World crude steel production lost momentum in June after repeated months of record-breaking output, according to World Steel Association (worldsteel) data. Global production in June, at an estimated 167.9 million metric tons, declined 3.7% from May, but was still 12.0% higher than the same period last year. Since March’s historic 12.7% jump, world crude steel production […]
Reliance Steel & Aluminum Co.’s sales soared to a record of $3.42 billion in the second quarter on shipments of 1.424 million tons. Sales were up 20.4% from the previous quarter and up 69.3% from the same period last year. The record-setting results for the largest service center in North America were due primarily to the […]
Demand for design services from U.S. architecture firms continued to increase in June, said the American Institute of Architects. AIA’s Architecture Billings Index reached 57.1 in the month, 1.4 points lower than May but still in growth territory. The billings index has expanded every month since January. The index for new design contracts declined 4.3 points from […]
Existing-home sales rose in June, ending a four-month decline, reported the National Association of Realtors. Three of the four major U.S. regions registered small month-over-month gains, while the South was sideways. All four areas saw double-digit gains year on year. June sales rose 1.4% from May to a seasonally adjusted annual rate of 5.86 million. […]
SSAB Americas reported record profits on shipments totaling 494,000 metric tons in the second quarter, up 2% from the previous quarter and up 6% when compared to the same year-ago period. Demand for heavy plate remained strong across most consumer segments, the company said. Sharp increases in steel prices pushed revenues up 32% from the […]
Nucor has agreed to buy racking and hollow structural section (HSS) manufacturer Hannibal Industries Inc. for $370 million. “Acquiring Hannibal Industries gives us a new growth platform and broadens our offering to the fast-growing warehouse channel,” Nucor President and CEO Leon Topalian said. “This acquisition reflects our strategy of expanding beyond our core steel businesses and establishes […]
Builder confidence slip modestly in July on high raw material costs and a shortage of skilled labor, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The index edged down one point to a reading of 80 last month. The dip in the index – a measure of builder confidence in […]
The average utlization rate for U.S. steel mills reached 84.1% in the week ending July 17, while domestic raw steel production totaled 1,859,000 net tons, up for the third consecutive week, according to the American Iron and Steel Institute (AISI). Weekly output was up 0.4% when compared with the week prior when production was 1,852,000 […]
Housing starts accelerated in June, jumping 6.3% from May to a seasonally adjusted annual rate of 1.64 million units, according to the latest data from the U.S. Census Bureau and the Department of Housing and Urban Development. Single-family starts increased 6.3% to a 1.16 million seasonally adjusted annual rate, while construction on homes of five […]
Testifying before Congress last week, National Association of Home Builders (NAHB) CEO Jerry Howard called on lawmakers to enact key policies that will ensure access to good housing for all Americans. During the subcommittee hearing, Howard noted that such policies will help home builders expand the housing supply, reduce the housing deficit and improve housing […]
Construction employment trails pre-pandemic levels in more than three-quarters of U.S. states, reports the Associated General Contractors of America in its latest analysis of government data. June’s employment totals in 39 states show that the construction sector remained below the levels reached before the pre-pandemic peak in February 2020. Supply chain challenges and rising materials prices […]
Producer prices continue to rise into the summer months showing no signs of slowing down. The index and subcategories for final demand have not only recovered from the collapse seen at the onset of COVID-19 but have now surpassed pre-pandemic levels. Since the repeated decreases from February through April of 2020, the composite Producer Price […]
Steel Market Update’s latest analysis of monthly Key Market Indicators highlights that the road to recovery from the COVID-19 doldrums is far from over. Markers for the Present Situation have contracted a bit while Trends show small but positive moves from a month ago. The markers are not necessarily an evaluation of the economy’s journey from affliction to […]
Mill shipments of steel products rose in May by 1.9%, rebounding from the 2.0% decline seen the month prior, while apparent supply was up 1.7% compared to April. Although mill shipments and apparent supply gains have decelerated from the nearly 20.0% rally seen in March, May’s gains were the third increase in as many months […]
Steel Market Update is pleased to share this Premium content with our Executive members. For information on how to upgrade to a Premium-level subscription, email Info@SteelMarketUpdate.com. Steel demand continues to outpace supplies in the U.S., leading to one price increase after another. Buyers are struggling to source enough steel to meet their customers’ needs and […]
This report examines the import share of tubular and long products shipments. Imports’ share of total tubular products rose to 47.9% in May, up from 46.6% in April. Total tubular imports rose by 6.4% month on month, while domestic shipments ticked up only slightly by 0.4% during the same period. Overall supply was up as […]
Big River Steel plans to take a week-long plant-wide maintenance outage in October at its mill in Osceola, Ark., a company spokeswoman confirmed. The planned outage, for normal preventative maintenance and mill reliability, is scheduled to start on Oct. 10, she said. The scheduled maintenance includes both electric-arc furnaces (EAFs)—with annual production capacity of 3.3 […]
The U.S. construction sector lost momentum in May as the industry continues to deal with the effects of the COVID pandemic. Growth remains uneven across sectors as many continue to work through supply chain disruptions, rising materials prices and labor shortages. Total construction spending during May, at a seasonally adjusted annual rate, was $1.545 trillion, […]
U.S. mills produced steel at an average utilization rate of 83.6% last week, the highest rate in more than a decade as they scramble to keep up with the strong demand in today’s economy. Raw steel production by U.S. mills totaled 1,852,000 net tons in the week ending July 10, up 0.5% compared with the week […]
Auto assemblies in North America rose further in June despite a continued struggle with the global semiconductor shortage. Some automakers in the region—including GM and Toyota—were able to ramp up production and shipments after securing enough microchips, pushing the annual rate in the North American region up by 16.4% month on month, according to LMC […]
Raw steel production by U.S. mills totaled 1,842,000 net tons in the week ended July 3, up 0.4% compared with the week prior when production was 1,835,000 net tons. The average mill utilization rate was 83.0%, up 0.3% week on week, based on the available data compiled and reported by the American Iron and Steel […]
“June saw surging demand drive another sharp rise in manufacturing output, with both new orders and production growing at some of the fastest rates recorded since the survey began in 2007,” said Chris Williamson, chief business economist at IHS Markit, reporting that the research firm’s U.S. Manufacturing Purchasing Managers’ Index (PMI) posted a robust 62.1 […]
U.S. steel product shipments rebounded in May, up 3.1% following a 7.1% decrease the month prior. Steel product shipments have been irregular from month to month since bottoming out in May 2020. The seesaw pattern over the past year is attributable to several factors including mill outages, factory curtailments and seasonal disruptions as the marketplace […]
The U.S. labor market accelerated in June, seeing the largest gain in 10 months, reported the U.S. Bureau of Labor Statistics (BLS). The latest data shows a surge of 850,000 new workers added to payrolls in June after a spring lull. Wages also saw noticeable improvements, both positive signs of growing demand for workers. Following a disappointing jobs […]
The U.S. economy continued to push forward in June, the labor market recovery accelerating after a weaker-than-expected showing in April. Employers added a net 850,000 jobs last month, according to the Bureau of Labor Statistics (BLS), the most added in one month since last August and outpacing the consensus expectation from market experts. Despite the […]
Supply chain disruptions, rising materials prices and labor shortages continued to slow construction spending in May, reported the Associated General Contractors of America (AGC). Officials with the association called on the Biden administration to remove tariffs on key construction materials, allow unemployment supplements that are keeping people out of the workforce to expire and take steps to […]
Construction employment declined again in June, the fourth time in the past five months, according to an analysis of government data by the Associated General Contractors of America (AGC). Construction employment totaled 7,410,000 in June, down 7,000 from the revised May total. The June total remained 238,000 or 3.1% below February 2020, before the pandemic stalled […]
There are many roads to a Paris Accord-aligned carbon emissions target, but few steel-specific pathways, said BHP Billiton Chief Economist Huw McKay during CRU’s Steel Decarbonization Strategies 2021 Virtual Conference last week. BHP’s top economist said steel emissions have roughly doubled over the past three decades due to rising demand and production despite major efficiency […]
The Chicago Business Barometer fell to a four-month low in June with a PMI reading of 66.1, according to MNI Indicators. The June PMI slipped 9.1 points from May. Through Q2, however, the index jumped by 7.9 points to 71.1, its highest quarterly reading since Q4 1973. Demand was not as robust as anticipated. Supplier […]
U.S. GDP grew by 6.4% in the first quarter of 2021 on an annualized basis, according to the Bureau of Economic Analysis’ (BEA) third and final revision. The third revision saw no change in overall GDP compared to the advance and second estimates; however, upward revisions to nonresidential fixed investment, private inventory investment, and exports […]