Analysis
August 27, 2024
Written by David Schollaert
Days one and two of SMU’s Steel Summit 2024 are officially in the books. We covered a lot of ground, and the agenda sure did deliver.
While it seems we’re at something of a crossroads in the market with sheet prices and lead times ticking up, mills remain willing to talk price, and inventories seem a bit bloated, according to our most recent data.
The US Department of Commerce has preliminarily determined that critical circumstances exist in the countervailing duty (CVD) investigation of imports of large-diameter graphite electrodes (LDGEs) from China.
SMU’s Steel Demand Index rose to 69.5 in mid-September, its highest reading in more than five years.
SMU’s Mill Order Index (MOI) accelerated in August for a fourth consecutive month, reaching its strongest reading in nearly five years.
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.