Antidumping and countervailing duties on imports of steel wire rod from a handful of countries will remain in place for another five years. The US International Trade Commission (ITC) made its final decision in an expedited sunset review of the AD duties on wire rod from Belarus, Italy, Russia, South Africa, South Korea, Spain, Turkey, […]
The US Federal Reserve said that overall economic activity has inched up since May in its latest Beige Book Report released on July 12. The Beige Book is a compilation of information on current economic conditions, gathered by each district Federal Reserve Bank, and is published eight times per year. The newest report by the Fed on the state […]
The US Federal Reserve said that overall economic activity has inched up since May in its latest Beige Book Report released on July 12. The Beige Book is a compilation of information on current economic conditions, gathered by each district Federal Reserve Bank, and is published eight times per year. The newest report by the Fed on the state […]
Steel prices continued to erode in June, a trend that began halfway through April. Hot-rolled coil (HRC) prices ended June at $875 per ton (43.75 per cwt) on average, falling by $115 per ton throughout the month. The SMU Price Momentum Indicator for sheet products remained shifted to Neutral halfway through June, after turning Lower […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, import offers, and inventory. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! Contact david@steelmarketupdate.com to be included in […]
The US hot-rolled coil (HRC) premium over offshore product has changed little over the past few weeks, as both prices abroad and stateside have inched up in tandem recently, according to SMU’s latest foreign vs. domestic price analysis. HRC tags stateside are still down $280 per ton since peaking at $1,160 per ton back in […]
I’d halfway expected to see hot-rolled coil prices come down this week. A few of you made the case for price declines. The logic: softer demand meeting increased domestic supply and higher import volumes. Some of you also noted that lead times, while not bad, were hardly strong enough to support another round of price […]
US steel imports climbed in June to the highest monthly level over the past 12 months, based on June import license data compiled by the US Department of Commerce. Import license applications reached 2,803,597 net tons in June, according to Commerce’s license count as of July 5. This was a 20.7% spike from the month […]
US Trade Representative Katherine Tai met on Thursday in Cancun, Mexico, with Mexico’s Secretary of Economy, Raquel Buenrostro, where the two discussed confronting steel imports, among other issues. In a press release, the USTR said she spoke with Secretary Buenrostro regarding “the importance of addressing the recent surge of imports of steel and aluminum products, and […]
Lead times were broadly stable this week, with sheet products rising modestly and plate unchanged from SMU’s market check two weeks ago. More meaningful movements in lead times should be seen in the coming weeks as buyers return to the market after the Fourth of July holiday. Should the mills’ recent sheet price hikes take […]
The US manufacturing sector receded for the eighth consecutive month in June, according to the latest monthly report on business from the Institute for Supply Management (ISM). The ISM’s manufacturing PMI was 46% in June, 0.9% lower than May. The reading marks the seventh month of contraction following a 30-month period of expansion in the […]
SMU will be celebrating Independence Day along with the rest of you, so we won’t have an issue on Tuesday, July 4. I’ve highlighted three things to think about in the meantime whether you’re traveling to visit friends and family, stocking up on fireworks, or planning a quiet BBQ. Have Prices Found a Floor? We’ve […]
Occasionally, a story jolts you awake. You realize how much things have changed—once, a pro-trade remark from a senior government official was routine. Now, it is remarkable. Last week the President’s Export Council (PEC), an advisory group currently chaired by Mark Ein of Kastle Systems, met for the first time since the Obama administration. The […]
With the US aluminum industry at a critical juncture, a new report is highlighting ways the Biden administration can use the Global Arrangement for Sustainable Steel and Aluminum (GASSA) to help the struggling domestic industry. Recall CRU’s aluminum analysts have previously shared with SMU the nightmare US aluminum smelters have been facing when it comes […]
US hot-rolled coil (HRC) remains at a premium to offshore product, even as recent price declines have brought domestic hot band to its lowest mark since mid-February, according to SMU’s latest foreign vs. domestic price analysis. HRC tags stateside are down $285 per ton since peaking at $1,160 per ton back in mid-April, and are […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, and import offers. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! Contact david@steelmarketupdate.com to be included in our […]
Our HRC price is flat this week, and there is a roughly 50/50 split between those who think the $50-per-ton sheet price hikes announced earlier this month will stick and those who think they won’t. I’m not going to weigh in on which side could be right. But it doesn’t appear to have fazed domestic mills, […]
In May’s preliminary count, total US steel imports came in below import licenses tallied for the month. At the same time, however, flat-rolled steel imports came in higher than licenses originally suggested, according to the latest data from the International Trade Administration’s (ITA’s) steel import monitor. SMU’s previous analysis of May import data showed 2,395,039 […]
The Leveling the Playing Field 2.0 Act introduced into Congress earlier this month is aimed at modernizing our trade laws for the 21st century, making sure they are strong and enforceable, according to Washington-based law firm Wiley Rein’s Tim Brightbill. Brightbill, partner and co-chair of the firm’s International Trade Practice, recently sat down with SMU to discuss […]
A rare state visit by Prime Minister Narendra Modi of India culminated in a joint statement by President Biden and the prime minister last Thursday. This was a blockbuster statement, covering 58 paragraphs and resolving or narrowing differences on a host of issues. Some disputes had been festering for years. Despite pre-meeting statements advising that […]
European sheet prices have declined sharply by €112-146 per metric ton ($110-144 per net ton) month-on-month (MoM), around 12-18% across all sheet products. In CRU’s latest assessment, German hot-rolled coil decreased by €125 MoM to €689 per metric ton ($680 per net ton), while Italian HR coil saw a drop of €146 to €657 per […]
CRU research manager Stephen Williamson shares an update on the aluminum market and pricing with SMU readers. This article was written The LME rallied in the days following the debt ceiling resolution by Congress and the price of aluminum pressed towards $2,300 per metric ton. This week, however, the price fell back through a key […]
US mills are now seeking as much as $950 per ton ($47.50 per cwt) for hot-rolled coil after the latest round of price hikes. The big question remains whether that figure will stick, “stop the bleeding,” or if it risks failing. It’s too early to provide any concrete answers to that. Our latest market survey found […]
Offshore hot-rolled coil (HRC) remains at a discount to domestic product, though the US premium is at its lowest mark in nearly four months, according to SMU’s latest foreign vs. domestic price analysis. Prices for hot band stateside have eroded sharply over the past few weeks, down $115 per net ton so far in June, […]
In SMU’s market check this week, lead times for sheet and plate pulled back to some of the shortest times seen in several months. To see lead times this short, we have to go back to March for plate, January for galvanized sheet, and December for hot-rolled, cold-rolled, and Galvalume sheet. With mills pushing for […]
The Biden administration over the last few months has articulated the need for a new global economic order. But to date, there is little in the way of ideas for implanting that order. Mostly, Katherine Tai, the US Trade Representative and Jake Sullivan, the National Security Advisor, have spoken about what’s wrong with the economic […]
A bipartisan group of 36 members of Congress have expressed their concerns over potential tariffs on tin mill steel products. In a letter to the US International Trade Commission and Department of Commerce on June 12, the group said that the antidumping investigation on tin mill products brought forth by Cleveland-Cliffs earlier this year can […]
Offshore hot-rolled coil (HRC) remains at a discount to domestic product, as prices abroad have eroded at a faster pace than tags stateside, according to SMU’s latest foreign vs. domestic price analysis. While prices of both imported and domestic hot band continue to decline, domestic HRC’s declines have not been consistently as sharp as the […]
The US Federal Reserve has taken some pressure out of the market by announcing a pause in interest rate hikes, leaving rates at 5% to 5.25% after more than a year of consecutive rate increases. The decision on Wednesday came a day after official figures showed US inflation was 4% – the lowest pace of […]
On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel prices, demand levels, and import offers. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your thoughts, too! Contact david@steelmarketupdate.com to be included in our […]