Analysis
July 16, 2026
Plate sources predict higher spot prices, no peak in sight
Written by Kristen DiLandro
Some domestic plate market sources expect spot price rises through the end of the year due to prolonged supply constraints.
Prior to Nucor Plate Group’s most recent spot price notification on July 15, sources said mill attempts to up plate prices were ineffective. They said Nucor’s notice will lock in the higher prices outlined in the notifications from SSAB and Oregon Steel Mills.
The same participants added that they no longer believe Nucor held prices to deter customer interest in imported plate products. And most now say they do not expect peak prices for spot market plate to arrive before fall.
Market commentary
A Midwestern service center source was surprised by Nucor’s announcement. He admitted that he expected the Charlotte, N.C.-based steelmaker to continue holding prices.
“Getting plate out of Canada with tariffs is a headache. Imports could be less of a threat than I thought,” he commented.
On the West Coast, a distributor and service center source finds the market strong enough to absorb additional price increases.
“I’m not so sure that I would say spot prices have peaked. I think there’s even more room for prices to move upward,” he said.
Adding, “The mills are busy and have back logs to fill and some are even behind on their production schedules. I do believe the plate market is that strong.”
An East Coast distributor finds market demand steady. He said price increases based on backlogs and availability make sense, and he lamented pricing gossip.
“Nucor’s increase shows that the other increases were just unicorns and it solidifies a price for a future date [September]. There are too many rumors about upping the price. Demand is nuts and we anticipate it will stay that way for the next two years,” he said.
Prices
SMU’s weekly price assessment stands at $1,350 per short ton (st) on average, while overall prices range from $1,320/st to 1,380/st. All prices are FOB domestic mill.
