Category: US

Steel and aluminum have been identified as high priorities for trade

Despite the gain, the index remains below both the levels of November 2024 and the 2024 average.

Midwest HRC indices have been stuck in a tight range since last summer with the weekly CRU Midwest HRC price spending the past 32 weeks between $656 and $714 per short ton (st). The rolling Midwest HRC future has been rangebound between roughly $650 to $800 since last June. The rate at which the price of HRC futures move over a certain period or “volatility” has compressed dramatically over the past few months.

The Canadian Steel Producers Association (CSPA) has urged Canada to engage with the US administration to avoid the tariffs threatened by the Trump administration by Feb. 1. “The imposition of tariffs on Canadian goods will have an incredibly disruptive impact on our integrated North American supply chains and on our workers and their families,” François […]

SMU’s sheet prices were mixed this week. Hot-rolled (HR) coil and plate notched gains while prices for coated products stagnated or dipped lower. Our HR price now stands at $700 per short ton (st) on average, up $15/st from last week and marking the highest level for HR prices since $705/st in early October. SMU’s […]

A majority of SMU survey respondents expect US prime scrap tags to land sideways in February. In our most recent survey last week, 51% said US prime scrap prices would be flat next month, and 46% anticipate rising prices; the small remainder think prices will fall. Recall that the January ferrous scrap market settled before […]

The Trump administration has backed off tariffs on Colombia after the White House said the leader of the Latin American nation agreed to President Trump’s demands. “The Government of Colombia has agreed to President Trump’s terms, including the unrestricted acceptance of illegal aliens from Colombia returned from the United States… without limitation or delay,” according […]

The last six months have been littered with uncertainty and mixed signals, a choppy and rangebound market. Spot indices have largely held steady, despite the pressure from domestic mills pushing for higher prices on spot tons. This has provided a signal of a lack of upward momentum and little downside room based on mill costs. […]

Day One of the second Trump administration did not bring tariffs, but it did signal that tariffs, and other major trade actions, are not far off.

SMU’s Steel Buyers’ Sentiment Indices saw a slight decline this week, slipping to levels last observed in early November

Steel mill lead times were mixed across the sheet and plate products SMU tracks, according to buyers responding to our latest market survey.

The majority of steel buyers we canvassed this week continue to report that mills are willing to negotiate prices on new spot orders, though not as much as they were in early-January.  

Architecture firms reported a sharp reduction in billings in December, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.

Sheet and plate prices remained in a holding pattern this week as the market awaited more specifics on potential Trump administration tariffs.

Recent Federal Reserve data indicates that the US manufacturing sector remains healthy and stable. The strength of the manufacturing economy has a direct relationship to the health of the steel industry.

In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels. Trends in energy prices and active rig counts are leading demand indicators for oil country tubular goods (OCTG), line pipe and other steel products.

“Price increases, while subdued, picked up,” Richard Deitz, Economic Research Advisor at the New York Fed. “Firms grew more optimistic that conditions would improve in the months ahead.”

Economic activity across the US experienced slight to moderate growth at the end of 2024, while manufacturing activity showed a slight decline

Steel prices ticked lower this week for four of the five products SMU tracks, according to our latest canvass of the sheet and plate markets. Following last week’s bump, our hot rolled, cold rolled, galvanized, and plate indices all edged lower this week by $5-15 per short ton (st) on average. Galvalume was the only […]

US ferrous derivatives markets were largely quiet through the holiday period. Since the new year, however, we have seen a bit of a resurgence in interest as traders and sales staff return to their desks.

AGC said Trump should be “sparing” in imposing new tariffs and exclude products needed for domestic manufacturing, energy and infrastructure.

Both SMU Steel Buyers' Sentiment Indices remain in positive territory, indicating that steel buyers are optimistic about the success of their businesses.

Buyers participating in our first market survey of 2025 reported a slight decline in mill lead times compared to our last survey in mid-December. After rising moderately in early December, lead times edged lower through this week and are now only slightly above the lows seen back in July and November. Overall, production times have remained historically short since last summer, with minimal movement since then.

Improved growth in data center planning and warehousing projects helped the Dodge Momentum Index (DMI) rebound in December.

Steel buyers say mills remain open to negotiation on sheet and plate spot prices this week, slightly more so than in mid-December, according to our most recent survey results.

Steel prices didn't start the new year with a bang - but they didn't bust, either, according to SMU's first survey of 2025. On the sheet side, market participants generally predicted that prices should move higher this year on the coated trade petition and the potential for tariffs under President-elect Trump. But most buyer sources weren’t eager to load up given the uncertain timing and scope of the potential tariffs. They also cited increasing domestic capacity and modest demand.

“U.S. manufacturing activity contracted again in December, but at a slower rate compared to November,” according to Timothy Fiore, chair of the ISM Manufacturing Business Survey Committee.

Construction spending inched higher in November for a second straight month.

The December reading of 36.9 declined 3.3 points from the previous month to the lowest reading since May 2024.

Both of our Sentiment Indices remain in positive territory and indicate that steel buyers are optimistic about the success of their businesses.