Josh Spoores

Steel market analysis with a unique perspective: over 20 years experience at a mill, service center and currently over a decade at CRU. Opinions are my own.

[Automotive News @Automotive_News]

BASF CEO Markus Kamieth said rising inflation and the risk of supply chain disruption from the U.S.-Israeli conflict with Iran have darkened the outlook for both the auto sector and the broader economy.

#BASF #Iran #automotive #autoindustry

[Josh Spoores @HRC_Steel]

From the executive order "New steel plants are being built in America, for the first time in a generation, revitalizing our great steel communities and providing good-paying jobs for American workers."

I guess my definition of 'generation' might be off.

[Josh Spoores @HRC_Steel]

Interesting...

[Scott Lincicome @scottlincicome]

What a headline.

[Josh Spoores @HRC_Steel]

May ISM PMI report shows faster growth overall and stronger new orders. But the selected comments do not read like a market with PMI growth accelerating. They are mainly about higher costs and issues with product availability.

[Josh Spoores @HRC_Steel]

Manufacturing activity continues to grow in May, though at a slower pace than April, based on the Federal Reserve manufacturing surveys.

[Josh Spoores @HRC_Steel]

And those prior sharp gains from construction of manufacturing facilities are now showing -17% YTD. Perhaps reshoring investments will require more time.

[Josh Spoores @HRC_Steel]

We have been talking with clients about growth in manufacturing this year, but construction is weak. Construction spending through Q1 shows private spending down 0.7% YTD; Overall construction spending is up 0.3% yet negative when considering inflation. https://t.co/bATbnIU3BQ

[Josh Spoores @HRC_Steel]

Prices, though are a concern as they continue to push higher towards the record high.

[Josh Spoores @HRC_Steel]

Manufacturing PMI continues to show growth, corroborating our view of structurally stronger manufacturing demand for steel.

[Josh Spoores @HRC_Steel]

Presenting tomorrow at @SMUSteel 's Chicago briefing. Covering steel market risks from the Strait of Hormuz, USMCA Review, and how the steel market may trend if price truly allocates supply.

[Josh Spoores @HRC_Steel]

USS is restarting a tin mill at Gary Works, just a week after filing an AD/CVD trade case. Likely this restart comes as the 50% S232 tariffs allow USS to compete and earn an acceptable return. Any new AD/CVD is icing on the cake. https://t.co/TbzyU7euP7

[Josh Spoores @HRC_Steel]

Commodity indices in 2026 are currently in line with 2022, (Strait closure vs Russian invasion of Ukraine).

Starting to hear of some cost-push on petro chemicals, that trend is likely coming for steel.

[Josh Spoores @HRC_Steel]

Those industrial demand green shoots (PMI, Fed manufacturing surveys, IP strength)? Flatbed spot rates are confirming this upwards trend.

[Craig Fuller 🛩🚛🚂⚓️ @FreightAlley]

Flatbed spot rates are on fire, benefiting from heavy metal

[CRU Group @CRUGROUP]

Commodity prices have had a breakout start to 2026. Beyond gold/copper/silver, met coal is +22% YTD; fertilizers firm; tungsten rallies; lithium rebounds. CRU Prices & Indices covers breadth across metals, battery materials & fertilisers. Request a demo: https://t.co/kuNzhvSqPP

[Josh Spoores @HRC_Steel]

@Geo_papic @JacobShap Great podcast, definitely one to listen to again.

[Josh Spoores @HRC_Steel]

These investments will permanently alter US Steel's position in North America. The future US Steel is one where they gain market share by increasing production through efficiency gains, lower emissions, and produce higher value steel and steel products.

[Josh Spoores @HRC_Steel]

"US Steel unveils new era of growth" - US Steel is running full speed ahead on $14 B of capital investments.

Our view remains that US Steel has become a 'Super Competitor' strictly due to the exceptionally long acquisition process.

https://t.co/QBC5tVcnMk

[Josh Spoores @HRC_Steel]

Benchmark US Manufacturing data point: ISM PMI shows New orders fell for the 5th month. Prices rose for the 9th month. Production flattened after falling for the prior 3 months.

Steel-related manufacturers are clearly begging for change.
https://t.co/ZJqD9Pv9UY

[Josh Spoores @HRC_Steel]

What does this mean for steel? Likely we should expect a quota on some steel imports. So steel supply will grow and we just need demand to wake up.

[Josh Spoores @HRC_Steel]

Is this the emerging trade framework? Some tariffs in exchange for quotas/exemptions on some items?

"The EU is also seeking quotas and exemptions to lower duties on autos, steel, and aluminum, the report said."

https://t.co/KWHjYbtOIV