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.
US light-vehicle (LV) sales rose to an unadjusted 1.25 million units in February, up 9.6% vs. year-ago levels, the US Bureau of Economic Analysis (BEA) reported. The year-on-year (y/y) growth in domestic LV sales was boosted by a 6% month on month (m/m) gain.
SMU’s price for hot-rolled (HR) inched lower this week. I wouldn’t be surprised, however, if we start to see prices and lead times move higher in the weeks ahead. The modest declines in HR this week are probably the result of lingering deals cut at “old” prices, as sometimes happens after mill price increases. But those deals will probably be out of the market soon if they aren’t already. So why do I float the idea of higher prices? Some big buys have been placed. It reminds me a little of what we saw last fall, when people restocked in anticipation of higher prices once the UAW strike was resolved.
Sheet and plate prices mostly moved lower this week after little change was noted the week prior. Despite edging down, sentiment is mixed, and many suggest a bottom may be near.
Foreign cold-rolled coil (CR) remains significantly less expensive than domestic product even as US tags continue to decline in a hurry, according to SMU’s latest check of the market.
Rig counts in the US and Canada were mixed this week, according to the latest data from Baker Hughes.
In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels.
SMU’s Current Steel Buyers’ Sentiment Index edged down while the Future Sentiment Index ticked up, according to our most recent survey data
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.
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.
US hot-rolled coil (HRC) remains more expensive than offshore hot band, even as domestic prices remain under pressure. The premium domestic product had over imports for roughly five months now remains near parity as tags abroad and stateside inch down.
US senators have introduced the "Stop Mexico’s Steel Surge Act," which seeks to reimpose 25% Section 232 tariffs on Mexican steel imports.
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).
In 2023, Mexico emerged as the largest trading partner with the United States—larger than Canada, and even China. The growth in trade with Mexico has been truly historic—Mexico has never captured the title of the largest exporter to the US. At $475 billion for the year, the value of US imports from Mexico exceeded that […]
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.
US and Canadian rig counts both eased this week, according to the latest release from Baker Hughes on Mar. 8. Recall that US rigs had reached a 5-month high last week.
The Dodge Momentum Index (DMI) slipped in February from the previous month, according to the latest Dodge Construction Network (DCN) data.
Hot rolled (HR) futures have been on a bit of a hot streak recently, while busheling futures have been more in the “not” category.
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.
US hot-rolled coil (HRC) is now just about 5% more expensive than offshore hot band. The premium domestic product had over imports for roughly five months is all but gone, and nearing parity.
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 […]
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 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.
The number of active rigs in the US inched up to the highest level seen since September, according to the latest data from Baker Hughes.
The news in the West was that a mill in the Rocky Mountain region made a significant reduction in their usual purchase program, while still another small mill in the region also apparently reduced their buying program for February.
SMU’s Current Steel Buyers’ Sentiment Index eased to an eight-week low, according to our most recent survey data.