Analysis
July 3, 2024
Written by Brett Linton
Steel Market Update’s offices will be closed on the Fourth of July for Independence Day.
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Sheet prices are in the middle of one of their most sustained rallies since the first quarter, and this time in the absence of any tariff or trade policy shocks.
SMU’s price indices increased across the board this week, reaching new multi-month highs.
SMU’s Mill Order Index (MOI) surged in October after a notable decline the month prior. The recovery came as service center on order inventory totals picked up, supported by a slight uptick in shipments, according to our latest service center inventories data.
The US scrap market is showing some signs of strength in certain regions shortly after the November settlements finalized without detectable resistance.
US service centers’ flat-rolled steel supply edged lower for the third straight month, reaching 53.3 shipping days of supply on an adjusted basis at the end of October, according to SMU data.