Contributor: Michael Cowden

Sheet prices are in the middle of one of their most sustained rallies since the first quarter, and this time in the absence of any tariff or trade policy shocks.

Edward Meir will be the featured speaker on an AMU and SMU Community Chat on Thursday, Nov. 20, at 11 am ET to discuss the latest market developments and to share his unique insights.

Want to know the latest on Trump, tariffs, and trade policy – and the impact on both steel and aluminum? Join Steel Market Update (SMU), Aluminum Market Update (AMU), and leading law firm Wiley for a Community Chat on Thursday, Nov. 13, at 11 am ET.

Most sheet prices inched up again this week following mill efforts to set a floor under tags and to increase them from there.

Most steel buyers think that steel prices will continue to rise into the 2026. But they don’t see the kinds of big gains that have characterized past market upturns, according to the results of SMU’s latest steel market survey.

US President Donald Trump and Chinese President Xi Jinping on Thursday had a much-anticipated meeting. Is it only a hiatus in the trade war, or did it really change the situation? I suspect the former, I but hope for the latter.

Flack Global Metals (FGM) announced Thursday that it would expand into Texas by assuming the Houston operations of NSPS Metals.

Algoma Steel Group Inc. CEO Michael Garcia will retire at the end of the year, the company said on Tuesday. Rajat Marwah, CFO of the Canadian flat-rolled steelmaker, will be appointed president on Nov. 1 and CEO on Jan. 1.

SMU’s hot-rolled coil price increased for a third consecutive week. And the gains were more pronounced this time following a price hike initiated on Friday by NLMK USA.

Atlas Tube, in a leading move, said it aims to increase prices for mechanical tubing, hollow structural sections (HSS), and piling products by at least $50 per short ton (st).

NLMK USA plans to increase prices for hot-rolled and cold-rolled coil by at least $50 per short ton (st). The move is effective immediately for all spot orders, the steelmaker said in a letter to customers on Friday.

Below are some other issues that should be on your radar. Because while prices have been steady, a lot is going on when it comes to news that could impact them.

Want to know the latest on Trump, tariffs, and trade policy - and the impact on both steel and aluminum? Then join SMU, AMU, and leading law firm Wiley for a Community Chat on Thursday, Nov. 13, at 11 am ET.

Our average HR coil price increased $5/short ton from last week, marking a second consecutive week of modest gains. Market participants generally attributed the increase to...

SMU’s HR price stands at $800/st on average, up $5/st from last week. The modest gain came as the low end of our range firmed, and despite the high end of our range declining slightly.

SMU has successfully completed an external review of all our prices. The review has concluded that they algin with principles set by the International Organization of Securities Commissions (IOSCO).

There are days when this feels like a “nothing ever happens” market. Don’t get me wrong. Plenty is happening in the world. It’s just that none of it seems to matter when it comes to sheet and plate prices.

Usually, I write about steel in this column because, well, we’re Steel Market Update. But before I get to steel, I want to give a shoutout to my colleagues at Aluminum Market Update (AMU) – SMU’s new sister publication.

If I could change something, it’d be this: Political news would get more boring. And news about steel prices and steel demand would get a little more exciting.

SMU’s sheet and plate prices see-sawed this week as hot-rolled (HR) coil prices held their ground while prices for galvanized product slipped.

SMU’s latest survey results indicate that steel market participants think sheet prices are at or near a bottom. But most also think there is limited upside once they inflect higher.

We moved our pricing momentum indicators from “lower” to “neutral” for all sheet products this week. For those keeping score, we had been at “lower” for six weeks. And I know some of you think we should have been there for even longer.

Market participants predicted that prices should be at or near a bottom. But while most seemed to agree on that point, many also said they saw little upside given a quiet spot market and ongoing concerns about demand.

German service center Klöckner and Co. has agreed to sell seven of its US locations to Canadian service center Russel Metals Inc. for approximately $119 million, the companies said in press releases on Sunday.

Algoma Steel has publicly confirmed that it might scale back its presence in the US market. It's no secret why: 50% Section 232 tariffs remain in place against Canada, which has traditionally been one of our closest allies.

Canadian flat-rolled steelmaker Algoma Steel is reconsidering its presence in the US market after the doubling of US Section 232 tariffs on imported steel to 50%, a company spokeswoman said.

Sheet and plate prices were flat or lower this week as less discounting from domestic mills was offset by few signs of an anticipated rebound in demand.

But, for better or worse, there is not a major political party championing unfettered free markets. While Democrats and Republicans don’t agree on much, both have cheered tariffs on steel. And so if you’re going to handicap any future decision on Granite City’s operations, including its blast furnaces, you’d better factor in politics at least as much as economics.

U.S. Steel said it would continue to roll slabs at its Granite City Works mill near St. Louis, reversing a previous decision to end production at the plant in November. “U.S. Steel will continue to supply slabs to Granite City. As we shared earlier, our goal was to maintain flexibility, and we are pleased to have found a solution to continue to slab consumption at Granite City,” a company spokesperson said in a statement to SMU.

SMU’s price ranges were mixed again this week as the market continues to seek a floor amid industry hopes for a Q4 rebound.