Prices
June 27, 2023
Written by Michael Cowden
Our HRC price is flat this week, and there is a roughly 50/50 split between those who think the $50-per-ton sheet price hikes announced earlier this month will stick and those who think they won’t.
I’m not going to weigh in on which side could be right. But it doesn’t appear to have fazed domestic mills, who I’m told are poised to announce another round of prices increases to at least shore up the first.
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.