US natural gas futures rose above $9.50 per million British thermal units, a level not reached since August 2008; buoyed by increasing domestic and international demand and production decline. Consumption and demand for cooling increased as the weather warmed in the US, which is a significant price driver in the near term, as energy demand […]
Gas prices in the United States rose to the highest level in 14 years Read More »
President Joe Biden announced the exemption of the Ukrainian iron and steel products from additional tariffs for a year. He noted that Ukraine accounted for less than 1% of US steel imports in 2021 and predicted that production and supplies would be even lower due to the conflict with Russia. “The steel industry is historically
US exempts Ukrainian steel imports from additional tariffs for a year Read More »
Oil prices continued to rise to their highest level in two months, with gains supported by expectations of reduced supplies due to increased gasoline consumption in the United States during the summer and the possibility of the European Union ban on Russian oil imports. By 22:28 on May 27, Abu Dhabi time, Brent crude rose
According to preliminary census data from the US Department of Commerce, US monthly steel imports in April 2022 decreased 11.7 percent from March to total 2,477,347 mt. A year-on-year comparison shows a 3.4% increase. In terms of value, US steel imports in April totaled $3.68 billion, compared to $3.93 billion in March and $2.40 billion
US steel imports down 11.7% in April Read More »
According to the export data from the US Department of Commerce, in March 2022, the monthly steel exports increased by 15.9% from February with 764,882 mt, a year on year comparison shows a 6.7% increase. In terms of value, in March 2022, US steel exports totalled $1.43 billion, compared to $1.19 billion in February and
US steel exports up 15.9% in March Read More »
Natural gas prices in the United States of America recorded a new record high, reaching the highest level in 13 years.Futures jumped 10%, to trade as high as $8.05 per million British thermal units, the highest level since 2008, according to the American network “CNBC”. Over the course of the year, US natural gas prices
Natural gas prices hit a record high Read More »
According to export data from the US Department of Commerce, monthly steel exports in February 2022 increased 5.1% from January to total 659,436 mt. A year-on-year comparison shows a 7.3 % increase. In terms of value, US steel exports in February totaled $1.19 billion, compared to $1.15 billion in January and $829.2 million in February
US steel exports up 5.1% in February Read More »
Nucor Steel has awarded SMS group, Inc. the contract to supply a complete melt shop for the new facility to be built in mason County, West Virginia. The scope includes two 190 metric ton direct current electric arc furnaces (DC EAF), two twin ladle furnaces, and two vacuum tank car degasser facilities. The mechanical supply
SMS group to supply new melt shop to Nucor Steel West Virginia Read More »
The United States and Britain ended a four-year dispute over U.S. steel and aluminum tariffs on Tuesday, pledging to work together to counter China in a deal that also removes retaliatory tariffs from other products. In a joint statement, U.S. Commerce Secretary Gina Raimondo and U.S. Trade Representative Katherine Tai said the deal would protect
New U.S.-U.K. trade deal cuts tariffs on British steel Read More »
Brent crude futures jumped more than $3 to $119 a barrel early Tuesday, a day after oil prices closed more than 7% higher as the European Union considers banning Russian oil. Oil prices closed more than 7% higher on Monday, and Brent crude jumped above $115 a barrel, while European Union countries disagreed over joining
Oil prices jump 3% and approach $120 a barrel Read More »
According to final census data from the US Department of Commerce, US imports of wire rod totaled 130,152 mt in January 2022, up 32.3% from December and up 178.9% from January 2021 levels. By value, wire rod imports totaled $128.7 million in January 2022, compared to $94.9 million in December and $36.3 million in January
US wire rod imports up 32.3% in January Read More »
Mexico’s economy secretariat, SE, has extended for another five years existing antidumping (AD) duties on the imports of Russian, Ukrainian and Romanian steel plate. SE said the five-year period will count backwards from September 22, 2020. The extended duties follow a request from domestic producer Altos Hornos de Mexico (AHMSA). SE said the products subject
Mexico extends AD duties on Russian, Ukrainian and Romanian plate imports Read More »
According to export data from the US Department of Commerce, US exports of rebar totaled 13,091 mt in December 2021, up 23.2 percent from November but down 40.4 percent from December 2020 levels. By value, rebar exports totaled $12.7 million in December, compared to $11.1 million in the previous month and $14.2 million the same
US rebar exports fell by 40.4% in December Read More »
According to final census data from the US Department of Commerce, US imports of wire rod totaled 98,398 mt in December 2021, up 3.9 percent from November and up 76.4 percent from December 2020 levels. By value, wire rod imports totaled $94.9 million in December 2021, compared to $92.9 million in November and $41.6 million
US wire rod imports up 3.9 percent in December Read More »
Washington and Tokyo are in the final stage of talks to exempt a portion of U.S. imports of steel from Japan from extra tariffs imposed in 2018 by U.S. President Donald Trump, sources close to the matter said. The sources said that the two countries are discussing the establishment of a duty-free import quota, but
U.S. close to finalizing tariff exemption for Japan steel imports Read More »
The International Monetary Fund has downgraded its global growth forecast for this year as rising Covid-19 cases, supply chain disruptions and higher inflation hamper economic recovery. In its delayed World Economic Outlook report, published Tuesday, the IMF said it expects global gross domestic product to weaken from 5.9% in 2021 to 4.4% in 2022 —
IMF cuts 2022 global growth forecast Read More »
crude benchmarks rose for a fifth week in a row, gaining around 2% this week. Prices were up more than 10% so far this year on concerns over tightening supplies. Brent futures fell 49 cents, or 0.6%, to settle at $87.89 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 41 cents, or 0.5%,
Oil climbs for 5th week on supply concerns Read More »
The United States and the United Kingdom have agreed to begin talks on removing former President Donald Trump’s import taxes on British steel and aluminum in 2018. In a joint statement, U.S. Commerce Secretary Gina Raimondo, U.S. Trade Representative Katherine Tai and U.K. Trade Minister Anne-Marie Tevelyan said they would be working toward a swift
US, UK begin talks on lifting steel and aluminum tariffs Read More »
According to final census data from the US Department of Commerce, US imports of rebar totaled 121,422 mt in November 2021, down 4.3% from October but up 81.6% from November 2020 levels. By value, rebar imports totaled $92.0 million in November 2021, compared to $102.2 million in October and $30.6 million in November 2020. The
US rebar imports down 4.3% in November Read More »
Global benchmark Brent crude jumped on Tuesday to $80 a barrel, its highest since November, as OPEC+ agreed to stick with its planned increase for February based on indications that the Omicron coronavirus variant would have only a mild impact on demand. Brent futures settled up $1.02, or 1.3%, at $80 a barrel, almost back
Oil Ends Up at $80/bbl as OPEC+ Sticks with Feb Output Hike Read More »
Oil prices rose on Thursday to extend several consecutive days of gains, buoyed by data showing U.S. fuel demand holding up well despite soaring Omicron coronavirus infections. Brent crude futures rose 17 cents, or 0.2%, to $79.40 a barrel at 0217 GMT, climbing for a fourth day in a row. U.S. West Texas Intermediate (WTI)
Oil rises as fuel demand holds Read More »
Oil prices rose today, Tuesday, near the highest level in one month, reached in the previous session, thanks to expectations that the Corona virus mutated Micron will have only a limited impact on global demand. US West Texas Intermediate crude rose 18 cents, or 0.2%, to $ 75.75 a barrel at 01:15 GMT, gaining a
Oil prices above $78.6 as Omicron’s fears fade Read More »
According to export data from the US Department of Commerce, US exports of rebar totaled 20,341 mt in September 2020, down 8.6 % from August but 59.1% more than in September 2019 exports. The total value of rebar exports in September was $12.9 million, compared to $14.4 million in August 2020 and $9.1 million in
US rebar exports down 8.6 percent in September Read More »
G20 nations are determined to continue doing everything possible to contain the COVID-19 pandemic, warning in a draft communique that the global economic recovery remains “uneven, highly uncertain, and subject to elevated downside risks”. Bringing the pandemic under control is the key to supporting a global economic recovery, the G20 leaders said in the draft,
G20 determined to use all tools to contain pandemic Read More »
Hyundai Steel Co. is challenging the U.S. duty rate on some entries of its hot-rolled steel from South Korea, arguing to the U.S. Court of International Trade that the Commerce Department wrongly treated the company’s port usage rights for a Korean harbor as a government subsidy. The U.S. maintains countervailing duties on Koean hot-rolled steel flat
Hyundai Challenges U.S. Duty Rate on Steel Read More »
More than one million lives have been lost to COVID-19 since the start of the year and the toll continues to rise. Many more have suffered serious illness. Close to 90 million people are expected to fall into extreme deprivation this year. These are difficult times, yet there are some reasons to be hopeful. Testing
Global Economic Growth Outlook 2020-2021 Read More »
Based on preliminary Census Bureau data, the American Iron and Steel Institute reported that the U.S. imported a total of 1,255,000 net tons (NT) of steel in September 2020, including 1,166,000 net tons (NT) of finished steel (down 2.8% and 1.1%, respectively, vs. August final data). Through the first nine months of 2020, total and
US steel imports Down 21.9% in the first nine months of 2020 Read More »
World crude steel production for the 64 countries reporting to the World Steel Association (worldsteel) was 156.4 million tonnes (Mt) in September 2020, a 2.9% increase compared to September 2019. Due to the ongoing difficulties presented by the COVID-19 pandemic, many of this month’s figures are estimates that may be revised with next month’s production
world’s production of crude steel rose 2.9% in September Read More »
Oil prices fell more than 4% on Friday, and posted a second weekly decline after U.S. President Donald Trump tested positive for COVID-19, roiling risky assets, and as rising global crude output threatened to overwhelm the market’s weak recovery. Benchmark Brent and U.S. crude each posted a second straight week of losses. The uncertainty surrounding
Oil loses 4% after Trump gets coronavirus and economies wobble Read More »
The world’s largest steel producer, ArcelorMittal, has agreed to sell nearly all its integrated US operations to Cleveland-Cliffs for $1.4 billion in cash and shares, the two companies announced on Sept 28 in separate releases. The deal will make Cleveland-Cliffs the largest flat-rolled steel producer in North America, with combined shipments of around 17 million
ArcelorMittal to sell its US steel assets to Cleveland-Cliffs for $1.4 billion Read More »