SMU Week in Review: Aug. 11-15

Sheet and plate prices edged lower again as short lead times and soft demand persisted into mid-August. SMU’s average HRC price fell $10 per short ton to $820/st, with tandem products down $15/st w/w; plate slipped $10/st to $1,055/st. Mills are quietly discounting, and spot deals remain below published bases.

SMU’s price momentum indicator remains neutral across sheet and plate.

Nucor reduced its HR coil consumer spot price by another $15/st to $875/st, its second straight weekly decrease.

Also notable: The HRC–busheling spread narrowed to $441/st as steel prices dipped and prime scrap held flat.

Hot-rolled coil market report

HRC buyers report steady-to-soft spot inquiries, sales, and stocks. They are watching for tariff clarity to gauge a potential Q4 bounce driven by restocking and outages rather than demand strength.

Even as US HRC dipped and prices ticked up in foreign markets, landed imports remain higher on average with S232 in place. US hot band is roughly 11.4% cheaper than imports on a landed basis.

Plate market report

Participants describe a flat, status-quo pricing environment — deals in the $980s/st reported by some, even as published bases hold. Average domestic plate was $1,055/st last week, with roughly four- to five-week lead times common. Several sources anticipate improving plate demand in H2’25, aided by project pipelines and tariffs.

Annual auto contracts

Bloomberg reported that Cleveland-Cliffs signed multi-year, fixed-price steel sheet contracts with US automakers, an uncommon move aimed at hedging inflation and potential tariff-related cost spikes.

The news came after, earlier in the week, Cliffs’ CEO reiterated plans to restart Dearborn Works‘ hot end when auto production reaches sustainable levels, citing improving auto order books and the support of S232. At the same time, the UAW planned a “Save the Rouge” rally, urging follow-through on a $300 million investment commitment amid layoffs at the plant.

Production and supply

Domestic steel production climbed to an estimated 1.80 million st in the week ended Aug. 9, the highest unadjusted weekly total since January 2022. Mill capability utilization reached 79.5%, near a nine-month high, with output up in most regions.

US apparent steel supply rose 3% m/m in June to 8.91 million st—the second-highest monthly rate since 2022 — driven by higher domestic shipments and lower imports.

Scrap and metallics

US scrap prices were broadly sideways in August, with busheling at $425/gt, shredded at $380/gt, and HMS at $330/gt. Traders cited stable-to-subdued flows and seasonal outages keeping a lid on prices.

The US ferrous scrap export market remains soft and sideways across coasts, with Turkey buying less, and price differentials often favoring domestic sales for shredded grades.

Trade and tariffs

President Trump said he will impose additional tariffs, including roughly 100% on semiconductors, and new steel tariffs phased in with initially lower rates that rise over time.

The US extended a 90-day pause on planned reciprocal tariffs for China while talks continue. China likewise suspended its retaliatory measures for 90 days. Section 232 tariffs on steel remain in force and are separate at 50% for Chinese-origin steel.

In an SMU Community Chat, trade attorney Lewis Leibowitz highlighted legal and operational uncertainties around steel tariffs, including an unusual full-bench Federal Circuit review of presidential authority and the risk of complex repayments if measures are struck down. He warned of heightened compliance, bonding costs, and enforcement pressures that could weigh heavily on downstream manufacturers.

Canada launched an OCTG dumping/subsidy probe against Korea, the Philippines, Turkey, Mexico, and the US; Tenaris-origin seamless casing/tubing from the US is excluded. A preliminary determination is due by Nov. 10 and could carry provisional duties.

Service center shipments and inventories

SMU’s service center shipments and inventories report for July showed US stockists had 58.6 shipping days of hot-rolled sheet supply at the end of the month, up from 55.8 in June. Larger buyers made opportunistic purchases, while most others remained cautious as prices slid and lead times stayed short.

The report showed plate supplies increased to 61.3 shipping days at the end of July amid soft demand and steady ~5-week lead times. Some projects were postponed, and material on order eased, helping set the stage for possible Q4 support if imports pull back.

Exclusive interview

In an interview with SMU and AMU reporter Stephanie Ritenbaugh, Dan Brown of U.S. Steel reflects on a career spanning integrated mills to EAFs, noting faster, more flexible, data-driven operations at Big River Steel and industry shifts toward EAF technology and digitalization. Backed by Nippon Steel, he sees USS accelerating modernization and pursuing lower-emission, competitive growth amid lessons learned from recent disruptions.

Pipe and tube news

National Tube Supply opened a new 90,000-sq.-ft. distribution facility in Hemet, Calif., nearly doubling its Southern California footprint to accelerate West Coast service.

Welspun Tubular announced a $150 million LSAW line pipe mill and coating facility in Little Rock, Ark., adding 300 jobs. The investment broadens US capability to produce 6–56 inch line pipe for energy and infrastructure, following a $100 million HFIW upgrade announced in 2024.