Preliminary Census data shows that steel imports in May currently total 2.74 million net tons, 6,000 tons higher than April, but down 11% from March’s 26-month high of 3.09 million tons. June import licenses are now at 2.29 million tons, 16% less than April and May levels, and potentially the lowest level seen since Feb. […]
Despite inflation, rising interest rates, and faltering equities markets, the outlook is not all doom and gloom when it comes to the metals markets, says Rick Marabito, CEO of service center group Olympic Steel. In fact, the outlook for demand and consolidation is actually quite good, he told attendees of this week’s Steel Market Update […]
Olympic Steel CEO Rick Marabito will be the featured speaker on our SMU Community Chat on Wednesday at 11 am ET. The live webinar is free. A recording of it is free only to SMU members. You can register here. We’ll talk about why the sky is not falling even though carbon prices and futures are softening. […]
Final Census data shows that steel imports in April totaled 2.73 million net tons, falling 12% from March’s 26-month high of 3.09 million tons. May import licenses have risen from our late-May report to 2.61 million tons, 4% less than April levels and 16% lower than the March high. Total finished steel imports were 2.29 […]
Olympic Steel CEO Rick Marabito will be the featured speaker on our next SMU Community Chat on Wednesday, June 15, at 11 am ET. The live webinar is free. A recording of it is free only to SMU members. You can register here. We’ll talk about why the sky is not falling even though carbon prices and […]
Preliminary Census data recently released shows that steel imports in April declined 12% month-over-month to 2.73 million net tons, falling from March’s 26-month high of 3.09 million tons. May import licenses through May 23 and are currently at a 15-month low of 2.02 million tons, down 26% compared to April and 35% lower than the […]
The US will for one year lift Section 232 tariffs from Ukrainian steel, the Commerce Department said. The move is necessary to support Ukraine in its war against Russia and because steel plays an outsized role in the Ukrainian economy, Commerce said in a press release on Monday, May 9. Case in point: Steel employs […]
Final US Department of Commerce data shows that steel imports in March rebounded 32% month-over-month to 3.09 million net tons, a 2+ year high. But April import licenses through May 4 are currently at 2.58 million tons, down 17% from March. (That said, April is still up 10% compared to February.) Final finished steel imports were 2.52 […]
Olympic Steel Inc. posted strong first quarter earnings despite falling carbon steel prices earlier in the year. And the Cleveland-based service center expects the good times to carry into the second quarter even if steel prices slip. “We’ve worked hard to diversify our business, reduce our exposure to cyclical risk, and drive operational efficiencies,” Olympic […]
Preliminary Census data shows that steel imports in March increased 31% month-over-month to 3.09 million net tons, rising from an 11-month low to a 2+ year high. April import licenses through April 24 are currently at 2.07 million tons, down 33% from March and down 12% compared to February. Preliminary finished steel imports were 2.52 million tons in March, up […]
Senators Dianne Feinstein (D-Calif.) and Patrick Toomey (R-Pa.) want President Biden to lift the 25% Section 232 tariff on steel imports from Ukraine. They note in a letter to the president that Ukraine is the 13th largest steel producer in the world, and that as much as 80% of that steel is exported. The senators said that […]
Final Census data confirms that February steel imports declined 23% month-over-month to 2.35 million net tons, now at an 11-month low compared to January’s two-year high. March import licenses through April 4 are up to 3.08 million tons, a 31% increase over February and 1% higher than January. Current April licenses are already at 449,000 […]
Preliminary Census data shows that steel imports in February fell 23% month-over-month to 2.34 million net tons, falling from a two-year high to an 11-month low. March import licenses through March 28 are currently at 2.69 million tons, up 15% from February but down 12% compared to January. Total finished steel imports are preliminarily at 1.85 million tons in February, down 19% from […]
By Trade Attorney Lewis Leibowitz (Editor’s note: The following views are those of the author and do not necessarily reflect the opinions of Steel Market Update.) On Friday, President Biden announced that the United States would end “Most Favored Nation” status, termed “PNTR” in the United States, for Russia, a member of the World Trade […]
Preliminary Census data shows that steel imports in January rose 7% month-over-month to 3.08 million net tons, the highest monthly level seen in the past two years. February import licenses through March 1 are currently at 2.20 million tons, a 29% decline from January and down 24% compared to December. Note that the latest U.S. […]
Olympic Steel announced record results in the fourth quarter ended Dec. 31, 2021, a strong finish to the company’s most profitable year to date. “We achieved record sales and net income for the fourth quarter, a fitting capstone to a year of record-setting performance for Olympic Steel,” said Richard Marabito, Olympic’s CEO. “All three of our […]
Some North American flat-rolled steelmakers were silent when asked what the impact of the conflict between the U.S. and Russia might be on their operations. Others said their supply lines weren’t in the crossfire. One reason for the silence in some corners: Many rely heavily either on Russian slab or Russian or Ukrainian pig iron […]
2022 is shaping up to be a good year for energy tubulars. With the U.S. economy near pre-pandemic levels, demand is up for oil and gas – and the oil country tubular goods (OCTG) and line pipe needed to deliver them. Rising energy prices are spurring increased drilling, while declining steel prices are lowering the […]
Final Census data shows U.S. steel imports fell 8% from November to December to 2.89 million net tons, the fifth highest monthly level in 2021. January import licenses through Feb. 7 are currently at 3.04 million tons, a 5% jump from December, but down 4% compared to November. Recall that total imports in September had reached a 28-month […]
Preliminary Census data shows that steel imports in December fell 8% month-over-month to 2.89 million net tons, the fifth highest monthly level in 2021. January import licenses through Jan. 26 are currently at 2.42 million tons, a 16% decline from December and down 23% compared to November. Recall that September imports had reached a 28-month […]
By Trade Attorney Lewis Leibowitz The U.S. and the UK recently announced the start of talks to eliminate or at least reduce the impact of Section 232 tariffs on steel and aluminum. Since 2018, the UK, first as part of the European Union and since the start of 2021 the UK alone, has been subject […]
Final Census data shows that steel imports in November rose 15% month-over-month to 3.15 million net tons, not far from September’s 28-month high of 3.26 million tons. December import licenses through Jan. 6 are just shy of 3.00 million tons, a 5% decline from November but up 9% compared to October. Total finished steel imports were nearly 2.60 million tons in […]
Final Census data shows that foreign steel imports in October totaled 2.74 million net tons, easing 16% from September’s 28-month high of 3.26 million tons. November import licenses through Dec. 6 were at 2.68 million tons, a 2% decline from October and down 18% compared to September. Total finished imports were 2.37 million tons in October, down 8% […]
Top U.S. and British trade negotiators appear to be nearing a deal to ease Section 232 tariffs on steel and aluminum from the United Kingdom. That’s according to recent statements from the Office of the U.S. Trade Representative (USTR) and the Commerce Department. Case in point: Commerce Secretary Gina Raimondo and UK Secretary of State […]
Preliminary Census data shows that total foreign steel imports declined 17% in October to 2.71 million net tons, easing from September’s 28-month high of 3.26 million tons. November import licenses are currently at 2.55 million tons, a 6% decline from October and down 22% compared to September. Total finished imports are preliminarily at 2.33 million tons in […]
Nucor has decreased steel pipe and tube prices by $100 per ton ($5 per hundredweight) effective immediately. The Charlotte, N.C.-based steelmaker said the drop applied equally to all new orders of hollow structural sections (HSS), pipe, mechanical tubing, and piling products. “This decrease is a result of normalized raw material costs and reduced transportation volatility,” […]
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 […]
ArcelorMital Tubular Products and the United Steelworkers (USW) Union Local #3057 have ended their five-day standoff by agreeing to a new four-year labor contract, a company spokesperson confirmed to Steel Market Update. The new deal – already ratified by the members of the local USW – ensures work can now resume at ArcelorMittal’s tube plant […]
Final Census data shows that September foreign steel imports increased 17% from August to 3.26 million net tons and a 28-month high. October import licenses are currently at 2.47 million tons as of Nov. 4, down 24% from September and down 11% compared to August. The last time total monthly import levels were this high was April […]
By Stephen Williamson, CRU Research Manager, Aluminum Last week’s aluminum price below $3,000 per metric ton on the LME seemed like a bargain until it ran above $3,300 earlier this week. Yet, at week’s end, trading fell back to $3,050. Further confounding the market is magnesium supply and the prices raging on the hardener front. […]