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    Prices

    Hot Rolled Futures: Double Double Toil and Trouble

    Written by Tim Stevenson


    SMU contributor Tim Stevenson is a partner at Metal Edge Partners, a firm engaged in Risk Management and Strategic Advisory. In this role, he and his firm design and execute risk management strategies for clients along with providing process and analytical support. In Tim’s previous role, he was a Director at Cargill Risk Management, and prior to that led the derivative trading efforts within the North American Cargill Metals business. You can learn more about Metal Edge at www.metaledgepartners.com. Tim can be reached at Tim@metaledgepartners.com for queries/comments/questions.

    There is no shortage of toil and trouble around the world. It seems that each day we are greeted with something new to worry about. Russia/Ukraine. EU natural gas and electricity prices. Oil prices rising on supply worries. Oil prices falling on a potential deal with Iran. Steel prices falling too rapidly. Steel prices rising too quickly. The Fed is going to raise rates higher than previous expectations. Inflation is out of control. Wait, no, inflation seems to be peaking. Who knows?!?! It’s tiring but never boring!

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    Sheet and plate price gains accelerate as 2026 tons dry up

    Sheet and plate prices continue to push higher as mills charge a premium for what little spot tonnage remains for 2026, market participants said. SMU’s price assessment for hot-rolled (HR) coil now stands at $1,290 per short ton (st) on average, up $10/st week over week. HR price gains averaged $5/st w/w throughout July and August, with no changes in prices some weeks and gains of at most $15/st w/w. In September and October to date, in contrast, prices have increased every week—with the average gain at $11.25/st w/w and w/w gains as high as $20/st. Prices for cold-rolled and coated products continued to increase as well. SMU's price assessment for cold-rolled (CR) coil clocked in at...