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    Analysis

    October 13, 2026

    SMU Price Ranges move higher as supply squeeze tightens further

    Written by Brett Linton & Michael Cowden

    US sheet and plate prices continued to march higher this week as a market squeeze that’s been in place for months now showed no signs of letting up.

    Market participants, some mostly focused on 2027 contract negotiations, said that it was increasingly difficult to even get a quote for spot tonnage from domestic mills, which firmly retain their grip on pricing power.

    Brett Linton

    Brett Linton is a digital operations analyst for Steel Market Update, where he began his career. Linton has been in the steel industry since 2010. He has held roles as a category manager and strategic insights director at Reibus before returning to SMU in 2024. He is a graduate of The University of North Georgia with a degree in Finance and Accounting. Brett can be reached at brett@steelmarketupdate.com or 724-314-0179.

    Read more from Brett Linton

    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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    US flat-rolled steel import licenses climbed in September, extending a recovery after several months of depressed inbound shipments. Licenses rose 4.9% month on month to 679,889 short tons (st), their highest level in 14 months and 29.1% above the 12-month moving average (12MMA) for August, according to Commerce Department data. The increase was led by cold-rolled sheet and other metallic-coated products, with particularly sharp gains in licenses from Turkey, Taiwan, and South Korea. Hot-rolled sheet licenses eased from August’s 19-month high, while galvanized sheet, coiled plate and cut-to-length plate also slipped month on month. Even so, licenses for hot-rolled sheet and both plate categories remained elevated relative to their recent averages, pointing to continued strength across several product lines.

    Apparent steel supply remains historically strong through August

    The volume of finished steel that entered the US market increased 1% from July to August to the second-highest monthly level recorded in the past four years, according to SMU’s analysis of recently released Department of Commerce and American Iron and Steel Institute data. Apparent steel supply is calculated by combining domestic mill shipments and finished US steel imports, then subtracting total US exports. It can be used as a proxy for domestic steel demand. Supply has remained historically strong since May, when it surpassed the 9 million st mark it had previously been beneath for four years.

    Mills seek more scrap after lower prices fail to attract tons

    Several mills that bought October scrap early last week are still asking for additional supplies, scrap market participants said. The reason: the mills' initial prices did not attract enough of the raw material, they said. A trading source based in northern Ohio said three mills have contacted his firm seeking offers for additional tons. He said the mills asked for offers even if prices were higher than their original buys last week.