Category: Market Data

The dollar premium cold-rolled coil (CRC) carries over hot-rolled coil (HRC) continues to expand according to our latest scope of the market.

A container ship collided with the Francis Scott Key Bridge in Baltimore on March 26, causing it to collapse. This has blocked sea lanes into and out of Baltimore port, which is the largest source of US seaborne thermal coal exports. The port usually exports 1–1.5 million metric tons (mt) of thermal coal per month. It is uncertain when sea shipping will be restored. But it could be several weeks or more. There are coal export terminals in Virginia, though diversion to these ports would raise costs.

The LME 3-month aluminum price resumed moving lower on the morning of March 22 and was last seen trading at $2,290 per metric ton. The price was unable to break through an important resistance level at $2,300/mt on March 21. EGA to acquire European recycler Emirates Global Aluminium of the UAE has signed a binding […]

The Architecture Billings Index (ABI) indicated architecture firm billings continue to decline through February, according to the American Institute of Architects (AIA) and Deltek. While the latest reading does not indicate improving business conditions, it is one of the higher measures seen in recent months, suggesting the recent slowdown may be diminishing.

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

Data on US industrial production, capacity utilization, new orders, and inventories remained overall steady and strong through January and February figures, indicating a healthy manufacturing sector. The strength of the manufacturing economy has a direct bearing on the health of the steel industry.

The CRUspi fell by 8.3% month over month (m/m) in March to 206.6 as weaker-than-expected demand weighed on markets around the world. Price falls were notable across all regions, with elevated inventory levels pushing prices in the US and Europe, and disappointing stimulus measures from the Chinese government weighing on those in Asia.

In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels.

Steel Market Update’s Steel Demand Index recovered out of contraction territory on the heels of the pricing blitz from mills last week, according to our latest survey data.

Flat Rolled = 56.6 Shipping Days of Supply Plate = 58.8 Shipping Days of Supply Flat Rolled After weaker-than-expected shipments in January, US service center shipments of flat-rolled steel picked up in February, which caused supply to decrease. At the end of February, service centers carried 56.6 shipping days of flat-rolled steel supply on an […]

SMU’s Current Steel Buyers’ Sentiment Index edged down while the Future Sentiment Index ticked up, 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, or if […]

New York state manufacturing activity slipped deeper into negative territory this month, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.

According to the latest “Index of Net New Orders of Aluminum Mill Products” released by the US Aluminum Association (AA), total orders in February 2024 were up 9.3% compared to February 2023. This is a noticeable improvement from the growth of 2.1% year over year (y/y) seen in January.

Prices of most steelmaking raw materials have moved lower over the last 30 days, according to Steel Market Update’s latest analysis.

Steel buyers found mills more willing to negotiate spot pricing on the products SMU tracks with the exception of hot rolled, according to our most recent survey data.

Steel mill lead times were flat to slightly up, according to our market survey this week.

The apparent supply of steel in the US increased in January, rising to a five-month high, according to data compiled from the US Department of Commerce and the American Iron and Steel Institute (AISI).

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.