Final Thoughts
What are our scrap survey participants saying about the market?
Steel News
Price on Trade: 40% Brazil tariffs, Section 232 copper program, and misplaced carbon claims
The administration continues to negotiate deals with US trading partners, and the reciprocal tariff program appears poised for further modification. This week, we focus on other important developments that may have received less media attention.
US HR prices and imports diverge, 50% S232 drives the gap
Hot-rolled (HR) coil prices in the US declined again last week, while offshore prices increased week over week (w/w).
Drilling activity slows in US but picks up steam in Canada
Oil and gas drilling in the US slowed for a third consecutive week, while activity in Canada hovered just shy of the 19-week high reached two weeks prior.
Friedman Industries’ profits jump in its fiscal Q1
Friedman Industries’ fiscal first-quarter earnings nearly doubled from a year ago.
SMU Survey: Buyers remain leery of tariffs, but more see reshoring happening
This week’s SMU survey reveals that a growing number of steel market participants are weary of tariffs and are awaiting evidence of progress reshoring.
At the start of 2025, now-second-term President, Donald Trump, pronounced that his plan to implement tariffs would result in increased revenue for the US.
SMU Survey: Modest improvement in Sentiment Indices
Both SMU Sentiment Indices continue to show that buyers remain optimistic for their company’s chances of success, though far less confident than they felt earlier in the year.
Russel Metals hits recent revenue high as Q2 shipments surge
Russel Metals posted its strongest quarterly revenue in three years, fueled by higher steel prices, steady demand, and near-record shipments across its service center network.
SMU flat-rolled market survey results now available
SMU’s Aug. 8, 2025, steel buyers market survey results are now available on our website to all premium members.
Steel exports dip again in June
The volume of steel shipped outside of the country in June fell 3% from the prior month to 618,000 short tons (st), according to recently released data from the US Department of Commerce.
Final Thoughts: Pig iron ‘sideways’
What the word “sideways” means can depend on where you sit on the procurement spectrum.
HR Futures: Rangebound amid muted summer trade
Since the last writing of this article, CME hot-rolled coil (HRC) futures have been largely steady and lifeless, though there’s been some brief bouts of intraday volatility.
US steel imports declined again in July
Following January’s pre-tariff surge, imports have remained low since February compared to post-pandemic volumes
Hot-rolled coil market remains slow, market participants say
Hot rolled spot market participants reported another week of moderate demand and ample supply, with no strong signs that conditions will change next week.
SMU’s July at a glance
SMU’s Monthly Review provides a summary of our key steel market metrics for the previous month, with the latest data updated through July 31.
SMU Survey: Mills maintain short lead times on sheet
Mill production times for sheet products are holding just above multi-year lows, while plate lead times remain elevated.
SMU Survey: Most buyers say mills are willing to talk price
Most steel buyers continue to report that mills are open to negotiating spot prices. Negotiation rates have remained high for most of the past three months.
Join SMU for a Community Chat with trade attorney Lewis Leibowitz on Aug. 13
Veteran trade attorney Lewis Leibowitz will join SMU for a Community Chat on Wednesday, Aug. 13, at 11 am ET.
SMU Scrap Survey: Sentiment indices slip in August
Current and future scrap sentiment indices declined this month, according to SMU’s latest ferrous scrap survey data.
SMU scrap market survey results now available
SMU’s August ferrous scrap market survey results are now available on our website to all premium members.
SMU Price Ranges: Sheet and plate move ‘soft sideways’ to start August
Sheet and plate prices were either flat or modestly lower this week on softer demand and increasing domestic capacity.
Plate prices slip even as mills officially keep tags unchanged
US plate market participants are not fazed by the constricted nature of the current spot market pricing environment.
Right now, they said, mill’s choosing to hold prices from one month to the next makes sense because service centers remain amply supplied and demand is stable. Modest upticks or slips in prices are aligned with most of the participants’ expectations right now.
From journalist to metals analyst, Timna Tanners shines a light on steel
A recent conversation with Tanners shows that many of us in this industry often end up here by accident but end up staying.
Domestic mill shipments rise in June: AISI
US steel shipments increased month over month and year over year in June, according to the latest figures from the American Iron and Steel Institute (AISI).
Final Thoughts: Happy birthday SMU
Steel Market Update is proud to celebrate its 17th birthday this month.
August scrap market seen poised for sideways move
The ferrous scrap market for August appears to be settling sideways as the threats posed to the market in July have not materialized.
SunCoke completes Phoenix Global buy
SunCoke Energy completed its previously announced $325-million acquisition of Phoenix Global on Friday, Aug. 1.
CRU: Blackout knocks out ArcelorMittal mill ‘for months’
Truchas works in Lazaro Cadenas, Michoacan, western Mexico. Repairs may take up to six months.
AISI: Raw steel production ticks higher
Domestic mill output remains historically strong, holding near multi-year highs since early June.
Nucor Plate Group maintains prices for 6th consecutive month
Nucor Plate Group has informed customers that August spot prices will remain flat.