Category: Region

Many people have shaken off the post-holiday blues. But for primary aluminum operators, “power blues” are enduring.

Next Monday marks the start of the second Trump administration. The limbo we’ve been living in since Election Day in early November will finally come to an end. What better way to take a look at what’s coming up in Washington, D.C., than a conversation with Steel Manufacturers Association (SMA) President Philip K. Bell. He […]

Alan Kestenbaum, the founder of Bedrock Industries and the former CEO of Stelco, will be the featured speaker on the next SMU Community Chat. The webinar will be on Wednesday, Jan. 22, at 11 am ET. It’s free to attend. You can register here. We’ll look at Stelco’s recent sale to Cleveland-Cliffs and what made […]

In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels. Trends in energy prices and active rig counts are leading demand indicators for oil country tubular goods (OCTG), line pipe and other steel products.

“Price increases, while subdued, picked up,” Richard Deitz, Economic Research Advisor at the New York Fed. “Firms grew more optimistic that conditions would improve in the months ahead.”

Economic activity across the US experienced slight to moderate growth at the end of 2024, while manufacturing activity showed a slight decline

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

Steel prices ticked lower this week for four of the five products SMU tracks, according to our latest canvass of the sheet and plate markets. Following last week’s bump, our hot rolled, cold rolled, galvanized, and plate indices all edged lower this week by $5-15 per short ton (st) on average. Galvalume was the only […]

The steel industry may have to wait even longer for the initial duty determinations in the pending coated steel unfair trade investigations.

I wrote in a Final Thoughts a few years ago that it seemed all the swans were black. More recently, I’ve been asked by some of you what the wildcards are for 2025. You could probably make the case that all the cards are wild now.

Locking out its union employees two days before Christmas, Welded Tube's behavior has been very "Grinch-like," according to the USW.

The amount of steel exiting the country continued to decline through November, falling to an 11-month low, according to the latest US Department of Commerce data. This is the third month in a row that steel exports have eased and the second-lowest monthly rate recorded in almost two years.

This may be the most consequential six months for trade policy in recent memory. The wait to see what form Trump's actions take is almost over.

US ferrous derivatives markets were largely quiet through the holiday period. Since the new year, however, we have seen a bit of a resurgence in interest as traders and sales staff return to their desks.

AGC said Trump should be “sparing” in imposing new tariffs and exclude products needed for domestic manufacturing, energy and infrastructure.

We are quickly approaching Inauguration Day. The market still has no definitive clue as to how the Trump administration will execute on its threat to apply universal tariffs to all imports. Compounding this are the threats to apply 25% duties against our USMCA partners - Canada and Mexico.

Oil and gas drilling activity declined in the US this week, while Canadian rig counts saw a rebound, according to the latest data from Baker Hughes.

Both SMU Steel Buyers' Sentiment Indices remain in positive territory, indicating that steel buyers are optimistic about the success of their businesses.

Domestic steel imports fell 14% from October to November to a one-year low of 2.07 million short tons (st), according to final US Commerce Department data. While steel trade has declined from early-2024 highs, November imports are slightly higher than volumes seen one year prior.

It feels a little like déjà vu: Trump threatens tariffs, Canada retaliates with tariffs of its own.

Buyers participating in our first market survey of 2025 reported a slight decline in mill lead times compared to our last survey in mid-December. After rising moderately in early December, lead times edged lower through this week and are now only slightly above the lows seen back in July and November. Overall, production times have remained historically short since last summer, with minimal movement since then.

Improved growth in data center planning and warehousing projects helped the Dodge Momentum Index (DMI) rebound in December.

Steel buyers say mills remain open to negotiation on sheet and plate spot prices this week, slightly more so than in mid-December, according to our most recent survey results.

Steel fabricators and distributors SPS Companies and State Steel will be merging their service center businesses under the SPS Companies family of firms.

Some world-changing events happen in an instant. Others take many twists and turns. The outcome remains unknowable at every phase. That is, until you finally arrive at the end of the roller coaster, the safety bar lifts up, and you stagger off the ride. It appears such is the case with Japan’s Nippon’s Steel Corp.’s (NSC’s) proposed $14.9-billion buy of Pittsburgh-based U.S. Steel. And the ride ain't over yet.

Steel prices didn't start the new year with a bang - but they didn't bust, either, according to SMU's first survey of 2025. On the sheet side, market participants generally predicted that prices should move higher this year on the coated trade petition and the potential for tariffs under President-elect Trump. But most buyer sources weren’t eager to load up given the uncertain timing and scope of the potential tariffs. They also cited increasing domestic capacity and modest demand.

A bleak outlook for steel demand has undermined market confidence, contributing to the drop in prices.

The Trump administration may be considering alternative tariff plans, but Trump said the report is "Fake News."

I’m not sure what to say about President Biden’s blocking Nippon Steel’s deal for U.S. Steel that hasn’t already been said. I think it’s fair to say, as U.S. Steel CEO David Burritt did, that this was ultimately all about politics and had very little to do with national security. SMU has tried to remain […]

Hot-rolled (HR) coil prices were flat in the US this week, while tags in offshore markets were mostly down.