Contributor: Brett Linton

The number of active drill rigs operating in the US and Canada increased this week, according to Baker Hughes

Prices for the seven steelmaking raw materials SMU tracks moved in differing directions from December to January, according to our latest analysis.

Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.

SMU’s sheet prices were mixed this week. Hot-rolled (HR) coil and plate notched gains while prices for coated products stagnated or dipped lower. Our HR price now stands at $700 per short ton (st) on average, up $15/st from last week and marking the highest level for HR prices since $705/st in early October. SMU’s […]

Raw steel mill production held relatively steady last week, according to recent figures released by the American Iron and Steel Institute (AISI).

The volume of crude steel produced around the world declined 2% month over month (m/m) in December, according to the World Steel Association (worldsteel). This is the second-consecutive monthly decline in production, following November’s 3% m/m drop.

The number of active oil and gas rigs drilling in the US continued to decline last week, according to Baker Hughes, remaining at a multi-year low. Meanwhile, Canadian drilling activity marched to the beat of a different drum, rising to a near-two-year high this week.

SMU’s Steel Buyers’ Sentiment Indices saw a slight decline this week, slipping to levels last observed in early November

Steel mill lead times were mixed across the sheet and plate products SMU tracks, according to buyers responding to our latest market survey.

The majority of steel buyers we canvassed this week continue to report that mills are willing to negotiate prices on new spot orders, though not as much as they were in early-January.  

Architecture firms reported a sharp reduction in billings in December, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.

Sheet and plate prices remained in a holding pattern this week as the market awaited more specifics on potential Trump administration tariffs.

Weekly raw steel mill production levels have fluctuated within a relatively narrow range across the last four months, according to data released by the American Iron and Steel Institute (AISI).

Recent Federal Reserve data indicates that the US manufacturing sector remains healthy and stable. The strength of the manufacturing economy has a direct relationship to the health of the steel industry.

With just two weeks to go, we have over 400 registered so far for the 36th annual Tampa Steel Conference. Join us and hundreds of industry executives at the JW Marriott Tampa Water Street from Sunday, February 2, through Tuesday, February 4.

Active drilling rig activity in the US declined to a multi-year low this week, while Canadian counts marched higher, according to the latest data from Baker Hughes.

The price premium of galvanized coil over hot-rolled (HR) coil has continued to narrow, a downward trend seen for the past seven months. As of this week, the spread between these two products has reached an 18-month low.

In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels. Trends in energy prices and active rig counts are leading demand indicators for oil country tubular goods (OCTG), line pipe and other steel products.

On Monday and Tuesday of this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to imports and evolving market events.

Steel prices ticked lower this week for four of the five products SMU tracks, according to our latest canvass of the sheet and plate markets. Following last week’s bump, our hot rolled, cold rolled, galvanized, and plate indices all edged lower this week by $5-15 per short ton (st) on average. Galvalume was the only […]

Monthly shipments of heating and cooling equipment decreased from October to November, according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). November shipments fell 12% month on month (m/m) to 1.69 million units (Figure 1, left). This follows typical seasonal declines, as the monthly decrease from October to November has […]

Raw steel mill production increased last week, according to the most recently released American Iron and Steel Institute (AISI) data.

The amount of finished steel that entered the US market fell to a multi-month low in November, according to an analysis of Department of Commerce and the American Iron and Steel Institute (AISI) data.

The amount of steel exiting the country continued to decline through November, falling to an 11-month low, according to the latest US Department of Commerce data. This is the third month in a row that steel exports have eased and the second-lowest monthly rate recorded in almost two years.

Oil and gas drilling activity declined in the US this week, while Canadian rig counts saw a rebound, according to the latest data from Baker Hughes.

Both SMU Steel Buyers' Sentiment Indices remain in positive territory, indicating that steel buyers are optimistic about the success of their businesses.

Domestic steel imports fell 14% from October to November to a one-year low of 2.07 million short tons (st), according to final US Commerce Department data. While steel trade has declined from early-2024 highs, November imports are slightly higher than volumes seen one year prior.

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.

Steel buyers say mills remain open to negotiation on sheet and plate spot prices this week, slightly more so than in mid-December, according to our most recent survey results.

Domestic raw steel production is now at the lowest level seen since mid-November. This comes just two weeks after production had recovered to a three-month high.