Contributor: Brett Linton

Brett Linton

Brett Linton is a senior analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

SMU's February at a glance

SMU’s Monthly Review provides a summary of key SMU steel market metrics for the previous month, with the latest data updated through February 28th.

AISI: Raw steel production slips to 8-week low

Raw steel mill production declined last week to one of the lowest levels seen this year, according to recent figures released by the American Iron and Steel Institute (AISI).

Drill rig activity increases slightly in US and Canada

US rig counts remain just above multi-year lows, while Canadian activity is within earshot of a seven-year high.

Chicago Business Barometer up but still pointing to weak conditions

The Chicago Business Barometer rose to an eight-month high in February. Despite the recovery, the measure continues to indicate deteriorating business conditions, as it has for over a year.

Global steel output rises in January

Global crude steel output rose 5% from December to January but still lagged last year.

Steelmaking raw materials more expensive in February

Prices for six of the seven steelmaking raw materials SMU tracks are increased from January to February, according to our latest analysis.

Steel market chatter this week

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

SMU price ranges: The steel rocket ship continues to soar higher

Market participants might disagree over how high flat-rolled steel price might go and for how long they might remain elevated. But there is near total agreement on one thing: Prices are up sharply again this week. The gains come on the heels of waves of mill price increases (for sheet and for plate), expectations that scrap prices will rise again in March, and the threat of tariffs looming over the market.

AISI: Raw steel output dips for second week

US steel mills produced an estimated 1,659,000 short tons (st) of raw steel last week, according to data recently released by the American Iron and Steel Institute (AISI).

Buyers optimistic for strong scrap market in March

Buyers are optimistic for a strong scrap market in March, driven by limited scrap inflows from severe weather disruptions and increasing mill demand.

AISI: Raw steel output and capacity utilization slip

US steel mills produced an estimated 1,670,000 short tons (st) of raw steel last week, according to recently released American Iron and Steel Institute (AISI) figures.

Nucor lifts HR coil to $820/ton

Nucor has increased its consumer spot price (CSP) for hot-rolled (HR) coil for a fourth consecutive week.

February energy market update

In this Premium analysis we examine North American oil and natural gas prices, drill rig activity, and crude oil stock levels. Trends in energy prices and rig counts serve as leading indicators for oil country tubular goods (OCTG) and line pipe demand.

HVAC equipment shipments slow in December but strong annually

Shipments of heating and cooling equipment in the US fell to an 11-month low in December, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).

Great Lakes iron ore trade tumbles in January

Iron ore shipments on the Great Lakes saw a sharp decline in January 2025, according to the Lake Carriers’ Association (LCA).

Steel market chatter this week

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.

Dodge Momentum Index jumps to record high in January

The Dodge Momentum Index (DMI) rose to a record high in January, according to the latest data released by Dodge Construction Network.

SMU price ranges: Sheet and plate see widespread gains on higher scrap and trade measures

Each of the steel product prices tracked by SMU saw significant increases this week. All four of our sheet price indices rose by $30-50 per short ton (st) on average. Plate prices popped $60/st compared to the week prior.

Apparent steel supply rebounds in December, but 2024 total at 4-year low

Apparent US steel supply rebounded in December, but 2024 was still the lowest level for supply since 2020.

Steel exports drop to 2-year low in December

December 2024 marks the fourth month in a row that steel exports have declined, now at the lowest monthly rate recorded since December 2022.

AISI: Raw steel production climbed last week

US mills produced an estimated 1,675,000 short tons (st) of raw steel last week, the highest weekly rate recorded since mid-December according to data recently released by the American Iron and Steel Institute (AISI).

US steel imports inch up in December, surge in January

Following the one-year low recorded in November, steel imports rose by 3% in December to 2.14 million short tons (st) according to final US Commerce Department data. January could be the highest month for steel imports witnessed in nearly three years.

US rig counts inch up, Canadian activity falls

US rig counts remain marginally above multi-year lows. The drop in Canadian activity comes just one week after reaching a near seven-year high.

SMU Survey: Steel Buyers' Sentiment indicates increased optimism

After reaching multi-month lows in mid-January, SMU’s Steel Buyers’ Sentiment Indices rebounded this week to some of the highest readings recorded in months.

SMU Survey: Mill lead times fluctuate, extensions expected

While we have seen some movements in recent weeks, steel mill production times remain within a few days of the historical lows observed over the last two years, a trend observed since mid-2024.

SMU Survey: Mills less willing to negotiate on prices

Steel mill negotiation rates have declined in each of our last two surveys; this week’s rate is the lowest recorded since March 2024.

SMU price ranges: Market picks up steam

SMU’s steel price indices rose across the board this week. Sheet prices increased as much as $35 per short ton (st) compared to last week, while our average plate price ticked up by$10/st.

ISM: Manufacturing expands in January for first time in years

Following more than two years of contraction, US manufacturing activity rebounded in January according to the Institute for Supply Management.

SMU's January at a glance

SMU’s Monthly Review provides a summary of important steel market metrics for the previous month. Our latest report includes data updated through January 31st.

AISI: Weekly raw steel output ticks higher

The volume of raw steel produced by US mills slightly increased last week, according to American Iron and Steel Institute (AISI) data. Last week’s production rate represents the second-highest level recorded this year.