Contributor: Brett Linton

US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.

Each of our Sentiment Indices continues to reflect that steel buyers are positive about their present and future business prospects, though that confidence has eased considerably compared to the beginning of the year.

Sheet and plate lead times saw minor shifts this week, according to SMU’s latest market survey. Sheet times have inched up over the last month but remain within days of multi-year lows, as they have since May. Plate lead times have bobbed within a tight range for months, hovering roughly a week longer than this time last year.

Steel buyers say mills remain slightly more willing to negotiate spot prices for sheet and plate products than in mid-September, according to our latest market survey.

Market participants predicted that prices should be at or near a bottom. But while most seemed to agree on that point, many also said they saw little upside given a quiet spot market and ongoing concerns about demand.

Raw steel production has stayed historically strong over the past four months, holding near multi-year highs since June.

Oil and gas drilling activity increased this week in the US and Canada for the third consecutive week, according to the latest Baker Hughes rig count data. US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.

Most steelmaking raw material prices held steady or ticked higher over the past month

Market chatter from steel buyers this week: prices steady to slightly higher, demand weak, inventories slow, and tariffs clouding the outlook.

Architecture firms reported a modest improvement in billings through August, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.

August marked the second-lowest monthly production rate this year, down 13% from the two-year high of 166.6 million mt in March.

Sheet and plate prices were flat or lower this week as less discounting from domestic mills was offset by few signs of an anticipated rebound in demand.

US raw steel production eased last week for the second-consecutive week, according to the latest figures published by the American Iron and Steel Institute (AISI). While down, production remains historically strong, holding near multi-year highs since June.

US rig counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.

SMU’s Steel Buyers’ Sentiment Indices diverged this week. The Current Steel Buyers’ Sentiment Index continued its recovery from the five-year low seen one month ago. Meanwhile, Future Buyers’ Sentiment gave back some of the ground gained in recent surveys.

Sheet times ticked higher but remain within days of multi-year lows, territory they have been in since May. Plate lead times have shifted lower in the past month but remain about a week longer than they were at this time last year.

Sheet and plate buyers say mills remain open to negotiating spot prices this week, though less so than in recent weeks, according to SMU’s latest market survey.

The premium galvanized coil carries over hot-rolled coil (HRC) coil has marginally widened in recent months. As of Sept. 16, the spread between these two products reached a three-month high of $175 per short ton (st), though it is still low by historical standards.

SMU’s price ranges were mixed again this week as the market continues to seek a floor amid industry hopes for a Q4 rebound.

In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels through September. Trends in energy prices and rig counts serve as leading indicators for oil country tubular goods (OCTG) and line pipe demand.

Domestic mill output declined last week, according to the latest data released by the American Iron and Steel Institute (AISI). While down, production remains historically strong, holding near multi-year highs since June.

U.S. Steel has revised its Galvalume coating extras higher effective Nov. 2, 2025. The steelmaker released new extras to customers on Friday, Sept. 12.

Apparent supply totaled 8.88 million short tons (st) in July, down 38,000 st from June and 6% higher than the same month last year

Active rig counts increased in both the US and Canada last week, according to figures released by Baker Hughes. Although rising, US counts continue to hover just above historic lows. Canadian figures remain comparatively healthy, rising to a six-month high this week. Total US rig counts climbed by two week over week (w/w) to 539. […]

Following a 3% decline in June, the amount of steel shipped outside of the US edged up 1% in July to 623,000 short tons. July was the sixth-lowest monthly export rate since the COVID-19 pandemic, and...

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.

Sheet prices were mixed this week as some mills continued to offer significant discounts to larger buyers while others have shifted toward being more disciplined, market participants said.

US steel imports declined for the second consecutive month in July, according to recently finalized US Commerce Department data.

Drilling activity increased in both the US and Canada last week, according to the latest oil and gas rig count data released by Baker Hughes.

SMU’s Steel Buyers’ Sentiment Indices ticked higher this week, according to the latest data from our flat-rolled steel survey.