SMU Steel Demand Index still lags
The Steel Demand Index now stands at 42, up from 38.5 in early July, but off from a four-year high of 65.0 in late February.
Category: Analysis
Final Thoughts
A scrap trader looks back fondly at blast furnace steelmaking.
SMU Price Ranges: Sheet prices tick lower, but floor remains high vs. '24
Sheet prices slipped again this week amid discounting from certain mills and ongoing concerns about demand.
Brazil pig iron community reacts before US tariff takes hold
The Brazilian pig iron community is playing defense ahead of the Aug. 1 deadline for a 50% US tariff on imports from the South American country. The moves indicate the Brazilian producers do expect the tariff to go into effect.
AISI: Raw steel production ticks back up
US raw steel output rebounded last week, according to the American Iron and Steel Institute (AISI). Mill production remains historically strong, with output at or near a multi-year high since early June.
Final Thoughts
Is this just a severe case of the summer doldrums? Will demand improve in the fall, as it often does? Or has uncertainty around tariffs and the economy created a more lasting impact?
SMU Community Chat: Tariff-induced panic purchases, inflation, and calculating costs
Chief executive of the Institute for Supply Management (ISM), Tom Derry highlighted how reactive buying behavior has shifted the market into a quiet demand period. Derry presented ISM data during the weekly SMU community chat.
USS, Nippon continue to press lawsuit against Cliffs, USW chief
U.S. Steel and Nippon Steel are not done settling scores with those who opposed their historic, $14.9-billion partnership.
Active rig counts ease in the US, climb in Canada
Drilling activity slowed in the US and increased in Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.
SMU Survey: Steel Buyer Sentiment Indices soften
SMU’s Steel Buyers’ Sentiment Indices eased this week, both approaching multi-year lows.
Trump says Canada deal might not happen: Report
President Trump said a negotiated deal with Canada might not occur, and all existing tariffs, along with those set to take effect soon, will stay in place, according to media reports.
US CRC prices dip, widening gap vs. imports
Cold-rolled (CR) coil prices continued to decline in the US this week, while prices in offshore markets ticked 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.
CRU: Downstream tariffs will not change the stainless market, but domestic expansion will
US tariff expansion to stainless material in imported downstream products will not be enough on its own to incentivize capital investment
Final Thoughts
Is there any clarity to be hoped for on the tariff front?
SMU Survey: Mill lead times remain short
Steel mill lead times on sheet products contracted across the board this week compared to early July, while plate production times moderately extended, according to steel buyers responding to this week’s market survey.
SMU Survey: Most buyers say mills are open to negotiating prices
More than nine out of every ten steel buyers polled by SMU this week reported that mills are negotiable on new order prices. Negotiation rates have increased in each of our last three surveys following the early-June lull, reaching a record high this week.
SSAB Americas reports higher Q2 production and shipments
Despite improved operating results, SSAB Americas' second-quarter and H1’25 profits fell short of those of last year.
US HR prices remain sharply higher than EU HR on 50% S232
Hot-rolled (HR) coil prices in the US edged lower again this week but have remained in a tight band for roughly four months. Stateside prices continue to trail imports from Europe, supported by Section 232 steel tariffs that were doubled in early June.
Global steel production slips in June
The total volume of raw steel produced around the globe fell by 5% from May to June, according to recent data published by the World Steel Association (worldsteel).
SMU Community Chat replay now available
The latest SMU Community Chat webinar reply featuring Tom Derry of the Institute for Supply Management (ISM), is now available on our website to all members.
Market sentiment shows improvement: PMA Business Conditions Report
Metalforming manufacturers say they’re more confident that near-term economic conditions are improving
Final Thoughts
A tariff on Brazilian pig iron could cause great upheaval in the market.
SMU price ranges: Sheet and plate drift lower as summer lull continues
Steel prices continued to decline this week across all of the sheet and plate products tracked by SMU, pressured by short lead times and the typical summer slowdown.
Galvanized steel prices and demand remain stagnant in July: HARDI
Galvanized steel prices ping-ponged in the $50/hundredweight range during the month of July, settling in at roughly the same position as in June.
Register for the next SMU Community Chat with ISM CEO Tom Derry!
Institute for Supply Management CEO Tom Derry will join SMU for our next Community Chat on Wednesday, July 23, at 11 a.m. ET (10 a.m. CT). You can register here.
Service centers: Mill orders recover in June
SMU’s Mill Order Index (MOI) rebounded in June after declining for three straight months. The gain complemented a modest boost in service center shipments for the month, according to our latest service center inventories data.
AISI: Raw steel production eases after recent high
Domestic steel mill output edged lower last week, according to the American Iron and Steel Institute (AISI). While down, production remains historically strong since peaking in early June.
Nucor lowers HR price to $900/ton
Nucor is lowering its list price for spot hot-rolled coil for the first time since May 27.
Final Thoughts
What to look out for regarding ferrous scrap ahead of Steel Summit.