Contributor: Brett Linton

SMU’s sheet and plate prices took a breather this week, holding relatively steady at multi-month highs.

Domestic raw steel production marginally declined last week, according to the latest data released by the American Iron and Steel Institute (AISI).

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.

NLMK has revised their galvanized and galvanneal coating extras effective January 2026.

All of SMU’s sheet price indices rose this week, climbing to new multi-month highs. At the same time, our plate index held steady.

Multiple steel mills revised their galvanized, galvannealed and/or aluminized coating extras higher this week.

The volume of raw steel produced by US mills eased last week, according to the latest figures released by the American Iron and Steel Institute (AISI).

The Chicago Business Barometer tumbled to an 18-month low in November, according to Market News International (MNI) and the Institute for Supply Management (ISM)

Steel mill lead times extended this week on all sheet and plate products tracked, according to responses from SMU’s latest market survey.

All five of SMU’s sheet and plate price indices increased this week for the second week in a row, with all products inching up to new multi-month highs. Prices are now up by $30-70/st compared to those seen four weeks ago.

Steel Market Update staff will be taking some time off for the Thanksgiving holiday.

US steel imports declined considerably in September and October, with trade falling to reduced levels not seen in nearly five years.

Following four consecutive monthly declines, world crude steel output recovered 1% from September to October to an estimated 143.3 million metric tons (mt), according to the World Steel Association (worldsteel).

Most steelmaking raw material prices remained stable over the past month. Prices are mixed in comparison to this time last year.

Architecture firms reported a modest improvement in billings in October, though business conditions remained soft, according to the latest ABI report.

SMU’s price indices increased across the board this week, reaching new multi-month highs.

US shipments of heating and cooling equipment fell 7% in September from August to the lowest monthly rate of the year, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).

Steel mill lead times extended marginally this week on most sheet products but declined for plate, according to responses from SMU’s latest market survey.

Just over half of the steel buyers who responded to our market survey this week reported that domestic mills are willing to talk price on new spot orders. Mills have begun to hold a firmer stance on prices over our last two surveys.  

SMU's sheet and plate steel prices moved higher in unison this week.

Domestic steel production increased last week, according to the latest figures from the American Iron and Steel Institute (AISI). Production has trended higher since mid-October, though it is not as strong as output seen over the summer months.

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.

The new Steel Market Update website is officially live.

Most sheet prices inched up again this week following mill efforts to set a floor under tags and to increase them from there.

The volume of raw steel produced by US mills eased last week, according to AISI's latest figures. Prior to this month, output had remained historically strong since June.

The Steel Market Update website will be temporarily unavailable on Monday, Nov. 3, from approximately 4:00–8:00 a.m. Eastern Time.

The revamped Steel Market Update website goes live on Monday, Nov. 3, 2025.

Most steel buyers responding to our market survey this week reported that domestic mills are considerably less willing to talk price on sheet and plate products than they were in recent weeks.

Steel mill lead times marginally extended for both sheet and plate products this week, according to responses from SMU’s latest market survey.

Sheet steel indices increased across the board this week, while plate prices held steady. All five of SMU’s price indices are higher than they were two weeks ago, and all but one are above levels recorded four weeks ago.