Product
July 2, 2026
Sheet market expects limited spot availability to persist
Written by Kristen DiLandro
Hot-rolled coil (HR) spot market participants told SMU they see no evidence of the market softening in the near term.
The same sources consistently tell SMU they’re not looking to purchase imports of HR because they seek lower prices, but because they want to remain competitive with customers.
Market commentary
A Midwest-based service center operator stocks a range of steel products. He said he will buy and sell imported HR to prevent his customers from approaching large-scale service centers and other competitors.
“Demand is steady for us but not great. We keep getting spot to our customers where we can. Imports work for us in this market,” he said.
A different source in the same region does not think the demand for HR warrants importing steel. The same source said domestic spot availability is in balance with demand from his customers.
“There will be some interest in imported tonnage, but the price will have to be well below domestic prices. The market still is not strong enough,” he said.
One domestic mill source in the Midwest said demand continues to stay firm for spot HR.
“We expect consistent demand to trend through September. I keep hearing about low inventories and my competitors making late deliveries, so I do expect to see the order book stay pretty firm,” he said.
Prices
During the weekly SMU spot price assessment on Tuesday, HR prices ranged from $1,120 to $1,200 per short ton (st). The average transaction occurred at $1,160/st.
All prices are ex-works domestic mill.
