• Skip to main content

    Market Data

    November 1, 2013

    SMU Price Momentum Indicator Adjusted to Higher from Neutral

    Written by John Packard

    Last evening (Thursday, October 31st) Steel Market Update adjusted our Price Momentum Indicator from Neutral to Higher. We now believe domestic flat rolled steel prices will rise over the next 30 to 60 days.

    We have already begun reporting prices as rising over the past three weeks. Prices on benchmark hot rolled coil had been bouncing around the $635 to $650 average going back to the second week of July. Prior to the 15th of October when HRC was measured at $655 per ton, we had seven weeks of relative calm with prices averaging $640 per ton and not moving up or down more than $5 per ton in any one week.

    John Packard

    Read more from John Packard

    Latest in Market Data

    Market chatter: Supply, not price, dominates steel buyers’ concerns

    On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. We are sharing a selection of the comments we received below, in each buyer’s own words. Before diving in, we reviewed all the responses collected and compiled these key takeaways: Respondents overwhelmingly anticipate further increases. Buyers cite limited supply, mill delays, low inventories, and steady-to-strong demand. Most say demand is generally stable to improving, with some purchasing driven by fears of higher prices or unavailable material rather than stronger underlying consumption. Most respondents report faster inventory turnover, while shortages are constraining sales and, in some cases, prompting customer allocations. Buyers increasingly see imports as a way to secure scarce material, though domestic-origin requirements, delivery timing, and pricing risks remain obstacles.

    ISM: Manufacturing sector expanded in October

    US manufacturing activity expanded for the 10th consecutive month in October, according to supply executives in the Institute for Supply Management's latest report. The October ISM Manufacturing Purchasing Managers’ Index registered 55.5%, up one percentage point from the prior month. An index reading above 50% indicates the manufacturing economy is growing, while a reading below that indicates contraction. ISM noted that the overall economy continued to expand in October for the 24th consecutive month, emphasizing that a PMI reading above 47.5% over a period of time generally indicates that the overall economy is growing.

    US steel output reaches 18-year high as South leads gains: AISI

    Domestic raw steel production surged last week, reaching its highest output in almost two decades, according to the latest American Iron and Steel Institute (AISI) figures. While the seesaw pattern continued for US production this past week, production swelled to its highest reading since Aug. 23, 2008, driven by a massive swing in the South. The increase reversed the recent downward trend, with a sharp rebound in the South accounting for nearly all the weekly gain. Production has fluctuated considerably over the past two months, reaching both an 18-year high and its lowest level since January.

    Drilling activity holds in the US, moves higher in Canada

    The latest tally of active drilling rigs held steady in the US for a fourth straight week, while activity rose further in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count remained unchanged at 603 rigs this week, maintaining a 17-month high. Compared with this time last year, 57 more rigs are in operation today. Canada’s count rose by six to 226 rigs this week, gaining ground for a second consecutive week. Activity is up from the same week of 2025, with 39 more rigs operating today.