Contributor: Brett Linton

SMU’s sheet and plate price indices were steady to higher this week, with all products at multi-year highs.

The total volume of raw steel produced by mills around the globe eased 2% in June, according to worldsteel.

Domestic steel mill output increased last week and remained historically strong, according to recently released American Iron and Steel Institute (AISI) figures.

Drilling activity remained at or near multi-month highs in both the US and Canada this week, according to recently released oil and gas rig count figures by Baker Hughes.

SMU’s Steel Buyers’ Sentiment Indices indicate that buyers remain confident in their companies’ prospects today and in the near future.

Steel mill lead times have trended upward since last November and now stand at or near multi-year highs for all products.

The majority of steel buyers responding to our market survey this week report that mills are holding a firm grip on prices

Sheet prices continued to grind higher this week on factors familiar to most steel market participants: extremely limited spot availability, long lead times, low inventories, and firm demand.

Total US raw steel mill output declined last week to the lowest rate seen since April, according to the latest American Iron and Steel Institute (AISI) figures

Apparent steel supply jumped 8% from April to May to a near four-year high, according to recent Department of Commerce and American Iron and Steel Institute (AISI) figures.

Steel exports eased 1% in May and remain significantly lower than trade of previous years.

Drilling activity ticked higher this week in both the US and Canada, according to recently released rig count data from Baker Hughes.

Monthly steel imports rose back above 2 million short tons (st) in May and June, further recovering from the historic lows seen late last year, according to recent Commerce data.

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.

Hot-rolled and cold-rolled prices held steady again this week while prices for coated products and plate continued to tick upward.

Domestic raw steel output eased to an 11-week low last week, according to recently released American Iron and Steel Institute (AISI) figures

SMU’s Steel Buyers’ Sentiment Indices were once again strongly optimistic this week, based on responses collected from steel executives in our latest market survey.

The majority of steel buyers we polled this week reported that mills are holding firm on new order spot prices.

Market reaction to Nucor’s move was mixed. Some sources said a flat CSP reflected concerns that further increases in US HR prices could attract more import competition. Others expressed frustration. Their view: CSP has kept a lid on prices, something that shouldn’t happen when many buyers remain more concerned about availability than price.

Steel Market Update’s offices will be closed on Friday, July 3, in observance of Independence Day.

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.

Hot-rolled (HR) coil and plate prices continued to tick higher even as cold-rolled (CR) and coated prices came in unchanged, according to SMU’s latest check of the market.

Total US raw steel output declined last week for the third-consecutive week but remains historically strong.

Both Steel Buyers’ Sentiment Indices continue to indicate that steel buyers are confident in their companies’ prospects today, as well as in the months ahead.

Starting on June 26, SMU’s Final Thoughts will become a standalone article delivered on Fridays, creating a dedicated space for thought leadership and market analysis from our experts.

Steel mill lead times remained extended this week on both sheet and plate products. Current production times three to four weeks longer than levels seen last summer.

Starting on June 26, SMU’s Final Thoughts will become a standalone article delivered on Fridays, creating a dedicated space for thought leadership and market analysis from our experts.

Steel buyers negotiation rates remain at or near historic lows across most sheet and plate products.

US sheet prices continue to move higher on extremely limited spot availability, solid demand, and extended lead times.

US raw steel production has eased over the past month following the multi-year high seen in May, according to recent American Iron and Steel Institute (AISI) data