Prices
September 6, 2022
Written by David Schollaert
Raw steel production by US mills fell for the second straight week and to the lowest total since February 2021. Domestic output was 1,715,000 net tons in the week ending Sept. 3, while capacity utilization was 77.8%.
Utilization rates haven’t eclipsed the 80% mark in nine weeks, according to the latest data from the American Iron and Steel Institute (AISI).
Nucor said on Thursday evening it plans to increase plate prices by $60 per short ton (st) as it opens its November order book.
Sheet and plate prices continued to inch higher on a combination of scarce spot tons, long lead times, lean inventories, and stable demand.
Nucor said its consumer spot price for hot-rolled coil will be $1,220 per short ton (st) for the week of Sept. 28. That's a 10/st increase from a week earlier.
US sheet buyers have grappled with supply scarcity in both the spot and contract markets throughout 2026. Now the supply squeeze is spilling over into 2027, according to market participants.
Recycler forward expectations swung toward oversupply in September as inventory drawdowns eased and export demand lost August’s improving responses.