Prices
June 28, 2023
Written by Laura Miller
China’s recent reopening, coupled with increased government spending on infrastructure, has led Fitch Ratings to upgrade the outlook for the global steel sector from deteriorating to neutral.
The New York-based ratings agency revised China’s steel sector outlook to neutral as well, according to a research note sent to SMU.
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.