Contributor: Kristen DiLandro

Some hot-rolled coil market participants said they're optimistic that the market will remain strong throughout the rest of the year. 

Despite persistent pricing uncertainty, the Fed's latest Beige Book reported that the US economy continued to expand at a modest pace with labor market conditions improving.

Some domestic plate market sources expect spot price rises through the end of the year due to prolonged supply constraints.

SSAB will not renew the lease for its Toronto cut-to-length facility and plans to permanently discontinue operations later this year.

Some domestic hot-rolled coil market participants say they expect prices for hot-rolled coils to remain stable through the end of 2026.  The market participants predicted that mills would hold spot prices and incrementally tighten lead times. Continuing, that they’ll find imported product arrivals, experience seasonal demand dips and all conditions will culminate in stable prices throughout the summer.   Asked […]

On the heels of SSAB’s price hike, further domestic mill increases to spot market plate seem inevitable to some participants but unlikely to others. 

The American Iron and Steel Institute (AISI) reports that US mill shipments increased 6.2% in May from April. 

USW and Cleveland-Cliffs to begin master negotiations on July 20.

Hot-rolled coil spot market participants told SMU they see no evidence of the market softening in the near term.  

Limited spot product and extended lead times continue to characterize the domestic plate market, prolonging upward price pressure.

The Chicago Business Barometer decreased by 6.0 points to 56.7 in June.

Some hot-rolled coil buyers expect continued incremental price increases from domestic mills. Others expect steeper increases, even if it risks inviting imports.

During Worthington Steel’s fiscal fourth-quarter earnings call on June 25, company executives cited interest rates as a market headwind.

Participants in the domestic plate market anticipate incoming price notifications before the end of the month, SMU learned in recent conversations. 

During its upcoming contract negotiations with U.S. Steel (USS), the United Steelworkers (USW) labor union will address wages, retirement, contracting out, health & safety, training, and job security.  

Galvanized sheet buyers and distributors report that strong demand and constrained supply persist, exerting upward pressure on prices.

Nucor announced on Monday, June 22, that its consumer spot price (CSP) for hot-rolled coil will be $1,130 per short ton for the week, up $5/st from last week. 

Hot-rolled coil market participants report little disruption to their contact volumes, finding timely spot HR proved less straightforward, some sources told SMU. 

Some domestic plate market participants recently voiced concerns that current market conditions will impact fabrication and manufacturing, which rely on steady product supply.   

“The issue we heard most about is healthcare. You were loud and clear at every location and in the surveys that maintaining our healthcare benefits is a top issue," the USW said.

May was the fifth consecutive month of expansion for the US manufacturing sector, according to the most recent Institute for Supply Management (ISM) report.

Bull Moose Tube Co. and Hanna Steel Corp. have reached an acquisition agreement, which will expand Bull Moose’s manufacturing footprint and add new tubing, coating, and logistics capabilities.

The United Autoworkers (UAW) local 2093 voted 80% in favor of ratifying the latest contract agreement between the union and American Axle/Dauch Corporation.  

Spot market participants recently told SMU they foresee additional plate price rises for domestically made products.

Some domestic spot market buyers say they're seeking imported hot-rolled (HR) coils.

Gregg Troian, industry veteran and president of both PGT Trucking and the Board of Directors at the American Transportation Research Institute, cautions that the trucking industry continues to face mounting obstacles.  

The American Iron and Steel Institute (AISI) reports that US steel shipments fell from March to April.

Over the next three years, U.S. Steel’s investment to upgrade its hot strip mill at Mon Valley is projected to result in over 6,000 jobs and $58 million in tax revenue, according to an economic impact study conducted by the Parker Strategy Group.

Catherine Cobden, President and CEO of the Canadian Steel Producers Association (CSPA) called the past year’s 50% tariff imposed on Canada’s steel exports to the US ‘severe and unsustainable.’ 

Participants in the plate market doubt prices, lead times, and demand forces will cool down any time soon.