Contributor: Brett Linton

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

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

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

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).

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

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.

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.

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’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.

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

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.

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.

The number of active drill rigs operating in the US and Canada increased this week, according to Baker Hughes

Prices for the seven steelmaking raw materials SMU tracks moved in differing directions from December to January, according to our latest analysis.

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.

SMU’s sheet prices were mixed this week. Hot-rolled (HR) coil and plate notched gains while prices for coated products stagnated or dipped lower. Our HR price now stands at $700 per short ton (st) on average, up $15/st from last week and marking the highest level for HR prices since $705/st in early October. SMU’s […]

Raw steel mill production held relatively steady last week, according to recent figures released by the American Iron and Steel Institute (AISI).

The volume of crude steel produced around the world declined 2% month over month (m/m) in December, according to the World Steel Association (worldsteel). This is the second-consecutive monthly decline in production, following November’s 3% m/m drop.

The number of active oil and gas rigs drilling in the US continued to decline last week, according to Baker Hughes, remaining at a multi-year low. Meanwhile, Canadian drilling activity marched to the beat of a different drum, rising to a near-two-year high this week.

SMU’s Steel Buyers’ Sentiment Indices saw a slight decline this week, slipping to levels last observed in early November

Steel mill lead times were mixed across the sheet and plate products SMU tracks, according to buyers responding to our latest market survey.

The majority of steel buyers we canvassed this week continue to report that mills are willing to negotiate prices on new spot orders, though not as much as they were in early-January.  

Architecture firms reported a sharp reduction in billings in December, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.

Sheet and plate prices remained in a holding pattern this week as the market awaited more specifics on potential Trump administration tariffs.

Weekly raw steel mill production levels have fluctuated within a relatively narrow range across the last four months, according to data released by the American Iron and Steel Institute (AISI).

Recent Federal Reserve data indicates that the US manufacturing sector remains healthy and stable. The strength of the manufacturing economy has a direct relationship to the health of the steel industry.

With just two weeks to go, we have over 400 registered so far for the 36th annual Tampa Steel Conference. Join us and hundreds of industry executives at the JW Marriott Tampa Water Street from Sunday, February 2, through Tuesday, February 4.

Active drilling rig activity in the US declined to a multi-year low this week, while Canadian counts marched higher, according to the latest data from Baker Hughes.