Plate
November 28, 2023
Written by David Schollaert & Michael Cowden
Sheet prices continued to move higher this week on the heels of mill price hikes and extending lead times.
The gains came despite some sources saying that they’ve been more reluctant to make hot-rolled coil buys with tags high and lead times well into 2024.
US flat-rolled steel import licenses climbed in September, extending a recovery after several months of depressed inbound shipments. Licenses rose 4.9% month on month to 679,889 short tons (st), their highest level in 14 months and 29.1% above the 12-month moving average (12MMA) for August, according to Commerce Department data. The increase was led by cold-rolled sheet and other metallic-coated products, with particularly sharp gains in licenses from Turkey, Taiwan, and South Korea. Hot-rolled sheet licenses eased from August’s 19-month high, while galvanized sheet, coiled plate and cut-to-length plate also slipped month on month. Even so, licenses for hot-rolled sheet and both plate categories remained elevated relative to their recent averages, pointing to continued strength across several product lines.
US sheet and plate prices continued to march higher this week as a market squeeze that’s been in place for months now showed no signs of letting up. Market participants, some mostly focused on 2027 contract negotiations, said that it was increasingly difficult to even get a quote for spot tonnage from domestic mills, which firmly retain their grip on pricing power. SMU’s hot-rolled (HR) coil price stands at...
US steel exports fell 3% from July to August, continuing the decline from June’s 17-month high, according to recently released US Department of Commerce figures. Exports have been historically low for over a year and remain weak in comparison to volumes seen across 2022-2024. August trade was down 2% compared to the same month of 2025, 25% lower than August 2024, 29% lower than August 2023, and 21% lower than August 2022.
Steel imports into the US crept higher in August and continued climbing in September, according to the Department of Commerce's latest import license data. August imports rose 3.4% from July to a 15-month high. September license data collected through Oct. 5 shows another 6.2% month-on-month increase. Imports continue to recover from some of the lowest levels since 2020, seen late last year through February this year.
Earlier this week, SMU polled steel buyers on topics ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events. Below, we share a selection of the comments we received, in each buyer’s own words.