Category: SMU

All five of SMU's steel sheet and plate price indices declined this week, falling to lows last seen in February.

Sources in the carbon and alloy steel plate market said they are less discouraged by market uncertainty resulting from tariffs or foreign relations, but are instead, eager to see disruption to the flat pricing environment.

Total heating and cooling equipment shipments eased from May to June, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute.

The amount of finished steel coming into the US market increased 3% from May to June, climbing to one of the highest rates seen in recent years, according to SMU’s analysis of Department of Commerce and American Iron and Steel Institute (AISI) data

US steel mills have ramped up output since April, with weekly production increasing in all but four of the past 16 weeks.

The Dodge Momentum Index (DMI) jumped 20.8% in July and is now up 27% year-to-date, according to the latest data released by Dodge Construction Network.

Nucor has implemented a double-digit price decrease on spot hot-rolled (HR) coil for the second consecutive week.

What are our scrap survey participants saying about the market?

Hot-rolled (HR) coil prices in the US declined again last week, while offshore prices increased week over week (w/w).

Oil and gas drilling in the US slowed for a third consecutive week, while activity in Canada hovered just shy of the 19-week high reached two weeks prior.

This week’s SMU survey reveals that a growing number of steel market participants are weary of tariffs and are awaiting evidence of progress reshoring.    At the start of 2025, now-second-term President, Donald Trump, pronounced that his plan to implement tariffs would result in increased revenue for the US.

Both SMU Sentiment Indices continue to show that buyers remain optimistic for their company’s chances of success, though far less confident than they felt earlier in the year.

SMU’s Aug. 8, 2025, steel buyers market survey results are now available on our website to all premium members.

The volume of steel shipped outside of the country in June fell 3% from the prior month to 618,000 short tons (st), according to recently released data from the US Department of Commerce.

What the word "sideways" means can depend on where you sit on the procurement spectrum.

Following January’s pre-tariff surge, imports have remained low since February compared to post-pandemic volumes

Hot rolled spot market participants reported another week of moderate demand and ample supply, with no strong signs that conditions will change next week. 

SMU’s Monthly Review provides a summary of our key steel market metrics for the previous month, with the latest data updated through July 31.

Mill production times for sheet products are holding just above multi-year lows, while plate lead times remain elevated.

Most steel buyers continue to report that mills are open to negotiating spot prices. Negotiation rates have remained high for most of the past three months.

Veteran trade attorney Lewis Leibowitz will join SMU for a Community Chat on Wednesday, Aug. 13, at 11 am ET.

Current and future scrap sentiment indices declined this month, according to SMU’s latest ferrous scrap survey data.

SMU’s August ferrous scrap market survey results are now available on our website to all premium members.

Sheet and plate prices were either flat or modestly lower this week on softer demand and increasing domestic capacity.

US plate market participants are not fazed by the constricted nature of the current spot market pricing environment.   Right now, they said, mill’s choosing to hold prices from one month to the next makes sense because service centers remain amply supplied and demand is stable.  Modest upticks or slips in prices are aligned with most of the participants' expectations right now.

Steel Market Update is proud to celebrate its 17th birthday this month.

Domestic mill output remains historically strong, holding near multi-year highs since early June.

Nucor Plate Group has informed customers that August spot prices will remain flat. 

Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil was adjusted $10 per short ton (st) lower this week after holding steady last week.

We’re in the dog days of summer, and the question is whether the market will improve as lead times stretch into September. Your answer to that question might depend on where you are in the supply chain. And producers, it seems to me, are a lot more optimistic than consumers at the moment.