Market Update





The Gerdau Market Update tracks and analyzes over 100 data streams that affect long steel consumption, attempting to provide the latest on market trends. Below, you will find the most recent information about Macroeconomics, Steel Econometrics, Construction and Manufacturing as it becomes available.

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Advance Durable Goods Orders: The U.S. Census Bureau reported that New Orders for Manufactured Durable Goods rose 2.9% in August to $312.1 billion, bouncing back after two months of decline. Transportation equipment led the gains, climbing 7.9% to $110.2 billion. Excluding transportation and defense, orders also saw modest increases of 0.4% and 1.9%, respectively.
Oil and Gas Rotary Rig Counts: The total number of operating rigs in the U.S. for the week ending September 26th was 424 oil and 117 gas (totaling 541).
­­U.S. Steel Capacity Utilization: The total tonnage for the week ending September 27th was 1,770 million net tons, at a capacity utilization rate of 78.1%. The year-to-date tonnage output is 67,216 million net tons, at an average capacity utilization rate of 76.7%. In 2024, the same output total was 67,112 million net tons, at an average capacity utilization of 77.5%.
ISM Manufacturing Index: The Institute for Supply Management’s manufacturing index moved up 0.7% (m/m) to 48.7 for August 2025; this value is weaker than the forecast of 50. The new orders sub-index scored at 51.4. Overall, the ISM manufacturing index is strong, while the global economy is beginning to strengthen again following shutdowns throughout Covid-19.
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in July 2025, especially in the public sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that May’s three month total (3MT) construction expenditures decreased by 1.2% year on year (y/y) to 476.9 billion. On a 12MT basis, private expenditures decreased by 2.5% y/y.
Architectural Billings Index: August’s 2025 national Architectural Billings Index of 47.2 was up from July’s 46.2, which is below the expansionary zone, (>50). U.S. architecture firms specializing in Institutional and Residential all reported a decrease in design activity in July.
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