SMU Data and Models
SMU's September at a glance
Written by Brett Linton
October 3, 2024
SMU’s monthly review provides a summary of important steel market metrics for the previous month. This latest report includes data updated through Sept. 30.
Prices of sheet and plate steel showed little movement in September, as buyers reported lackluster demand, high inventories, and caution related to the upcoming election. Sheet mills attempted to raise prices via multiple increases but failed to gain much traction.
The SMU Price Momentum Indicator on sheet was adjusted from higher to neutral in the first week of the month, indicating no clear direction for prices in the short term. Our Price Momentum Indicator for plate remains as it has been since April, pointing lower.
September scrap prices were sideways to down from August, easing as much as $8 per gross ton for some products. Buyers are uncertain about what prices could do in October.
We saw a dip in Steel Buyers’ Sentiment in the middle of September, but it mostly recovered by the end of the month. Our Future and Current Buyers’ Sentiment Indices indicate that buyers remain optimistic about their companies’ chances of success now and in the future.
Steel mill lead times eased slightly through the month and remain near some of the shortest levels recorded in some time. The percentage of buyers reporting that mills were willing to negotiate on new orders edged lower from August to September but remains relatively strong.
See the chart below for other key metrics for September. Historical charts can be found here on our website.
Brett Linton
Read more from Brett LintonLatest in SMU Data and Models
SMU Survey: Steel Buyers’ Sentiment Indices stable to start 2025
Both SMU Steel Buyers' Sentiment Indices remain in positive territory, indicating that steel buyers are optimistic about the success of their businesses.
SMU Survey: Mill lead times short and steady to start 2025
Buyers participating in our first market survey of 2025 reported a slight decline in mill lead times compared to our last survey in mid-December. After rising moderately in early December, lead times edged lower through this week and are now only slightly above the lows seen back in July and November. Overall, production times have remained historically short since last summer, with minimal movement since then.
SMU’s December at a glance
SMU’s Monthly Review provides a summary of important steel market metrics for the previous month. Our latest report includes data updated through December 31st.
SMU Survey: Steel Buyers’ Sentiment Indices contrast at year end
Both of our Sentiment Indices remain in positive territory and indicate that steel buyers are optimistic about the success of their businesses.
SMU Survey: Mill lead times contract slightly, remain short
Steel mill production times have seen very little change since September, according to buyers participating in our latest market survey.