Category: SMU

The amount of finished steel that entered the US market in February receded from January’s peak, according to our analysis of Department of Commerce and American Iron and Steel Institute (AISI) data.

Cleveland-Cliffs opened its May order book for spot material at $975 per short ton (st).

The Trump tariff drama continues.

The volume of steel exported from the US declined in February, reversing January’s surge, according to the latest US Department of Commerce figures. This comes just two months after export levels had fallen to a two-year low.

SMU polled steel buyers on an array of topics this week, ranging from market prices, demand, and inventories to imports and evolving market events. We are sharing some of the comments we collected.

Let’s just say the impact of the latest tariffs on the domestic steel market is uncertain at best.

This week is the first time all of our indices have moved lower in unison since July 2024.

US steel imports returned to normal levels in February after climbing to a near three-year high in January, according to finalized trade data published by the US Commerce Department. March license data suggests imports have remained within this normal range.

The imposition of reciprocal tariffs by President Trump as explained on Wednesday afternoon has rattled virtually every market. This policy has some advantages for the steelmaking sector, but there may be some disadvantages that were not considered, especially for the EAF producers of flat-rolled.

Domestic steel mill production was estimated at 1,656,000 short tons (st) for the week ending April 5 (Figure 1), down 41,000 tons or 2.4% from the previous week.

Nucor’s consumer spot price (CSP) for hot-rolled (HR) coil remains unchanged again this week. The pause over the past two weeks stands in contrast to the nine-week rally that saw the company increase prices regularly by double-digits. The Charlotte, N.C.-based steelmaker told customers on Monday that this week’s consumer spot price (CSP) for HR coil […]

Respondents to the SMU Survey weigh in on the steel landscape.

The constant flow of information we all receive can be a little overwhelming, but SMU is here to help with a snapshot of the week.

SMU’s Buyers’ Sentiment Indices experienced multi-point declines this week, though both remain positive and continue to reflect optimism among steel buyers for their companies' ability to be successful.

The number of active oil and gas drill rigs declined this week in both the US and Canada, according to the latest data from Baker Hughes. US rig counts remain just above multi-year lows, while Canadian activity continues its seasonal slowdown.

Scrap buyers sound off on prices, demand, etc., in SMU's monthly scrap survey.

Who could’ve guessed that the first stage to follow liberation would be confusion. Well, when things get this liberated this fast, perhaps it’s to be expected. From the 30,000-foot view, “Liberation Day” didn’t have a significant impact on steel tariff-wise. That is, the Section 232 steel and aluminum tariffs stand alone from the reciprocal tariffs […]

US steel trade groups representing mills had a far more positive reaction to President Trump’s “Liberation Day” than the leading recycled metals association.

Buyers responding to our latest market survey reported that sheet lead times continue to gradually decline from recent highs. Meanwhile, plate lead times increased to levels last seen one year ago.

Four out of every five steel buyers who responded to our latest market survey say domestic mills are unwilling to negotiate on new order spot pricing. Mills have shown little flexibility on pricing for nearly two months.

The market breathlessly awaits the arrival of President Trump's "Liberation Day."

Sheet and plate prices were mixed on Tuesday as the market took a wait-and-see approach to the Trump administration’s “Liberation Day” tariffs.

The price of pig iron for the US market remains firm despite a potential drop in domestic ferrous scrap prices going into April.

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

Raw steel mill output from US mills rebounded last week, according to the American Iron and Steel Institute (AISI). Production is now at the highest weekly rate recorded so far this year.

I’m not sure what I can write today that won’t be old news after April 2. The Trump administration has dubbed Wednesday “Liberation Day.” Since it’s mostly about tariffs, let’s just call it “Tariff Day.” Or maybe we should call it “Tariff Week” – since tariffs typically dominate the news cycle in the first week […]

Anticipation leading up to SMU’s Steel Summit 2025 is already heating up after last year’s record-setting attendance!

The constant flow of information we all receive can be a little overwhelming, but SMU is here to help with a snapshot of the week.

Crowe's Doug Schrock explains how to get up and running with AI at your company.

US rig counts remain slightly above multi-year lows, while Canadian activity is slowing following a seasonal peak.