Josh Spoores (@HRC_Steel) header
Josh Spoores (@HRC_Steel) profile picture

Josh Spoores

@HRC_Steel

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.

 Pittsburgh, PA
Joined February 2023
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  • Followers148
29Media
Photo by Josh Spoores (@HRC_Steel)Photo by Josh Spoores (@HRC_Steel)Photo by Josh Spoores (@HRC_Steel)Photo by Josh Spoores (@HRC_Steel)Photo by Josh Spoores (@HRC_Steel)Photo by Josh Spoores (@HRC_Steel)Photo by Josh Spoores (@HRC_Steel)Photo by Josh Spoores (@HRC_Steel)Photo by Josh Spoores (@HRC_Steel)Photo by Josh Spoores (@HRC_Steel)
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
Image from Automotive News (@Automotive_News)
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Interesting...
Scott Lincicome (@scottlincicome) profile pictureScott Lincicome
@scottlincicomeJun 2
What a headline.
Image from Scott Lincicome (@scottlincicome)
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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.
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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.
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Manufacturing activity continues to grow in May, though at a slower pace than April, based on the Federal Reserve manufacturing surveys.
Image from Josh Spoores (@HRC_Steel)
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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. census.gov/construction/c30/…
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And those prior sharp gains from construction of manufacturing facilities are now showing -17% YTD. Perhaps reshoring investments will require more time.
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Manufacturing PMI continues to show growth, corroborating our view of structurally stronger manufacturing demand for steel.
Image from Josh Spoores (@HRC_Steel)
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Prices, though are a concern as they continue to push higher towards the record high.
Image from Josh Spoores (@HRC_Steel)
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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.
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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. steelmarketupdate.com/2026/0…
U.S. Steel to restart Gary Tin Mill

U.S. Steel to restart Gary Tin Mill

U.S. Steel announced plans to restart tin production at its Gary Tin Mill at the integrated Gary Works steelmaking facility outside Chicago.

steelmarketupdate.com
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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.
Image from Josh Spoores (@HRC_Steel)
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Those industrial demand green shoots (PMI, Fed manufacturing surveys, IP strength)? Flatbed spot rates are confirming this upwards trend.
Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) profile pictureCraig Fuller 🛩🚛🚂⚓️
@FreightAlleyMar 12
Flatbed spot rates are on fire, benefiting from heavy metal
Image from Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley)
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Josh Spoores retweeted
CRU Group (@CRUGROUP) profile picture
CRU Group@CRUGROUPFeb 19
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: ow.ly/YZ4j50YgYRT
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"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. ussteel.com/media/newsroom/-…
U. S. STEEL UNVEILS NEW ERA OF GROWTH - www.ussteel.com

U. S. STEEL UNVEILS NEW ERA OF GROWTH - www.ussteel.com

Advancing Vision to Forge the Future of American Steelmaking Targets $14 Billion of Growth Capital, with $11 Billion to be Invested by 2028, to Protect and Create More Than 100,000 Jobs Unlocks...

ussteel.com
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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.
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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. ismworld.org/supply-manageme…
Image from Josh Spoores (@HRC_Steel)
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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." finance.yahoo.com/news/live/…
Trump tariffs live updates: Trump unveils tariffs on timber, lumber, furniture; Pfizer set for...

Trump tariffs live updates: Trump unveils tariffs on timber, lumber, furniture; Pfizer set for...

Yahoo Finance is chronicling the latest news and updates on Trump's tariffs.

finance.yahoo.com
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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.
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Thanks to @Marketplace for including me in their interview about steel mill capacity investments and steel tariffs. Always a pleasure! marketplace.org/story/2025/0…

The steel industry is having a moment — thanks in large part to tariffs

President Donald Trump’s 2018 steel and aluminum tariffs made domestic production more lucrative. But higher prices will cause hardship throughout the manufacturing sector.

marketplace.org
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