When you step out of the airport in Phoenix in June, the heat tends to focus your mind. I was in town to attend the Steel Manufacturers Association/Metals Service Center Institute (MSCI) annual meeting in Scottsdale, Ariz. The desert locale with palm trees, swimming pools, and the obligatory high-powered air conditioning was fitting for 2024. Between the presidential election and the geopolitical situation, things have definitely been heating up.
US sheet prices remained on a downward course again this week amid chatter in some corners about a potential broader slowdown in demand. SMU’s hot-rolled (HR) coil price now stands at $730 per short ton (st) on average, down $20/st from last week and down $115/st from a recent high of $845/st in early April. […]
President Joe Biden announced that the US will extend the suspension of Section 232 tariffs on steel products imported from Ukraine for another year. The Biden administration first lifted the 25% Section 232 tariffs on steel imports from Ukraine after the breakout of war with Russia in 2022. The initial waiver was good for one […]
Russel Metals has received regulatory approval from the Canadian government to proceed with its planned acquisition of seven service center locations from Samuel, Son, & Co. Mississauga, Ontario-based Russel said on Tuesday that it received a “no-action” letter from the Canadian Competition Bureau confirming that the agency does not intend to challenge the proposed transaction. […]
Raw steel production in the US moved higher for a fifth straight week, the American Iron and Steel Institute (AISI) reported on Monday. AISI said US mills, operating at 78.5% of capabilities, produced an estimated 1,743,000 short tons (st) of raw steel in the week ended June 1. This was a 0.5% rise from the […]
US manufacturing activity contracted in May for the second month in a row, according to the latest report from the Institute for Supply Management (ISM). After a brief expansion in March, ISM’s manufacturing index has since returned to contraction, where the manufacturing sector has been for 18 of the last 19 months. The ISM Manufacturing […]
There seems to be more question than usual about which way prices will go over the next few weeks. There is talk in some corners that Nucor’s announced $760 per short ton (st) for HR through mid-May, and subsequent increases marked a public attempt to call a price bottom. (Our price announcement calendar here is […]
As the US slides further into protectionism as the solution for our trade problems, a solution that will put us in a position to succeed in the growing economic battle with China is yet to be discovered. The tariffs on China, which President Biden doubled down on, are not working—at least if the goal to out-compete China and other growing economies. China is not our only problem. But it is our No. 1 challenge right now, in geopolitics, potential hostilities, and economics. EVs are a sign of this challenge.
A roundup of aluminum news from CRU.
Economic growth was modest, at best, from April through early May in most economic districts observed by the Federal Reserve.
We’re just a few months away from SMU’s Steel Summit 2024 – North America’s premier flat-rolled steel conference.
Hot-rolled coil prices are known for their volatility. There are a variety of hedging strategies industry players have used to manage it, one of them being the use of HRC futures. However, some have been hesitant to dip in their toe, and their money, in futures and have preferred other approaches.
Offshore cold-rolled (CR) coil prices remain significantly cheaper than domestic product. That remains the cause even as US CR coil prices continued to tick lower. All told, US CR prices are now 17.6% more expensive than imports. While still high, that premium is down from 19.4% last week and down from 31.5% in early January.
S drill rig activity held steady last week, remaining near two-year lows according to the latest update from Baker Hughes
Steel sheet prices across most regions of the world were little changed this week. European buyers remain cautious regarding their outlook towards end-use demand and largely remained out of the market. A similar trend was seen across Asia, although skepticism on real estate stimulus measures in China led to w/w price falls. In the US, […]
We have highlighted a few significant moment in steel history in our last few Final Thoughts crosswords. This week we decided to dedicate the entire crossword to history.
Most metalformers expect economic activity to be level to down over the next three months, according to the May Business Conditions Report from the Precision Metalforming Association (PMA).
Steel imports jumped from March to April and are looking nearly as strong for May, according to updated Census data released earlier this week.
The US OCTG Manufacturers Association (USOMA) announced that the US Customs and Border Protection (CBP) agency made an initial affirmative determination of duty evasion practices.
U.S. Steel and Nippon Steel Corp. (NSC) said they have received all regulatory approvals outside of the US for the proposed sale of USS to the Japanese steelmaker.
US hot-rolled (HR) coil prices ticked down further this past week, moving closer to parity with offshore hot band prices on a landed basis. This week, domestic HR coil tags were $750/st on average based on SMU’s latest check of the market on Tuesday, May 28.
Reibus International Inc. is a growing and maturing company, finding its way in the world of steel. Like any youngster, it is moving through growing pains and pushing through to reach new heights. After rapid growth in its infancy, six-year-old Reibus is now naturally transitioning from being a founder-led company to a management-led one, according to its new leader, Jared Rowe.
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.
Sheet prices slipped again this week on a combination of moderate demand, increased imports, and higher import volumes.
Let's take a collective deep breath ::in:: and ::out::... And we're back. But where exactly are we? Are steel prices going up or down? Is demand really decelerating or is it an illusion? How is the market navigating the new mill pricing mechanisms?
Raw steel production in the US inched higher for a fourth consecutive week, the American Iron and Steel Institute (AISI) reported on Tuesday.
Prices for galvanized products have fallen from last month, and many market participants expect tags to continue their descent or at best remain flat in the month ahead.
The Biden administration recently announced tariffs on several products from China, including steel and aluminum. There has been much rejoicing over this move and there has been a great deal of support from the steel industry.
Nucor’s Consumer Spot Price (CSP), a legitimate mill offer price, is a potential disruptor to North American steel sheet commercial and procurement strategies. We will dive into the details of what we think the CSP is and why we believe it is a potential disruption to how the North American sheet market operates.
US drill rig activity eased further last week, receding to levels last seen at the start of 2022 according to the latest update from Baker Hughes