Category: SMU

We had a wonderful time at last week’s Steel Summit Conference, seeing so many familiar faces and catching up with friends within the industry.

Alan Beaulieu, president of ITR Economics, presented the final keynote at last week’s Steel Summit conference

Welcome back from Labor Day, from Steel Summit, and from whatever fun you might have had over the long weekend. Personally, I enjoyed camping with friends and family near Starved Rock. No one starved, there were no major injuries, and we enjoyed the many splendors of Mystical Fire. (Speaking of which, does that have industrial uses? But I digress.)

SMU indices moved higher on cold rolled products this week, while galvanized prices were flat. Our indices for plate, hot rolled, and Galvalume all edged lower.

Much like the classic EF Hutton commercial, when Barry Zekelman talks, people listen. Add in an audience at Steel Summit 2024… and people’s ears seem to perk up even more.

Domestic raw steel mill production eased last week but remains historically high, according to the latest release from the American Iron and Steel Institute (AISI).

US manufacturing activity contracted for a fifth straight month in August, as reported in the latest release from the Institute for Supply Management (ISM). The Index has indicated contraction in the manufacturing sector for 21 of the last 22 months.

SMU’s Monthly Review provides a summary of important steel market metrics for the previous month. Our August report includes data updated through August 30th.

Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil is unchanged from last week.

Steel Market Update will be taking time off in observance of Labor Day. We will not publish an issue on Sunday, Sept. 1, and our offices will be closed on Monday, Sept. 2. Our weekly pricing service will not be impacted. We will resume our regular publication schedule and our pricing service on Tuesday, Sept. […]

SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.”

This CRU Insight explores how decarbonization will play a significant role in redefining steel trade patterns by shifting regional competitiveness and increasing steel demand needs.

Active US drill rig counts eased further last week while Canadian activity hit a near six-month high, according to the latest data release from Baker Hughes.

“The US economy, despite some near-term weakness I suggest in early 2025, is going to be strong," Dr. Anirban Basu said this week.

I want to say a huge ‘thank you’ from all of us at SMU to all of you (more than 1,500!) who attended Steel Summit this year. We appreciate you taking time out of busy schedules to join us – whether that was up on stage, submitting thoughtful questions, or catching up over a drink and bite to eat. Also, a bit shoutout to everyone at SMU and at CRU who made this event possible. It’s no understatement to say that we have a fantastic team.

Go forth and mingle, urged Michael Smerconish at Steel Summit 2024.

Current steel mill lead time averages are a few days longer than levels seen one month prior, but remain near historical lows for both sheet and plate products.

Both our Current and Future Indices are now up to multi-month highs, indicating continued optimism among steel buyers.

Steel buyers found mills slightly more willing to negotiate spot prices this week, according to our most recent survey data. Though this negotiation rate has ticked up vs. our previous market check, overall rates have been trending downward since July’s highs.

Day one and two of SMU's Steel Summit 2024 are officially in the books. We covered a lot of ground, and the agenda sure did deliver.

Flat-rolled steel prices were flat or up moderately this week amid mixed signals from the market.

Leading industry analysts on Monday discussed steel prices and how they will be impacted by trade policy, consolidation, mill discipline, November’s elections, and more.

Durgesh Singh of Magswitch Technologies is the recipient of the 2024 SMU NexGen Leadership Award.

Having risen for three weeks in a row, weekly production is now at the highest rate seen since February 2023.

Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil increased $15 per short ton (st) from last week to $710/st.

The big show is just about here. SMU Steel Summit will be getting underway on Monday. Where does the networking begin? I’d say at the airport. So don’t forget your business cards. And it can't hurt to wear a company golf shirt.

Steelmaking raw material prices have moved in differing directions across August, a change of pace from the declines seen in June and July, according to SMU’s latest analysis.

The number of US drill rigs in operation ticked lower last week while Canadian activity increased, according to the latest data released from Baker Hughes. US rig counts have gone up and down since June, hovering near multi-year lows. Canadian activity has trended upwards since a mid-May seasonal low, rising to a five-month high last week.

The basic pig iron (BPI) market remains virtually unchanged despite perceived weakness in other ferrous materials, such as scrap, billets, HRC and iron ore.

Global steel output fell 5% in July according to World Steel Association’s (worldsteel) latest release. Total steel mill production around the world tallied up to 152.8 million metric tons (mt) for the month of July, the second-lowest monthly rate seen this year.