipment shipments through August 2017. You may read the press release on their website here. Residential Storage Water Heaters U.S. shipments of residential gas storage water heaters for August 2017 increased 7.6 percent, […]
The weekly U.S. rig count took a slight dip this week, according to Sept. 8 data from oilfield services company Baker Hughes. The number of active U.S. drill rigs declined by 8 to 928 rigs, oil rigs declined 5 to 743 rigs, gas rigs fell 2 to 185 rigs, and miscellaneous rigs were down 1 […]
U.S. employment contracted in September, and there was more going on than just hurricanes. The Bureau of Labor Statistics (BLS) net job creation report released on Friday was very disappointing for more reasons than the impact of hurricanes, though they undoubtedly had a big effect. Net job creation in September was negative 33,000 positions. July […]
Manufacturing expanded in the United States, along with the overall economy, as the Institute for Supply Management’s September PMI jumped 2 percentage points to register 60.8 percent. ISM’s New Orders Index gained 4.3 points. New orders have averaged 61.6 percent since December 2016, said Timothy R. Fiore, chairman of ISM’s Manufacturing Business Survey Committee. Any […]
The Associated General Contractors of America urged Congress and the Trump administration to include new spending as part of the tax reform proposal to reverse declining infrastructure investment. New investments will offset declining public sector demand and help boost overall economic activity, said AGC. “It is hard for American employers to be globally competitive when […]
As was mentioned in the previous issue of Steel Market Update, foreign steel imports for September continue to trend toward another 3.0 million net ton month based on SMU analysis of import license data. If imports come in around 3.0 million tons it would be the lowest level since February 2017 when total steel imports […]
Despite a run of disruptions during its first quarter, Worthington CEO and Chairman John McConnell is optimistic about the new fiscal year. “We believe that most of the markets we serve are healthy with some showing more strength than others,” said McConnell. “We are off to a good start in fiscal 2018.” Worthington Industries’ earnings […]
On Wednesday, Sept. 20, the price of West Texas Intermediate (WTI) rose above $50 per barrel for the first time since July 31, which was the only day greater than $50 since May 24. WTI closed at $51.86 on the 25th. The number of operating rigs exploring for both oil and gas had a recent […]