SMU Data and Models
SMU market survey results now available
Written by David Schollaert
July 19, 2024
The latest SMU 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.”
Historical survey results are also available under that selection.
If you need help accessing the survey results, or if your company would like to have your voice heard in our future surveys, contact info@steelmarketupdate.com.
Key points and takeaways
We go over the big highlights of the survey in Final thoughts. Here are some other key points that we think are worth your time. (And, again, our premium subscribers can follow along with the latest results here.)
Steel Buyers’ Current Sentiment recovered a bit after plunging to a four-year low (slide 9), and Future Sentiment (slide 11) was five points higher than the prior market check.
Lead times remain short/normal (slide 13). And depending on the product, 75-91% of buyers surveyed said mills were willing to negotiate lower prices (slide 16).
The scrap market surprised many with prices moving sideways in July. Still, about a third (slide 19) expect lower prices in August. Most though (56%) are expecting prices to move up next month.
Nearly 40% of respondents said they expect to miss their business forecasts this month (slide 20). It’s also notable that just 2% expect to exceed forecasts for July.
More than three-quarters of service centers said they are releasing less steel (slide 28). And 84% said they are lowering prices. None reported increasing releases (slide 38).
There’s a lot more to unpack in the survey. Be sure to check out this week’s Final thoughts for some of the comments and key reactions directly from our sources.
David Schollaert
Read more from David SchollaertLatest in SMU Data and Models
Apparent steel supply eases in August
The volume of finished steel entering the US market declined in August from July, according to SMU’s analysis of data from the US Department of Commerce and the American Iron and Steel Institute (AISI). Referred to as ‘apparent steel supply,’ we calculate this monthly rate by combining domestic steel mill shipments and finished US steel imports and deducting total US steel exports.
September service center shipments and inventories report
Flat rolled = 60.8 shipping days of supply Plate = 52.7 shipping days of supply Flat rolled Flat-rolled steel supply at US service centers declined in September, though still seasonally high. September’s report reflects lower demand, stable lead times, and restocking early in the third quarter at a perceived bottom in prices. At the end […]
SMU market survey results now available
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.” Past survey results are also available under that selection. If you need help accessing the survey results, or if […]
SMU survey: Steel Buyers’ Sentiment Indices diverge
SMU’s Steel Buyers’ Sentiment Indices moved in different directions this week. Our Current Steel Buyers’ Sentiment Index eased to a six-week low, while Future Buyers’ Sentiment ticked up to a four-week high. Both of our Indices continue to indicate optimism among steel buyers.
SMU survey: Mill lead times stretch out marginally
Steel mill lead times inched up this week for most sheet and plate products, according to buyers responding to our latest market survey.