Prices
November 29, 2022
Written by Michael Cowden
The bottom end of SMU’s sheet price ranges firmed up this week following price hikes of $60 per ton ($3 per cwt) announced by Cleveland-Cliffs and US Steel on Monday.
It’s not clear yet whether the price increases will stick in full, in part, or simply stop the bleeding.
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.