A month ago, the steel market was defined by stability. Prices had firmed and held, and the HRC futures curve appeared to be absorbing strength and follow-through rather than rejecting it. Since then, that stability has evolved into something more meaningful, repricing.
Earlier this week, SMU polled steel buyers on an array of topics, ranging from market prices, demand, and inventories to tariffs, imports, and evolving market events.
Nucor Plate Group notified customers it is increasing prices on all rolled products by $40 per short ton (st) and $60/st on all heat treat products.
SMU's sheet and plate prices were flat or higher this week in a US market that remains characterized by extended lead times and limited spot availability.
This CRU insight demonstrates how the conflict in Middle East supports metallurgical coal prices and iron ore will be impacted by a potential decline in demand from China and rising costs, while the pellet market will be severely disrupted.
The state of the US export market for recycled ferrous scrap is in extreme flux due to events of the last 10 days.
Raw production has trended upwards since the start of the year, reaching a four-year high in February.
The Dodge Momentum Index (DMI) pulled back in February, as planning momentum normalized after a strong second half of 2025.
Nucor’s consumer spot price (CSP) for hot-rolled coil increased to $1,010 per short ton (st), up $5/st from last week.
Participants in the US hot- and cold-rolled sheet market cautiously called the week a win as prices inched north and demand picked up.
Steel buyers remain optimistic for their current and future business prospects, though not as strong as they did one year ago.
SMU’s March ferrous scrap market survey results are now available on our website to all premium members.
SMU’s latest steel buyers market survey results are now available on our website to all premium members.
The main impact on the ferrous value chain from the Middle East conflict will be the higher energy costs in a prolonged scenario.
Following extensions in February, steel mill lead times held steady or extended further for both sheet and plate products this week, according to buyers responding to our latest market survey.
The price gap between US hot-rolled coil (HR) and landed offshore product tightened this week, as stateside tags continue to rise.
Most steel buyers responding to our market survey this week said domestic mills remain unwilling to negotiate lower prices for new spot orders.
Economic activity across the US increased at a light-to-modest pace in seven of the 12 Federal Reserve Districts, according to the US Federal Reserve’s latest Beige Book report.
US steel shipments increased sequentially and on-year in January, according to the latest data from the American Iron and Steel Institute (AISI).
The American Metals Supply Chain Institute (AMSCI) said increasing insurance premiums, potential vessel diversions, and contractual risk evaluations began in the global freight market as geopolitical conflict escalates in the Persian Gulf region.
SMU's sheet and plate prices increased this week to new multi-month highs.
The US surpassed Japan in annual steel production in 2025 for the first time in 26 years, according to the World Steel Association (worldsteel).
Crude-oil and natural-gas prices spiked, metals opened higher and some fertilizer benchmarks climbed after the US and Israel launched a “pre-emptive” strike on Iran, killing the supreme leader and plunging the region into chaos.
Metalforming manufacturers in the US and Canada expect stable to improving economic conditions in the next three months.
Domestic raw steel production has strengthened since the start of the year and reached a four-year high in mid-February.
Iron ore shipments on the Great Lakes reached 2 million short tons in January.
Primary metals, machinery, fabricated metal products, appliances and components, and transportation equipment reported growth in February.
Sources in the domestic hot- and cold-rolled coil market said they are beginning to feel prices creeping up this week.
The Chicago Business Barometer continued to rise in February, marking its second month in expansion territory, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Oil drilling slowed in the US and Canada last week, while gas drilling inched higher in the US.