Market Data
March 8, 2024
Written by Ethan Bernard
The Dodge Momentum Index (DMI) slipped in February from the previous month, according to the latest Dodge Construction Network (DCN) data.
The DMI dropped 1.4% last month to 180.5 from the revised January reading of 183.0. However, this was still 1% higher than a year earlier, DCN said on Thursday.
Sheet and plate prices continue to push higher as mills charge a premium for what little spot tonnage remains for 2026, market participants said. SMU’s price assessment for hot-rolled (HR) coil now stands at $1,290 per short ton (st) on average, up $10/st week over week. HR price gains averaged $5/st w/w throughout July and August, with no changes in prices some weeks and gains of at most $15/st w/w. In September and October to date, in contrast, prices have increased every week—with the average gain at $11.25/st w/w and w/w gains as high as $20/st. Prices for cold-rolled and coated products continued to increase as well. SMU's price assessment for cold-rolled (CR) coil clocked in at...
Domestic raw steel recovered last week, improving for the first time in three weeks, according to the latest American Iron and Steel Institute (AISI) figures. Over the past four months, however, US production has fluctuated significantly. In just the past six weeks, output has hit both a six-year high and a six-month low. While there […]
The latest tally of active drilling rigs held steady in the US and slowed 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 to this time last year, there are 55 more rigs in operation today. Canada’s count decreased by five to 217 rigs this week, slowing for the first time in four weeks. Still, activity is up compared to the same week of 2025, with 19 more rigs operating today.
Manufacturing activity improved in several Federal Reserve districts, but conditions remained mixed nationwide, according to the Fed’s Oct. 14 Beige Book report. Demand was strongest in steel, machinery, defense-related products, and data center infrastructure. Steel producers in the Cleveland District reported firm spot market demand. Data center, power-generation, defense, and aerospace projects supported orders. Long mill lead times kept customer inventories lean and prices high. Producers also reported higher orders from truck-trailer and light-vehicle manufacturers. International demand for hydrogen vehicle parts increased.
Lead times for sheet and plate continued to extend amid a domestic supply squeeze, according to the latest SMU steel market survey data. Average lead times stretch into mid- or late December, and those at some mills now extend into 2027. Lead times for all sheet products except Galvalume stand at their highest point since the post-covid demand snapback in 2021. Lead times for plate are now even higher than their 2021 peak.