Analysis
April 29, 2024
Written by Laura Miller
An important economic indicator for the nonresidential construction industry declined in March to its lowest point in more than three years.
The American Institute of Architects (AIA) reported that the Architectural Billings Index (ABI) registered 43.6 in March, down from 49.5 in February and 50.4 in March 2023. A lower ABI was last seen in December 2020 when the index hit 42.3.
Worthington Enterprises reported higher fiscal first-quarter sales and earnings while citing rapidly growing data center demand and continued tightness in the steel market.
Sheet and plate prices continued to tick mostly higher this week amid a supply squeeze that shows no signs of loosening its grip on the US market.
This October, SMU is introducing a new way to keep you informed on the latest steel market news and insights: the Daily Digest. Beginning in mid-October, our new Daily Digest will replace the three newsletters currently delivered each week.
The scrap market for October is looking for direction as some participants on both sides of the furnace are indicating scrap prices are poised for an increase.
SMU’s latest Flat-Rolled Steel Buyers Survey shows that in a tight US market marked by long lead times, low inventories, and rising prices, foreign products continue to gain the interest of domestic buyers.