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    Final Thoughts

    September 11, 2026

    Final Thoughts: Brother, can you spare a spot ton?

    Written by Michael Cowden

    If the question is, “Brother, can you spare a spot ton?” The answer from many mills might be “No.” Or perhaps, in the case of hot-rolled (HR) coil, “Do you have $1,300 per ton?”

    I mention that figure for a reason. The high end of SMU’s hot-rolled (HR) coil price range was $1,260 per short ton (st) in our last check of the market on Tuesday. (SMU updates prices every Tuesday evening.) We’ve since heard of offers (and at least some limited transactions) at $1,300/st.

    Michael Cowden

    Michael Cowden is editor-in-chief for Steel Market Update. Cowden has covered the steel industry since 2007. He specializes in flat-rolled steel but has also reported on steel long products, steel pipe and tube, and aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.

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