Flat-Rolled Survey Results
Steel Market Update surveys thousands of steel executives every other week to deliver real-time flat-rolled insights, revealing on-the-ground perspectives.
Explore our steel and scrap market results
Through our exclusive, invitation-only surveys, we capture feedback from key decision-makers in manufacturing, distribution, and the ferrous scrap markets. The result is valuable, actionable intelligence that keeps you informed and ahead in a fast-moving industry
Data that drives the market
Stay on top of important demand drivers with detailed reports key covering automotive, construction, energy, and manufacturing industry data
In-depth product reports
Drill down into the dynamics of specific steel and scrap products with our exclusive market reports. They’ll keep you up to speed on pricing trends and market sentiment
Ferrous Scrap Survey Results
Get timely ferrous scrap intel with clear snapshots of current market conditions, pricing sentiment, and buying trends.
Survey Results Sample
Preview a sample of our biweekly flat-rolled market survey insights, with full results reserved for Premium members.
Product Reports
Individual steel product reports highlighting price movements, demand shifts, and critical market developments.
Sector Reports
Analyze drivers, demand, and pricing across construction, automotive, manufacturing, energy, and other sectors.
Latest news
Drilling activity holds in the US, eases in Canada
The latest tally of active drilling rigs held steady in the US and slowed in Canada this week, according to oil and gas rig count data published by Baker Hughes. The US rig count remained unchanged at 603 rigs this week, maintaining a 17-month high. Compared to this time last year, there are 55 more rigs in operation today. Canada’s count decreased by five to 217 rigs this week, slowing for the first time in four weeks. Still, activity is up compared to the same week of 2025, with 19 more rigs operating today.
SMU: MOI surge triggered by historically long lead times
SMU’s Mill Order Index (MOI) surged in September, up for a fifth consecutive month and setting a record high. The increase came as service center on-order volumes and new mill order entries reached record highs—overtaking any prior high-water mark—including the post-pandemic snapback in demand, according to SMU’s latest service center inventory data. The MOI now stands at 162.7, up nearly 18% from 138.3 in August. The MOI was more than 35% above the average year-to-date (YTD) reading of 120.3, and up more than 100% year-on-year (y/y). Results suggest inventories remain uncomfortably lean as service centers try to restock in a market where spot tons are scarce, and contract tons are delayed. September intake surged by more than 21% month over month (m/m), exceeding outbound shipments by 15%. The result: service center inventories remained down more than 14% YTD vs. the same period a year earlier, even as shipments were ~3% higher.
Mesabi Metallics chooses Midrex for Iowa mill DRI module
Mesabi Metallics, part of the Essar Group, has picked Midrex Technologies to supply the direct-reduced iron (DRI) component of its planned $15 billion steelmaking complex in Iowa. Recall the company announced plans to build a 10-million-ton-per-year mill, which would make it by far the largest steel plant in the US. The first phase is planned for 7.5 million tons of steel per year, with first production planned for 2030.
Midrex’s Flex technology will be used for the DRI portion of the project, producing hot DRI for direct feed to the adjacent electric-arc furnaces (EAFs), as well as hot briquetted iron (HBI).
Brazilian pig iron trade with US stuck in doldrums
The pig iron trade from Brazil into the US has been lackluster over the last month with minimal activity. Many players in the trade thought activity would increase after the International Iron Metallics Assn (IIMA) meeting in Chicago earlier this month, but it has not materialized so far. Part of the reason could be the US scrap buy for October stretched out longer than usual, as buyers and sellers haggled over price. Now that prices settled upward, there may be different ideas on where pig iron prices should settle.
SMU Survey: Current Steel Buyers’ Sentiment Index up, Future Sentiment flat
SMU’s Current Steel Buyers’ Sentiment Index ticked up this week, while Future Sentiment remained flat again, according to our latest market survey. Every two weeks, SMU polls thousands of steel-industry executives, asking them to rate their companies’ chances of success today and also three to six months down the road. We use their responses to calculate our proprietary Current and Future Steel Buyers’ Sentiment Indices, measures tracked since 2008.
Fed Beige Book finds stronger steel, machinery demand but rising cost pressure
Manufacturing activity improved in several Federal Reserve districts, but conditions remained mixed nationwide, according to the Fed’s Oct. 14 Beige Book report. Demand was strongest in steel, machinery, defense-related products, and data center infrastructure.
Steel producers in the Cleveland District reported firm spot market demand. Data center, power-generation, defense, and aerospace projects supported orders. Long mill lead times kept customer inventories lean and prices high. Producers also reported higher orders from truck-trailer and light-vehicle manufacturers. International demand for hydrogen vehicle parts increased.
Final Thoughts: Sheet prices and lead times are climbing, so are inventories and imports
On the face of it, nothing much changed in the US steel market this week. Lead times continue to extend. Inventories remain lean. And mills can pretty much name their price. Sheet lead times, which extend well into December, remain at the highest levels we’ve seen since 2021. Plate lead times, meanwhile, set a new record. At 11 weeks on average, they’re higher than anything we’ve recorded – including during the boom year of ’21.
Nucor Plate Group doubles fuel surcharge to $40/ton for November
Nucor Plate Group said it will increase its fuel surcharge to $40 per short ton (st) next month, effective for all shipments beginning Nov. 1. The Charlotte, N.C.-based steelmaker first said in April that the fuel surcharge was necessary to address rising costs, initially setting the surcharge at $10/st on April 16. The company had previously maintained the $10/st surcharge rate for four straight months through Aug. 17. But it has since doubled its rate in back-to-back months—increasing its surcharge to $20/st in September, followed by its Oct. 15 notice to $40/st. “We remain committed to providing reliable service and transparency as we adapt to changing market dynamics,” Nucor said in a letter to customers on Thursday evening. Nucor announces the surcharge amount on or about the 15th of each month for shipments beginning the following month.
The SMU Community
Connect with our unique, collaborative network of industry experts to forge new connections and drive your business forward
Smarter steel decisions start here
Get ahead of the curve with our actionable insights, in‑depth news, and exclusive market data. Choose from a range of subscription options and group sizes to find what fits your business best
Aluminum Market Update
AMU brings expert perspectives, proprietary data, and news analysis to businesses across the aluminum and nonferrous scrap markets
Connect your brand to our Community
Discover how SMU can help you promote your products, services, or company. Consider advertising in our publications or sponsoring and exhibiting at our events and webinars