Analysis
October 1, 2024
Written by Michael Cowden
There are markets where the headlines and the prices are both crazy. This does not appear to be one of them, at least not yet.
So far we’ve got a sweeping trade case, a massive ports strike, and a deadly hurricane. These events deserve the coverage they’re getting. But the reaction on the price side and among steel buyers I’ve spoken with this week has been mostly ho-hum.
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.