Market Data
October 15, 2024
Written by Laura Miller
After a brief pickup in September, manufacturing activity in New York state retreated into contraction, according to the October Empire State Manufacturing Survey.
The survey from the Federal Reserve Bank of New York revealed a modest contraction in manufacturing business activity in October, with the headline general business conditions index falling back 23 points to -11.9.
Domestic raw steel recovered last week, improving for the first time in three weeks, according to the latest American Iron and Steel Institute (AISI) figures. Over the past four months, however, US production has fluctuated significantly. In just the past six weeks, output has hit both a six-year high and a six-month low. While there […]
The latest tally of active drilling rigs held steady in the US and slowed in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count remained unchanged at 603 rigs this week, maintaining a 17-month high. Compared to this time last year, there are 55 more rigs in operation today. Canada’s count decreased by five to 217 rigs this week, slowing for the first time in four weeks. Still, activity is up compared to the same week of 2025, with 19 more rigs operating today.
Manufacturing activity improved in several Federal Reserve districts, but conditions remained mixed nationwide, according to the Fed’s Oct. 14 Beige Book report. Demand was strongest in steel, machinery, defense-related products, and data center infrastructure. Steel producers in the Cleveland District reported firm spot market demand. Data center, power-generation, defense, and aerospace projects supported orders. Long mill lead times kept customer inventories lean and prices high. Producers also reported higher orders from truck-trailer and light-vehicle manufacturers. International demand for hydrogen vehicle parts increased.
Lead times for sheet and plate continued to extend amid a domestic supply squeeze, according to the latest SMU steel market survey data. Average lead times stretch into mid- or late December, and those at some mills now extend into 2027. Lead times for all sheet products except Galvalume stand at their highest point since the post-covid demand snapback in 2021. Lead times for plate are now even higher than their 2021 peak.
The results of the latest Steel Market Update (SMU) flat-rolled market survey are now available on our website to all premium members. After logging in, look under the Data tab for Market Reports, and there you will find the Flat-Rolled Survey Results section. Previous survey results are also available on that page. If you need help accessing these results, or if your company would like to have your voice heard in our future surveys, contact smu@crugroup.com.