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
October service center shipments and inventories report
Flat rolled = 63.4 shipping days of supply Plate = 52.4 shipping days of supply Flat rolled shipments and inventories Flat-rolled steel supply at US service centers remains seasonally high. October inventories increased after edging lower in September – a dynamic driven largely by disappointing demand. October’s report reflects lower demand and stable lead times […]
Apparent steel supply slips to 7-month low in September
The total amount of finished steel to enter the US market in September fell to its lowest level in seven months, according to our analysis of recent Department of Commerce and the American Iron and Steel Institute (AISI) data
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 less optimistic this week
SMU’s Steel Buyers’ Sentiment Indices continue to show that steel buyers are optimistic about the success of their businesses, though that confidence has eased compared to earlier in the year.
SMU Survey: Little movement in mill lead times, remain short
Sheet lead times are stable to slightly extended compared to late-October levels, but are down for all products relative to production times one month ago.