Contributor: Brett Linton

SMU’s Steel Buyers’ Sentiment Indices both edged lower this week following the multi-month highs set in mid-January.

November apparent steel supply declined 9% or 772,000 short tons (st) from October to 7.61 million st, the lowest measure recorded since February 2021

November steel exports tumbled 15% from October to the lowest monthly export rate since July 2020.

One third of the steel buyers responding to our market survey this week reported that domestic mills are negotiable on new spot order pricing. Mills began to hold a firmer stance on prices towards the end of last year, tightening their grip in early January and holding it since.

Steel mill lead times marginally declined on sheet products this week but edged higher on plate, according to responses from SMU’s latest market survey. Overall, lead times remain one to two weeks longer than levels seen three months ago.

Flat-rolled steel prices inched upward again this week as mixed demand appeared to be offset by limited supplies.

Steel imports remain weak in November and December according to recently released final US Commerce Department data. Many of the sheet and plate products we follow slipped to multi-year lows.

The amount of raw steel produced by US mills eased last week according to the AISI. Production remains strong compared to the multi-month lows seen at the end of the year.

The latest count of operational oil and gas rigs increased in both the US and Canada this week, according to the latest data released from Baker Hughes.

All but one of the steelmaking raw materials we track increased in price over the last month

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

Sheet prices mostly continued their uneven but steady march higher this week, according to SMU’s latest check of the market.

Raw steel output from US mills climbed last week to the highest rate seen in over four months, according to the latest American Iron and Steel Institute (AISI) figures

The latest tally of operational oil and gas rigs increased this week in both the US and Canada, according to the latest figures published by Baker Hughes.

SMU’s Steel Buyers’ Sentiment Indices both increased this week to multi-month highs

Steel mill lead times held steady on most products this week following the surge seen in early January, according to responses from SMU’s latest market survey

Just over a third of the steel buyers who responded to our market survey this week reported that domestic mills are willing to talk price to secure new spot orders.

The volume of raw steel produced by US mills grew last week, holding on to the gains seen the prior week, according to the latest figures released by the American Iron and Steel Institute (AISI).

SMU’s sheet price indices climbed to new multi-month highs this week, while plate prices marginally declined.

The amount of finished steel that entered the US market contracted from September to October, driven primarily by slowing domestic mill shipments, according to SMU’s analysis of Department of Commerce and American Iron and Steel Institute (AISI) data

The number of oil and gas rigs operating in the US fell this week, while Canadian activity recovered further, according to the latest data released from Baker Hughes.

The volume of steel shipped outside of the country increased 11% from September to October 2025 to a seven-month high of 662,000 short tons (st), according to recently released data from the US Department of Commerce.

The majority of SMU’s sheet and plate price indices rose this week, with multiple products climbing to new multi-month highs

According to recently released final US Commerce Department data, US steel imports rebounded 11% month on month (m/m) in October 2025 after falling to a multi-year low one month earlier. The latest license figures suggest imports eased back by 3% in November and by another 2% in December, with trade again nearing historical lows.

Shipments of heating and cooling equipment fell for the sixth straight month in November, reaching the lowest rate seen since October 2016, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).

Steel mill lead times increased for both sheet and plate products this week, according to responses from SMU’s latest market survey.

Steel sheet and plate prices rose across the board to start the year on limited spot availability at some mills, expectations of higher scrap prices, and hopes of stronger demand in 2026.

Domestic raw steel production inched higher last week but remains low compared to recent months, according to the latest data released by the American Iron and Steel Institute (AISI)

The Chicago Business Barometer increased in December after hitting an 18-month low in November, according to Market News International (MNI) and the Institute for Supply Management (ISM)

Steel Market Update offices will be closed Wednesday, Dec. 24, through Friday, Jan. 2, for the Christmas and New Year holidays.