Market Data
April 18, 2024
Written by Ethan Bernard
A lot of economists were predicting a recession last year. Ken Simonson, chief economist for the Associated General Contractors of America (AGC), wasn’t one of them.
“I’m sticking with that through this year, but I do disagree with the analysts and economists who still think the Fed is going to be reducing rates,” Simonson told SMU senior analyst David Schollaert on Wednesday.
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.