Category: Market Data

US steel prices set to jump after President Trump levies new tariffs.

Each of the steel product prices tracked by SMU saw significant increases this week. All four of our sheet price indices rose by $30-50 per short ton (st) on average. Plate prices popped $60/st compared to the week prior.

Targets include coal, liquified natural gas, crude oil, and other commodities

After reaching multi-month lows in mid-January, SMU’s Steel Buyers’ Sentiment Indices rebounded this week to some of the highest readings recorded in months.

While we have seen some movements in recent weeks, steel mill production times remain within a few days of the historical lows observed over the last two years, a trend observed since mid-2024.

Steel mill negotiation rates have declined in each of our last two surveys; this week’s rate is the lowest recorded since March 2024.

SMU’s steel price indices rose across the board this week. Sheet prices increased as much as $35 per short ton (st) compared to last week, while our average plate price ticked up by$10/st.

Following more than two years of contraction, US manufacturing activity rebounded in January according to the Institute for Supply Management.

SMU’s Monthly Review provides a summary of important steel market metrics for the previous month. Our latest report includes data updated through January 31st.

Steel and aluminum have been identified as high priorities for trade

Despite the gain, the index remains below both the levels of November 2024 and the 2024 average.

Prices for the seven steelmaking raw materials SMU tracks moved in differing directions from December to January, according to our latest analysis.

The Canadian Steel Producers Association (CSPA) has urged Canada to engage with the US administration to avoid the tariffs threatened by the Trump administration by Feb. 1. “The imposition of tariffs on Canadian goods will have an incredibly disruptive impact on our integrated North American supply chains and on our workers and their families,” François […]

USMCA is option 1 but will cost more or not be big enough

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.

SMU’s sheet prices were mixed this week. Hot-rolled (HR) coil and plate notched gains while prices for coated products stagnated or dipped lower. Our HR price now stands at $700 per short ton (st) on average, up $15/st from last week and marking the highest level for HR prices since $705/st in early October. SMU’s […]

A majority of SMU survey respondents expect US prime scrap tags to land sideways in February. In our most recent survey last week, 51% said US prime scrap prices would be flat next month, and 46% anticipate rising prices; the small remainder think prices will fall. Recall that the January ferrous scrap market settled before […]

The Trump administration has backed off tariffs on Colombia after the White House said the leader of the Latin American nation agreed to President Trump’s demands. “The Government of Colombia has agreed to President Trump’s terms, including the unrestricted acceptance of illegal aliens from Colombia returned from the United States… without limitation or delay,” according […]

Day One of the second Trump administration did not bring tariffs, but it did signal that tariffs, and other major trade actions, are not far off.

Turkish scrap prices showed little change week over week (w/w), with HMS 80:20 and shredded grades assessed at $343 per metric ton (mt) and $357/mt, respectively. Turkish scrap prices remained steady during the third week of 2025, with HMS 80:20 unchanged at $343/mt, while Shredded grades fell edged lower $5/mt to $357/mt based on confirmed […]

SMU’s Steel Buyers’ Sentiment Indices saw a slight decline this week, slipping to levels last observed in early November

Executive orders, LME volatility and more

Steel mill lead times were mixed across the sheet and plate products SMU tracks, according to buyers responding to our latest market survey.

The majority of steel buyers we canvassed this week continue to report that mills are willing to negotiate prices on new spot orders, though not as much as they were in early-January.  

Architecture firms reported a sharp reduction in billings in December, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.

Sheet and plate prices remained in a holding pattern this week as the market awaited more specifics on potential Trump administration tariffs.

Recent Federal Reserve data indicates that the US manufacturing sector remains healthy and stable. The strength of the manufacturing economy has a direct relationship to the health of the steel industry.

The incoming administration said it also wants to streamline permitting and roll back regulations.

Coal miners Consol Energy and Arch Resources have completed what they describe as a merger of equals to form Core Natural Resources. Headquartered in Canonsburg, Pa., the new company has the potential to produce 12 million metric tons (mt) per year of metallurgical coal and more than 25 million mt per year of thermal coal, as […]

EU restrictions on Russia, Canadian tariffs, scrap leakage and more