Contributor: Brett Linton

In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels.

Last week we wrote about a brief lull in price movement, labeling it a period of wait and see. It did, in fact, turn out to be pretty brief. This week... things are little bit different. Perhaps right now we are more in a period of "hope and pray" or "Here we go, hold on to your hats."

Steel prices trickled lower across the month of April for both sheet and plate products.

Most steel products tracked by SMU saw lead times contract this week from two weeks earlier, according to SMU’s most recent survey data.

The amount of new steel available to the US market, dubbed apparent steel supply, rebounded 7% in March, according to SMU calculations on Department of Commerce and American Iron and Steel Institute (AISI) data.

Sheet prices fell across the board this week – largely in response to Nucor’s $65-per-short-ton price cut for hot-rolled (HR) coil on Monday morning. SMU’s HR coil price is $780/st on average, a $35/st decrease week over week (w/w). Our average cold-rolled coil price is $1,090/st (down $30/st w/w). Our galvanized base price is $1,100/st […]

US steel exports eased through March but remain healthy, having reached a six-month high in February

March 2024 represents the third highest monthly steel import rate seen over the prior year.

Drilling activity declined in the US but increased in Canada, according to the latest data from Baker Hughes.

Everybody has a plan… until they’ve dealt with volatility in the HRC market. While Mike Tyson’s original quote was about getting punched in the mouth, it’s unlikely the ex-champ has gone many pricing rounds with hot-rolled coil.

The Index had briefly showed expansion in March, but has indicated a contracting manufacturing sector for 17 of the last 18 months.

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 chatter.

Sheet prices were flat or moderately down again this week – underscoring the shift in momentum we’ve seen over the last month. The exception was hot-rolled (HR) coil, which was largely unchanged from last week.

The Chicago Business Barometer slipped further in April, now at the lowest measure recorded since November 2022.

US raw steel production slipped again last week. It now stands at a 13-week low, according to the latest American Iron and Steel Institute (AISI) data. AISI estimated total domestic steel output estimated to have been 1,701,000 short tons (st) in the week ending April 27. That's down 0.9% compared to the week prior.

The number of active rigs in the US is now at the lowest level seen in over two years, while Canadian rigs have fallen to a four-month low.

SMU’s Steel Buyers’ Sentiment Indices both rose this week to reach some of the highest levels seen this year.

Steel imports held steady in March, up just 1% from February according to preliminary Census data released earlier this week.

Global steel output jumped 8.3% in March, according to World Steel Association’s (worldsteel's) latest release. Production is now at the highest level seen in 10 months, rebounding from a near six-year low observed just three months prior.

Lapham-Hickey Steel has acquired the operating assets of Crystal Steel Corporation of Middleton, Mass., for an undisclosed sum.

Domestic raw steel production slipped last week and now stands at a four-week low, according to the American Iron and Steel Institute (AISI).

Drilling activity increased in the US but declined in Canada, according to the latest data from Baker Hughes.

Prices of steelmaking raw materials have moved in different directions over the last 30 days, according to Steel Market Update’s latest analysis.

In this Premium analysis we cover North American oil and natural gas prices, drilling rig activity, and crude oil stock levels.

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.

Following a strong February, US housing starts eased through March to a seven-month low, according to the most recent data from the US Census Bureau.

Domestic raw steel production slipped from last week’s multi-month high, according to the American Iron and Steel Institute (AISI).

New York state saw a continued decline in manufacturing activity in April, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York

Sheet prices saw a slight momentum shift this week after consecutive gains in the prior two weeks. Plate edged lower on greater competition off easing demand, according to our latest check of the steel market.

The apparent supply of steel in the US fell 6% from January to February, according to data compiled from the Department of Commerce and the American Iron and Steel Institute (AISI).