Mill Order Index

SMU’s Mill Order Index (MOI), which evaluates the latest change in service center mill order entries, is a relative index derived from SMU Service Center Inventories Report data. This index is a good indicator of current service center buying patterns, displaying perceived demand and lead times. This is notable given that lead times are typically a leading indicator of steel price moves.

The MOI uses a base period, presently 2022-24, to establish a reference point for measuring service centers’ mill orders over time. This base period is assigned an index value of 100 (100 = 2022-24 average). Subsequent MOI values are then calculated relative to this base.