Market Data
July 10, 2026
Sheet market expects broad price stability and 'hot' HR demand
Written by Kristen DiLandro
Some domestic hot-rolled (HR) coil market participants say they expect prices remain stable through the end of 2026.
Asked why prices would hold and not slip, sources said they anticipate mills won’t suddenly have much more capacity for spot orders. They also noted that the annual summer doldrums haven’t sent demand into a precipitous decline. They contend that most in the steel industry expected a modest seasonal slowdown, and so seeing minor weekly dips in demand doesn’t cause them concern.
Market Commentary
A Midwest service center participant said it’s too hard to determine whether prices have peaked with so many moving components. “I’m not quite sure if prices have peaked, but I think we won’t see a reversal in pricing until mid- to late Q4,” he said.
A mill source, located in the same region, said a moderation in July demand might be attributable to Independence Day.
“The overall market felt quiet last week as half of the folks involved seemed to take vacation last week, and it feels like the other half are taking vacation this week,” he said.
“It does seem like the HRC market remains hot with demand on our mills from all segments of the market. Last week’s market info had holiday noise in it, but still really good demand signals on us past the third quarter,” he said.
A West Coast distributor contends that the market has been stable overall.
“We’re not experiencing any issues. Maybe times will slow down toward November when the holidays approach,” he said.
Prices
SMU’s weekly price assessment stands at $1,160 per short ton (st) on average. We recorded a range of $1,120-1,200/st. All prices are fob domestic mill.
