Category: Market Data

SMU polled steel buyers on an array of topics this week, ranging from market prices, demand, and inventories to imports and evolving market events. We are sharing some of the comments we collected.

This week is the first time all of our indices have moved lower in unison since July 2024.

The construction sector added 13,000 jobs, seasonally adjusted, in March, but tariffs could undermine the industry.

For trading partners, the tariffs will reduce demand for exports and depress growth. Over the coming days, trade partners will almost certainly announce retaliation, which will hit US exports.

SMU’s Buyers’ Sentiment Indices experienced multi-point declines this week, though both remain positive and continue to reflect optimism among steel buyers for their companies' ability to be successful.

Supply chains are working through what the tariffs mean for them

Scrap buyers sound off on prices, demand, etc., in SMU's monthly scrap survey.

Latest tariffs could lead to US metallurgical coal exporters (many already high-cost swing producers) being priced out of the market.

Buyers responding to our latest market survey reported that sheet lead times continue to gradually decline from recent highs. Meanwhile, plate lead times increased to levels last seen one year ago.

Four out of every five steel buyers who responded to our latest market survey say domestic mills are unwilling to negotiate on new order spot pricing. Mills have shown little flexibility on pricing for nearly two months.

Sheet and plate prices were mixed on Tuesday as the market took a wait-and-see approach to the Trump administration’s “Liberation Day” tariffs.

SMU’s Monthly Review provides a summary of our key steel market metrics for the previous month, with the latest data updated through March 31.

US manufacturing activity slowed in March after two straight months of expansion, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.

The Chicago Business Barometer increased for the third-consecutive month in March. Despite this, it still reflects contracting business conditions, as it has since December 2023.

Victor Cairo, head of Mexico’s steel sector body Canacero and CEO of ArcelorMittal Mexico, says he is confident negotiations between the Mexican and US governments planned for April 2 will lead to the creation of a regional block to substitute imports, especially from Asia.

This week, SMU polled steel buyers on an array of topics, including market prices, demand, tariff policies, inventories, imports, and emerging market events.

Transportation equipment led the increase, rising 1.5% to $98.3 billion.

SMU's steel price indices moved in differing directions this week but remained largely stable as cautious buyers await clarity on pending steel tariffs and trade cases.

People remain concerned about inflation, trade policies, and tariffs.

SMU’s Buyers’ Sentiment Indices showed mixed movements this week but remain strong, reflecting continued confidence among steel buyers.

These developments come at a time when the global trading system has been shaken up by US President Donald Trump’s greater use of tariffs, including employing Section 232 legislation to impose a 25% levy on steel from all countries to protect national security.

Are President Trump's tariff policies helping? Steel buyers offer their opinions on the impact of Trump's tariffs.

After a multi-week increase, buyers responding to our market survey this week reported that lead times are stabilizing or marginally declining for each of the sheet and plate products we track.

Single-family starts last month hit a rate of 1.10 million, a month-over-month increase of 11.4%, census data shows.

The majority of the steel buyers responding to our latest market survey continue to report that domestic mills remain firm on pricing, showing little willingness to talk price on new spot orders this week.

The ABI is a leading indicator for near-term nonresidential construction activity and projects business conditions ~9-12 months down the road (the typical lead time between architecture billings and construction spending).

Steel prices were stable to higher this week for the second consecutive week across the sheet and plate products tracked by SMU. Three of our price indices increased from the previous week, while two held firm.

The HRC vs. prime scrap spread increased again in March.

After a modest recovery in February, business activity in New York state’s manufacturing sector declined sharply in March, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.

Prices for five of the seven steelmaking raw materials tracked by SMU increased from February to March, according to our latest analysis.