Category: Analysis

After another historic turnout in 2025, and on the heels of our best Tampa Steel Conference in February, the buzz around SMU’s Steel Summit 2026 is picking up.

Core to the negotiations will be the need for a fundamental rebalancing of the relationship between the United States, Mexico, and Canada - especially when it comes to the steel and autos supply chain.

Apparent steel supply declined 3% from January to February to the third-lowest rate recorded in the past two years, just 5% above the near-five-year low set last November.

The Commerce Department has determined that allowing anti-dumping and countervailing duties on non-oriented electrical steel (NOES) imports from a handful of countries to expire would result in continued dumping and subsidization at significant levels.

Toyota Motor Corp.’s $1 billion investment in its Kentucky and Indiana plants aims to expand production of aluminum-intensive vehicles, particularly across high-volume models and future battery electric platforms.

The US and Canadian oil and gas rig counts inched lower this past week, according to the latest Baker Hughes data.

SMU’s Steel Buyers’ Sentiment Indices indicate that steel buyers remain highly optimistic about their businesses’ chances for current and future success.

MU’s latest steel buyers market survey results are now available on our website to all premium members.

Conditions in the US market remain tight as domestic demand is holding up with support from border wall projects and data center investments. The supply side has struggled to keep pace with weak import volumes, impacting the market. 

Service centers held only 2.24 months of supply (49.3 days of supply) of sheet products in March, according to our latest figures. If you check our archives, you’ll see that's the lowest sheet inventories we’ve seen since June 2021 – which was hardly a bad year for steel.

Steel mill lead times remained elevated this week, according to buyers responding to our latest market survey.

There are several factors buttressing the ferrous scrap market against it seasonal fall in the spring months. We all know about the Iran War and the rise in fuel costs. Other factors include strong steelmaking activity, rising steel prices, lighter inbound scrap flows, and firm export markets.

Most sheet and plate buyers continue to report that mills are not negotiable on new order spot prices, according to our latest market survey conducted this week.

US service centers’ flat-rolled steel supply declined for a third straight month in March, with shipping days of supply slipping to 49.3 on an adjusted basis, according to SMU data.

US steel exports held steady from January to February and remain near historical lows.

The spread between domestic hot-rolled coil and prime scrap prices widened again in April, a trend that started back in September.

We look at market participant comments from this month's SMU Ferrous Scrap Survey.

Sheet and plate prices increased yet again this week on an increasingly tight spot market. It's gotten so tight that some market participants say they're becoming more concerned about availability than about price.

After an active end to March in the Cross-Atlantic export trade, things have calmed down thus far in April.

SMU’s Current and Future Sentiment Indices for scrap rose in April, pulling even with each other for the first time, according to the latest data from our ferrous scrap survey.

Global steel demand is stabilizing and poised for a gradual recovery through 2027, with North America expected to post solid, policy-supported gains, according to the World Steel Association’s latest Short Range Outlook.

Heating and cooling equipment shipments recovered in February, surging 17% from January, according to the latest data released by AHRI.

Raw steel production increased for the fourth-consecutive week last week to a new multi-year high, according to the American Iron and Steel Institute (AISI).

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

Nucor has increased its consumer spot price (CSP) for hot-rolled (HR) coil to $1,045 per short ton (st), a $5/st bump from last week.

Remember the “Got Milk?” advertising campaign of the 1990s. Maybe we should start a “Got Steel?” campaign. Or maybe “Got Spot Tons?” would be more accurate, if less catchy.

No doubt, events will scramble the status quo. Meanwhile, the global systems that have prevented major wars for 80 years are sagging.

Steel imports remain near some of the lowest volumes recorded in over five years.

A coalition of US wire rod producers has filed a petition seeking countervailing duties on carbon and alloy steel wire rod from Algeria.

Military strikes on major aluminum facilities in the United Arab Emirates and Bahrain have introduced a new layer of uncertainty into a market that was already operating with limited flexibility.