Prices
July 18, 2023
Written by Michael Cowden
Sheet prices slipped by $20-25 per ton as hot-rolled coil (HRC) failed to break through the $900 per ton threshold some market participants had predicted it would.
SMU’s average hot-rolled coil (HRC) price stands at $870 per ton ($43.50 per cwt), down $20 per ton from a week ago. Numbers at or around that figure were available even for smaller spot orders, sources said.
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.