Steel Market Update’s Steel Buyers Sentiment Index began the year with another slight dip in optimism, as measured by both the Current Sentiment and the Future Sentiment three-month moving averages. The goal of the index is to measure how buyers and sellers of steel feel about their company’s ability to be successful today (Current Index), […]
U.S. tariffs on steel imports from Canada continue to put pressure on Canadian producers while goverment officials seek an ending to the trade measures. Algoma Steel, which recently emerged from bankruptcy protection, is one of the vulnerable steel producers affected by Section 232. The second largest mill in Canada is expected to receive up to […]
Nucor Corp. announced on Monday that it is scouting the Midwest for a suitable location to build a $1.35 billion EAF mill that is capable of producing 1.2 million tons of steel plate products annually. Nucor expects site selection to be completed in 2019 and construction to begin as soon as permits are secured. The […]
With finished steel prices continuing their second-half decline through the end of 2018, the market is holding its collective breath to see if the mills announce a price hike this month. Many believe they will try to raise prices, but most are doubtful they will succeed. Following is what industry sources told SMU this week: […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: When the unusual happens, we often are jarred from our routine. I have experienced this since Dec. 21, when the government shutdown officially began at midnight (Dec. 22). The shutdown is “partial,” meaning that only certain government departments […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: When the unusual happens, we often are jarred from our routine. I have experienced this since Dec. 21, when the government shutdown officially began at midnight (Dec. 22). The shutdown is “partial,” meaning that only certain government departments […]
Perhaps it’s because the year started out with so much promise that the end of 2018 seemed so uninspiring. On balance, most in the steel business would call 2018 a good year, some even a great year. But few look forward to 2019 with the same optimism and confidence they felt a year ago at […]
When on calls with steel service center and manufacturing executives, one of the questions that always comes up is my view on the economy. I am not an economist and I defer to CRU and to economists like Alan Beaulieu of ITR Economics (Alan speaks at the SMU Steel Summit Conference). I know Dr. Beaulieu’s […]
January 2019 has begun and steel prices have taken up where they left off as Steel Market Update price ranges and averages dropped compared to where we ended 2018. Steel buyers are worried about inventory levels, which some service centers reported as having grown more than expected during the month of December. They also worry […]
By CRU Analysts Laima Balse and Director Paul Robinson Prices for all major commodities in the CRU price basket, except for U.S. steel, declined during 2018. There were a few factors that caused this downwards price trend and market volatility. This overview looks across the commodity groups at the common trends affecting the industry, and […]
Welcome to 2019! As we begin the New Year, I want to welcome everyone back to their offices or plants. I am looking forward to another interesting year as we continue to deal with the effects of Steel 232, anti-dumping and countervailing duties, threats of Section 232 for automotive and Section 301 on finished goods […]
The following was submitted by trade attorney Lewis Leibowitz. His contact information is at the end of the article. As we approach the new year, I have been reflecting on the next few months and what may come in 2019. One of my history professors in college often said, “change is the only permanency.” I […]
The following was submitted by trade attorney Lewis Leibowitz. His contact information is at the end of the article. As we approach the new year, I have been reflecting on the next few months and what may come in 2019. One of my history professors in college often said, “change is the only permanency.” I […]
On Wednesday in New York, a three-judge panel on the U.S. Court of International Trade began deliberating a case that will examine the constitutionality of the Section 232 tariffs imposed by President Trump on imports of steel and aluminum in the name of national security. Opponents argue that such tariffs should be subject to congressional […]
Continual controversy over trade and tariffs, volatile steel prices and unrest on Wall Street have clearly left many in the industry anxious and pessimistic about the year to come. Only about 20 percent of the steel executives who responded to Steel Market Update’s latest market trends questionnaire expect 2019 to be a solid growth year […]
The SMU Steel Buyers Sentiment Index ended the year on a “down” note as our Current Sentiment Index, as measured this week as a single data point, was the lowest reading we have seen over the past two years. When viewed as a three-month-moving average, which helps smooth out the data and provide a clearer […]
There is a “new domestic” steel minimill capable of producing 1.5 million tons per year of steel from scrap. On Friday, JSW USA restarted the electric arc furnace at the JSW Ohio steel plant at Mingo Junction and cast their first domestically produced slab. “The last month has been incredibly butt hard work,” said JSW […]
Editor’s note: Steel Market Update is interested in your views of the Trump administration tariffs. Following are comments shared by two SMU readers. To submit your opinions (anonymously if preferred), email John@SteelMarketUpdate.com. Q: Do you think the Section 232 and Section 301 tariffs have accomplished what the president set out to do – improve national […]
In fourth-quarter guidance on Friday, Nucor reported that it expects strong steel demand and favorable pricing to continue in 2019. Nucor benefitted from strong economic conditions in the United States throughout 2018, which were positively impacted by tax and regulatory reform. Additionally, broad-based tariffs imposed under Section 232 provided a tailwind that contributed to Nucor’s […]
A new American Steel Index report by Business Forward shows U.S. steel prices have risen 7.4 percent since February, while foreign steel prices have fallen 9.8 percent. As a result, American manufacturers are paying 17.2 percent more for hot- and cold-rolled steel than their foreign competitors. “President Trump’s tariffs on steel and aluminum are increasing […]
The U.S. Chamber of Commerce announced its support of the new North American trade agreement, but urges the administration to drop the Section 232 steel and aluminum tariffs on Canada and Mexico. Chamber of Commerce President and CEO Thomas Donahue cites the onerous financial impact the tariffs have had on Chamber members and urged their […]
Tenaris, a global manufacturer and distributor of energy tubular products, has begun the second phase of its service center expansion in Midland, Texas. The project will add pipe and tube storage and service capabilities for customers in the Permian basin and other key shale plays across the U.S. Phase 2 consists of several stages of […]
JSW Ohio tried to run their EAF and caster today, but found they needed a couple of small fixes. The goal is now to melt their first heat and cast their first slab tomorrow (Friday). We continue to watch this closely as there will be an impact on the market once the mill has been […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: A question came up this week about whether the end of steel tariffs would be disruptive to the market in the same way as the onset of the tariffs. Please don’t get the wrong idea. I am not predicting […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: There are several currents surrounding the steel tariffs this holiday season. As we enjoy the end of this year, I am looking at the first few months of 2019 and how the steel trade situation could evolve. • […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Yesterday in New York, an important argument took place in the Court of International Trade. I observed that argument and will give you my impressions. The case was brought by the American Institute for International Steel (AIIS) and […]
Calling it “a good day for the little guys” after a frustrating eight-month wait, Priefert Manufacturing Co. reports the Commerce Department has finally granted the company a one-year exclusion on a 10-gauge, 80-inch hot rolled product that is not made in the United States. Based in Mount Pleasant, Texas, Priefert is a service center and […]
Steel Market Update is sharing this Premium content with Executive members in this issue. For more information about upgrading to a Premium-level subscription, email info@SteelMarketUpdate.com. This early look at November import license data shows that total rolled product imports declined by 17.3 percent year over year, calculated as a three-month moving average (3MMA). Imports of […]
Steel Market Update spent a portion of the day today speaking with trading companies about their view of the markets, demand and the amount of foreign steel projected to come into the United States over the next few months. The traders are worried about what will happen to their customers if the amount of foreign […]
On Sunday, the HARDI galvanized steel council met to discuss what has been happening in the industry that is impacting their relationship with their steel suppliers. John Packard, President & CEO of Steel Market Update, along with Josh Spoores, Senior Analyst for CRU, discussed the status of steel prices and the forecast for 2019. The […]