Contributor: Brett Linton

Sheet steel buyers continue to report that mills are willing to talk price on new orders, according to our most recent survey data collected this week.

Steel mill lead times remain short according to our latest market canvass of steel service center and manufacturer buyers. Of the sheet and plate products SMU tracks, production times for all materials are nearing historical lows not seen in months or years.

SMU’s hot-rolled coil price fell to $640 per short ton (st) on average on Tuesday. That’s down $10/st from last week and marks the lowest point for HR prices since December 2022, according to our pricing archives. SMU’s HR price is now $5/ton below 2023’s low of $645/st, which occurred against the backdrop of a United Auto Workers (UAW) union strike.

US raw steel mill production ticked up to 7.57 million short tons (st) in May, a 4% increase from the prior month, according to recently released American Iron and Steel Institute (AISI) data

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

Domestic raw steel production rebounded from a five-month low last week, according to the latest release by the American Iron and Steel Institute (AISI). Production now stands at the highest recorded weekly rate since the first week of June.

Shipments of heating and cooling equipment bounced back in May, according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).

US drill rig activity resumed its downward trend last week, while Canadian counts increased to a four-month high, according to the latest data release from Baker Hughes.

We’ve taken some time to supply you with some handy-dandy production figures for 2024 presented in a unique way.

The volume of finished steel entering the US market, dubbed ‘apparent steel supply,’ ticked up 3% from April to May according to SMU analysis of Department of Commerce and the American Iron and Steel Institute (AISI) data.

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

US sheet prices saw a similar pattern this week, customary for much of the year – new week, lower prices. Domestic tags moved lower this week, aligning with the typically slower summer period – but maybe a further indication of dwindling demand.

Following April’s eight-month high, May represents the second-lowest export rate of the year, only greater than January’s 771,000 st level.

Domestic raw steel production tumbled last week to the lowest rate seen in five-months, according to the latest release by the American Iron and Steel Institute (AISI).

Data on US industrial production, capacity utilization, new orders and inventories all held steady through the latest figures, indicating a stable and healthy manufacturing sector. The strength of the manufacturing economy has a direct bearing on the health of the steel industry.

Steel mill lead times remain near some of the lowest levels witnessed in months, according to our latest market canvass to steel service centers and manufacturers.

Steel Market Update’s offices will be closed on July 4th for Independence Day.

US sheet prices moved lower again this week, continuing a trend seen since early April. The slowdown aligns with the typical summer doldrums, when lax demand and shorter lead times often take center stage. The current market is also characterized by ample supply and concerns about restocking – especially with few signs of a bottom […]

Domestic raw steel production inched up again last week to reach a four-week high, according to the latest release by the American Iron and Steel Institute (AISI).

US manufacturing activity contracted again in June, as reported in the latest release from the Institute for Supply Management (ISM).

US drill rig activity eased for the fourth consecutive week last week, while Canadian counts increased for the seventh week in a row, according to the latest data release from Baker Hughes.

The Chicago Business Barometer rebounded in June following May’s four-year low, according to Market News International (MNI) and the Institute for Supply Management (ISM).

Following a relatively stable first quarter, steel imports climbed in May to levels not seen in over two-years, according to preliminary Census data released earlier this week. Projected June license data suggests imports could ease from May, though still strong in comparison to levels witnessed over the past year.

The Index continues to indicate weak business conditions amongst architecture firms.

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

US sheet prices continued to drift lower this week on lackluster demand, short lead times, and ample supply. SMU’s hot-rolled (HR) coil price now stands at $670 per short ton (st) on average, down $15/st from last week. Hot band is down $175/st from a recent high of $845/st in early April. It is also […]

Domestic raw steel production ticked up last week following a seven-week low, according to the latest release by the American Iron and Steel Institute (AISI).

Global steel output rose 6% from April to May, and is now at the highest rate seen since March 2023, according to World Steel Association’s (worldsteel) latest release.

US drill rig activity eased again last week, now down to levels not seen since late-2021, according to the latest data release from Baker Hughes. Canadian counts are moving in the opposite direction, inching higher for the sixth consecutive week to a three-month high.

Steelmaking raw material prices have generally declined over the past month according to SMU’s latest analysis.