CNBC reported comments made by White House Economic Advisor Larry Kudlow on Tuesday saying, “The reality is those tariffs are still on the table.” This is in reference to the tweet from President Trump regarding steel from Brazil and Argentina. Steel buyers should be aware that there has not been a presidential proclamation, or anything […]
The United States, Mexico and Canada have finally reached consensus on a new North American trade agreement. In an announcement on Tuesday, the office of U.S. Trade Representative Robert Lighthizer said the USMCA “will support mutually beneficial trade leading to freer markets, fairer trade, and robust economic growth in North America.” Lighthizer and Canadian Deputy […]
By CRU Chief Economist Jumana Saleheen, from CRU’s Global Steel Trade Service This piece sets out insights gained from a visit to CRUs Beijing office. The trade war has been an unexpected headwind to China’s economy and there is a real concern about the risks of a sharper than desirable growth slowdown. In response the government […]
November revealed tentative signs that global manufacturing may be poised for a recovery. The J.P. Morgan Global Manufacturing PMI rose back into growth territory posting a seven-month high of 50.3. Consumer goods led the increase with accelerated growth in new orders and production. PMIs for intermediate and investment goods remained in contraction. Eleven of the 30 […]
Trade disputes and uncertainty regarding U.S. economic growth are causing businesses to delay or cancel construction plans, said the Associated General Contractors of America in a new analysis of construction spending data. Construction spending declined 0.8 percent in October from September, but topped year-ago levels by 1.1 percent as decreases in private nonresidential, multifamily and […]
A tentative deal between the Teamsters Canada Rail Conference and Canadian National Railway will bring an end to a weeklong strike by 3,200 conductors and railyard workers. CN said workers will return to work beginning on Tuesday and normal operations should resume by Wednesday morning. Details of the agreement will not be available until members have […]
A strike by 3,200 Teamster union employees at Canadian National Railway is causing disruption in both Canada and the U.S. Now in its sixth day, with no end in sight, a shortage of propane is imminent for Ontario and Quebec as well as delays to shipping across the manufacturing industry. CN transports more than CAD […]
The composite producer price index of all commodities peaked in October last year and in 12 months through September has declined by 3.2 percent. This Steel Market Update report is an analysis of Bureau of Labor Statistics data and is intended to provide subscribers with a view of the competitive position of sheet steel, aluminum, […]
By CRU Senior Analyst Erik Hedborg, from CRU’s Crude Steel Market Outlook The iron ore market in 2019 has been dominated by supply disruptions. The Vale accident in January was followed by cyclones in Australia and, more recently, quality issues affecting Rio Tinto, the second largest iron ore producer in the world. The company has […]
The Associated General Contractors of America maintains that trade fights with China, the EU and other countries are undermining demand for private sector construction projects. “The best way to make sure our economy continues to expand is to quickly resolve a series of trade disputes that have contributed to business uncertainty and likely held back […]
By CRU Senior Analyst Erik Hedborg Iron ore prices have increased slightly overall in the past week despite early gains being met with falling prices at the start of this trading week. On Tuesday, Oct. 29, CRU assessed the 62% Fe fines price at $87.0 /t, a $2.0 /t increase w/w. Australian supply has continued […]
Four U.S. railroad companies have been accused of price-fixing by more than two dozen companies including steel producers AK Steel and North Star Bluescope. On Sept. 30, more than two dozen lawsuits were filed against BNSF, CSX, Norfolk Southern and Union Pacific claiming the rail carriers conspired to set rate-based fuel surcharges that increased rates […]
By CRU Steel Prices Lead Anh Nghiem China returned to the market on Tuesday from their national holidays, but the market remained stable with mixed signals from the China Futures market, i.e. a 1 percent increase in the iron ore futures market while the steel futures market showed a 2 percent decline on the first […]
A new solar project in Pueblo, Colo., will bring the state one step closer to its goal of providing 100 percent carbon-free electricity by 2050 and give EVRAZ Rocky Mountain Steel predictable electricity prices through 2041. The 240-megawatt Bighorn Solar project will be built, owned and operated by Lightsource BP on property owned by EVRAZ […]
By CRU Analysts Ruilin Wang and Kevin Bai China has released a draft emission control policy document for the 2019-2020 winter heating season (WHS). Although the overall target for air pollution control is tighter than last year, it will not lead to greater steel supply restrictions because: • Clear regional targets to meet ultra-low emission standards […]
Construction spending edged up 0.1 percent in August from July but declined from year-ago levels, with divergent trends in residential and nonresidential categories, according to an analysis by the Associated General Contractors of America of new federal spending data. Association officials said that many contractors in its recent survey report that staffing challenges are causing […]
The composite producer price index of all commodities has been relatively stable in 2019, but tinware products are becoming very uncompetitive against aluminum. This report is an analysis of Bureau of Labor Statistics data performed by staff of Steel Market Update and is intended to provide subscribers with a view of the competitive position of […]
Construction spending was essentially flat in July, inching up less than 0.1 percent from June, according to an analysis of U.S. Census Bureau data by the Associated General Contractors of America. Spending slid 2.7 percent from a year ago to a total seasonally adjusted annual rate of $1.289 trillion. Year-to-date, spending declined by 2.1 percent […]
The trucking and railroad industry shared a stage on Monday at the SMU Steel Summit. James Burg, president of James Burg Trucking Company, and Jim Schaaf, group vice president of metals and construction at Norfolk Southern, talked about the challenges facing their industries. Trucking Tribulations The trucking industry employs approximately 7.3 million people, 3.9 million […]
Written by: John Packard, President & CEO, Steel Market Update Seven days to go… Seven days before the beginning of the 2019 SMU Steel Summit Conference in Atlanta. I have spoken to almost every single speaker, interfaced with the CRU Events team in London as well as our SMU team. All is going as planned. […]
Canadian steel producer Stelco Holdings pulled off a profit for the second quarter despite significant headwinds. Second-quarter revenue decreased 39 percent from a year ago, shipping volume was down 27 percent and the average selling price per ton fell 15 percent to $761, the company reported during its earnings call on Wednesday. (All figures are […]
Electric arc furnace minimills may have a cost advantage in steel production today, but there are still 19 traditional blast furnaces going strong in the United States. Blast furnaces dominate about three-fourths of global steelmaking, but only three steel producers in the U.S. currently are using BF or basic oxygen furnace technology: U.S. Steel, ArcelorMittal […]
Construction spending declined in June, but most categories made gains in the first six months of 2019 compared to the same period in 2018, says a new analysis of federal data by the Associated General Contractors of America. Construction spending totaled $1.287 trillion at a seasonally adjusted annual rate in June, down 1.3 percent from […]
Canadian ports in the Pacific Northwest have benefited from the U.S. trade war with China. Vancouver and Prince Rupert have seen combined market share for regional imports and exports increase from 59 percent in 2014 to 62.3 percent in the first half of 2019, according to JOC.com. The port at Seattle-Tacoma saw exports from the […]
EVRAZ NA announced the resignation of president and chief executive officer Conrad Winkler and the appointment of James “Skip” Herald as the new CEO. The change in leadership will be effective Aug. 5, 2019. Winkler, CEO since July 2013, is leaving to pursue other opportunities, said a press release from the company. Winkler led the […]
The Producer Price Index, inclusive of all commodities, has been relatively stable in 2019. In the last 12 months the prices of cold-rolled steel sheet and aluminum have declined in unison, according to an analysis of Bureau of Labor Statistics data performed by Steel market Update. This report is intended to provide subscribers with a […]
Liberty Steel is continuing its rapid expansion with completion of the €740 million ($833 million) acquisition of ArcelorMittal’s European assets. The company, owned by Sanjeev Gupta’s GFG Alliances, has been on a worldwide buying spree, including a June purchase of former Bethlehem Steel property Johnston Wire Technologies. The ArcelorMittal assets include ArcelorMittal Ostrava (Czech Republic), […]
Results for First Four Months of 2019 Combined Show Ongoing Strength Aside from Single-Family Market; Association Officials Urge End to Tariffs That Pose Threat to Construction Costs and Demand AGC, June 7, 2019 — Construction spending was unchanged from March to April, with mixed results by project type for the month and for the year […]
The Georgia International Convention Center (www.gicc.com) as well as the three Gateway Hotels (Marriott, Renaissance and SpringHill Suites) are all conveniently located at the first stop of the free SkyTrain out of the Atlanta International Airport (ATL). The second stop on the SkyTrain is for car rentals. Our overflow hotel – the Atlanta Airport Marriott […]
2019 SMU Steel Summit Conference – A Sneak Peek – Day 1 Written by: John Packard, President & CEO, Steel Market Update RE: 2019 SMU Steel Summit Conference, August 26-28, 2019 – Location: Georgia International Convention Center, Atlanta, GA The Georgia International Convention Center (www.gicc.com) as well as the three Gateway Hotels (Marriott, Renaissance and […]