Tag: steel

The US and Mexico announced measures on Wednesday to prevent tariff evasion and protect North America’s steel and aluminum industries.

Three steel trade groups and United Steelworkers (USW) union held an event on Capitol Hill urging action on strengthening legislation against unfair trade.

US steel imports registered a steep decline from May, with June licenses falling to the lowest monthly level so far this year.

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.

Flat-rolled steel prices have been largely falling since the beginning of the year. Even after a slight bump in early April when mills tried to halt the downtrend, the decrease resumed.

Flood-level waters have prompted the US Army Corps of Engineers (USACE) to close locks on the Mississippi River.

Steel trade associations applauded the introduction of the “Prove It Act” into the House of Representatives on Monday.

Following April’s eight-month high, May represents the second-lowest export rate of the year, only greater than January’s 771,000 st level.

Domestic raw steel production tumbled last week to the lowest rate seen in five-months, according to the latest release by the American Iron and Steel Institute (AISI).

The volume of steel shipped into Vietnam more than doubled in May to 1.1 million (mt), with China’s share above 70%, according to customs’ statistics. In the first five months, Chinese imports were more than 4.7 million mt, an increase of 91% year on year.

Canada’s industry minister Francois-Philippe Champagne has conditionally allowed a Glencore-led consortium to acquire Teck’s Elk Valley Resources (EVR) metallurgical coal business for $6.9 billion. He also raised the bar for foreign companies wanting to buy into the country’s critical mineral resources.

Nucor has kept its consumer spot price (CSP) for hot-rolled (HR) coil flat this week.

First off, we hope everyone had a safe and happy July 4th holiday, with fireworks seen and BBQs attended. Many parts of the country are quite toasty at the moment, signaling that, yes, summer has indeed arrived. And looking at our most recent survey results, the summer doldrums have arrived as well.

US drill rig activity moved back up last week after drifting lower for four straight weeks. Meanwhile, Canadian counts slipped for the first time after a seven-week rally, according to the latest data from Baker Hughes.

The latest SMU market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.”

North America has one of the most robust steel scrap markets in the world. The continent has a long history of steel production, significant imports of steel and steel-containing products, and mature steel consumption. Due to this, the reservoir of scrap available to be recycled each year in the US and other North American markets is substantial and growing.

Data on US industrial production, capacity utilization, new orders and inventories all held steady through the latest figures, indicating a stable and healthy manufacturing sector. The strength of the manufacturing economy has a direct bearing on the health of the steel industry.

US hot-rolled (HR) coil prices fell again this week – now on a 13-week run – causing tags to drift further below offshore hot band prices on a landed basis.

Domestic steel shipments increased in May month over month but have fallen on-year.

SMU’s Steel Buyers’ Sentiment Indices dropped this week, with Current Sentiment plummeting to a level not seen since the Covid-19 pandemic, according to our most recent survey data.

After celebrating the July 4th holiday, let’s have a look back at the first half of 2024.

Steel mill lead times remain near some of the lowest levels witnessed in months, according to our latest market canvass to steel service centers and manufacturers.

Radius Recycling continued to bleed red in its most recent quarterly report as it negotiated persistently challenging conditions in the recycled metals market.

Sheet steel buyers found mills more willing to negotiate spot pricing this week, according to our most recent survey data.

Cornerstone Building Brands agreed to buy Mueller Supply Co. for $475 million, according to a Form 8-K filing with the US Securities and Exchange Commission (SEC) on July 1.

A record 60.6 million people are expected to travel by car for the Fourth of July holiday, according to the American Automobile Association (AAA). And a recent survey by The Vacationer said 75% of Americans intend to take at least one road trip this summer. In short, Americans are hitting the road this season and probably crossing a short-span steel bridge on their travels.

Steel Market Update’s offices will be closed on July 4th for Independence Day.

It’s been a slow start to the week as far as news goes, something you’d expect ahead of a shortened Independence Day week. That said, it’s not as if transactions have completely ground to a halt. (Prices continue to drift lower.) And while news might be slow, rumors of low-priced deals, price hikes, and trade cases seem to have filled that void.

Cornerstone Building Brands is set to buy Mueller Supply Co., a manufacturer of residential metal roofing and components and steel buildings in Texas and the Southwest.

Antidumping and countervailing duties (AD/CVDs), in place for more than twenty years on imports of hot-rolled (HR) steel from six countries, are up for their fourth sunset review.