Category: Market Data

Total shipments of heating and cooling equipment slowed 11% from June to July, according to the latest figures from AHRI.

Following the 17-month high set in June, US steel exports receded 8% in July, according to recently released US Department of Commerce figures. Trade has been historically low for over a year and remains weak compared to 2022-2024 volumes.

The spread between domestic hot-rolled (HR) coil and prime scrap prices continued to widen in September. It is now up for a 12th straight month, and at the widest gap since January 2022.

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

Sheet and plate prices continue to push higher on increasingly tight supplies and solid demand, market participants said. The domestic market remains characterized by both limited spot availability and limited contract availability. Buyers continue to report having difficulty finding spot material and being held below their contract maximums and sometimes to their contract minimums.

The Dodge Momentum Index (DMI) edged down in August from a downwardly revised July reading.

Total US raw steel mill output declined last week to the lowest rate seen since March, according to the latest figures published by the American Iron and Steel Institute (AISI). Production has trended lower since peaking in May but remains historically strong.

SMU's Current Steel Buyers' Sentiment Index inched up this week while the Future Sentiment Index edged down, according to our latest market survey.  

Drilling activity held steady in the US but eased in Canada this week, according to recently released Baker Hughes rig count data.

If you’re looking for a deal on steel, this last week wasn’t the one to find one. (Nor was the week before that. Or the week before that.) Meanwhile, contract negotiations are heating up in one of the tightest markets since at least 2021. I've heard discounts will be lower, min-max ranges will be tighter, and there will be less freight equalization and waiving extras.

U.S. Steel has restarted the No. 14 blast furnace at its Gary Works in northwest Indiana after a $350 million reline.

Manufacturing picked up across 10 of the 12 Federal Reserve districts. It was again one of the stronger sectors in the Fed's Sept. 2 Beige Book report.

Most steel buyers responding to our latest market survey reported that mills continue to hold a firm grip on prices. Negotiation rates remain low on all sheet and plate products. In late August, the share of buyers reporting that mills were negotiable fell to the lowest rate seen in almost five years, and that rate was unchanged through this week.

The results of the latest SMU flat-rolled market survey are now available on our website to all premium members.

Steel mill lead times held steady for sheet products this week and extended further on plate, according to buyers responding to our latest market survey. Production times have been historically long for most of the summer, currently at or near multi-year highs on each of the products we measure. Over two-thirds of the buyers responding to this week’s survey (68%) believe lead times will be flat two months from now, similar to recent surveys. Of the remainder, 19% predict lead times will extend further, and 13% expect contractions.

Flat-rolled steel prices inched higher again this week, continuing a trend that has characterized the market for most of this year. SMU’s hot-rolled (HR) coil price now stands at...

Domestic steel production declined last week to the lowest weekly measure recorded since March, according to recently published American Iron and Steel Institute (AISI) figures. Although down, production has been historically strong for most of this year. This year we have seen weekly production levels as high as 1,898,000 st in May (six-year high) and as low as 1,704,000 st in the first week of the year.

The August Business Conditions Report issued by the Precision Metalforming Association (PMA) found that North American sentiment improved markedly in August. “While metalformers expressed growing caution in July, this month’s survey reflects a notable improvement in sentiment,” said Mark Getsay, PMA’s managing director. “The increase in companies expecting stronger economic activity and higher order volumes is an encouraging sign.”

Baker Hughes’ latest data shows US oil and gas drilling activity was steady this week at a multi-month high, while activity slowed slightly in Canada.

The total volume of raw steel produced by mills around the globe eased for the second month in a row in July to an estimated 149.2 million metric tons (mt), according to the latest World Steel Association figures.

Steel buyers expect prices to keep rising in the near term and report steady-to-improving demand and lean inventories. Imports remain competitive despite risks.

Sheet prices mostly ticked upward again this week on a series of factors long familiar to the market: long lead times, limited spot availability, and solid demand.

For the next month, CRU forecasts that steelmaking raw materials demand will improve as buyers will restock ahead of seasonally stronger steel-demand periods.

US raw steel production increased last week, further recovering from the four-month low seen in early August, according to recently published American Iron and Steel Institute (AISI) data. Production has been historically strong for most of this year.

SMU’s average price for domestic hot rolled (HR) rose to $1,195 per short ton (st) week on week (w/w). In offshore markets, prices saw a more controlled rise.

Steel buyers remained strongly confident in their companies’ prospects today and in the coming months, according to SMU’s latest market survey. Both of our Steel Buyers’ Sentiment Indices are holding near multi-year highs and have been historically strong for several months.  

SMU’s Steel Demand Index saw a negligible decline in growth, slightly behind early August, but remaining in elevated territory, according to mid-to-late August indicators.

The results of the latest SMU flat-rolled market survey are now available on our website to all premium members.

SMU’s Mill Order Index (MOI) grew further in July, up for a third straight month. The result came as service center on-order volumes and new order entries accelerated, according to our latest service center inventories data.

Drilling activity eased in both the US and Canada this week, receding from multi-month highs, according to recently released Baker Hughes rig count data.