Contributor: Brett Linton

The amount of finished steel that entered the US market in February receded from January’s peak, according to our analysis of Department of Commerce and American Iron and Steel Institute (AISI) data.

The volume of steel exported from the US declined in February, reversing January’s surge, according to the latest US Department of Commerce figures. This comes just two months after export levels had fallen to a two-year low.

SMU polled steel buyers on an array of topics this week, ranging from market prices, demand, and inventories to imports and evolving market events. We are sharing some of the comments we collected.

This week is the first time all of our indices have moved lower in unison since July 2024.

US steel imports returned to normal levels in February after climbing to a near three-year high in January, according to finalized trade data published by the US Commerce Department. March license data suggests imports have remained within this normal range.

Domestic steel mill production was estimated at 1,656,000 short tons (st) for the week ending April 5 (Figure 1), down 41,000 tons or 2.4% from the previous week.

SMU’s Buyers’ Sentiment Indices experienced multi-point declines this week, though both remain positive and continue to reflect optimism among steel buyers for their companies' ability to be successful.

The number of active oil and gas drill rigs declined this week in both the US and Canada, according to the latest data from Baker Hughes. US rig counts remain just above multi-year lows, while Canadian activity continues its seasonal slowdown.

Buyers responding to our latest market survey reported that sheet lead times continue to gradually decline from recent highs. Meanwhile, plate lead times increased to levels last seen one year ago.

Four out of every five steel buyers who responded to our latest market survey say domestic mills are unwilling to negotiate on new order spot pricing. Mills have shown little flexibility on pricing for nearly two months.

Sheet and plate prices were mixed on Tuesday as the market took a wait-and-see approach to the Trump administration’s “Liberation Day” tariffs.

SMU’s Monthly Review provides a summary of our key steel market metrics for the previous month, with the latest data updated through March 31.

Raw steel mill output from US mills rebounded last week, according to the American Iron and Steel Institute (AISI). Production is now at the highest weekly rate recorded so far this year.

The Chicago Business Barometer increased for the third-consecutive month in March. Despite this, it still reflects contracting business conditions, as it has since December 2023.

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.