If successful in its overtures to Anglo American, BHP will create the world’s largest diversified miner by a country mile. The rationale for this merger is scale and in mining, size matters.
Week-over-week trading activity in US steel derivatives markets was relatively muted, with prices maintaining their downward direction since the beginning of the month. Bids have materialized at the lower end of this range in the May, as the nearby backwardation continues to roll on - just as we saw with April being a premium over May.
I’ve gotten some questions lately about whether the huge gap between domestic hot-rolled coil (HR) prices and those for cold-rolled (CR) and coated is sustainable. I remember being asked similar questions about the wide spread between HR and plate that developed in early 2022. I thought at the time that there was no way that spread could hold. Turned out, I was wrong. That was humbling. And so I’m not going to make any bold predictions this time.
Destocking at service centers and a downturn in steel pricing impacted Ternium’s shipments in Mexico in the first quarter of the year.
Last week gave us a glimpse into the effect of the 2024 election campaign on trade policy. In a major announcement, the Biden administration pressed the US Trade Representative (USTR) to triple certain Section 301 tariffs on steel and aluminum. It’s a lot to unpack. You can find the full text of the announcement here. […]
Here’s a roundup of the latest news in the global aluminum market from our colleagues at CRU. Biden calls for tripling of Chinese steel and aluminum tariffs President Joe Biden is calling on the US Trade Representative (USTR) to consider increasing the existing section 301 import duty on Chinese steel and aluminum three-fold. The current […]
The Biden administration on Wednesday announced measures to support the domestic steel industry.
The steel market appears to be finding a new, higher normal with the shocks of the pandemic and the Ukraine in the rearview mirror. The good news: a more profitable and consolidated post-Covid US steel industry has been able to invest in operations. That includes efforts to decarbonize. The bad news: That “new normal” could be tested. Because it’s not just domestic sheet prices that have been volatile. Geopolitics are too.
Total domestic aluminum mill products orders in March were up 0.2% compared to March 2023, according to the latest “Index of Net New Orders of Aluminum Mill Products” released by the US Aluminum Association (AA). This is much lower than the growth of 9.3% year over year (y/y) reported in February.
The Department of Commerce (DOC) has issued new rules to combat evolving "unfair" trade practice — including the unfair trade of steel products. They go into effect on Wednesday, April 24.
To ease trade tensions with the United States, the economy ministry in Mexico is preparing measures to strengthen definitions on steel being shipped into the country. Mexico has faced accusations it is being used as a route for steel and aluminum produced in Asia to be sent on to the US, so-called triangulation.
The United Steelworkers (USW) union is calling out Nippon Steel for already prioritizing its Japanese operations at the expense of American workers despite forging ahead with its proposed plan to purchase U.S. Steel.
President Biden said on Wednesday he would stand by his commitment to US workers regarding the proposed sale of U.S. Steel to Japan’s Nippon Steel.
Next week, Las Vegas will host the largest recycled materials industry event. ISRI’s annual gathering at the Mandalay Bay Resort and Casino will unite more than 6,000 industry professionals to explore the latest trends in ferrous and nonferrous markets, provide networking opportunities, and support business growth. SMU and RMU eagerly anticipate participating, connecting with fellow attendees, and […]
The latest SMU Community Chat webinar reply is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. All past Community Chat webinars are also available under that selection. If you need help accessing the webinar replay, or if your company […]
Nucor made waves in the sheet market when it announced on Friday that it would begin publishing a weekly hot-rolled (HR) coil price. The Charlotte, N.C.-based steelmaker arguably made even bigger waves on Monday when it posted its first weekly HR number: $830 per short ton. That’s $70/st lower than the $900/st HR price Cliffs announced in late March. It’s also lower than prices in the mid-$800s that other mills were (less publicly) seeking.
Cleveland-Cliffs and the Global Steel Climate Council (GSCC) are two of the newest members to join the World Steel Association (worldsteel).
Nucor said its spot hot-rolled (HR) coil price this week will be $830 per short ton (st).
They say all’s fair in love and war. But that doesn’t seem to be the case in steel. Being deemed “unfair” could get you slapped with shiny new Section 232 tariffs these days. Then again, “unfair” implies a judge. And people on opposing sides seldom agree with the judgment. Such seems to be the current case between the US and Mexico.
The Biden Commerce Department just issued a broad rewrite of regulations dealing with a host of antidumping and countervailing duty issues. This week, I write about one of those issues, where it looks like Commerce made a wrong turn.
April scrap prices came in sideways in the US, sources told SMU.
Mercury Resources CEO Anton Posner will be the featured speaker on SMU’s next Community Chat webinar on Wednesday, April 10, at 11 a.m. ET. The live webinar is free. You can register here. A recording of the webinar and the slide deck will be available only for SMU members.
Sheet prices continue to inch higher. That’s a welcome development for many. But it’s also a far cry from the price surge many predicted about a month ago. Remember the theory that supported a spring surge: Sheet prices would soar on a combination of mill outages, stable-to-strong demand, restocking, mill price increases, and (potentially) trade action against Mexico as well.
It has been six weeks since Flack Global Metals wrote our last SMU column, and if you simply look at the futures curve from then (blue) until now (white), you could argue that very little has changed.
The US Department of Commerce’s International Trade Administration (ITA) has revised upwards the antidumping duty (AD) rates on imports of cold-rolled steel flat products from two South Korean producers.
A prominent US senator has asked the White House to investigate Nippon Steel Corp.’s (NSC) ties to China as the Japanese steelmaker seeks to acquire U.S. Steel.
On the eve of the April ferrous scrap buy, there is no firm consensus on the market’s direction. The safe predictions are “soft” sideways to “strong” sideways. That may mean down $10 per gross ton (gt) to up $10/gt.
Cleveland-Cliffs’ Lourenco Goncalves said the company is still interested in acquiring U.S. Steel, though no bid is currently on the table, according to a local report.
There is growing hope that the US scrap market has bottomed, according to industry sources. The steep price declines in March may have ushered in a floor because dealers say their stocks are a bit depleted. Their concern: that the flow of obsoletes could be cut severely with any further drop in prices. Is this wishful thinking, or do the fundamentals support the prediction of a market bottom? Let’s take a look!
Steel companies in Mexico have lined up capex plans totaling $5.7 billion in the next three years. The focus is on replacing imports with domestic production, said David Gutierrez, outgoing president of sector association Canacero. “The investments are aimed at reducing imports, strengthening national production, and ensuring that the benefits stay in the country,” he was quoted as saying at Canacero’s annual congress by regional news service Business News Americas.