SMU Data and Models

SMU's August at a glance
Written by Brett Linton
September 3, 2024
SMU’s Monthly Review provides a summary of important steel market metrics for the previous month. Our latest report includes data updated through Aug. 30.
Following the low seen in mid-July, sheet prices gradually increased throughout August, supported by upcoming maintenance outages and mill price increases. Meanwhile, plate prices ticked lower across the month, a trend seen since late last year.
The SMU Price Momentum Indicator on sheet was adjusted from Neutral to Higher in the first week of August. The Price Momentum Indicator for plate remains at Lower, where it has been for four months.
Scrap prices were mostly sideways from July to August, ticking up $5-20 per gross ton. Buyers were mixed on what prices could do in September, with some expecting a decline and others foreseeing further recovery.
We saw an improvement in Steel Buyers Sentiment as we neared the end of August. Current Sentiment jumped to a two-month high last week, while Future Sentiment rose to a nine-month high.
Steel mill lead times edged higher across August but are not far from the multi-month lows seen in July. The percentage of buyers reporting that mills were willing to negotiate on new orders slightly declined from July to August, but remains at a relatively strong rate.
See the chart below for other key metrics for August.


Brett Linton
Read more from Brett LintonLatest in SMU Data and Models

SMU Survey: Current Sentiment tumbles on tariffs, uncertainty, soft demand
SMU’s Steel Buyers’ Sentiment Indices moved in opposing directions this week. Our Current Steel Buyers’ Sentiment Index dropped to one of the lowest levels recorded in over five years, while Future Buyers’ Sentiment inched higher.

SMU flat-rolled market survey results now available
SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]

SMU Survey: Buyers report little change in sheet and plate lead times
Steel buyers report steady lead times for sheet and plate products, a soft-sideways trend we've seen since May.

SMU Survey: Mills remain flexible on pricing, buyers say
The majority of steel buyers responding to our market survey this week continue to say that mills are negotiable on new spot order prices. Negotiation rates have remained high since May.

Service centers: Mill orders improve in July
SMU’s Mill Order Index (MOI) moved higher in July after rebounding the month prior. The shift comes after mill orders declined from March through May.