SMU Data and Models
SMU's November at a glance
Written by Brett Linton
December 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 Nov. 30.
Sheet and plate prices trended lower across the month of November. As of last week, sheet prices remained near multi-month lows, similar to late July/early August levels. Plate prices continued to edge lower from their mid-2022 peak. The SMU Price Momentum Indicator remained at Neutral on both sheet and plate throughout November.
November scrap prices were stable to slightly down compared to October, with busheling holding steady and shredded and heavy melt scrap easing. Buyers are less than optimistic on rising prices as we enter the holiday season, expecting a sideways to down market this month.
Steel Buyers’ Sentiment recovered in November following the four-year low seen in late October. Current Sentiment increased to a two-month high by the end of the month, indicating that buyers are more optimistic about their businesses’ ability to be successful. Through late November, the Future Sentiment Index climbed to the highest measure of the year, suggesting buyers expect favorable business conditions into the new year.
Buyers continue to report short steel mill lead times, holding steady across last month. As of Nov. 22, production times were slightly shorter than levels witnessed three months ago.
By the end of the month, 85% of the steel buyers we polled reported mills are still willing to negotiate new order pricing. Negotiation rates have been high for the majority of 2024, recently peaking in late October.
See the table below for other key November metrics (click here to expand). Historical monthly review table can be found on our website.
Brett Linton
Read more from Brett LintonLatest in SMU Data and Models
SMU Survey: HR, CR and plate lead times up, coated products down
Steel mill lead times were mixed across the sheet and plate products SMU tracks, according to buyers responding to our latest market survey.
SMU Survey: Most mills still willing to talk price
The majority of steel buyers we canvassed this week continue to report that mills are willing to negotiate prices on new spot orders, though not as much as they were in early-January.
SMU Survey: Steel Buyers’ Sentiment Indices stable to start 2025
Both SMU Steel Buyers' Sentiment Indices remain in positive territory, indicating that steel buyers are optimistic about the success of their businesses.
SMU Survey: Mill lead times short and steady to start 2025
Buyers participating in our first market survey of 2025 reported a slight decline in mill lead times compared to our last survey in mid-December. After rising moderately in early December, lead times edged lower through this week and are now only slightly above the lows seen back in July and November. Overall, production times have remained historically short since last summer, with minimal movement since then.
SMU’s December at a glance
SMU’s Monthly Review provides a summary of important steel market metrics for the previous month. Our latest report includes data updated through December 31st.