While dropping on a month-over-month basis, total carbon steel consumption was up compared to last February. February total steel consumption came in at a 277.3k tons/day rate, up 1.2% compared to last February. Carbon sheet consumption saw similar trends, sliding 6.8% from January but climbing 3.45 from last February to a 148.5k tons/day rate. This was the highest February daily rate since 2020.
Now up for the second consecutive month, durable good new orders increased 0.9% in February to a $289.3 billion rate and follows a 3.3% increase in January. Excluding transportation, new orders were up 0.7% compared to January. New orders for both primary metals and fabricated metal products increased in February, climbing 1.2% and 0.9%, respectively. Nondefense capital goods (ex. aircraft) new orders slipped however, sliding 0.3% after seeing a 0.9% increase in January.
Industrial production increased 0.7% from January and is at its highest level in recent history.
The upward pricing momentum accelerated this week with prices now closing in on nine-month highs, with current mill offerings closer to fresh 52-week highs. Increased buying activity, steady demand, and rising costs, particularly from scrap, continue to add fuel to the current market upswing.
