Market Data
January 17, 2022
Written by Tim Triplett
Wayne Mang, former president and CEO of Toronto-based Russel Metals, died Jan. 14 at age 85 after a brave battle with cancer.
In addition to Mang’s 20-year tenure with Russel, he also served as chairman of the Steel Service Center Institute (now the Metals Service Center Institute) from 1997-98, among other contributions to the industry during his long career.
Most steel buyers think that steel prices will continue to rise into the 2026. But they don’t see the kinds of big gains that have characterized past market upturns, according to the results of SMU’s latest steel market survey.
The Chicago Business Barometer’s October reading still indicates a cooling in general business activity despite posting a surprise gain.
The latest Baker Hughes rig count report showed oil and gas drilling slowing in both the US and Canada last week.
SMU’s latest steel buyers market survey results are now available on our website to all premium members.
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.