Category: Steel Prices

A comparison of the current cost of pig iron vs. busheling scrap.

Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $790 per short ton (st) on Monday, Feb. 10 – a $15/st bump vs. last week. The Charlotte, N.C.-based company has raised its weekly CSP by $40/st over the past three weeks after maintaining tags at $750/st since Nov. 12, according to SMU’s […]

Evraz, SSAB Americas, and Nucor have all followed up on their initial price bumps at the opening of their March order books with a second round of increases.

ArcelorMittal is targeting a minimum base price of $800 per short ton (st) for hot-rolled coil. The steelmaker is also seeking $1,050/st for cold-rolled product and $1,000/st for coated material, according to a letter to customers dated Wednesday.

Since the publication of our last market update on Dec. 10, several notable developments have shaped the landscape

ArcelorMittal Dofasco is raising spot sheet prices by CA$100 per ton (US$70/ton). The Hamilton, Ontario-based flat rolled steelmaker told customers the increase is effective immediately for all new orders. It did not specify to what level this brings its base prices but noted its right to re-quote previous but unconfirmed orders. “We will continue to […]

SMU’s steel price indices rose across the board this week. Sheet prices increased as much as $35 per short ton (st) compared to last week, while our average plate price ticked up by$10/st.

Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $775 per short ton (st) on Monday, Feb. 3. The $15/st week-on-week (w/w) rise marks the first back-to-back increases in the steelmaker’s weekly CSP since last August, according to SMU’s mill price announcement calendar. Nucor’s joint-venture subsidiary California Steel Industries (CSI) is also up […]

U.S. Steel has increased sheet prices by $50 per short ton (st), according to market participants. The Pittsburgh-based steelmaker has also set a new target price of $800/st for hot-rolled (HR) coil, they said.

On Jan. 18, Teck Resources announced that it expects its Trail smelter in Canada to produce 190,000 to 230,000 metric tons (mt) in 2025, down 10-25% from its 256,000 mt output in 2024. The company announced that the lower output was to maximize profitability and value amid the current tightness in zinc concentrate availability relative […]

Midwest HRC indices have been stuck in a tight range since last summer with the weekly CRU Midwest HRC price spending the past 32 weeks between $656 and $714 per short ton (st). The rolling Midwest HRC future has been rangebound between roughly $650 to $800 since last June. The rate at which the price of HRC futures move over a certain period or “volatility” has compressed dramatically over the past few months.

SMU’s sheet prices were mixed this week. Hot-rolled (HR) coil and plate notched gains while prices for coated products stagnated or dipped lower. Our HR price now stands at $700 per short ton (st) on average, up $15/st from last week and marking the highest level for HR prices since $705/st in early October. SMU’s […]

There is no doubt pig iron will be needed to fuel the expansion of flat-roll capacity in the US and Canada. Where will it come from? How much will it cost? What will be the quality? Is it a good business to produce merchant pig iron? The US imports between 4-6 million metric tons (mt) per year of […]

Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $760 per short ton (st) on Monday, Jan. 21. The $10/st week-on-week (w/w) rise marks the first increase in the CSP since Nov. 12. According to SMU’s mill price announcement calendar, the Charlotte, N.C.-based steelmaker held the weekly price at $750/st for 11 […]

The last six months have been littered with uncertainty and mixed signals, a choppy and rangebound market. Spot indices have largely held steady, despite the pressure from domestic mills pushing for higher prices on spot tons. This has provided a signal of a lack of upward momentum and little downside room based on mill costs. […]

Sheet and plate prices remained in a holding pattern this week as the market awaited more specifics on potential Trump administration tariffs.

The price premium of galvanized coil over hot-rolled (HR) coil has continued to narrow, a downward trend seen for the past seven months. As of this week, the spread between these two products has reached an 18-month low.

The price spread between hot-rolled coil (HRC) and prime scrap continued to narrow in January, according to SMU’s most recent pricing data. While SMU’s average HRC price edged down week over week (w/w), it rose compared to a month ago. The January price for busheling also increased from December. Our average HRC price as of […]

Steel prices ticked lower this week for four of the five products SMU tracks, according to our latest canvass of the sheet and plate markets. Following last week’s bump, our hot rolled, cold rolled, galvanized, and plate indices all edged lower this week by $5-15 per short ton (st) on average. Galvalume was the only […]

Reflecting on 2024 and looking ahead to the new year, galvanized steel buyers on this month’s HARDI call expressed a mix of cautious optimism with lingering uncertainties.

US ferrous derivatives markets were largely quiet through the holiday period. Since the new year, however, we have seen a bit of a resurgence in interest as traders and sales staff return to their desks.

Pig iron prices declined in all regions as the EU’s 2025 import quota on Russian pig iron has begun, loosening global supply.

Steel prices didn't start the new year with a bang - but they didn't bust, either, according to SMU's first survey of 2025. On the sheet side, market participants generally predicted that prices should move higher this year on the coated trade petition and the potential for tariffs under President-elect Trump. But most buyer sources weren’t eager to load up given the uncertain timing and scope of the potential tariffs. They also cited increasing domestic capacity and modest demand.

A bleak outlook for steel demand has undermined market confidence, contributing to the drop in prices.

Prices for pig iron imports into the US continue to retreat in the face of regional weakness in demand for ferrous raw materials in South Asia and the Far East.

While steel news may be starting 2025 off with a bang, Nucor’s consumer spot price (CSP) for hot-rolled coil is not.

Hot-rolled (HR) coil prices were flat in the US this week, while tags in offshore markets were mostly down.

In the last article written for SMU, we looked at the rallies that followed both the 2016 and 2022 presidential elections, as well as the moves in the NFIB Small Business Optimism Index.

The price premium between stateside hot band and landed imports widened slightly this week.

We have seen very little change in sheet and plate prices across the past month.