New Report Preview:
After declining nearly 20% over the past two months, we believe that November scrap buys will be done at higher levels in the coming days, with increases as large as $30…more
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Steel Market Production Cuts – Russian steelmaker Severstal North America has been forced to halt crude production at the Dearborn, MI facility due to an explosion in a cold air pipe, but the finishing end will continue to operate.
Steel Market Production Increases – U.S. Steel announced that a 500,000 tpy continuous annealing line will be commissioned at the PRO-TEC joint venture in early 2013. The line will produce “high-strength, lightweight steels for the auto industry.”
Steel Market Production Cuts – ArcelorMittal South Africa announced that it has idled the EAFs at the Vanderbijlpark plant due to government claims it has violated emission regulations.
Steel Market Production Increases – Brazilian steelmaker Gerdau will begin operations at a 770,000 tpy hot-strip mill in December or January next year and is considering increasing crude steel and longs capacity by 280,000 tpy and 425,000 tpy at the Colina facility in Chile.
Steel Market Production Increases – Brazilian steel producer Usiminas has commissioned a 2.3 mtpy hot strip mill and a 500,000 tpy finishing line at the Cubatao facility.
Steel Market Production Cuts – Italian steelmaker Beltrame announced that it will permanently shutter two merchant bar rolling mills in Luxembourg and Belgium with 450,000 tpy of combined capacity.
Steel Market Production Cuts – Chinese steelmaker Shagang is planning a two-month maintenance outage that will result in 400,000 tonnes of lost output.
Sources: Steel Business Briefing, American Metal Market, SteelOrbis
HRC and HDG lead times for the week ending October 28 remained at last week’s levels of 3.3 and 5.4 weeks respectively
CRC lead times posted the lone increase rising to 4.9 from 4.8 in the week prior.
Sources: The Steel Index, Steel Business Briefing
HRC = Hot Rolled Coil CRC = Cold Rolled Coil HDG = Hot Dipped GalvanizedThe number of active oil and natural gas rigs in the United States fell by 26 to 1,800 for the week ending November 2, 2012, down 1.4% from the previous week and down some 11.2% from a year-ago.
The highest weekly rig count in the United States since 1940 was recorded on December 28, 1981, at 4,530; the lowest was recorded on April 23, 1999, at 488.
The number of rigs in Canada rose 3.5% to 383 from 370 last week, but was 19.5% below the year-ago level.
The highest rig count for Canada was 727 on February 3, 2006; the lowest was 29, recorded on April 24, 1992.
Source: Baker Hughes Inc.
New Report Preview:
The October Institute of Supply Management (ISM) Steel Survey showed a drastic improvement from September, which may have been one of the worst reports …more
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New Report Preview:
Our Advance/Decliner Index rose to a five-week high as rising scrap prices drove higher steel prices in the MENA region and announced sheet price hikes started to take hold …more
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New Report Preview:
According to Pipe Logix, October OCTG prices declined for the seventh straight month, falling another $40/ton (or 2.2%), and bringing the two-month drop to $80/ton, the …more
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