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.
Steel prices ticked higher this week for most of the sheet products SMU tracks, back up to highs last recorded in June and July. Meanwhile, plate prices edged lower following three weeks of stability.
US manufacturing activity contracted for the sixth consecutive month in September, according to the latest report from the Institute for Supply Management (ISM). The index has indicated a contracting industrial sector for 22 of the past 23 months.
Domestic raw steel mill production declined last week to levels not seen since early last year, according to the latest figures released from the American Iron and Steel Institute (AISI).
The Chicago Business Barometer increased marginally in September but continues to indicate deteriorating business conditions.
Grand Steel has acquired a new toll processing facility in Chattanooga, Tenn., marking the third location for the flat-rolled steel service center.
Drilling activity eased in the US last week, while Canadian counts increased, according to the latest data release from Baker Hughes.
SMU’s Steel Buyers’ Sentiment Indices remain in positive territory and continue to indicate optimism amongst steel buyers.
Over three quarters of the steel buyers participating in our market survey this week reported that mills are negotiable on new order prices
We saw a slight upward movement in some products compared to early September, but nothing substantial enough to signal a shift in the market.
Steel mill output around the world totaled 144.8 million metric tons (mt) in August, the lowest monthly rate of 2024.
In this Premium analysis we cover oil and natural gas prices, drilling rig activity, and crude oil stock levels in North America. Energy prices and rig counts are advance indicators of demand for oil country tubular goods (OCTG), line pipe, and other steel products.
SMU’s steel price indices were mixed this week as the market seeks direction. All of our indices have fluctuated within relatively narrow ranges across September.
The amount of raw steel US steel mills produced last week slipped to the lowest rate recorded since early July, according to the latest release from the American Iron and Steel Institute (AISI).
Nucor’s weekly consumer spot price (CSP) for hot-rolled (HR) coil increased $10 per short ton (st) from last week to $730/st as of Monday, Sept. 23.
The premium galvanized coil prices carry over hot-rolled (HR) coil continues to shrink, according to SMU price indices.
US rig counts remain near multi-year lows, which is the territory they have been in for the last three months. Canadian counts have edged lower in the past two weeks, slipping from a six-month high earlier this month.
The latest Federal Reserve data paints a healthy and stable manufacturing sector. Steel Market Update is pleased to share this Premium content with Executive members.
The August Architecture Billings Index (ABI) continued to indicate weak business conditions amongst architecture firms through August, according to the American Institute of Architects (AIA) and Deltek.
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.
SMU’s steel price indices were steady to higher this week. Each of our sheet indices crept upwards from last week, while our plate index was unchanged.
Domestic raw steel mill production eased last week but remains at a healthy rate, according to the latest release from the American Iron and Steel Institute (AISI).
New York state saw a recovery in manufacturing activity in September, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
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).