Predicated on Recent Announcements by Republic Steel and SDI, Steel Base Prices Going Up
Republic Steel’s base price increase, which seemed to be in question as of Monday, appears to be solidified by SDI’s announcement to do the same. So…steel base prices going up.
Special Bar Quality (SBQ) prices have dipped some $10/per ton for March shipments as busheling prices tumbled in February, market participants said.”
An attempted $30 to $40 per-ton base price increased by Republic Steel, the first steel base price increase since September, 2014, has faltered amid a lack of support from other US steelmakers, sources noted.”
While Canton, Ohio based Republic hasn’t officially rescinded its increase, the company is not enforcing it widely and has delayed the hike implementation from February 1, 2017 to March 13, 2017 shipments.”
American Metal Market 2/14/17
Fort Wayne based SDI also said it will raise its steel base prices for all SBQ products by $30 per ton with shipments starting April 1.
Wednesday 2/15/17: Nucor Corp and Steel Dynamics (SDI) have announced plans to increase steel base prices for SBQ products. Charlotte, NC based Nucor is raising “transactional base pricing” on all carbon and alloy SBQ as-cast and rolled bar products by $30 per ton effective with shipments starting March 13. Increase will be in addition to raw material surcharges.
Gerdau Long Steel NA has joined the party and will raise its steel base prices for all carbon and alloy special bar quality (SBQ) rolled products by $30 per ton effective with shipments from April 1, 2017.
American Metal Market 2/16/17
US Raw Steel Output Rose
Us raw steel output rose 0.9 percent last week as mills operated at an ACUR of 73.4 percent. In the corresponding week last year mills operated at an ACUR of 73.1 percent. Thus far this year mills have produced prox 10,300,000 tons compared to the prox 9,800,000 tons produced in the like period last year.
The Federal Reserve Bank of New York Empire State Manufacturing Survey for February 2017
Business activity expanded at a solid clip in New York State according to firms responding to the survey. The headline general business conditions index rose to its highest level in more than 2 years. The New Orders Index climbed as did the Shipments Index, pointing to substantial increases in both orders and shipments.
The Federal Reserve Bank of Philadelphia February 2017 Manufacturing Business Outlook Survey
Results show that growth in the regional manufacturing is broadening. The indexes for general activity, new orders and shipments were all positive and increased notably form their readings last month. Future indexes for growth over the next six months continued to reflect a high degree of optimism.
The Conference Board Leading Economic Index (LEI) for the US increased 0.6 percent in January following a 0.5 percent increase in December and a 0.2 percent November increase.
The US Leading Economic Index increased sharply again in January pointing to a positive economic outlook in the first half of this year,” said Ataman Ozyildirim, Director of Business Cycles and Growth Research at the Conference Board. “The January gain was broad based among the leading indicators. If this trend continues, the US economy may even accelerate in the near term.”
Great news to end the week!
Mike Flynn Resigns
Monday night Mike Flynn, White House National Security Adviser, resigned after getting busted discussing sanctions with Russian envoy prior to the election. This means he was discussing policy as a private citizen and may have violated a law prohibiting the same from engaging in foreign policy.
The big problem in my view is there have been numerous allegations of unlawful activity, but there has been ZERO evidence presented to confirm the allegations. Main stream media bullshit. It is too bad, as he is a good fit for the position.
Not quite the same situation but I recall an open mic conversation between then President Obama with the Russian envoy in which Mr. Obama stated “wait until after my election, I will have more latitude to move then.” In his defense, he was still the president and not a private citizen but his assumption that he was going to win the presidency may be questionable as a basis for discussing foreign policy.
The Trump Tests this week:
1) Russian fighter planes buzzing our ships
2) Russian spy boat on the East coast
3) The little runt in N. Korea firing another ballistic missile
4) Damaging leaks coming out of the White House-somewhere
5) A constant barrage of attacks on Trump from the left-for ANYTHING he says or does
6) Charges of collusion with the Russians-though NO PROOF has been presented to substantiate ANY of these claims. In fact, all these anti-Trump reports are simply full of conjecture and there has not been one shred of hard evidence presented to confirm any allegations.
7) Trump meets with Justin Trudeau of Canada.
8) Trump meets with Benjamin Netanyahu, Prime Minister of Israel, re-establishing the formerly strained relationship with our most valued Middle Eastern ally.
9) Trump holds a nearly 80 minute press conference on Thursday. It was to the point, honest and also very enlightening…and entertaining
Regarding President Trumps saying he would support a one or two state solution to the Israeli-Palestinian peace efforts: The will be NO peace until the Palestinians, and likely the Arab world, will accept that Israel has the right to exist and live in peace on this planet
Infrastructure X (Keystone & Dakota pipelines) Regulation Reform XX 1 in 2 out
Individual Tax Reform Entitlement Reform
Business Tax Reform Education Reform
Healthcare Reform X rollback begun Veterans Administration Reform
Rebuild our Military Trade Reform
Secure our Borders (The Wall) XX Lead the world from the front XX
Help for the poor Drain the swamp X as we speak
Peace through unmatchable strength Support Israel XX
Destroy ISIS 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.