The front end of CME hot-rolled (HR) coil steel futures contracts had drifted lower when this article was filed on Thursday afternoon. And the back end of 2024 had also come under pressure. Despite staging a late-month rally at the end of July back into the low $700s per short ton (st) range, the lead […]
Three out of four of our market survey respondents report that steel mills are open to negotiating new order prices this week, a slight decline compared to our previous market check.
Steel buyers continue to report short mill lead times for both sheet and plate products, according to SMU's latest canvass of the market. Lead times for hot-rolled and plate products marginally increased from our late July survey, likely due to limited restocking in anticipation of upcoming mill outages for scheduled maintenance.
This Premium analysis covers North American oil and natural gas prices, drilling rig activity, and crude oil stock levels. Trends in energy prices and rig counts are an advanced indicator of demand for oil country tubular goods (OCTG), line pipe, and other steel products.
New York state’s manufacturing activity improved in August but remained in contraction territory, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
CRU Principal Analyst Henry Hao discusses China's recently reconfigured policy agenda, which could have significant implications for the global commodity markets.
Another month for hot-rolled (HR) coil, and another disappointing one for the bulls. They are still holding onto hope that the bottom is here and still pointing to an imminent uptick in HR prices.
The construction sector added 25,000 jobs in July, driven by improved wage gains according to the Associated General Contractors of America (AGC).
Following an uptick in mid-July, SMU’s Steel Buyers’ Sentiment Indices both eased this week. Current Buyers Sentiment has been see-sawing for the past few months, now back down to one of the lowest readings recorded since August 2020.
Cleveland-Cliffs and Nucor each raised their respective hot-rolled coil (HRC) prices this week. Since last Wednesday’s settlement, the Midwest HRC futures curve has rallied as much as $63 in the September future.
Buyers continue to report very short mill lead times on sheet and plate products, according to our latest market canvass of steel service center and manufacturer executives
Steel buyers of sheet products say mills are still flexible on spot pricing this week, though less so than two weeks prior, according to our most recent survey data.
The Chicago Business Barometer contracted further in July, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Metalformers expect economic activity to stabilize over the next three months, according to the recently released July Business Conditions Report from the Precision Metalforming Association (PMA).
Summer is here, and a familiar sentiment has hit the hot-rolled coil (HRC) futures market. Prices continue to decline in both the spot market and the futures market, with expectations of sub-$800 prices for the remainder of the year.
The Architecture Billings Index (ABI) ticked up in June following May’s four-year low, according to the American Institute of Architects (AIA) and Deltek. While the index improved this month, it continues to indicate weak business conditions among architecture firms.
SMU’s Steel Buyers’ Sentiment Indices both saw improvement this week. Current sentiment ticked higher but remains near the four-year low seen earlier this month. Future Sentiment continues to indicate that buyers are optimistic for future business conditions.
Sheet steel buyers continue to report that mills are willing to talk price on new orders, according to our most recent survey data collected this week.
Steel mill lead times remain short according to our latest market canvass of steel service center and manufacturer buyers. Of the sheet and plate products SMU tracks, production times for all materials are nearing historical lows not seen in months or years.
The CME steel futures complex saw a slight decrease in activity from levels seen at the end of June. This has coincided with a notable decline in flat prices for the nearby futures contract, now August HRC, which is lower by $81 per short ton (st) since last writing on June 13. It settled at $672/st on July 17.
Growth in the US economy continues to be constrained. The Federal Reserve’s Beige Book report for July shows more areas reporting flat or declining economic activity than in its previous report at the end of May.
The American Iron and Steel Institute (AISI), American Institute of Steel Construction (AISC), and the University of Massachusetts at Amherst have received a grant to enhance emissions reporting for steel construction projects.
New York state saw a continued decline in manufacturing activity in July, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
A month ago, when we last presented this column, there was a surprising amount of optimism in the presumably imminent reversal of the downtrend in hot-rolled steel prices in the second half of this year.
Commercial planning, specifically data center demand, drove the Dodge Momentum Index (DMI) higher in June. The DMI registered 198.6 last month, 10.4% above May’s revised reading of 179.9, Dodge Construction Network (DCN) reported on Tuesday. This is also a 7% boost over year-ago levels. The DMI tracks the value of nonresidential construction projects entering the […]
SMU’s Steel Buyers’ Sentiment Indices dropped this week, with Current Sentiment plummeting to a level not seen since the Covid-19 pandemic, according to our most recent survey data.
Steel mill lead times remain near some of the lowest levels witnessed in months, according to our latest market canvass to steel service centers and manufacturers.
Sheet steel buyers found mills more willing to negotiate spot pricing this week, according to our most recent survey data.
US manufacturing activity contracted again in June, as reported in the latest release from the Institute for Supply Management (ISM).
The Chicago Business Barometer rebounded in June following May’s four-year low, according to Market News International (MNI) and the Institute for Supply Management (ISM).