Analysis
May 15, 2026
Sheet market weighs benefits of introducing imports back to US
Written by Kristen DiLandro
Sources told SMU they’ve begun considering whether US imports of sheet might benefit the overall market.
One source has admitted taking serious measures to import sheet products as prices rise and lead times stretch into summer.
He contended that the current dynamics threaten the long-term viability of his service center. The source said importing hot-rolled coil would make him more competitive.
He noted that as supply chain consolidation increases, larger enterprises hold greater power with mills. Purchasing power he cannot wield, simply due to the scale of his business. Without that leverage, spot supply constraints and elevated prices make it harder to compete with large centers that can offer better deals to end consumers.
The participant stated that with lead times out into summer, imported HR might be a viable option. In addition, he feels having the imported inventory in late summer or early fall will benefit his business if competitors are out of stock.
“There are planned outages and lead times are still extended. Most mills are already quoting into mid to late July,” he noted. “I think the tide will change when the price and/or the lead times cause more buyers to start seriously looking at or buying imports. That always seems to be a good kick in the teeth for the mills, and then the spiral starts downward,” he added.
Meanwhile, a mill source from the same region explained that, while his mill does not practice official or unofficial allocation, customers currently see that, “A mill is limiting their contract volumes today, it is limiting its lower priced incoming order book to leave as much room as they can for higher priced spot book.” They pointed out, “nobody who agreed to a fixed price contract had a War with Iran on their 2026 bingo card, so their outlook did not have HRC approaching $1,100 per short ton (st).”
A Midwest-based service center source said, “The one thing about the history of steel is that it repeats itself.”
A West Coast-based importer and distributor reiterated the advantage of balancing inventory with imports, highlighting that Nucor’s incremental increases in its consumer spot prices are indicative of its market savvy.
“Nucor knows its customers will start putting orders for imports. It has its eye on the ball,” he said.
In SMU’s weekly price assessment on Tuesday, the average HR spot transaction was found to be $1,080/st.
