Category: Market Data

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.

The US sheet market appears to have reached a bottom following consistent weekly declines since April. However, other markets remain weak due to limited demand. Trading in Europe has been slow due to summer holidays. While European mills are also undergoing maintenance outages, these have not been enough to offset ongoing price falls, with weak […]

The wind energy sector continues to be a key feature of our forecasts for steel plate demand. As overall demand in China slows, it will assume a greater importance in shaping future global trends.

SMU’s Monthly Review articles summarize important steel market metrics for the prior month. Our July report contains figures updated through July 31.

The construction sector added 25,000 jobs in July, driven by improved wage gains according to the Associated General Contractors of America (AGC).

Following an uptick in mid-July, SMU’s Steel Buyers’ Sentiment Indices both eased this week. Current Buyers Sentiment has been see-sawing for the past few months, now back down to one of the lowest readings recorded since August 2020.

The latest SMU 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.” Historical survey results are also available under that selection. If you need help accessing the survey results, or if your […]

Long seen as being dominated by iron ore operations in Western Australia, diversified miner Rio Tinto is at an inflection point in its growth, according to CEO Jakob Stausholm, who referred to a step change from its aluminium business and consistent iron ore production at Pilbara. “We have considerable growth in cash flow from the […]

Buyers continue to report very short mill lead times on sheet and plate products, according to our latest market canvass of steel service center and manufacturer executives

Steel buyers of sheet products say mills are still flexible on spot pricing this week, though less so than two weeks prior, according to our most recent survey data.

The Chicago Business Barometer contracted further in July, according to Market News International (MNI) and the Institute for Supply Management (ISM).

Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).

Both iron ore and coking coal prices fell this week because of resistance from buyers. Iron ore prices have continued to fall throughout the past week, following sharp declines in steel prices in China, given no new policy announcement from the ‘Third Plenum’ meeting.

The majority of steelmaking raw material prices declined in June, following the same trend seen in May, according to SMU’s latest analysis.

The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.

High levels of steel imports, especially from China, in recent months are worrying steel makers in India and Vietnam.

SMU’s sheet price ranges slid again this week. But the declines were more pronounced on tandem products whereas prices for hot-rolled coil held roughly steady.

SMU’s Key Market Indicators include data on the economy, raw materials, manufacturing, construction, and steel sheet and long products. They offer a snapshot of current sentiment and the near-term expected trajectory of the economy. All told, nine key indicators point lower, 16 are neutral, and 13 point higher. One thing worth noting: The nine indicators pointing lower are all lagging indicators. Many of those pointing upward are leading indicators.

SMU’s Steel Buyers’ Sentiment Indices both saw improvement this week. Current sentiment ticked higher but remains near the four-year low seen earlier this month. Future Sentiment continues to indicate that buyers are optimistic for future business conditions.

The latest SMU 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.” Historical survey results are also available under that selection. If you need help accessing the survey results, or if your […]

The recently announced acquisition of Stelco by Cleveland-Cliffs (Cliffs), priced at nearly three times book value, provides a great price for Stelco shareholders. And various synergies will likely leave Cliffs with tremendous runway for further growth in this deal. Cliffs expects to close this deal in 2024 Q4 upon government approval. This approval is expected but not a given.

Sheet steel buyers continue to report that mills are willing to talk price on new orders, according to our most recent survey data collected this week.

Steel mill lead times remain short according to our latest market canvass of steel service center and manufacturer buyers. Of the sheet and plate products SMU tracks, production times for all materials are nearing historical lows not seen in months or years.

Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.

The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.

US raw steel mill production ticked up to 7.57 million short tons (st) in May, a 4% increase from the prior month, according to recently released American Iron and Steel Institute (AISI) data

Flat Rolled = 60.9 Shipping Days of Supply Plate = 59 Shipping Days of Supply Flat Rolled US service center flat-rolled steel supply remained high at the end of June at 60.9 shipping days of supply, according to adjusted SMU data. This translates to 3.05 months of supply in June. At the end of May, […]

New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.

Global Plate prices declined in all regions this week amid slow seasonal demand. With bearish outlooks on demand in the near term, market participants are watching how mills will react to low order entry levels and short lead times. In the US and China, production has been steady, but in Europe, steel mills are contemplating […]

The volume of finished steel entering the US market, dubbed ‘apparent steel supply,’ ticked up 3% from April to May according to SMU analysis of Department of Commerce and the American Iron and Steel Institute (AISI) data.