Section: News

Manufacturing business activity increased for the first time in New York state in five months, according to the latest Empire State Manufacturing Survey taken between April 3-10. The New York Fed’s Empire state headline general business conditions index jumped 35 points month-over-month to 10.8, as new orders and shipments rose as well. The survey’s new orders […] The post Empire State Manufacturing Index Soars in April appeared first on Steel Market Update.

CRU expects metallics prices to continue trending down in May 2023 as supply will continue to outpace demand in most markets.  In the US, obsolete scrap prices are expected to move lower as the inflow to scrap yards will pick up seasonally, and dealers get more inclined to sell. In Europe, the macroeconomic environment will […] The post CRU: Scrap Prices to Trend Further Down in May 2023 appeared first on Steel Market Update.

Commodity trader and mining company Glencore intends to partner two companies to tackle what it describes as one of the biggest medium- to long-term challenges in the battery sector: recycling lithium-ion batteries through establishment of a purpose-built plant.  The Switzerland-based group’s partners in Spain and Portugal will be industrial and commercial waste management company FCC […]

Hot-rolled coil prices marked a third consecutive week of very modest gains amid questions about whether the market was at or near a peak. Steel Market Update’s hot-rolled coil prices stands at $1,160 per ton ($58 per cwt), up $5 per ton from last week. HRC prices have risen only $20 per ton since March […] The post SMU Price Ranges: HRC Gains Slow, Plateau or Inflection Point? appeared first on Steel Market Update.

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.