Contributor: Brett Linton

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.

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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.

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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.

Domestic mill production inched higher last week, according to the latest figures released by the American Iron and Steel Institute (AISI). Prior to the start of this month, raw output had remained historically strong since June.

Baker Hughes reported higher oil and gas drilling activity this week in both the US and Canada.

The steelmaker released updated extras to customers on Oct. 15, marking the second adjustment in just six weeks following their early September revision

World crude steel output declined for the fourth-consecutive month in September, slipping 3% from August to an estimated 141.8 million metric tons (mt), according to the latest figures from the World Steel Association (worldsteel).

What's on steel buyers' minds this week? We asked about market prices, demand, inventories, tariffs, imports, and other evolving market trends. Read on for buyers' comments in their own words...

Our average HR coil price increased $5/short ton from last week, marking a second consecutive week of modest gains. Market participants generally attributed the increase to...

Domestic mill production rebounded last week, according to the latest production figures released by the American Iron and Steel Institute (AISI). Production had been historically strong over the summer months before softening in early October.

After marginally rising in August and September, the premium galvanized coil carries over hot-rolled coil (HRC) coil has narrowed again in recent weeks. As of Sept. 16, the spread between these two products has shrunk to a two-and-a-half-year low of $125 per short ton (st).

Steel mill lead times ticked lower across most sheet and plate products this week, according to responses from SMU’s latest market check.

Mills are more willing to negotiate spot prices for both sheet and plate products, according to our latest market survey results.

SMU’s HR price stands at $800/st on average, up $5/st from last week. The modest gain came as the low end of our range firmed, and despite the high end of our range declining slightly.

After being historically strong for more than four months, US raw steel production fell for a second week.

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.

US counts continue to hover just above historic lows, while Canadian figures remain comparatively healthy.

Each of our Sentiment Indices continues to reflect that steel buyers are positive about their present and future business prospects, though that confidence has eased considerably compared to the beginning of the year.

Sheet and plate lead times saw minor shifts this week, according to SMU’s latest market survey. Sheet times have inched up over the last month but remain within days of multi-year lows, as they have since May. Plate lead times have bobbed within a tight range for months, hovering roughly a week longer than this time last year.

Steel buyers say mills remain slightly more willing to negotiate spot prices for sheet and plate products than in mid-September, according to our latest market survey.