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    Analysis

    July 30, 2025

    SMU Steel Demand Index still lags

    Written by David Schollaert

    SMU’s Steel Demand Index has remained in contraction, according to late July indicators. Though growth faded at a slightly slower pace, the slowdown remains largely in response to ongoing tariff uncertainty.

    Following moderate declines since the back half of March, the index has undergone a slight recovery since dropping to its lowest reading in over a year in late June. The index fell out of expansion territory and has struggled to find its footing since mid-April.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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