Contributor: David Schollaert

US light-vehicle (LV) sales improved to an unadjusted 1.42 million units in August, up 7.6% from a year ago, the US Bureau of Economic Analysis (BEA) reported.

Commercial planning momentum continues to drive the Dodge Momentum Index (DMI) higher, pushing August up to a 21-month high.

The price gap between US cold-rolled (CR) coil and offshore product has widened again. The premium has grown repeatedly since falling to a 10-month low in late July.

Construction spending in the US in July was slightly lower than June. Despite the decline, it increased notably year on year (y/y).

US hot-rolled (HR) coil prices were largely flat over the past week, remaining higher than tags for offshore material on a landed basis for a second consecutive week.

Nucor intends to keep plate prices unchanged with the opening of its October order book, according to a letter to customers dated Wednesday, Sept. 4. The Charlotte, N.C.-based steelmaker said it would maintain prices set in its July 1, 2024, price letter.

Growth in the US economy continues to struggle in most districts. The Federal Reserve’s Beige Book report for August shows two-thirds of reporting districts flat or declining economic activity.

US manufacturing activity contracted for a fifth straight month in August, as reported in the latest release from the Institute for Supply Management (ISM). The Index has indicated contraction in the manufacturing sector for 21 of the last 22 months.

Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil is unchanged from last week.

Steel Market Update will be taking time off in observance of Labor Day. We will not publish an issue on Sunday, Sept. 1, and our offices will be closed on Monday, Sept. 2. Our weekly pricing service will not be impacted. We will resume our regular publication schedule and our pricing service on Tuesday, Sept. […]

SMU’s latest steel buyers market survey results are now available on our website to all premium members. After logging in at steelmarketupdate.com, visit the pricing and analysis tab and look under the “survey results” section for “latest survey results.”

US hot-rolled (HR) coil prices continue to move higher, surpassing tags for offshore material on a landed basis. Domestic prices, improving on the heels of firmer US mill offers, pulled ahead of import tags as the stateside gains this week were sharper than the increases in overseas markets. SMU’s check of the market on Tuesday, […]

Day one and two of SMU's Steel Summit 2024 are officially in the books. We covered a lot of ground, and the agenda sure did deliver.

The price gap between US cold-rolled (CR) coil and imported CR has widened since falling to a 10-month low in late July.

US hot-rolled (HR) coil prices continue to inch up and are now roughly even with prices for offshore material on a landed basis. The closing of the gap between cheaper US prices and more expensive import tags was driven by improving domestic prices on the heels of firmer US mill offers. SMU’s check of the […]

Mill Steel Co., a supplier of flat-rolled steel and aluminum products, has named Scott Hauncher as chief financial officer.

Sheet prices trended sideways to modestly up this week in a market that appears to be in “wait-and-see” mode.

Domestic steel mill output rose last week for the second consecutive week, according to the latest release by the American Iron and Steel Institute (AISI).

Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $695 per short ton (st), up $5/st from last week.

The price gap between US cold-rolled (CR) coil and imported CR widened this week after falling to a 10-month low in late July.

SMU's latest steel buyers market survey results are now available on our website. Here are some key points that we think are worth your time.

New York state’s manufacturing activity improved in August but remained in contraction territory, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.

US hot-rolled (HR) coil prices are nearly even with prices for offshore material on a landed basis as domestic tags continue to inch up.

North American auto assemblies slumped by more than 14% from June, falling to a 20-month low in July. Assemblies were also down 1.5% year on year (y/y), according to LMC Automotive data.

US light-vehicle (LV) sales slipped to an unadjusted 1.273 million units in July, down 2% vs. a year-ago, the US Bureau of Economic Analysis (BEA) reported. The year-on-year (y/y) decline in domestic LV sales came despite a 4.2% month-on-month (m/m) rise.

The countdown is on! In less than two weeks, we’ll kick off the 2024 SMU Steel Summit. This year is poised to be the best attended yet. More than 1,350 delegates have already registered – so we’re within sight of last year’s record number of nearly 1,450. I’m looking forward to learning from executives across […]

Russel Metals has completed the acquisition of seven service center locations from Samuel, Son, & Co.

Domestic steel mill output rose last week after falling for two straight weeks, according to the latest release by the American Iron and Steel Institute (AISI). Total raw steel mill production was estimated at 1,735,000 short tons (st) in the week ending Aug. 10. That’s up 13,000 st, or 0.8%, from the week prior. It’s […]

Shipments of heating and cooling equipment moved higher in June, according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). June shipments increased 10% month on month (m/m) to 2.16 million units. This was a 7% boost over the same month last year. June represents the best monthly shipment rate year-to-date, […]

US drill rig activity recovered last week after slipping the prior week, according to the latest data from Baker Hughes. But Canada’s counts edged down following a five-week run-up. Despite the decline, Canada’s rig count remains near a five-month high. US rigs In the week ended Aug. 9, the number of active drilling rigs in […]