Prices
September 19, 2023
Written by Michael Cowden
Sheet prices slipped again this week on news of the United Auto Workers (UAW) strike and continued caution among some consumers.
Some market participants said prices would continue to drift lower given the uncertainty as to when the strike might end and the potential for more strikes to be announced as soon as Friday.
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.