A temporary prohibition on shipments of ferrous scrap abroad is necessary to provide Ukraine’s steel producers with strategically important raw materials as the war with Russia continues, according to Oleksandr Kalenkov, president of sector body Ukrmetallurgprom. “If scrap metal remains in the country, more than 500,000 people will have a job, and the country will […]
US steel mill shipments declined 3.2% in February vs. January, and were off 4.4% from February 2022, the American Iron and Steel Institute (AISI) reported on Wednesday. Domestic steel mills shipped 6,917,842 net tons in February, compared with 7,148,270 tons in January and 7,232,679 tons in the same month a year earlier. AISI said that shipments […] The post US Steel Shipments Fall in February: AISI appeared first on Steel Market Update.
A plume of orange smoke was reported over the weekend at US Steel’s Gary Works in Indiana, according to the Times of Northwest Indiana (NWI). The Indiana Department of Environmental Management is investigating the incident, according to NWI. No production issues were associated with the situation, a spokesperson for the Pittsburgh-based steelmaker told SMU. “We are […] The post Orange Smoke Seen Over USS Gary Works appeared first on Steel Market Update.
Directors of Canadian miner Teck Resources have unanimously turned down what it described as an “opportunistic acquisition proposal” from Glencore. The offer values the Canadian miner at around US$23 billion (€21 bn). Glencore made the move soon after Teck announced first copper production from the QB2 expansion at Quebrada Blanca, Chile. Teck’s CEO Jonathan Price […] The post CRU: Teck Rejects Glencore’s Unsolicited Offer appeared first on Steel Market Update.
The percentage of steel buyers finding mills willing to negotiate prices slipped below 25% this week, according to SMU data. Across the products surveyed by SMU, cold rolled took the largest tumble, falling 10 percentage points to 19% of respondents saying mills were willing to talk price. Every two weeks, SMU asks steel buyers whether domestic mills are […] The post Steel Buyers Say Mills Less Willing to Negotiate Prices appeared first on Steel Market Update.
The General Motors Co. (GM) recently recognized its top suppliers at its annual Supplier of the Year event in San Antonio, Texas. The Supplier of the Year award honors outstanding international suppliers who exceed GM’s requirements. Among the award winners were steelmakers Cleveland-Cliffs Inc., Nucor Corp., and Companhia Siderurgica Nacional (CSN). “We are thrilled to […] The post Steelmakers Named in GM’s Top Suppliers Awards appeared first on Steel Market Update.
The spread between hot-rolled coil (HRC) and prime scrap prices has widened significantly in March as both products saw large price gains, according to Steel Market Update data. With a flurry of recent price increases, our hot-rolled coil price average jumped $25 per ton week over week to $1,140 per ton ($57 per cwt) as of March 21. […] The post HRC, Prime Scrap Price Spread Widens Further in March appeared first on Steel Market Update.
Existing home sales rebounded in February from January, swinging positive for the first time in 13 months, according to the National Association of Realtors (NAR). However, all four major regions in the US registered year-over-year (YoY) drops, though month-on-month (MoM) sales were up among the four regions, NAR said. Sales of existing homes surged 14.5% […] The post Existing Home Sales Rose in February: NAR appeared first on Steel Market Update.
March scrap prices have settled up across the board after extensive trading. As previously reported, mills were resistant and prices were up. With prime scrap reportedly hard to obtain, March prices settled up nearly $100 per gross ton above February, market participants said. And it doesn’t appear this prime scrap rally is ending this month. […] The post March Scrap Prices Shoot Up, Prime Up Nearly $100/ton appeared first on Steel Market Update.
More than three-quarters of US metro areas added construction jobs year-over-year (YoY) through January, according to Associated General Contractors of America (AGC) figures. Despite the employment boost, construction firms struggled to find enough qualified workers to hire, the report said. The report cautioned that projects may stall or be canceled altogether if contractors lack an […] The post AGC: Most Cities Added Construction Jobs in January appeared first on Steel Market Update.