Contributor: Brett Linton

US rig counts remain slightly above multi-year lows, while Canadian activity is slowing following a seasonal peak.

A personal perspective on Galvalume prices from SMU analyst Brett Linton.

This week, SMU polled steel buyers on an array of topics, including market prices, demand, tariff policies, inventories, imports, and emerging market events.

SMU's steel price indices moved in differing directions this week but remained largely stable as cautious buyers await clarity on pending steel tariffs and trade cases.

February’s global raw steel output is tied with last December's for the fourth-lowest monthly production rate recorded over the past two years.

Raw steel mill output declined last week for the second-consecutive week, according to the American Iron and Steel Institute (AISI).

SMU’s Buyers’ Sentiment Indices showed mixed movements this week but remain strong, reflecting continued confidence among steel buyers.

US rig counts remain slightly above multi-year lows, while Canadian activity is tapering off following a seasonal peak.

From the Smoot-Hawley Tariff Act of 1930 to George W. Bush's temporary 30% tariff, SMU takes a look at steel tariffs past.

After a multi-week increase, buyers responding to our market survey this week reported that lead times are stabilizing or marginally declining for each of the sheet and plate products we track.

The majority of the steel buyers responding to our latest market survey continue to report that domestic mills remain firm on pricing, showing little willingness to talk price on new spot orders this week.

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

Steel prices were stable to higher this week for the second consecutive week across the sheet and plate products tracked by SMU. Three of our price indices increased from the previous week, while two held firm.

After a modest recovery in February, business activity in New York state’s manufacturing sector declined sharply in March, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.

Raw steel mill production remains at one of the higher rates recorded so far this year.

Prices for five of the seven steelmaking raw materials tracked by SMU increased from February to March, according to our latest analysis.

US rig counts continue to hover slightly above multi-year lows, while Canadian activity is entering a seasonal decline after recently reaching a seven-year high.

Following December’s 11-month low, total heating and cooling equipment shipments rebounded 8% in January, according to the Air-Conditioning, Heating, and Refrigeration Institute.

The volume of finished steel entering the US market in January climbed to the highest level recorded in two and a half years.

What are steel buyers saying this week about prices, demand, the import market, the evolving tariff situation, and more?

After over a month of increases, steel prices paused this week for some of the products tracked by SMU. Three of our price indices continued to climb, while two held steady from the prior week.

US steel exports recovered to a five-month high in January after having fallen to a two-year low in December. This growth follows four consecutive months of declining exports.

Raw steel mill output rebounded last week after falling to one of the lowest levels of the year, according to the American Iron and Steel Institute (AISI). Production is now at the second-highest weekly rate recorded so far in 2025.

Steel imports ended 2024 on a low note, with November trade falling to a one-year low and December seeing a modest 3% recovery. Then as the new year began, import volumes spiked.

US rig counts remain slightly above multi-year lows, while Canadian activity is experiencing a seasonal decline from a recent seven-year high.

SMU’s Buyers’ Sentiment Indices both declined this week but remain strong. This indicates buyers are still optimistic about their companies' ability for success.

Buyers responding to our latest market survey reported longer lead times this week on all of the sheet and plate products SMU tracks.

The majority of the steel buyers responding to our latest market survey reported that domestic mills are not open to negotiating prices on new orders this week.

In the final week of February, SMU polled steel and scrap executives to gather their insights on the current state of the scrap market as well as future projections.

Steel prices climbed across the board this week, with every steel product tracked by SMU rising to multi-month highs.