Market Data
SMU's April At-a-Glance
Written by Brett Linton
May 1, 2020
Both steel and scrap prices decreased in the month of April, down anywhere from $15 to $75 per ton between each product, as the effects of the coronavirus shutdowns impacted the market.
SMU Buyers Sentiment Index readings showed significant declines over March, with Current Sentiment sliding into negative territory and reaching a low of -8, Future Sentiment as low as +10, and the three-month moving average at +18.33 as of Friday.
SMU moved its Price Momentum Indicator to Neutral from Lower as the market showed signs of firming and the mills announced price increases on flat rolled products.
Key indicators of steel demand were mixed, with only some of our data points reflecting the downturn. The AIA Billings Index fell to 33.3, and private employment shrunk by 713,000 jobs.
See the chart below for other key metrics in the month of April:
Brett Linton
Read more from Brett LintonLatest in Market Data
Chicago Business Barometer improves but still contracts in October
The Chicago Business Barometer’s October reading still indicates a cooling in general business activity despite posting a surprise gain.
Drilling activity slows at October’s end in US and Canada
The latest Baker Hughes rig count report showed oil and gas drilling slowing in both the US and Canada last week.
SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members.
SMU Steel Demand Index improves but remains in contraction
SMU’s Steel Demand Index remains in contraction, according to late October indicators. Though growth faded at a slower pace, it rebounded from one of the lowest readings year-to-date from earlier in the month.
SMU Mill Order Index fell in September
SMU’s Mill Order Index declined in September after repeated gains from June through August. The shift came as service center shipping rates and inventories fell.