Category: Prices

Nucor announced on Tuesday, May 26, that its consumer spot price (CSP) for hot-rolled coil will be $1,095 per short ton for the week, up $5/st from last week.

US domestic steel prices continued to increase for most products as demand remained resilient amid tight supply. Domestic sheet and plate prices increased over the past month, while long products prices were mostly stable, with only structural and merchant bar prices edging up higher.

This Premium analysis examines oil and natural gas prices, drill rig activity, crude oil stock levels, and fuel prices through May.

Domestic plate market participants named extended lead times, increased freight costs, escalating fuel surcharges, and spotty demand as their most recent challenges.  

After a brief dip last month, iron ore prices have resumed their upward trajectory as the war in the Middle East escalates. Elevated costs have established a new pricing norm, keeping iron ore prices firm even as current levels exceed what supply‑demand balance would justify. Meanwhile, Simandou is finally gaining momentum after a slow start. Quality remains the decisive factor for steelmakers sourcing from the seaborne market, reshaping trade flows.

Sheet prices continue to rise in a market that remains characterized by extremely limited spot availability, solid demand, long lead times, and the lowest sheet inventories since May 2021.

Nucor Plate Group will maintain its previously announced fuel surcharge of $10 per short ton for next month, effective on all shipments beginning June 1.

SMU released its latest steel market survey results on Friday. The main takeaway: the stronger for longer narrative is still very much in the house.

U.S. Steel plans to increase prices for seamless oil country tubular goods (OCTG) by $300 per ton.

The spread between domestic hot-rolled coil and prime scrap prices continued to widen in April, a trend that began in September.

Inventories are getting dangerously low. (Sheet stocks are at their lowest point since May 2021!) Lead times remain extended. And mills have few spot tons available. (The ‘a’ word – “allocation” – is being kicked around.)

Buyers continue to report mills are holding a firm grip on sheet and plate prices.

US scrap prices were mostly flat in May, with some upside on prime scrap, sources told SMU.

Plate market participants wonder how plate supply will hold up in coming weeks and months, sources told SMU.   Some sources called out dwindling availability of heavier grades and said certain domestic producers have “a huge backlog.” of all grades.

All five of SMU’s sheet and plate price indices ticked higher this week, rising further to new multi-year highs. Prices increased between $5-25 per short ton (st) from last week and are $30-65/st higher than they were one month ago.

Steel Dynamics Inc. (SDI) has revised their metallic coating extras higher for galvanized, Galvalume, Galfan, and aluminized type 1 products.

The May scrap market took much longer to settle than most players anticipated, but the results are mostly in.

In a May 11 price notice, SSAB upped its transaction prices for new, non-contract plate orders confirmed to ship from June 28 onward.

On Monday, Nucor hiked its spot HR price by $10/ton.

The May scrap market in the US seems to be just finishing up its settle as of the writing of this article. Luckily, we have our latest ferrous scrap market survey to give us an insight before we release our prices article next week.

Sheet market participants found modest spot price increases this past week, but conceded that overall market conditions remained stable.  

Plate market participants expect additional base price hikes from domestic mills, something that has some eyeing imports.

The current rally in sheet prices has lasted more than seven months, something without recent precedent. Unless your definition of recent includes the snapback in demand following the pandemic.

The export market on the North American East Coast has been firming after seeing a sale that climbed to $415.50 per metric ton (mt) CFR for HMS 85/15.

Sheet and plate prices remained on an upward trend as industry sources increasingly asked whether improved demand might be driving the market as much as limited supply.

The prevailing sentiment for May is that #1 busheling and bundles are likely to increase. This may cause pig iron to continue its upward trajectory.

Nucor increased its consumer spot price (CSP) for hot-rolled (HR) coil to $1,070 per short ton (st), a $5/st increase from last week.

I haven’t done a deep dive into our sentiment data for a little while. And it’s timely to do so now. Why? Because we’re seeing what I’ll call the inverted yield curve of steel buyers’ sentiment.

Oregon Steel Mills (OSM) is attempting to push spot plate prices up by a minimum of $60 per short ton (st).

Domestic sheet market participants found business conditions remarkably consistent this week.