Articles in Category: Ferrous Metals

MetalMiner logoThis morning in metals news: an upcoming MetalMiner webinar will cover the signs metals buyers should look out for when assessing when allocation markets might be coming to an end; meanwhile, Ford Motor Co. took home a prize for advanced high-strength steel innovations; and, lastly, steel prices continue to rise.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

Upcoming MetalMiner webinar

On Thursday, May 27, the MetalMiner team will host the next installment of our monthly webinar series. This time, participants will gain some insights about allocation markets and shortages. For example, what signs should buyers monitor to know when shortages are beginning to ease?

The 30-minute webinar begins at 11:30 a.m. CDT, Thursday, May 27. Registration is free. To sign up, visit the event’s registration page.

The webinar will be recorded, so those who miss it will be able to watch it later on-demand.

Meanwhile, MetalMiner CEO Lisa Reisman and Vice President of Business Solutions Don Hauser joined Roth Capital Partners yesterday for a webinar on metals pricing, supply and demand.

If you missed it and are interested in the conversation, register on the Roth website for access to the recording on-demand.

Read more

This morning in metals news: UC Rusal will demerge its high-carbon assets; meanwhile, steel industry groups issued a renewed call to the Biden administration to ask him to keep the Section 232 steel tariff in place; and the copper price has picked back up this week.

You want more MetalMiner on your terms. Sign up for weekly email updates here.

UC Rusal to demerge high-carbon assets

Rusal logo

pvl/Adobe Stock

En+ Group, parent group of Russian aluminum giant UC Rusal, announced today that the latter will demerge its high-carbon assets.

In addition, UC Rusal also plans to change its name to AL+.

The company plans to focus on developing inert anode technology and working toward production of carbon-free aluminum.

“This announcement is another major step in our journey to lead the global aluminium industry into the low carbon economy,” said Lord Barker, executive chairman of En+ Group. “AL+ will be a market leader in green aluminium production as measured by carbon footprint and other environmental credentials. However, this demerger additionally secures the future of important assets in Russia that also have a future in a low carbon world but which require a fundamentally different approach to technology and a different investment path to our major international businesses.”

Meanwhile, the demerged higher-carbon assets will form a new company under a new name. That includes alumina refineries in Russia (Achinsk, Pikalevo, Bogoslovsk and Ural) and smelters in Bratsk, Irkutsk, Novokuznetsk, Volgograd and Kandalaksha, all of which it says will undertake a “long-term modernisation programme.”

Read more

This morning in metals news: the US steel capacity utilization rate increased by over a percentage point last week; the Census Bureau released data for April residential construction; and average retail gas prices in the US are over $3.00 per gallon for the first time since 2014.

With volatile steel markets, knowing which strategy to execute and when can make all the difference between saving and losing money. See how MetalMiner looks at different market scenarios

US steel capacity utilization hits 79.2%

steelmaking in an EAF

nikitos77/Adobe Stock

The US steel capacity utilization rate for the week ending May 15 reached 79.2%, the American Iron and Steel Institute (AISI) reported.

Production during the week totaled 1,799,000 tons, up 47.1% on a year-over-year basis. Meanwhile, production for the week jumped by 1.4% compared with the week ending May 8.

The steel capacity utilization rate jumped by over a percentage point from the previous week, when it checked in at 78.1%.

Read more

This morning in metals news: the United States Trade Representative today announced the US and EU will begin discussions aimed at addressing global steel and aluminum overcapacity; meanwhile, the American Iron and Steel Institute (AISI) and United Steelworkers union issued their own statements on the news; and, lastly, three major miners have launched a competition for innovators to come up with designs for electrified mine truck fleets.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

US, EU to begin talks on global steel, aluminum overcapacity

China steel production

Zhao Jiankang/AdobeStock

The US and EU have formally kickstarted new discussions on how to tackle the problems of global steel and aluminum overcapacity.

“United States Trade Representative Katherine Tai, U.S. Secretary of Commerce Gina M. Raimondo, and European Commission Executive Vice President Valdis Dombrovskis today announced the start of discussions to address global steel and aluminum excess capacity,” the USTR said in a release today. “During a virtual meeting last week, the leaders acknowledged the need for effective solutions that preserve our critical industries, and agreed to chart a path that ends the WTO disputes following the U.S. application of tariffs on imports from the EU under section 232.”

In addition, per the statement, the parties aim to find solutions to the challenges before the end of the year.

AISI, USW reactions

Meanwhile, the American Iron and Steel Institute reacted to the news of the renewed overcapacity talks.

Read more

copper smelter

Bombardho/Adobe Stock

Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner.

In addition, our May 2021 Monthly Metals Index (MMI) PDF is now available for download. The PDF summary includes an executive summary, trends chart and portions of each MMI article (with each page including a link to the full article).

This month’s MMI continued the general theme of rising prices. Copper, for example, reach an all-time high this week. Iron ore and steel skyrocketed, while just about everything else also moved upward.

As for stainless steel, the United Steelworkers union’s ATI strike continues. The MetalMiner team broke down the stainless market recently as part of our monthly webinar series, a video replay of which is available in the MetalMiner video archive.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

Week of May 10-14 (the copper price, U.S. Steel’s big announcement and much more)

Want MetalMiner directly in your inbox? Sign up for weekly updates. 

The Stainless Monthly Metals Index (MMI) increased by 7.0% for this month’s reading, as the ATI strike entered its seventh week this week.

May 2021 Stainless MMI chart

Do you know the five best practices of sourcing metals, including stainless steel?

ATI strike continues

In late March, the United Steelworkers union announced a strike at nine Allegheny Technologies Inc. (ATI) facilities. The union cited “unfair labor practices” in its announcement of the strike.

Over six weeks later, the labor stoppage has yet to reach a conclusion.

Meanwhile, late last month, ATI reported its first-quarter financial results. The firm reported a net loss of $7.9 million for the quarter, compared with a net loss of $1.1 billion in Q4 2020.

In Q1 2020, the firm reported net income of $23.6 million.

In its earnings report, the firm expressed “disappointment” in the union’s decision to strike.

“While we are incredibly disappointed that the USW leadership decided to strike our Specialty Rolled Products locations beginning in late March, we remain committed to our business continuity plan to safely operate in a way that allows us to deliver to our customers on our quantity and quality commitments during this strike,” President and CEO Robert S. Wetherbee said. “Our operating teams are committed to minimizing the operational interruption and financial impact from the strike as we seek to reach a fair and equitable settlement with our striking workers.”

Meanwhile, in a bargaining update released Thursday, May 13, the union said it had not heard back from ATI management regarding a proposal it made May 6.

“The issue of profit sharing has been a subject of discussion throughout our negotiations with ATI,” USW said in the statement. “We have shown the company that we are willing to be flexible, but the current offer by ATI eliminates profit sharing and replaces it with 3% wage increases in the 2nd, 3rd and 4th years of the contract. After going without a wage increase since 2014, obviously such an offer is unacceptable.”

Read more

The Raw Steels Monthly Metals Index (MMI) picked up 9.0% for this month’s reading, as steel prices continued ascending this past month.

May 2021 Raw Steels MMI chart

With volatile steel markets, knowing which strategy to execute and when can make all the difference between saving and losing money. See how MetalMiner looks at different market scenarios.

US steel prices continue to rise

For buyers waiting to see a peak in steel prices: keep waiting.

At least for now, steel prices continue to rise, posting double-digit month-over-month price gains. Price rises took somewhat of a pause from late March into mid-April, but it proved temporary.

The US hot rolled coil price, for example, closed Tuesday at $1,456 per short ton, or up 10.39% from a month ago.

Meanwhile, cold rolled coil reached $1,645 per short ton, or up 8.8%. US hot dipped galvanized rose by 10.69% to $1,770 per short ton.

Iron ore booms in Asia

Similarly, steel prices are also surging in Asia.

That is reflected in a skyrocketing iron ore price, too, MetalMiner’s Stuart Burns explained earlier this week.

Read more

This morning in metals news: US steel capacity utilization fell to 78.1% last week; meanwhile, a cyberattack halted operations of a major US pipeline on Friday; and, lastly, US steel prices continue to surge.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

US steel capacity utilization falls to 78.1%

steel shipment

Hor/Adobe Stock

US steel capacity utilization for the week ending May 8 dipped to 78.1% from 78.7% the previous week, the American Iron and Steel Institute reported.

Production during the week totaled 1,774,000 net tons, or down 0.8% from the previous week.

However, production increased by 45.1% on a year-over-year basis.

Production for the year to date reached 32,089,000 net tons at steel capacity utilization rate of 77.4%. Output is up 5.7% on a year-over-year basis.

Read more

Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner, including whether or not we are in a supercycle, rising EV demand and more:

list of commodities prices

bradcalkins/Adobe Stock

MetalMiner should-cost models: Give your organization levers to pull for more price transparency, from service centers, producers and part suppliers. Explore the models today.

Week of May 3-7 (supercycle, EV battery demand and more)

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

This morning in metals news: MetalMiner’s Stuart Burns weighed in on the outlook for iron ore prices and steel prices throughout the remainder of this year; the unemployment rate was unchanged in April; and the copper price has soared past the $10,000 per metric ton mark.

Does your company have a steel buying strategy based on current steel price trends?

Iron ore prices likely to remain elevated

bulk cargo iron ore

masterskuz55/AdobeStock

Commenting on MarketWatch, MetalMiner’s Stuart Burns said steel prices are likely to lose some steam in the second half of the year. In turn, so will iron ore price.

However, the drop is not likely to be significant. In fact, he noted he expects prices to remain elevated for the balance of the year.

“Iron is experiencing a perfect storm at the moment, Beijing’s environmental constraints are having a two-pronged impact on prices,” he told Marketwatch.

Unemployment unchanged in April

US unemployment checked in at 6.1% in April, the Bureau of Labor Statistics (BLS) reported.

Read more

1 2 3 4 5 538