Category: Market Data

Sheet and plate prices were flat or modestly higher this week, continuing a trend we’ve seen since the beginning of Q4. The big question: How much longer can the trend hold?

Metalformers’ economic outlook for the second quarter softened in March, said the Precision Metalforming Association (PMA).

The Chicago Business Barometer eased in March, after growing repeatedly from December to February, according to MNI and ISM.

Raw steel production recovered for the second-consecutive week and is now just 14,000 short tons below the four-year high production rate witnessed in mid-February.

Prices for iron ore, aluminum, pig iron, and shredded scrap have all risen in the last 30 days. Busheling scrap held steady, while zinc and coking coal declined.

The latest count of operational drilling rigs declined in both the US and Canada this week, according to recently released data from Baker Hughes.

Most steel buyers see prices continuing to inch higher on stable or improving demand. But some are concerned higher energy prices stemming for the Iran war could dent the overall economy.

North American auto assemblies gained ground in February, up more than 8% vs. January, but still down more than 4% year on year (y/y), according to GlobalData.

SMU’s Mill Order Index (MOI) eased in February. The result came as a marginal increase in service center intake levels was offset by higher shipments, according to our latest service center inventories data.

Sheet prices continue to inch higher. And people who once thought hot-rolled coil (HR) prices couldn’t go above $1,000 are now saying $1,100 doesn’t seem out of the question.

The pace of sheet and plate price increases slowed this week, with most products holding at some of the highest levels seen in over a year.

Global raw steel production declined 3.7% from January to an estimated 141.8 million metric tons (mt) in February, according worldsteel data. Output was one of the lowest totals over the past three years.

Domestic mill production was estimated at 1.78 million short tons last week, near the four-year high set one month ago.

A precipitous decline in nonbuilding starts led to an overall slowdown in total construction starts from January to February, even as the nonresidential and residential sectors showed marked improvement.

Construction spending edged down slightly in January, slipping for the first time in three months.

Oil and gas drilling in the US was basically steady in the week ended March 20, based on Baker Hughes' latest report on the number of rotary rigs in operation. Drilling in Canada, however, continued to slide, with the country seeing a steep decline in its rig count.

Plate market sources say the week has been quiet, but that overall, business remains consistent.

Steel buyers remain highly optimistic for their businesses’ chances for current and future success, according to SMU’s latest Steel Buyers’ Sentiment Indices.

SMU’s latest steel buyers market survey results are now available on our website to all premium members.

As spot prices for hot- and cold-rolled coils edge higher, mill capacity utilization rates hover below 80%, raising concern among some market participants.  

Steel mill lead times extended to multi-year highs on both sheet and plate products this week.

Most steel buyers report that domestic mills are unwilling to negotiate price on new sheet and plate spot orders.

The American Institute of Architects (AIA) said architecture billings showed signs of stabilizing in February, with the headline index reading coming in just below 50.

Apparent steel supply increased from December to January, but remains on the low side compared to recent years.

Prices for both sheet and plate products climbed higher this week, with some rising to multi-year highs, according to SMU's latest market canvass.

Heating and cooling equipment shipments declined in January to the second-lowest rate recorded over the past nine years.

US steel exports jumped 33% in January but remain historically low, according to recently released US Department of Commerce data.

Raw steel production declined last week for the third-consecutive week but remains historically strong, per AISI.

The Canadian government has placed limits on salaries, bonuses, and other forms of compensation for top executives at Algoma Steel, according to a local media report.

Steel imports remained close to multi-year lows in January and February, according to US Commerce Department data released this week.