Contributor: Brett Linton

The Index has indicated contraction in the manufacturing sector for 19 of the last 20 months.

US steel production edges up after seven-week low

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

The decline is accredited to higher-than-expected interest and inflation rates, as well as higher supply costs and tighter lending conditions for builders

The index is now at the highest level recorded since September 2022.

The report credits the decline to a reduction in order backlogs, new orders, production, and supplier deliveries.

Steel Market Update is taking some time off for Christmas and the New Year. Our last issue of 2022 will be published on Thursday, Dec. 22. Our offices will be closed the week of Dec. 26-30, as well as on Monday, Jan. 2. In addition, we will not update prices on Tuesday, Dec. 27. We […] The post Holiday Notice: Christmas and New Year appeared first on Steel Market Update.

The spread between hot-rolled coil (HRC) and prime scrap prices is narrowing for the second consecutive month, according to Steel Market Update data. Prices for both products increased in December, following five consecutive months of declines. The latest HRC-prime spread is one of the lowest recorded in more than two years. The spread is now back […] The post Hot Rolled vs Prime Scrap Price Spread Remains Low appeared first on Steel Market Update.

Ferrous scrap prices increased from November to December, according to Steel Market Update sources, breaking the seven-month cycle of price declines. Buyers reported prime scrap prices increased roughly $30 per gross ton, while shredded prices rose $20 per ton. “Scrap prices are up a minimum $20-30 per ton this month,” reported one scrap executive. He […] The post Scrap Prices Rise in December, Higher Expectations for January appeared first on Steel Market Update.

After surging in late November to a five-month high, Steel Market Update’s (SMU) Steel Buyers Sentiment Index slipped three points through Dec. 8th. Our Future Buyers Sentiment Index also fell a few points from it’s previous high, down three points in comparison to two weeks prior. Buyers Sentiment remains strong overall, and Current Sentiment is […] The post SMU Sentiment Index Dips From 5-Month High, But Remains Strong appeared first on Steel Market Update.