Contributor: Brett Linton

The Chicago Business Barometer rebounded in June following May’s four-year low, according to Market News International (MNI) and the Institute for Supply Management (ISM).

Following a relatively stable first quarter, steel imports climbed in May to levels not seen in over two-years, according to preliminary Census data released earlier this week. Projected June license data suggests imports could ease from May, though still strong in comparison to levels witnessed over the past year.

The Index continues to indicate weak business conditions amongst architecture firms.

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.

US sheet prices continued to drift lower this week on lackluster demand, short lead times, and ample supply. SMU’s hot-rolled (HR) coil price now stands at $670 per short ton (st) on average, down $15/st from last week. Hot band is down $175/st from a recent high of $845/st in early April. It is also […]

Domestic raw steel production ticked up last week following a seven-week low, according to the latest release by the American Iron and Steel Institute (AISI).

Global steel output rose 6% from April to May, and is now at the highest rate seen since March 2023, according to World Steel Association’s (worldsteel) latest release.

US drill rig activity eased again last week, now down to levels not seen since late-2021, according to the latest data release from Baker Hughes. Canadian counts are moving in the opposite direction, inching higher for the sixth consecutive week to a three-month high.

Steelmaking raw material prices have generally declined over the past month according to SMU’s latest analysis.

Steel mill lead times remain short for all steel products tracked by SMU, according to our latest market survey. Service center and manufacturers continue to report short to normal lead times for sheet and plate products.

US sheet prices edged lower this week as discounting continues. Major factors remain ample supply, shorter lead times, and lower input costs. Meanwhile, demand had remained steady to soft, depending on the end market. SMU’s hot-rolled (HR) coil price now stands at $685 per short ton (st) on average, down $25/st from last week. Hot […]

New York state manufacturers reported dismal business conditions in June. This is the seventh consecutive month of negative readings, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.

Domestic raw steel production fell to a seven-week low last week, according to the latest release by the American Iron and Steel Institute (AISI).

Shipments of heating and cooling equipment receded from March to April according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).

US drill rig activity eased further last week, now down to a two-and-a-half-year low according to the latest update from Baker Hughes. In contrast, Canadian counts inched higher and are now at a three-month high.

The amount of finished steel available to the US market rose 1% from March to April, according to SMU calculations on Department of Commerce and the American Iron and Steel Institute (AISI) data.

Crude oil prices are forecast to ease slightly through the remainder of the year, while natural gas prices are expected to move higher following recent lows

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.

US sheet prices continued to tick down this week as supply seems to outweigh demand, and deep discounts are not only for large-ton buys.

Total steel exports rebounded 6% in April, rising to 842,000 short tons (st) according to the latest US Department of Commerce data.

Domestic raw steel production eased last week, falling from an eight-week high down to a four-week low, according to the latest release by the American Iron and Steel Institute (AISI).

S drill rig activity held steady last week, remaining near two-year lows according to the latest update from Baker Hughes

The Chicago Business Barometer tumbled lower in May, now at the lowest measure recorded since May 2020 according to Market News International (MNI) and the Institute for Supply Management (ISM).

We have highlighted a few significant moment in steel history in our last few Final Thoughts crosswords. This week we decided to dedicate the entire crossword to history.

Steel imports jumped from March to April and are looking nearly as strong for May, according to updated Census data released earlier this week.

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

Sheet prices slipped again this week on a combination of moderate demand, increased imports, and higher import volumes.

US drill rig activity eased further last week, receding to levels last seen at the start of 2022 according to the latest update from Baker Hughes

Steelmaking raw material prices have moved in different directions over the past month, according to SMU’s latest analysis.

Steel Market Update will be taking time off in observance of Memorial Day.