Category: Market Data

US steel exports jumped to 770,649 short tons (st) in January, rising 25% from the 12-month low recorded one month prior.

The construction sector added 23,000 jobs in February, boosted by nonresidential, according to the Associated General Contractors of America (AGC).

The LME three-month price continued to strengthen through Friday, March 8, defending its position close to its five-week high and rising further to $2,262 per metric ton (mt), up 0.3%, on the day. Gains were also noted over the last week in other industrial metals, including copper, zinc, and lead. The price gains appeared to be due to weakness in the US dollar, which fell sharply against a basket of currencies after Fed Chairman Jerome Powell said on Wednesday that rate cuts were still expected this year.

The latest steel import license data from the US Commerce Department shows 2.39 million short tons (st) of steel entered the country in February 2024, down 6% from the month prior.

A weak start for sheet demand this year has continued to weigh on global prices. European demand outside of the renewable energy sector was weak enough that market participants said mills are likely to cut output further after several furnace restarts earlier in the year. In China, demand has also failed to pick up after recent holidays, and even government announcements of more stimulus measures during the country’s “Two Sessions” meetings failed to boost market confidence.

The Dodge Momentum Index (DMI) slipped in February from the previous month, according to the latest Dodge Construction Network (DCN) data.

The price premium cold-rolled coil (CRC) carries over hot-rolled coil (HRC) remains wide, according to our latest market check. Based on our steel price indices published Tuesday, the spread between these products is at the fifth-highest weekly level seen over the last 16 months.

Economic activity across the US increased marginally from early January through the end of February, according to the latest Beige Book report from the US Federal Reserve.

What are folks in the steel industry talking about at present? Respondents to SMU’s mini-survey this week shared some of their thoughts with us about what's going on in the market. Rather than summarizing their responses, here’s some of what they had to say in their own words.

Consumer confidence in the US declined in February after accelerating to a two-year high the month prior, The Conference Board reported. Results came in amid ongoing concerns regarding the US economy. The headline Consumer Confidence Index declined to 106.7 in February from a downwardly revised 110.9 in January. The index, which measures Americans’ assessment of […]

Steel prices continued to ease lower throughout February, following a loss of upwards momentum in the middle of January.

Turkish scrap import prices consistently declined over the past month due to persistently weak domestic demand and lower prices in main supplier markets in recent weeks.

US manufacturing activity continued to slump in February, contracting for the 16 consecutive month, according to the latest report from the Institute for Supply Management.

The strong resilience of iron ore prices has come to an end with the weak steel performance worldwide and significantly improved iron ore availability in China.

IAI reports aluminum industry greenhouse gas emissions declined in 2022.

The American Iron and Steel Institute (AISI) is urging Congress to strengthen US trade laws. Specifically, Kevin Dempsey, president and CEO of AISI, asked Congress to incorporate the provisions of the Leveling the Playing Field 2.0 Act in any trade legislation that moves forward this year.

When it comes to finding ways to reduce emissions in steel manufacturing, we are in the all-of-the-above camp.

SMU’s Current Steel Buyers’ Sentiment Index eased to an eight-week low, according to our most recent survey data.

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, […]

Steel mill lead times shrunk by an average of 0.3 weeks, according to our latest market survey, now nearing levels last seen in September of last year.

Steel buyers generally found mills more willing to negotiate spot pricing on the products SMU surveys this week, according to our most recent survey data.

Metalformers expressed increased optimism about business activity this month, according to the February 2024 Precision Metalforming Association (PMA) Business Conditions Report.

Falling US sheet prices have reduced the attractiveness of hot-rolled (HR) coil imports as domestic mills price competitively to secure limited business. However, tightness in the CR coil market has extended delivery to June or July in some cases, and buyers may consider to import given competitive prices and arrival times.

In the period between mid-February and mid-March, CRU forecasts global demand for steelmaking raw materials to change little from the previous month,but buying activity will improve towards the end of next month

The US already had strict regulations on air-quality standards for particulate matter, but they are going to get even tighter.

At SMU, our goal is not to tell you what to think but to keep the conversation going. We asked you in our survey this week what you were seeing when it comes to steel prices, demand, imports, and wildcards. In your own words, with minimal editing, here’s what some of you in the SMU community shared with us this week.

The Architecture Billings Index (ABI) reading from the American Institute of Architects (AIA) and Deltek showed a slight uptick in January but continued to signal soft conditions. The index inched up from 45.4 in December to 46.2 in January. While the index has moved higher consecutively each month since October, it remains in contraction territory. […]

Steel Market Update’s Steel Demand Index has moved lower, having remained in contraction territory for the better part of the past two months, according to our latest survey data.

Manufacturing activity in New York State continued to shrink this month, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.

The Italian government says it will appoint commissioners with specific steel-sector expertise in the coming days to assume control of the Taranto works, which is majority owned by ArcelorMittal.