SMU Data and Models

SMU's December at a glance
Written by Brett Linton
January 2, 2025
SMU’s Monthly Review provides a summary of important steel market metrics for the previous month. Our latest report includes data updated through Dec. 31.
Sheet and plate prices saw little movement across the month of December. Sheet prices remained near multi-month lows, and plate prices continued to tick lower from their mid-2022 peak. The SMU Price Momentum Indicator remained at Neutral for both sheet and plate products.
Following a relatively stable November, steel scrap prices declined in December for each of the products we track. Busheling and heavy melt scrap (HMS) both eased to a four-month low, while shredded scrap prices receded to lows not seen in over a year. Buyers are cautiously optimistic that prices will recover in 2025.
Both of our Steel Buyers’ Sentiment Indices remained positive throughout December. As of Dec. 18, Current Sentiment showed that buyers were optimistic about business conditions, though not as confident as they were earlier in the year. Our Future Sentiment Index indicated a very strong outlook for early 2025, reaching a one-year high.
Buyers continue to report short steel mill lead times. As of the week before Christmas, production times were not far above the lows seen in July and November. Sheet production times have been historically low since May, and plate since July.
By the end of last month, four out of every five steel buyers we polled reported that mills are willing to negotiate new order pricing. Negotiation rates have been high for the majority of 2024, especially in the latter half of the year.
See the table below for other key December 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 Scrap Survey: Current and Future Sentiment tick down
SMU’s Current Sentiment Index for scrap decreased this month, a move mirrored by our Future Sentiment Index, according to the latest data from our ferrous scrap survey.

SMU Survey: Buyers’ Sentiment slips again, future outlook improves
Each of our Sentiment Indices continues to reflect that steel buyers are positive about their present and future business prospects, though that confidence has eased considerably compared to the beginning of the year.

SMU scrap market survey results now available
SMU’s October ferrous scrap market survey results are now available on our website to all premium members.

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.

SMU Survey: Sheet and plate lead times stabilize
Sheet and plate lead times saw minor shifts this week, according to SMU’s latest market survey. Sheet times have inched up over the last month but remain within days of multi-year lows, as they have since May. Plate lead times have bobbed within a tight range for months, hovering roughly a week longer than this time last year.