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1 week ago | 
steelmarketupdate.com | Brett Linton
The Canadian rig count increased by one rig this week to 139, 27 fewer than the same week of 2024. Canadian activity slows each spring as thawing ground conditions limit access to drilling sites. It then recovers across June and July. The international rig count is reported monthly at the beginning of each month. The May count was 886 rigs, down five from April and 67 fewer than one year ago.
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1 week ago | 
steelmarketupdate.com | Brett Linton
Editor’s note: Steel Market Update is pleased to share this Premium content with Executive members. For information on how to upgrade to a Premium-level subscription, contact Luis Corona at [email protected]. Prices for four of the seven steelmaking raw materials we track declined from May to June, according to our latest analysis. Collectively, these materials declined 3% month over month (m/m) and are down 9% compared to three months ago.
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1 week ago | 
steelmarketupdate.com | Brett Linton
Single‐family housing starts in May were nearly flat from April at 924,000 units, but 7% lower than levels one year prior. Multi-family starts were the main contributor to May’s steep decline, falling 30% month over month (m/m) to 316,000 units. However, multi-family starts were 5% higher this year compared to May 2024 (Figure 1, left).
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1 week ago | 
steelmarketupdate.com | Brett Linton
Architecture firms reported a modest improvement in billings through May, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek. The May ABI rose four points month over month (m/m) to 47.2, recovering from an 11-month low to a six-month high (Figure 1). This marks the largest month-to-month recovery seen since October.
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1 week ago | 
steelmarketupdate.com | Brett Linton
Hot-rolled and cold-rolled coil prices increased the most this week, both rising $20 per short ton (st) to $880/st and $1,090/st, respectively. Coated prices were mixed; galvanized base rose $10/st week over week (w/w) to $1,050/st, while Galvalume held steady at $1,065/st. Plate edged up $10/st from the week prior to $1,145/st. Following last week’s adjustment, SMU’s price momentum indicator remains at higher for all sheet and plate products, signaling that we expect prices to increase from here.
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1 week ago | 
steelmarketupdate.com | Brett Linton
After climbing to a seven-month high in March, heating and cooling equipment shipments edged lower in April, according to the latest data released by the Air-Conditioning, Heating, and Refrigeration Institute (AHRI). Shipments of water heaters, air conditioner/heat pumps, and warm-air furnaces all declined month over month (m/m) but remain strong relative to the past three years.
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1 week ago | 
steelmarketupdate.com | Brett Linton
Domestic mills continue to produce record volumes of steel, according to the latest figures released by the American Iron and Steel Institute (AISI). Last week, raw steel output stood at the second-highest weekly total recorded in the past three years. Mill output has trended higher since April, increasing in six of the last eight weeks. Through the week ending June 14, domestic steel mill production was estimated to be 1,783,000 short tons (st) (Figure 1).
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2 weeks ago | 
steelmarketupdate.com | Brett Linton
The Energy Information Administration (EIA) released its June Short-Term Energy Outlook (STEO) on June 10. The latest report continues to project downward pressure on crude oil prices, driven by global inventory growth exceeding demand. Meanwhile, natural gas prices are forecast to rise as strong export growth continues to outpace US production. View the full June STEO report here for detailed insights on energy prices, production, inventories, and more.
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2 weeks ago | 
steelmarketupdate.com | Brett Linton
The average lead time for hot-rolled coil is now just over four and a half weeks. Cold-rolled and coated products are currently between six and seven weeks. Plate has risen to just over five and a half weeks. Table 1 summarizes current lead times and recent changes by product (click to expand)Compared to our May 28 market check, the ranges for three of our five lead times stretched higher this week:Cold rolled: The longest lead time increased from eight weeks to nine.
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2 weeks ago | 
steelmarketupdate.com | Brett Linton
SMU polls thousands of buyers every other week asking if domestic mills are negotiable on new spot order pricing. In our latest survey, 59% of respondents said that mills were willing to talk price to secure orders, 30 percentage points lower than our previous survey (Figure 1). Recall that back in February and March, mills had held a firmer stance on prices when tariff headlines pushed the market higher.
