Prices
November 13, 2025
Low demand amid mill price hikes confounds sheet market participants
Written by Kristen DiLandro
US sheet market participants say demand for hot- and cold-rolled coils has not increased, leaving them confused by mill price increases and average lead times.
Earlier this week, Nucor increased its consumer spot price to $895 per short ton (st) from $890/st the prior week. Nucor’s notice added that lead times remain targeted at 3-5 weeks.
On Nov. 13, NLMK USA announced it was raising HR and CR prices by $50/st and coated products were hiked an additional $150/st from HR base prices. Lead times for the mill are quoted into January.
Sheet market participants mostly said HR lead times from mills continue to average ~5 weeks. However, one said he doesn’t anticipate seeing his spot HR before the middle of January 2026.
From the market
The same Midwestern service center source who confirmed his NLMK USA orders were unlikely to arrive before mid-January said he doesn’t expect to have too many orders in the coming weeks. He stated that lead times from other mills are holding at ~4 weeks.
“HRC is still at four weeks at most mills, and the price has also inched up some. I think the mills will continue pushing the price up between now and the end of December because they want to take advantage of the ‘rush’ to restock inventory for the new year,” he added.
He noted, “All we are hearing is crickets in November.”
A service center professional located on the West Coast contends this remains a quiet time of year and that even in the best of markets, November and December tend to be slower times for the steel industry.
“We’re at the time of the year when the market really slows down with maintenance coming into play at various mills. Also, Thanksgiving is only two weeks away,” he said.
He added, “I don’t expect much activity for the remainder of the year especially with scrap trending sideways to down. As for NLMK and Nucor, I suspect they are just trying to keep prices from falling any further.”
An Ohio Valley-based service center source explains that the market is likely to see lots of activity in the new year, so the need to pull prices up on paper is paramount for further increases in January. He thinks lots of deals will be made in November and December, but they will not show up officially.
“Mills will make rock-bottom deals if it helps them. They have to keep prices at a certain level for the CSP, while not making the market attractive to imports,” he said.
Prices
This week, SMU assessed the average HR price at $830/st. This is a $5/st increase from the prior week. In the equivalent week of 2024, HR prices averaged $690/st.
All prices are ex-works domestic mill unless otherwise noted.
