Category: Region

SMU’s Buyers Sentiment Indices both fell this week, with current sentiment taking a large dive to begin the new year, according to our most recent survey data.

The iron ore price has edged up further from the already high level seen last week. The market is generally slow, meaning that the moderate price increase came from the bullish outlook from the market following last week’s stimulus announcements from China and expectations of restocking picking up. Supply fell w/w from both Australia and Brazil as […]

Trading slowed across the Midwest hot-rolled coil (HRC) futures curve in the final weeks of 2023, with prices drifting mostly sideways through the month of December.

Steel mill lead times pulled back across the board this week but are still said to be at healthy levels, according to SMU's market survey this week.

The percentage of steel buyers saying mills were willing to negotiate spot pricing on the products SMU surveys was mixed this week.

US hot-rolled coil (HRC) prices moved up again this week and remain significantly more expensive than offshore product.

An increase in residential construction brought total construction spending up by 0.4% in November, according to a report from the Associated General Contractors of America (AGC). The uptick offsets a slowdown in public spending.

After falling in November, steel imports appear to have bounced back to a five-month high in December.

Domestic manufacturing activity receded for the 14th straight month, according to the latest Institute for Supply Management (ISM) Manufacturing PMI report.

Domestic rig counts creeped up in the last 2023 report from Baker Hughes. However, Canadian firms cut back significantly on their active rotary rigs.

The Mexican government has placed anti-subsidy (CVD) duties of almost 80% on cold rolled (CR) sheets from Vietnam, with the caveat that if the importer can prove the steel comes from a country other than China then it is exempt from the levy.

November’s preliminary count shows US imports falling, but to a lesser degree than an earlier license count had suggested, according to the latest government figures.

We started 2023 with HRC spot pricing around $700 per ton and the third-month future (March ‘23) trading at $800/ton. That same future eventually settled at $1,059/ton - a $259/ton swing. Today, spot pricing is just shy of $1,100/ton for HRC, and the third-month future (March ‘24) settled at $1,091/ton. The clear takeaway: a lot can change over three months. And while future contracts are a valuable tool for hedging, they are a terrible predictor of price.

Rig counts are down in the US and Canada as of Dec. 21, according to Baker Hughes.

US hot-rolled coil (HRC) prices might have plateaued. But while prices for offshore product have increased in some regions, imports remain significantly cheaper that domestic material. All told, US prices are roughly 26% more expensive than imports, a premium that is down only slightly from last week.

The Architecture Billings Index (ABI) reading from the American Institute of Architects (AIA) and Deltek showed a slight uptick in November, but was still in negative territory.

Steel buying lead times remain mixed as we head into the last week of 2023, according to SMU's most recent survey data.

All of the products SMU surveys notched an increase in the percentage of buyers saying mills were willing to negotiate spot pricing, with the exception of cold rolled, according to our most recent survey data.

SMU’s Current Buyers Sentiment Index inched up this week, while the future index edged down, based on our most recent survey data.

US housing starts jumped in November on lower interest rates stimulating home buying, according to the most recent data from the US Census Bureau.

Mexican steel association Canacero has responded to a Dec. 13 letter from US senators, and disputes the claim of a “surge” of Mexican steel imports.

Active rig counts fell in the US and Canada for the week ended Dec. 15, according to Baker Hughes.

New York state saw a decline in manufacturing in December, according to the latest Empire State Manufacturing Survey.

Pig iron prices rose month over month (MoM) for all major regions, driven by rising scrap prices.

A bipartisan group of US senators has written a letter requesting a clear deadline for an export monitoring agreement of Mexican steel products into the US market.

US hot-rolled coil (HRC) prices continued their upward movement this week, distinctly outpacing increases for offshore product once again. Domestic tags are now 27% more expensive than imports - the widest pricing gap in nearly two years.

Last week in Chicago, we hosted several metals companies for our bi-annual Metals Price Management Seminar (“MPMS”).

On Monday and Tuesday of this week, SMU polled steel buyers on a variety of subjects, including steel sheet prices, demand, inventory, imports, and what people are talking about in the market. Rather than summarizing the comments we received, we are sharing some of them in each buyer’s own words. We want to hear your […]

The International Trade Commission (ITC) made its final injury determination in a sunset review of import duties on circular welded pipe from a handful of countries.

A count of November license applications suggests steel imports were at their lowest monthly level in 33 months.