Category: SMU

Are President Trump's tariff policies helping? Steel buyers offer their opinions on the impact of Trump's tariffs.

From the Smoot-Hawley Tariff Act of 1930 to George W. Bush's temporary 30% tariff, SMU takes a look at steel tariffs past.

After a multi-week increase, buyers responding to our market survey this week reported that lead times are stabilizing or marginally declining for each of the sheet and plate products we track.

The majority of the steel buyers responding to our latest market survey continue to report that domestic mills remain firm on pricing, showing little willingness to talk price on new spot orders this week.

In this Premium analysis we explore North American oil and natural gas prices, drilling activity, and crude oil stock levels.

Do recent actions by the EPA on deregulation signal a new course for the agency, and how could it affect steel?

Steel prices were stable to higher this week for the second consecutive week across the sheet and plate products tracked by SMU. Three of our price indices increased from the previous week, while two held firm.

The HRC vs. prime scrap spread increased again in March.

Raw steel mill production remains at one of the higher rates recorded so far this year.

Prices for five of the seven steelmaking raw materials tracked by SMU increased from February to March, according to our latest analysis.

This marks the eighth week of increases

Is a fissure opening up between manufacturers and the mills on President Trump's tariffs?

US rig counts continue to hover slightly above multi-year lows, while Canadian activity is entering a seasonal decline after recently reaching a seven-year high.

A quick way to catch up on what you might have missed.

Following December’s 11-month low, total heating and cooling equipment shipments rebounded 8% in January, according to the Air-Conditioning, Heating, and Refrigeration Institute.

While overall steel demand remains weak in the near term, there are reasons to expect metallurgical coal prices will increase over the course of the year, Ramaco says.

President Trump’s tariffs are aimed in large part at bringing manufacturing back to the United States. In theory, it’s simple enough: Want to avoid a big tariff? Make it in the US!

“The next months are going to be good ones for pig iron producers," according to one source.

The volume of finished steel entering the US market in January climbed to the highest level recorded in two and a half years.

What are steel buyers saying this week about prices, demand, the import market, the evolving tariff situation, and more?

With the tariff craziness showing no signs of abating, we take you on a tour of the current situation.

After over a month of increases, steel prices paused this week for some of the products tracked by SMU. Three of our price indices continued to climb, while two held steady from the prior week.

“CBP expects full compliance from the trade community for accurate reporting and payment of the additional duties. CBP will take enforcement action on non-compliance," the agency said in a March 7 bulletin.

US steel exports recovered to a five-month high in January after having fallen to a two-year low in December. This growth follows four consecutive months of declining exports.

Raw steel mill output rebounded last week after falling to one of the lowest levels of the year, according to the American Iron and Steel Institute (AISI). Production is now at the second-highest weekly rate recorded so far in 2025.

Nucor has increased its weekly HR coil spot price for seven consecutive weeks.

One thing we've learned from our survey here at SMU: When prices are rising, people have a lot to say. You can be assured that with our most recent survey, the comments were coming in fast and furious.

Steel imports ended 2024 on a low note, with November trade falling to a one-year low and December seeing a modest 3% recovery. Then as the new year began, import volumes spiked.

US rig counts remain slightly above multi-year lows, while Canadian activity is experiencing a seasonal decline from a recent seven-year high.

SMU’s Buyers’ Sentiment Indices both declined this week but remain strong. This indicates buyers are still optimistic about their companies' ability for success.