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    January 14, 2021

    SMU Steel 101 Workshop Feb. 9-10: Learning Virtually

    You may be thinking about participating in one of our upcoming Steel 101: Introduction to Steel Making & Market Fundamentals workshops, but wonder what it’s like to learn virtually. If you have school age kids, you already know that so many of us have adapted to online learning. Here at SMU, we’ve had to pivot from our live and in-person workshops to a virtual platform. Luckily, our parent company, CRU Group, has made the transition pretty seamless.

    We are pleased to let you know that we will be running the Steel 101 Workshop again on Feb. 9-10 on our customized virtual platform.

    Latest in Product

    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.

    HR Futures: Basic story remains, but curve shifts

    In my last column, the HRC futures curve was pricing a sizable premium on near-term tightness while still pointing toward eventual normalization. Since then, that basic story has remained intact, but the shape of the curve has shifted meaningfully. Rather than simply moving higher and pushing the peak out by another month, as has largely been the pattern throughout this rally, the curve is now pricing a more pronounced and prolonged period of tightness, while the long end has remained relatively anchored, which previously had also been lifted with the rest of the curve.

    galvalume steel coil

    SMU Survey: Mill willingness to negotiate price at lowest levels since 2021

    The majority of steel buyers responding to our latest market survey reported that mills continue to hold a firm grip on prices. The share of buyers reporting that mills were negotiable fell this week to the lowest rate seen in over five years. Every two weeks, SMU surveys service center and manufacturer buyers asking if mills are negotiable on new spot sheet and plate orders. In this week’s survey, just 3% of respondents said mills were willing to talk price to secure an order (Figure 1). This is down 11 percentage points from our mid-October survey.

    SMU flat-rolled market survey results now available

    The results of the latest Steel Market Update (SMU) flat-rolled market survey are now available on our website to all premium members. After logging in, look under the Data tab for Market Reports, and there you will find the Flat-Rolled Survey Results section. Previous survey results are also available on that page. If you need help accessing these results, or if your company would like to have your voice heard in our future surveys, contact smu@crugroup.com.