Contributor: Brett Linton

The number of active rigs in the US is now at the lowest level seen in over two years, while Canadian rigs have fallen to a four-month low.

SMU’s Steel Buyers’ Sentiment Indices both rose this week to reach some of the highest levels seen this year.

Steel imports held steady in March, up just 1% from February according to preliminary Census data released earlier this week.

Global steel output jumped 8.3% in March, according to World Steel Association’s (worldsteel's) latest release. Production is now at the highest level seen in 10 months, rebounding from a near six-year low observed just three months prior.

Lapham-Hickey Steel has acquired the operating assets of Crystal Steel Corporation of Middleton, Mass., for an undisclosed sum.

Domestic raw steel production slipped last week and now stands at a four-week low, according to the American Iron and Steel Institute (AISI).

Drilling activity increased in the US but declined in Canada, according to the latest data from Baker Hughes.

Prices of steelmaking raw materials have moved in different directions over the last 30 days, according to Steel Market Update’s latest analysis.

In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels.

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

Following a strong February, US housing starts eased through March to a seven-month low, according to the most recent data from the US Census Bureau.

Domestic raw steel production slipped from last week’s multi-month high, according to the American Iron and Steel Institute (AISI).

New York state saw a continued decline in manufacturing activity in April, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York

Sheet prices saw a slight momentum shift this week after consecutive gains in the prior two weeks. Plate edged lower on greater competition off easing demand, according to our latest check of the steel market.

The apparent supply of steel in the US fell 6% from January to February, according to data compiled from the Department of Commerce and the American Iron and Steel Institute (AISI).

The latest US Department of Commerce data shows 840,000 short tons (st) of steel left the country in February. This is the highest monthly export rate since August 2023.

The Dodge Momentum Index (DMI) fell again in March, marking one of the lowest index readings of the past two years according to Dodge Construction Network data released Friday.

The number of active rigs in the US eased to a nine-week low, while Canadian activity continued it’s seasonal wind down.

Steel import licenses through March have now reached a nine-month high according to the latest data from the US Commerce Department.

On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market chatter.

Sheet prices moved higher this week for the second consecutive week, while plate prices ticked lower, according to our latest canvas of the steel market.

Domestic raw steel production rebounded from the seven-week low seen last week. It now stands at a three-week high, according to the latest release from the American Iron and Steel Institute (AISI) Total steel output in the US was estimated to have been 1,722,000 short tons (st) in the week ending March 30, up 1.1% from the week prior. Raw production is up 0.2% compared to the same week last year, when production totaled 1,718,000 st.

Following 16 months of contraction, US manufacturing activity expanded in March according to the latest report from the Institute for Supply Management (ISM).

The Chicago Business Barometer slipped to a 10-month low in March, according to Market News International (MNI) and the Institute for Supply Management (ISM). The March Purchasing Managers Index (PMI) reading eased 2.6 points to 41.4, marking the fourth consecutive month it has been in contracting territory.

Steel Market Update will be taking time off in observance of Good Friday and Easter.

Steel buyers report that mills are less willing to talk price on new sheet orders than they were in weeks past, according to our most recent survey data. In contrast, mills’ willingness to negotiate on plate products remains relatively high, now at the second-highest rate of the year.

SMU’s Current Steel Buyers’ Sentiment Index fell further week, now at the lowest reading recorded since October 2022

After reaching a seven-month high in January, steel imports fell back 3% in February, according to preliminary Census data released earlier this week.

The dollar premium cold-rolled coil (CRC) carries over hot-rolled coil (HRC) continues to expand according to our latest scope of the market.

Sheet prices reversed course and moved higher this week, while plate priced remained flat, according to our latest canvas of the market.