Prices
February 8, 2022
Written by Aaron Kearney-Keaveny
By CRU Research Analyst Aaron Kearney-Keaveny, from CRU’s Iron Ore Market Outlook, Feb. 8
The iron ore price has been driven up over the last week, despite sparse activity during and after the Chinese holiday. The rise in price primarily came from traders who have been increasing their stocks in anticipation of higher prices, not from actual changes to the fundamentals.
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.