Prices
November 14, 2022
Written by David Schollaert
Raw steel production by US mills edged up last week, ending a three-week slide. The marginal week-on-week (WoW) increase did little for production, keeping utilization and output at their lowest levels in nearly two years, according to the latest data from the American Iron and Steel Institute (AISI).
Capability utilization has now been below the 80% mark for 18 straight weeks.
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.