Prices
June 2, 2020
Written by Brett Linton
Steel prices saw little movement this week, except for a small bump in hot rolled and a slightly bigger bump in Galvalume, as the market marches in place while it waits to see what happens to demand in June as more companies ramp up production following the coronavirus shutdowns. Steel Market Update’s Price Momentum Indicators remain at Neutral.
Here is how we see prices this week:
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.