Prices
February 20, 2024
Written by David Schollaert & Michael Cowden
US hot-rolled (HR) coil prices have fallen below $900 per short ton (st) on average for the first time since early November.
SMU’s HR price stands at $875/st on average, down $65/st from a week ago and down $170/st from the beginning of the year.
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.