Construction spending dropped from the previous month to a seasonally adjusted annual rate of $1.285 trillion in March, but was still up compared to a year ago, according to an analysis of new Census data by the Associated General Contractors of America. AGC officials blamed the decline on drops in private sector construction as new […]
The American Institute for International Steel and the Coalition of American Metal Manufacturers and Users expressed their disappointment in the Section 232 announcement last night. AIIS President Richard Chriss and CAMMU issued the following statement: We are disappointed that the president did not act last night to end the uncertainty in the metals market by […]
Supply executives report that new orders, production and employment are growing, according to the latest survey by the Institute for Supply Management. The April PMI in the ISM Report on Business registered 57.3, a two-point decline from March. Most of the components of the PMI registered a decrease in percentage points from March, but were […]
Trade attorney Lewis Leibowitz provided Steel Market Update information regarding the White House decision made earlier this evening (Monday) regarding exclusions for various countries from the Section 232 steel and aluminum tariffs. Here is what Leibowitz had to say: At about 10:00 PM on Monday evening (tonight), the White House announced that tariffs would not […]
Metalforming manufacturers are expecting steady business conditions during the next three months, according to the April 2018 Precision Metalforming Association (PMA) Business Conditions Report. PMA members, however, are seeing negative impacts from the Section 232 aluminum and steel tariffs. Orders are expected to remain steady in the next few months. Manufacturers said daily shipping levels […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Product Exclusions—The Latest No objections to product exclusions had been posted on the regulations.gov website as of April 29. The BIS regulations require objections to be submitted to BIS within 30 days after a request has been posted. […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on events in Washington: Product Exclusions—The Latest No objections to product exclusions had been posted on the regulations.gov website as of April 29. The BIS regulations require objections to be submitted to BIS within 30 days after a request has been posted. […]
ITR Economics continues to expect economic growth in 2018 followed by a mild recession in 2019. Concern over looming tariffs aligns with the HARDI/ITR quarterly forecast of macroeconomic deceleration in the U.S. economy late in 2018. Steel Market Update is a member of an association connected to the construction industry called HARDI, the Heating, […]
Just days before the U.S. is due to announce if it will extend the steel tariff exemptions it granted to its closest trading partners, officials in Canada announced plans to strengthen border enforcement to prevent transshipments and diversion of unfairly priced steel into North America. It’s difficult not to see a link between Canada’s announcement […]
Reliance Steel & Aluminum reported record sales of $2.47 billion and record shipments of 1.6 million tons in the first quarter of 2018. “The positive pricing and demand fundamentals experienced in the fourth quarter of 2017 continued through the first quarter of 2018, with pricing momentum building throughout the quarter,” said President and CEO Gregg […]
NAFTA negotiators are working feverishly to reach an agreement in principle by May 4. U.S. Trade Representative Robert Lighthizer canceled plans to meet with lawmakers from the New Democratic Coalition in favor of continuing meetings with his Canadian and Mexican counterparts. The Coalition, composed of 68 pro-trade House Democrats, hoped to have a chance to […]
As a group, flat rolled steel buyers are of the opinion that prices on hot rolled, cold rolled and coated products have plateaued over the near term. However, to a person, the buyers are waiting for May 1st to arrive and then see how President Trump, USTR Robert Lighthizer and the Department of Commerce handle […]
It will be a busy week in Washington. Tariffs and their consequences will play a large role in this week’s events, reports trade attorney Lewis Leibowitz: • French President Emmanuel Macron is in Washington to discuss a number of issues, including the Iran nuclear deal and the Middle East. Steel and aluminum tariffs will not be at […]
Billings at architecture firms slowed in March but remained in expansion territory at an Architecture Billings Index score of 51.0, down one point from February. Inquiries and value of new design contracts remained generally strong overall, reported the American Institute of Architects, although firms reported concern about planned U.S. tariffs on steel and aluminum. The […]
The prices of scrap and iron ore advanced in April, but coking coal and zinc declined. To put the raw materials analysis into perspective, Figure 1 shows the spread between Chicago #1 busheling and hot rolled coil ex works Indiana through April 13, both in dollars per net ton. The spread at $538.50 is now […]
The following article on the hot rolled coil (HRC) futures market was written by David Feldstein. As the Flack Global Metals Director of Risk Management, Dave is an active participant in the hot rolled futures market, and we believe he provides insightful commentary and trading ideas to our readers. Besides writing futures articles for Steel […]
U.S. manufacturing groups claiming to represent more than 30,000 users of steel and aluminum announced a new coalition Wednesday to oppose the Trump administration’s Section 232 tariffs. The Coalition of American Metal Manufacturers and Users includes the Industrial Fasteners Institute, the National Tooling & Machining Association, the North American Association of Food Equipment Manufacturers, the […]
The European Union has thrown down the gauntlet to the U.S. regarding trade negotiations. EU Trade Commissioner Cecilia Malmström said there will be no future trade talks with the U.S. until the EU receives a permanent exclusion from tariffs on steel and aluminum. No concessions will be made to the U.S. to receive the exclusion, […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on recent events in Washington: • By my count, the Bureau of Industry and Security at Commerce has posted 82 exclusion requests for steel and aluminum combined. The Washington Post reported that 1,200 requests had been submitted to BIS. The NPR program Marketplace yesterday […]
Trade attorney and Steel Market Update contributor Lewis Leibowitz offers the following update on recent events in Washington: • By my count, the Bureau of Industry and Security at Commerce has posted 82 exclusion requests for steel and aluminum combined. The Washington Post reported that 1,200 requests had been submitted to BIS. The NPR program Marketplace yesterday […]
Economic activity continued to expand at a modest to moderate pace across the 12 Federal Reserve Districts in March and early April. Outlooks remained positive, but contacts in various sectors including manufacturing, agriculture and transportation expressed concern about the newly imposed or proposed tariffs on steel and aluminum. The Fed’s latest Beige Book released on […]
Attorney and SMU contributor Lewis Leibowitz offers the following update on trade developments in Washington: This week saw some important developments. Very few people have the slightest idea where all the talk on national security, intellectual property, NAFTA renegotiation and tariffs is actually going. At this point, the only trade restrictions are on steel and aluminum, […]
Much has been made of the downshift in automotive and its impact on steel demand, but “let me put you at ease about the market slowdown,” said auto analyst Bernard Swiecki with the Center for Automotive Research. Speaking at the Fabricators and Manufacturers Association annual meeting March 8 in Scottsdale, Ariz., Swiecki told the group the […]
Trying to predict the price of a metal is an exercise in futility, but MetalMiner strives to provide metal buying organizations with clarity around when and how much to buy, says Lisa Reisman, MetalMiner Executive Editor. Reisman will make another appearance at Steel Market Update’s 2018 Steel Summit Conference, set for Aug. 27-29 at the […]
Construction costs climbed in March on a wide range of building materials, according to an analysis of Labor Department data by the Associated General Contractors of America. The producer price index for input goods to the construction industry rose at its steepest year-over-year rate since 2011. The goods index climbed 0.8 percent in March alone […]
On Monday, April 9, trade attorney Lewis Leibowitz shared the following observations regarding Section 232, Section 301 and other trade-related issues with Steel Market Update. Here is what he had to say: Another eventful day in Washington. Stocks rallied today as fears of a trade war “eased,” at least in the minds of Wall Street […]
President Xi Jinping announced today that China will significantly open access to its economy including lowering import tariffs on automobiles and recognizing and enforcing intellectual property rights. In a speech at the Boao Forum for Asia Annual Conference, Xi promoted his country as a leader in the global free market as the Trump administration threatened […]
EPA Administrator Scott Pruitt announced last week that the agency plans to roll back the Obama-era standards for fuel efficiency and greenhouse gas emissions. The Obama administration’s goals “don’t comport with reality and are too high,” Pruitt said. Offering no details of the plan, he added, “The EPA will set a national standard for greenhouse […]
The U.S. Environmental Protection Agency announced April 2 that it plans to lower the standards for vehicle tailpipe emissions, making it easier for automakers to achieve federal environmental targets. Based on information from the recently completed midterm evaluation of standards for cars and light trucks in model years 2022-25, EPA Administrator Scott Pruitt said the […]
A lot is going on in shipping markets as uncertainty regarding the U.S. trade situation takes hold. Tariffs are expected to affect import volumes at coastal and inland ports. Truck availability continues to be an issue with the flatbed load-to-truck ratio soaring past 100 last week and prices on the increase. Barges are frustrated by […]