Category: US

The US and Canadian rig counts moved higher as oil and gas drilling picked up in the week ending May 29, according to the latest report from Baker Hughes.

SMU’s latest steel buyers market survey results are now available on our website to all premium members.

Someone emailed me today to ask the likelihood that Section 232 steel tariffs on Canada and Mexico would be reduced. Unfortunately, that’s way above my paygrade. However, it does highlight a great reason to attend Steel Summit 2026 in August.

Steel mill lead times remain at or near multi-year highs for all sheet and plate products.

American Axle Workers prepare for strike on Sunday 

US trade policy is working. Domestic steel production is up, steel imports are down, and members of the Steel Manufacturers Association are leading record investment in safe, modern, efficient steelmaking capacity. It is important that the USMCA review process continues to support these achievements.

This week we saw low negotiation rates across all products, with coated and plate products slightly more negotiable than hot rolled and cold rolled.

Market participants report frustration with extending lead times for domestically produced plate products.  

The United Steelworkers confirmed the dates for the official start of contract negotiations with U.S. Steel.

The May Business Conditions Report issued by the Precision Metalforming Association (PMA) found metalforming manufacturers anticipate stable market conditions for the next three months.  

The Office of the US Trade Representative (USTR) has announced that the United States and Mexico will be having a series of bilateral negotiating rounds related to the joint review of the US Mexico Canada Agreement (USMCA).

AMU's May aluminum market survey showed lengthier rolled product lead times coupled with shrinking extrusion and primary booking windows, though inventory building and forward demand sentiment remained cautious.

Volume, which is usually a big positive for buyers in price negotiations, has arguably become a net negative.

Sheet and plate price indices increased between $5-20 per short ton (st) from last week.

US raw steel production slipped last week, falling from a multi-year high the previous week, according to the most recent American Iron and Steel Institute (AISI) data.

JSW Steel USA CEO Rob Simon will join Steel Market Update (SMU) for a Community Chat on Wednesday, June 3, at 11 am ET.

Nucor announced on Tuesday, May 26, that its consumer spot price (CSP) for hot-rolled coil will be $1,095 per short ton for the week, up $5/st from last week.

US domestic steel prices continued to increase for most products as demand remained resilient amid tight supply. Domestic sheet and plate prices increased over the past month, while long products prices were mostly stable, with only structural and merchant bar prices edging up higher.

The tin mill trade case brought by U.S. Steel and the United Steelworkers is moving forward after a key vote.

Through a tariff carve-out, Tata Steel UK is able to send steel products melted in the Netherlands to the US at the UK’s reduced 25% Section 232 rate.

The US and Canadian rig counts both increased this week, according to the latest data from Baker Hughes.

Before the second Trump administration, many automakers were banking on an electrified future, supported by federal and state tax incentives for consumers. But many of those tax breaks are gone.

The total volume of raw steel produced around the world fell 4% in April following the one-year high seen in March, per World Steel Association figures.

This Premium analysis examines oil and natural gas prices, drill rig activity, crude oil stock levels, and fuel prices through May.

Domestic plate market participants named extended lead times, increased freight costs, escalating fuel surcharges, and spotty demand as their most recent challenges.  

Two Ontario-based steel importers and their president have agreed to pay $19 million to settle US allegations that they avoided customs duties on flat-rolled steel by falsely declaring its origin, the Department of Justice said.

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.

Galvanized steel buyers and distributors expect tightening supply and rising price pressure to last into summer.

Architecture firm billings retreated modestly in April, with the American Institute of Architects (AIA) reporting another month below the growth threshold.

Steel trade groups have come out in support of the Building Unrivaled Infrastructure and Long-term Development for America's 250th Act (BUILD America 250 Act)