Prices
May 23, 2023
Written by Michael Cowden
SMU’s domestic hot-rolled coil price has fallen below $1,000 per ton ($50 per cwt) for the first time since early March as a broad-based sheet price decline picks up speed.
Our HRC price now stands at $990 per ton on average, down $50 per ton from $1,040 per ton last week and off $170 per ton from a 2023 high of $1,160 per ton recorded in mid-April.
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.