Contributor: Brett Linton

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 price indices declined again this week for all products other than hot-rolled sheet. Our indices have trended lower across October, falling as much as $75 per short ton (st) in that time.

September marked the lowest month for steel imports so far this year, according to preliminary Census data released by the Commerce Department.

Domestic raw steel production recovered for the third consecutive week last week, according to the latest figures released from the American Iron and Steel Institute (AISI). While up, output remains near one of the lowest rates recorded across 2024.

Nucor has raised its weekly consumer spot price (CSP) for hot-rolled (HR) coil by $20 per short ton (st), now at $740/st as of Monday, Oct. 28.

Global steel mill output totaled 143.6 million metric tons (mt) in September, the lowest monthly rate recorded this year.

US drill rig activity remains near multi-year lows, hovering within a narrow range over the last five months. Canadian counts have stabilized in recent weeks but remain near some the highest levels recorded in the past seven months.

SMU’s Current Sentiment Index suggests steel buyers are still optimistic about their businesses’ ability to succeed in today’s market, though their confidence has significantly declined compared to recent months.

Architecture firms continued to experience soft business conditions through September, according to the latest Architecture Billings Index (ABI) release by the American Institute of Architects (AIA) and Deltek.

More than nine out of every 10 steel buyers polled by SMU this week reported that mills are flexible on prices for new orders. Negotiation rates have been strong since April and on the rise since early September.

Mill lead times have declined on both sheet and plate products this week, according to steel buyers responding to our latest market survey,

Steel prices ticked lower again this week for most of the products SMU tracks. Our indices have declined as much as $40 per short ton (st) across the last four weeks.

Steelmaking raw material prices strengthened for all but one product in October, a change in pace compared to recent months, according to SMU’s latest analysis.

While up over the week prior, domestic raw steel mill production remains near one of the lowest rates recorded this year.

Nucor Corp. has commissioned SMS group to upgrade its Tuscaloosa, Ala., plate mill.

US rig counts continue to hover near multi-year lows, a trend observed since July. Canadian activity remains strong, just a few rigs shy of a seven-month high.

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.

Prices, demand, inventories, evolving market events... What are buyers and sellers of steel talking about this week?

Steel sheet prices mostly edged lower for a second week, while plate prices slipped for the third consecutive week.

August now represents the second-highest monthly shipment rate recorded in the last two years, just below the 2.16 million units rate recorded in June.

The amount of steel exiting the country in August reached the highest monthly rate recorded since August 2023.

Domestic raw steel mill production slightly recovered last week, according to the latest figures released from the American Iron and Steel Institute (AISI).

August steel imports totaled 2.38 million short tons (st) according to final data released this week by the US Commerce Departmen

US drill rig activity saw a slight increase from last week but continues to hover near multi-year lows. In Canada, rig counts dipped last week but near one of the highest levels recorded in the past seven months.

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.

Steel mill lead times inched up this week for most sheet and plate products, according to buyers responding to our latest market survey.

Negotiation rates have consistently been in the 70-80% range for over two months, relatively strong in comparison to levels seen across the past year.

US drilling activity remains near multi-year lows, while Canadian counts increased to one of the highest levels recorded in seven months.

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.

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.