Prices
July 13, 2023
Written by David Feldstein
June 1 was the most recent low for CME Midwest HRC futures. At that time, the curve was approximately flat around $800 per short ton (st).
Since then, the August future has rallied $188/st, settling today at $983/st, while the September future has rallied $160/st, settling today at $953/st.
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.