On Friday, Steel Market Update received a note from one of our readers asking why foreign steel import totals have not dropped. The domestic mills have won countless antidumping and countervailing duty suits against flat rolled and plate products. The president has placed 25 percent tariffs on steel, citing national security as the reason to […]
In the last month, eight of the 16 currencies that Steel Market Update tracks were down against the dollar and eight were up. This was a dramatic change from the May-August period when few of the 16 appreciated against the dollar (just one in May, two in June, three in July and two in August). […]
The following article is regularly published for our Premium users, but we decided to share it with our entire readership this month. If you are interested in upgrading to a Premium subscription, contact us at info@SteelMarketUpdate.com or 800-432-3475. Oil and gas prices have stabilized, oil inventories are declining and the number of operating rigs exploring […]
Steel Market Update is sharing this Premium-level content with all readers this month. For more information on how to upgrade to a Premium subscription, email info@SteelMarketUpdate.com. Oil production in the U.S. hit another all-time high in July, but the number of operating rigs exploring for oil and gas has not changed much in 3½ months. […]
Oil production in the U.S. set another all-time record in August and stocks are increasing. In the last month, the price of oil has dropped by $16/barrel. Wall Street Breakfast had this to say on Nov. 9: “Oil fell below the $60 level overnight, a day after slipping into a bear market. That means U.S. […]
Distributors of products for the HVAC sector are keeping a tight rein on inventories as pricing for galvanized steel continues to weaken. The wholesalers are seeing pressure from customers postponing orders in anticipation of better prices down the road. “It appears customers are living hand to mouth, waiting to place any large orders until they […]
Steel Dynamics is expecting third-quarter profitability to exceed second-quarter results, based on strong underlying demand and meaningful metal spread expansion. Average price for steel products is outpacing scrap costs for the quarter resulting in increased profitability for SDI’s sheet and long product steel operations. “Based on strong steel demand fundamentals and customer optimism, the company […]
This article is regularly published for our Premium users, but we decided to share it with our entire readership this month. If you are interested in upgrading to a Premium subscription, contact us at info@SteelMarketUpdate.com or 800-432-3475. Carbon steel tubular products have a rate of price escalation much higher than plastic products. This is also […]
Nucor is expecting earnings to improve from second to third quarter at its sheet and plate mills, despite weather-related outages at some locations. Lower sequential earnings are forecast at its steel products segment. Decreased performance at Nucor’s scrap brokerage and processing operations and at the Louisiana DRI facility will result in lower earnings for the […]
This analysis breaks down the imported tonnage of six flat rolled products into the district of entry and the source country. We believe that misinformation (or lack of) about local import volumes is often used to influence purchase decisions. Our intent with this analysis is to describe in detail what is going on in a […]
Steel Market Update is sharing the following Premium-level content on flat rolled imports with Executive-level members. For more information about upgrading to a Premium-level subscription, contact info@steelmarketupdate.com. This analysis breaks down the imported tonnage of six flat rolled products into the district of entry and the source country. We believe that misinformation (or lack of) […]
Premium subscribers to Steel Market Update have access to reports on our website that break out the import tonnage into district of entry and source nation for six sheet and plate categories. SMU has now developed reports that drill down the HRC and CRC into product detail both nationally and for each district. We report […]
Charlotte-based Nucor Corp. will suspend operations at its sheet mill in Berkeley, S.C., and its plate mill in Hertford, N.C., in anticipation of Hurricane Florence. Operations began shutting down on Wednesday and will restart after the storm passes, said Nucor spokesperson Katherine Miller. “At Nucor, safety is our top priority…. We are closely monitoring the […]
Steel Market Update steel training workshops continue to be very popular. We are finding many companies sending their new people to our flagship Steel 101 workshop. This workshop is excellent for those new to the industry; however, it is not just for new employees. It is an excellent way to expand the knowledge base of […]
Nucor Corp. announced plans to invest $650 million to expand the production capability at Nucor Steel Gallatin. The upgrade would increase the Kentucky flat rolled sheet mill’s capability to 3.0 million tons annually from its current level of 1.6 million tons. In addition, the maximum coil width would be increased to 73 inches. The facility […]
Section 232 tariffs on steel and aluminum products from Canada and Mexico are back in the spotlight now that NAFTA talks are, hopefully, nearing an end. Steel associations from Canada and Mexico are calling for the tariffs to be terminated while the negotiations are under way. Mexican association Canacero has stated that a NAFTA deal […]
Are the Section 232 tariffs affecting the volume of steel imports? We will look at this several different ways, as the answer depends on what time frame is chosen for comparison. Commerce Secretary Wilbur Ross said on Aug. 10 that since the imposition of Section 232 tariffs in March, imports to the U.S. have declined […]
The Trump administration tariffs have had the expected effect on steel imports and steel pricing this year, but prices for hot rolled coil and plate could moderate a bit next year as economic growth slows and the cost of steelmaking raw materials begins to decline, forecasts Josh Spoores, principal steel analyst for the CRU Group. […]
United Steelworkers have not reached a collective bargaining agreement with ArcelorMittal or U.S. Steel with just one day remaining before the current contracts expire. As union officials consider their options, including a possible strike, marches and rallies were planned for Thursday, Aug. 30, at ArcelorMittal and U.S. Steel locations to show union solidarity. “Steelworkers have made […]
The Nucor Sheet Mill Group and USS-POSCO Industries have notified customers of changes in their coating extras as a result of lower zinc prices. The announcements follow on a similar letter to customers from California Steel Industries (CSI) last week. Nucor’s Aug. 30 letter stated: “Consistent with our practice to monitor the cost of zinc, […]
The spot price of West Texas Intermediate (WTI) has been erratic in the last four months with two brief spikes above $70 per barrel. The oil price was $66.50 on Aug. 20. The total number of operating rigs exploring for oil and gas was up by 11.7 percent year over year and increased by nine […]
Commerce announced today an affirmative preliminary determination in the antidumping investigation of large-diameter welded pipe from Canada, China, Greece, India, Korea and Turkey. The merchandise covered by investigations is welded carbon and alloy steel pipe (including stainless steel pipe), more than 406.4 mm (16 inches) in nominal outside diameter (large-diameter welded pipe), regardless of wall […]
Editor’s note: The following was contributed by analysts at the CRU Group. The Turkish-U.S. political relationship has soured sharply in the past week. U.S. President Donald Trump tweeted relations were “not so good” on Friday, Aug. 10, and doubled tariffs on U.S. imports of Turkish steel. Turkish President Erdogan responded with anger, suggesting the country […]
U.S. Steel announced on Thursday that it will invest a minimum of $750 million for asset revitalization at its Gary Works facility in Indiana. “We are pleased to be making this significant investment at Gary Works, which will improve the facility’s environmental performance, bolster our competitiveness and benefit the local community for years to come,” […]
There are big differences in the year-to-date increase of hot rolled coil imports on a regional basis, according to Steel Market Update’s latest analysis of government data. Imports of hot rolled coil into the U.S. as a whole were up by 21.4 percent in June year to date, but the Pacific South was up by […]
The Great Lakes and Gulf dominate as entry points for cold rolled imports. There are big differences in the year to date decreases on a regional basis, according to Steel Market Update’s latest analysis of government data. Imports of cold rolled coil into the U.S. as a whole were down 23.1 percent year to date […]
Canada is considering provisional safeguard measures on seven classes of steel imports to prevent foreign steel shipments from being diverted into Canada as a result of U.S. trade actions. “We know that because of the unfair tariffs imposed by the United States, other countries will be seeking alternative markets for their steel products,” said Canadian […]
This analysis breaks down the imported tonnage of six flat rolled products into the district of entry and the source country. We believe that misinformation (or lack of) about local import volumes is often used to influence purchase decisions. Our intent with this analysis is to describe in detail what is going on in a […]
Premium subscribers to Steel Market Update receive reports on imports broken down into district of entry and source nation. This new report from SMU takes the analysis to the product detail level. Our rationale is that the more information steel buyers have about the fine detail of what is coming into their region, the better […]
The U.S. trade situation is causing some consternation, according to analysts at CRU. During a webinar on Tuesday, which was made available to SMU member companies, analysts discussed the trade measures that have been instituted by the Trump administration and the potential impact on the U.S. and global economies. Steel and aluminum tariffs were imposed […]