Contributor: Brett Linton

Shipments of heating and cooling equipment remained near multi-year highs in July, according to the latest data released from the Air-Conditioning, Heating, and Refrigeration Institute (AHRI).

Following significant recoveries in late August, SMU’s Steel Buyers’ Sentiment Indices tumbled this week.

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

Negotiation rates have edged lower from our previous market check, a downward trend witnesses since July.

SMU’s steel price indices showed mixed signals for a second consecutive week. Our hot rolled, cold rolled, and plate price indices inched lower from last week, as the galvanized index held steady and Galvalume's ticked higher.

Following June’s slump, the amount of finished steel entering the US market partially rebounded in July, according to SMU’s analysis of data from the US Department of Commerce and the American Iron and Steel Institute (AISI).

SMU Steel Summit 2024 speakers weighed in on an array of topics surrounding the electric vehicle movement, including advancements in technology and infrastructure, consumer adaptation, and regulatory challenges

Following May’s five-month low, US steel exports ticked higher in July, according to the latest US Department of Commerce data. The amount of steel exiting the country rose 6% month on month (m/m) to 818,000 short tons (st). This is back in line with trade levels seen in recent months.

July represents the second-lowest monthly rate for steel imports so far this year.

Oil and gas drilling activity in the US edged lower last week, while the Canadian rig count held steady at a six-month high.

We had a wonderful time at last week’s Steel Summit Conference, seeing so many familiar faces and catching up with friends within the industry.

Alan Beaulieu, president of ITR Economics, presented the final keynote at last week’s Steel Summit conference

SMU indices moved higher on cold rolled products this week, while galvanized prices were flat. Our indices for plate, hot rolled, and Galvalume all edged lower.

Domestic raw steel mill production eased last week but remains historically high, according to the latest release from the American Iron and Steel Institute (AISI).

SMU’s Monthly Review provides a summary of important steel market metrics for the previous month. Our August report includes data updated through August 30th.

Active US drill rig counts eased further last week while Canadian activity hit a near six-month high, according to the latest data release from Baker Hughes.

The Chicago Business Barometer edged up in August but remains in contraction territory, according to the latest release from Market News International (MNI) and the Institute for Supply Management (ISM).

Current steel mill lead time averages are a few days longer than levels seen one month prior, but remain near historical lows for both sheet and plate products.

Both our Current and Future Indices are now up to multi-month highs, indicating continued optimism among steel buyers.

Steel buyers found mills slightly more willing to negotiate spot prices this week, according to our most recent survey data. Though this negotiation rate has ticked up vs. our previous market check, overall rates have been trending downward since July’s highs.

Flat-rolled steel prices were flat or up moderately this week amid mixed signals from the market.

Durgesh Singh of Magswitch Technologies is the recipient of the 2024 SMU NexGen Leadership Award.

Having risen for three weeks in a row, weekly production is now at the highest rate seen since February 2023.

Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil increased $15 per short ton (st) from last week to $710/st.

Steelmaking raw material prices have moved in differing directions across August, a change of pace from the declines seen in June and July, according to SMU’s latest analysis.

The number of US drill rigs in operation ticked lower last week while Canadian activity increased, according to the latest data released from Baker Hughes. US rig counts have gone up and down since June, hovering near multi-year lows. Canadian activity has trended upwards since a mid-May seasonal low, rising to a five-month high last week.

Global steel output fell 5% in July according to World Steel Association’s (worldsteel) latest release. Total steel mill production around the world tallied up to 152.8 million metric tons (mt) for the month of July, the second-lowest monthly rate seen this year.

Within the space of a few days, we'll all be leaving on a jet plane. That's not completely true. A couple of SMU staff in the Atlanta area will be driving to Steel Summit 2024. Still, the hour where we kick of conference is quickly approaching. In anticipation, we are providing one of our handy-dandy crosswords in honor of the event.

The July AIA ABI score has recovered nearly six points over the last two months following the near four-year low recorded in May

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.