Category: Region

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

SDI earnings slip in first quarter year over year, but are up sequentially.

SMU’s flat-rolled steel prices were flat or lower as tariff-related uncertainty continued to drag on the market.

The company cited uncertainty about freight rates and demand, regulatory changes and the impact of tariffs.

US domestic sheet price gains have begun to slow as previously pulled-forward demand has led to a decline in orders.

The market appears to be pausing after a turbulent run. But tension remains just beneath the surface. With net long positioning still elevated, sentiment-driven selling could quickly reignite volatility. Still, supply constraints and limited imports are laying the groundwork for a resilient physical market. This moment of calm feels more like a crossroads than a conclusion.

Meanwhile, an increasing number think it's too early to say whether the penalties are going to bring more manufacturing to the US.

Steel buyers responding to this week’s SMU market survey report a continued softening in sheet lead times. Meanwhile, plate lead times have moderately extended and are at a one-year high.

Iron ore prices were largely steady in March, hovering around $100–102 per dry metric ton (dmt) in a quiet market.

Nearly half of the steel buyers responding to this week’s SMU market survey say domestic mills are showing increased willingness to negotiate pricing on new spot orders. This marks a significant shift from the firmer stance mills held in prior weeks.

Current Sentiment Index dropped six points to +42 this week compared to two weeks earlier. It has fallen in every successive survey since reaching a 2025 high of +66 on Feb. 19.

Steel prices slipped again this week, with all five of SMU’s sheet and plate indices trending lower for the second week in a row.

The union is also urging stronger enforcement against countries such as China which break trade rules, and a coordinated Canada-US strategy to protect union jobs across the North America

Firms were pessimistic, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey

Oil and gas drilling activity eased for the third consecutive week in both the US and Canada this week, according to Baker Hughes. US rig counts remain just above multi-year lows, while Canadian activity continues its seasonal slowdown.

President Trump on Wednesday signed an executive order meant to breathe new life into American shipbuilding and curb Chinese dominance in the sector.

A counterintuitive aspect of the 25% tariffs on autos is these percentages are measured in value, not by weight or part count. That means a few costly imported parts can outweigh dozens of cheaper local ones – and vice versa.

The Trump tariff drama continues.

The volume of steel exported from the US declined in February, reversing January’s surge, according to the latest US Department of Commerce figures. This comes just two months after export levels had fallen to a two-year low.

A look at the HR futures market.

US scrap prices declined in April for all the grades tracked by SMU amid tariff uncertainty, according to market sources.

The Canadian steelmaker said its absorbing higher tariffs as it moves forward.

Investment firm Ancora Holdings Group has halted its play for U.S. Steel's board, citing Nippon Steel’s proposed bid for USS “gaining momentum.”

Let’s just say the impact of the latest tariffs on the domestic steel market is uncertain at best.

This week is the first time all of our indices have moved lower in unison since July 2024.

US steel imports returned to normal levels in February after climbing to a near three-year high in January, according to finalized trade data published by the US Commerce Department. March license data suggests imports have remained within this normal range.

Ancora’s intention to replace U.S. Steel's leadership was first announced in late January.

The imposition of reciprocal tariffs by President Trump as explained on Wednesday afternoon has rattled virtually every market. This policy has some advantages for the steelmaking sector, but there may be some disadvantages that were not considered, especially for the EAF producers of flat-rolled.

US light-vehicle (LV) sales increased to an unadjusted 1.59 million units in March, more than a 30% surge over February and 10.7% above year-ago totals, according to US Bureau of Economic Analysis data.

The construction sector added 13,000 jobs, seasonally adjusted, in March, but tariffs could undermine the industry.