AMU 101: Buying physical metal on The London Metal Exchange
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Category: Analysis
CRU: APAC steel prices continued to decline amid weak demand
The downward trend in Chinese steel export prices continued over the past month, as domestic demand in the country failed to recover following the Golden Week holidays.
HR Futures: Movement in the market
In the month since my last column, the tides have started to turn – and as usual it wasn’t the physical market that moved first.
Steelmaking raw material prices stabilize through November
Most steelmaking raw material prices remained stable over the past month. Prices are mixed in comparison to this time last year.
Plate sources say Q1 demand spike is imminent
Domestic plate market participants anticipate strong economic growth in the first quarter of 2026, which they say is the perfect reason for spot market price hikes now.
Steel market chatter this week
Steel market chatter from our most recent survey.
Barry Zekelman says it's a 'fantastic' time for steel in the US
SMU sits down with Barry Zekelman to talk North American trade and the state of the US and Canadian steel industries.
Price gap between US HRC, imports narrows
The price gap between stateside hot band and landed offshore product shrank week over week (w/w).
SMU Steel Demand Index falls back, remains in contraction
The SMU Steel Demand Index slackened from late October, remaining below expansion territory, according to SMU's mid-November indicators.
Scrap export market sees activity but no price boom
The bulk scrap export market has experienced a great deal of action lately, but that has not resulted in runaway pricing.
Final Thoughts
Sheet prices are in the middle of one of their most sustained rallies since the first quarter, and this time in the absence of any tariff or trade policy shocks.
SMU price ranges: Sheet and plate prices rise further
SMU’s price indices increased across the board this week, reaching new multi-month highs.
SMU Mill Order Index jumped in October
SMU’s Mill Order Index (MOI) surged in October after a notable decline the month prior. The recovery came as service center on order inventory totals picked up, supported by a slight uptick in shipments, according to our latest service center inventories data.
US scrap market picks up steam
The US scrap market is showing some signs of strength in certain regions shortly after the November settlements finalized without detectable resistance.
October service center shipments and inventories report
US service centers’ flat-rolled steel supply edged lower for the third straight month, reaching 53.3 shipping days of supply on an adjusted basis at the end of October, according to SMU data.
Final Thoughts
Rising prices and stable demand is not a bad way to slide into the ending of 2025.
Heating and cooling equipment shipments weakened through September
US shipments of heating and cooling equipment fell 7% in September from August to the lowest monthly rate of the year, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).
CRU outlook: Divergent regional sheet price trends will persist in the near term
Global sheet markets face divergent trajectories into year-end, with Asian (excl. India) markets under pressure from oversupply. This, while Western markets experience temporary support from supply constraints.
AMU: Negotiations heat up in US VAP market: Billet, PFA and wire rod premiums diverge
Contract talks for U.S. value-added aluminum products are reaching a critical stage, with billet, primary foundry alloys, and wire rod upcharges diverging as buyers and producers race to finalized 2026 pricing.
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: Current Sentiment falls, Future Sentiment ticks up
SMU’s Current Steel Buyers’ Sentiment Index slipped this week while Future Sentiment inched up, according to our most recent survey data.
Final Thoughts
Scrap keeps on trucking, shutdown or not.
Low demand amid mill price hikes confounds sheet market participants
US sheet market participants say demand for hot- and cold-rolled coils has not increased, leaving them confused by mill price increases and average lead times.
SMU Survey: Sheet lead times inch higher, plate shrinks
Steel mill lead times extended marginally this week on most sheet products but declined for plate, according to responses from SMU’s latest market survey.
SMU Survey: Buyers say mills less willing to negotiate prices
Just over half of the steel buyers who responded to our market survey this week reported that domestic mills are willing to talk price on new spot orders. Mills have begun to hold a firmer stance on prices over our last two surveys.
Gap between US HR prices and imports widens slightly
The price gap between stateside hot band and landed offshore product has marginally widened week over week.
Miller on Raw Materials: Pig iron market slows down
The pig iron market is at a standstill since the last sale to the US several weeks ago.
HRC vs. prime spread widens again in November
The price spread between HRC and prime scrap has widened for a second month, based on SMU’s most recent pricing data.
Final Thoughts
A history of EAF steelmaking.
SMU Price Ranges: Sheet and plate products inch higher
SMU's sheet and plate steel prices moved higher in unison this week.