Category: SMU

The price gap between US hot-rolled coil (HR/HRC) and landed offshore product remained largely flat again this week, as price movements stateside and abroad mirrored each other.

Plate industry sources said the market has been characterized by three factors lately: fewer domestic mills willing to fulfill spot buys, inconsistent lead times, and erratic demand.

U.S. Steel marked its 125th anniversary yesterday. When you look at the massive changes that have occurred in the country over that time, perhaps it puts the current unpredictability in the steel industry into perspective.

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

Trade for many of the sheet and plate products we follow has fallen to multi-year lows through December.

The total amount of raw steel produced around the world recovered 5.5% from December to an estimated 147.3 million metric tons in January, according worldsteel.

US hot-rolled coil prices are set to rise year on year in 2026, but the market will face heightened volatility as import flows recover and new domestic capacity comes online, CRU Research Principal Josh Spoores said at this year's Tampa Steel Conference. 

SMU has confirmed the US sale of 55,000 metric tons (mt) of pig iron at a price of $440/mt FOB South Brazil, according to an executive in the Brazilian trade.

With domestic steel prices rising steadily and mill lead times pushing out, import offers are becoming more attractive to US buyers.

Total construction starts edged up 0.7% in January to an annualized rate of $1.24 trillion, according to Dodge Construction Network.

Even folks who had been firmly in what I’ll call the “February peak” camp now seem to agree that sheet and plate prices could move higher for longer than they anticipated.

Sheet prices continue to grind higher on tight supply and 'okay' demand. Plate finally saw some movement after weeks of stability as price increases begin to stick.

Steel imports slowed further in December and January to some of the lowest volumes recorded in recent years.

Leaders of the Steel Manufacturers Association (SMA) and the Canadian Steel Producers Association (CSPA) used this year's Tampa Steel Conference to outline the North American steel industry's central challenges: growing pressures, tariff realignments, and the upcoming USMCA review.

The main discussions surrounding pig iron is the ruling by the US Supreme Courts that “reciprocal tariffs” are illegal.

SMU’s Steel Demand Index slipped from earlier in the month, but remains above expansion territory, according to late-February indicators.

North American auto assemblies recovered in January, up nearly 12% vs. December, though down more than 2% year on year (y/y), according to GlobalData.

The wait for an answer is finally over (sort of). In a six-to-three decision, the Supreme Court invalidated the Administration’s use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs.

On Friday, the Supreme Court released its long-awaited decision on the IEEPA (International Emergency Economic Powers Act) tariffs imposed by president Trump beginning last April. As most of you already know, by a six-to-three majority, the Court ruled against the president.

A look at some of the results of our most recent survey with market participant comments.

The latest 10% tariff is expected to be enacted over the next several days using Section 122.

Global steel plate prices are expected to trend upward as North American restocking and European regulatory costs will drive the market, even as recovery in Asian markets remains gradual and cost-dependent.

The latest Baker Hughes rig count report shows steady drilling for oil and gas in the US, while drilling in Canada improved slightly.

Participants in the domestic sheet market say they experienced lighter inquiries and fewer orders than in previous weeks, rendering domestic mill price increases for spot-market hot- and cold-rolled coils irrelevant.  

The spread between domestic hot-rolled coil and prime scrap prices widened slightly in February. It has been trending in that direction since October.

SMU's Steel Buyers’ Sentiment Indices continue to show that steel buyers are optimistic for their businesses’ chances of success.

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

SMU’s Mill Order Index (MOI) rose again in January, maintaining momentum from the month prior. The increase came as service center intake levels ticked up, supported by a jump in shipments, according to our latest service center inventories data.

Waiting for possibly more changes to tariffs.

Hot rolled and galvanized lead times are about half a week longer than they were three months ago, while production times for cold rolled, Galvalume, and plate products are one to two weeks longer.