Steel Products Manufacturers NAICS 3312

Nov 21, 2025 - IEA Revises Outlook for Fossil Fuel Demand

• The latest Current Policies Scenario from the International Energy Agency (IEA) projects that global demand for oil and natural gas won’t peak this decade, but instead will continue to rise through 2050 under existing policy settings, The Wall Street Journal reports. For suppliers of steel pipe and tubing to the oil and gas industry this signals sustained opportunity as energy producers are more likely to continue upstream investment, drilling activity, and infrastructure build-out rather than scaling back operations. Previously, under its so-called peak oil scenario, the IEA had forecast a decline in global demand for oil and gas as countries shifted away from fossil fuels and toward EVs and renewable energy sources, according to WSJ. The IEA’s revised outlook extends the demand window for suppliers to energy companies, meaning business plans premised on a rapid fossil-fuel phase-out may need to be revisited.
• US factory activity shrank in October for an eighth straight month, driven by a pullback in production and tepid demand, The Wall Street Journal reported in November citing the latest data from the Institute for Supply Management (ISM). In October, ISM’s Purchasing Managers’ Index (PMI) fell to 48.7 from 49.1 in September (a reading under 50 indicated contraction), with production, new orders, and employment all contracting, reversing short-lived gains seen in previous months. Six manufacturing industries reported growth in October: Primary Metals; Food, Beverage & Tobacco Products; Transportation Equipment; Plastics & Rubber Products; Fabricated Metal Products; and Nonmetallic Mineral Products. Twelve industries reported contraction for the month including Textile Mills; Apparel, Leather & Allied Products; Furniture & Related Products; and Machinery. WSJ noted that tariffs and their impact on prices and demand featured highly in respondents’ answers to ISM’s survey.

• In September, domestic steel prices fell to their lowest levels since February, giving up earlier tariff-driven gains, OilPrice.com reports. Weak demand from the construction sector, short mill lead times, and volatile durable goods orders are putting downward pressure on prices, including for hot-rolled steel coil, which in early September saw its lowest price since February. The Raw Steels Monthly Metals Index (MMI), which tracks steel prices, fell nearly 1% from August to September. In the first quarter, prices jumped $241 per short ton following tariff announcements by the Trump administration. However, since peaking in March, prices have fallen $109 to $818 per short ton. Prices for cold-rolled coil and hot-dipped galvanized steel are also trending downward. While tariffs have provided support for domestic steel prices, declining demand from the construction and manufacturing sectors is dragging down steel prices.
• Producer prices for steel product manufacturers from purchased steel rose 5.1% in August compared to a year ago, after falling 8.3% in the previous August-versus-August annual comparison, according to the latest US Bureau of Labor Statistics data. Producer prices for makers of steel products have tumbled 25% from their peak in May 2022, when strong demand from key customer industries drove prices to new highs. More recently, prices have risen by 7.3% since January 2025. Industry employment grew 0.5% year over year in July, while average industry wages at primary metals manufacturers rose 0.6% YoY in August to $28.89 per hour, down about $1 from its high in March, BLS data shows.