Increasing Raw Material Costs Driving SBQ Prices Up
Increasing raw material costs driving SBQ prices up by $1 per hundredweight ($20/per ton) across all grades with market participants reporting lead times for hot rolled bar that extend into early February 2019.
AMM’s price assessment for 1 inch round 1000 series hot rolled bar was at $46/cwt 10/12, up from $45 percent previously.
Likewise, 1 inch round 1018 cold finished bar increased to $65 per cwt on the s464 per cwt previously, marking the first time` the price has moved since July 13.
Section 232 Tariffs Effects
Cold finished prices had risen in mid-July after the Section 232 tariffs started to limit imports from Asian and European countries, in addition to flows from Canada.
Hot rolled bar pricing last moved on May 11 after market participants widely adopted June base price increases.
The cost of No. 1 busheling scrap in Chicago rose by $20 per ton on October 5 which market participants projected would have a definite pricing impact.
Everyone pays the scrap increase, ” a distributor source said. “I would anticipate the SBQ price moving up if demand for scrap remains strong.” AMM 10/15/18
Possible Relax on Section 232 Tariffs on Steel From Canada and Mexico
The USA might agree to relax Section 232 tariffs on steel from Canada and Mexico by the end of November, the CEO of the American Iron & Steel Institute (AISI) said on 10/16. The tariffs could be replaced by another mechanism, such as quotas, to limit imports. AMM
US Raw Steel Production Jumped Last Week
US raw steel production jumped 1.6% last week as mills operated at an ACUR of 80.2%. In the corresponding week last year mills operated at an ACUR of 73.2%. Thus far this year mills have produced prox 74,000,000 tons compared to the prox 71,000,000 tons produced in the like period last year. AISI
US the Most Competitive County in the World
Here is a good one: The United States is back on top as the most competitive country in the world, regaining the top spot for the first time since 2008 in an index produced by the World Economic Forum.
October 2018 Empire State Manufacturing Survey Reports Strong Growth
The Federal Reserve Bank of New York released its Empire State Manufacturing Survey for October 2018 and reports business activity continued to grow strongly in New York State, according to firms responding to the survey. The headline general business conditions index rose two points to 21.1, pointing to a slightly faster pace of growth than in September. New orders and shipments both picked up noticeably.
Industrial Production Rose in September
Industrial production rose 0.3% in September as mining and durable goods manufacturing led the way. Solid production of business equipment bodes well for Q# GDP. Wells Fargo
US Drill Rigs Running Increased Last Week
The number of drill rigs running in the USA increased by 11 last week, led by Texas, up by 8, to 1063. Meanwhile Canadian drilling rose by 13 rigs to 195 compared to the previous week. AMM
October 2018 Manufacturing Business Outlook Survey Reports Continued Growth
The Federal Reserve Bank of Philadelphia released its October 2018 Manufacturing Business Outlook Survey and reports manufacturing activity continued to grow. The survey’s broad indicators for general activity, new orders, shipments and employment remained positive and near their September readings. Expectations for the next six months remain positive.
Health Care a Mid-Term Issue
It strikes me as somewhat strange that the Democrats now want to make healthcare a weapon in the mid-term elections. As far as I know, the only people who said they “liked” Obamacare were those who had NO health insurance and could not afford any. They like it because taxpayers are now covering their premiums.
I also recall this administration put forth several proposals to repeal and replace which the Dems fought tooth and nail, you know; resist! obstruct! And consequently, nothing positive happened….except that President Trump was able to repeal the individual mandate.
Both parties are at fault for either a) not replacing or repairing the current monstrosity or b) getting out of the healthcare business entirely, a business which they are not qualified to administer anyway. It is a controlling money grab. These morons cannot even deliver a letter, let alone handle the healthcare of the nation.
Are you aware that the Mueller investigation has, to date, cost the American taxpayer $17,000,000.00? Evidence of collusion with the Russians by the Trump campaign? Zero. Evidence of collusion with the Russians by the Clinton campaign and the democratic national committee? Overwhelming. Charges brought? Zero. This stinks of corruption. Our FBI and Dept. of Justice have become political pawns of the left.
There are some 4,000 Hondurans moving through Mexico to the US southern border in order to make illegal entry into the US. How do they get into Mexico? If you or I tried to walk over the Mexican border, we’d be shot. The president is threatening to put the US military on the border to shut it down…if the Mexican government won’t stop them.
Elizabeth Warren DNA
What else has happened with the left this week? Let’s see, Elizabeth Warren, who got into Harvard claiming to be an American Indian was proved to have 1/1024th Indian blood in her veins. She is no more a Native American than you or I…maybe less. What a clown. And she wants to be president.
Voices From the Left
Hillary and her remarks on civility, describing conservatives as doing exactly what the radical left is doing. “Spartacus” Booker, Kamala Harris, Maxine Waters, Nancy Pelosi, Chuck Schumer… ad nauseum. These people have all lost their minds.
VOTE FOR CONTINUED PROSPERITY ON NOVEMBER 6
DO NOT BELIEVE THE POLLS, THEY ARE BIASED…
WE MUST ALL VOTE
Infrastructure X (Keystone & Dakota pipelines) Regulation Reform XX 1 in 2 out
Individual Tax Reform XX Entitlement Reform
Business Tax Reform XX Education Reform X
Healthcare Reform Veterans Administration Reform X
Rebuild our Military X Trade Reform X
Secure our Borders (The Wall) XX Lead the world from the front XX
Help for the poor XX Drain the swamp X as we speak
Peace through unmatchable strength Support Israel X
Destroy ISIS XX Extreme Vetting XX
Conservative Supreme Court nominees XX American Jobs XX
I will track these campaign promises and will check them off as each is accomplished adding those I have missed as they become apparent. This is quite an agenda and will be difficult to achieve all in one term, but I believe the American people are behind him and know these things need to be done. Now, if he can get our legislators to support him instead of fighting him….
“MAKE AMERICA GREAT AGAIN”
Have a great weekend…. God bless America!
Buy American made products whenever you can, it’s good for you, good for your friends and neighbors and good for our country.
If you are hiring…try to hire a veteran…. they are loyal, disciplined, hardworking…and they deserve our support.
By the way, if you wish to comment on my rants or offer any other insights you may have, you are encouraged to email me.
TEDDY ROOSEVELT ON IMMIGRANTS IN AMERICA…1907
In the first place, we should insist that if the immigrant who comes here in good faith becomes an American and assimilates himself to us, he shall be treated on an exact equality with everyone else for it is an outrage to discriminate against any such man because of creed, or birthplace, or origin. But this is predicated upon the person’s becoming in every facet an American and nothing but an American. There can be no divided allegiance here. Any man who says he is an American, but something else also, isn’t an American at all. We have room for but one flag, the American flag…We have room for but one language here and that is the English language…and we have room for but one sole loyalty and that is a loyalty to the American people.”