Contributor: Brett Linton

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.

Steel mill lead times remain short for all steel products tracked by SMU, according to our latest market survey. Service center and manufacturers continue to report short to normal lead times for sheet and plate products.

US sheet prices edged lower this week as discounting continues. Major factors remain ample supply, shorter lead times, and lower input costs. Meanwhile, demand had remained steady to soft, depending on the end market. SMU’s hot-rolled (HR) coil price now stands at $685 per short ton (st) on average, down $25/st from last week. Hot […]

New York state manufacturers reported dismal business conditions in June. This is the seventh consecutive month of negative readings, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.

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

Shipments of heating and cooling equipment receded from March to April according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).

US drill rig activity eased further last week, now down to a two-and-a-half-year low according to the latest update from Baker Hughes. In contrast, Canadian counts inched higher and are now at a three-month high.

The amount of finished steel available to the US market rose 1% from March to April, according to SMU calculations on Department of Commerce and the American Iron and Steel Institute (AISI) data.

Crude oil prices are forecast to ease slightly through the remainder of the year, while natural gas prices are expected to move higher following recent lows