SMU Data and Models
SMU's February at a glance
Written by Brett Linton
March 4, 2025
SMU’s Monthly Review summarizes key SMU steel market metrics for the previous month, with the latest data through Feb. 28.
Steel prices surged across February, as we witnessed some of the most significant weekly gains in over a year. In late January, we adjusted the SMU Price Momentum Indicators for both sheet and plate products from Neutral to Higher, where they remained pointed throughout February.
Following a recovery in January, ferrous scrap prices soared again in February, with the largest monthly increase in over a year. The spike was driven by tightening supply and recovering mill demand, pushing prices to one-year highs. Buyers remain bullish that this rally will continue into March, anticipating another significant rise in prices.
Our Steel Buyers Sentiment Index climbed across February to reach a nine-month high, indicating that buyers are optimistic about their companies’ chances of success. Our Future Sentiment Index saw less movement in February but remained strong, showing buyers have a positive outlook for the year’s first half.
Steel mill lead times stretched out across the month for all five sheet and plate products we track to the longest they’ve been in 10 months. Production times have primarily extended from frenzied buying in response to tariffs, not so much due to end-use demand.
Most steel buyers no longer report that mills are willing to negotiate on pricing for new spot orders. In late February, negotiation rates plummeted across all sheet and plate products we track to the lowest levels we have seen in nearly two years.
See the table below for other key February metrics (click to expand). You can also view historical monthly review tables on our website.
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.