Market Data
July 29, 2022
Written by David Schollaert
New orders for US manufactured durable goods rose unexpectedly in June after a surprising increase the month prior. June’s gain was boosted by a surge in defense aircraft as well as a sustained demand for equipment.
Last month’s bookings for durable goods were up 1.9% following a 0.8% gain a month earlier, according to the Commerce Department. Figures are not adjusted for inflation.
Domestic raw steel output fell to a six-month low last week after hitting a multi-year high one week earlier, according to the latest American Iron and Steel Institute (AISI) figures.
Drilling activity increased in the US this week but declined in Canada, according to active oil and gas rig count figures recently released from Baker Hughes. The US rig count rose by four to 595 rigs this week, now at the highest level recorded in over two years. Canadian counts eased to a 10-week low of 197 this week, down 10 rigs from the prior week.
The results of the latest SMU flat-rolled market survey are now available on our website to all premium members.
Steel mill lead times extended for sheet and plate products this week, according to buyers responding to our latest market survey. Production times have been historically long for most of the summer.
US service centers’ flat-rolled steel supply declined in August, making the marginal gain the month prior an outlier year-to-date. Shipping days of supply slipped to 44.2 in August, according to SMU data.