Gasoline prices are trending up slightly, but freight rates continue to slide. Steel mill production is steady, and price announcements are the big news in the steel industry. Galvanized imports are subdued. The auto industry is planning to close many assembly plants around the globe as vehicle sales cools, and auto makers try to reallocate funds to compete for electric cars sales, which oddly, are not what most consumers are interested in.” – Bill Feier, Manager of World Sourcing
– #1 heavy melt scrap is steady at $298 per ton as well as #1 busheling scrap at $355 per ton.
+ Raw steel production was 81% of capacity.
– Iron ore FOB Chinese ports is up to $86 per dry metric ton.
– Zinc prices are climbing again.
– Galvanized imports are coming in slow.
+ Nucor Steel announced a $40 per ton price increase.
+ USS-Posco followed with their own $40 per ton increase.
+ ArcelorMittal also announced a $40 per ton price increase.
+ California Steel joined in with their $40 per ton increase.
+ US Steel joined in with their own $40 per ton increase.
+ NLMK also raised prices by $40 per ton.
– When Honda ends production in the U.K. and Turkey in 2021, the carmaker will shift reliance to its U.S. and Canadian plants to meet Civic demand there. That increased factory responsibility was just one outcome of the European overhaul announced last week here by Honda CEO Takahiro Hachigo. Lack of sales in Europe combined with Honda’s interest in joining in the race to create a practical electric car is behind the decision.
– Gasoline prices are up slightly.
+ Freight rates continue to settle.